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OECD Pensions Outlook 2012
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- Foreword
- Table of Contents
- Editorial
- Executive Summary
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Chapter 1. Pension Reform During the Crisis and Beyond
- + 1.1. Introduction
- 1.2. Objectives of the pension system
- + 1.3. Overview of reforms
- 1.4. Coverage
- 1.5. Adequacy
- 1.6. Indexation
- + 1.7. Pensionable ages
- 1.8. Work incentives
- 1.9. Sustainability
- 1.10. Administrative efficiency
- 1.11. Diversification and security
- 1.12. Other reform measures
- 1.13. Conclusions
- Notes
- References
- + Annex 1.A1
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Chapter 2. Putting Pensions on Auto-pilot: Automatic-adjustment Mechanisms and Financial Sustainability of Retirement-income Systems
- 2.1. Introduction
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2.2. Defining financial sustainability
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2.3. Targets, instruments and mechanisms for implementation of automatic adjustment mechanisms
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2.3.1. The adjustments of benefit levels
- Figure 2.3. Life expectancy at age 60 and 65 by sex, OECD average, 1960-2050
- Table 2.1. Different ways of linking pension benefits automatically to life expectancy
- Box 2.2. Linking pensions to life expectancy: notional defined contribution pension systems (NDC) in Italy, Sweden and Poland
- Box 2.3. Relations between different types of pension schemes
- Figure 2.4. Impact of indexation practice on real value of pensions in payment
- Table 2.2. Life expectancy and annuity factors: Baseline data for 2010 and alternative projections for 2050
- Figure 2.5. Pension entitlements under different life-expectancy scenarios: Man with average earnings
- Table 2.3. Pension ages needed to equalise benefits in 2010 and 2050 under different mortality scenarios: Man on average earnings, selected countries
- 2.3.2. Pensionable age and other eligibility criteria
- 2.3.3. Contribution rates
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2.3.1. The adjustments of benefit levels
- + 2.4. Automatic adjustment mechanisms and the use of a buffer fund
- 2.5. Implications for financial sustainability
- 2.6. Political economy of automatic adjustment mechanisms
- 2.7. Summary and conclusions
- Notes
- References
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Chapter 3. Reversals of Systemic Pension Reforms in Central and Eastern Europe: Implications for Pension Benefits
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Chapter 4. Coverage of Private Pension Systems: Evidence and Policy Options
- 4.1. Introduction
- + 4.2. The need for private/funded pensions as a complement to public/pay-as-you-go pensions
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4.3. Coverage of funded/private pensions in OECD countries
- + Box 4.1. Different measures of coverage
- Table 4.1. Coverage of private pension schemes by type of plan, 2010
- Figure 4.2. Net pension replacement rates from PAYG and mandatory private pension systems for average earners
- Figure 4.3. Slovak Republic: Coverage rate of private pension funds before and after the reform
- Table 4.2. Contrasting measures of coverage
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4.4. Assessment of the coverage of private pensions in 8 OECD countries
- Table 4.3. Coverage rate of private pension plans in selected OECD countries
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4.4.1. Coverage rates of private pension plans by socio-economic characteristics
- Figure 4.4a. Coverage rate of private pension plans according to age
- Figure 4.4b. Coverage rate of private pension plans according to age
- Figure 4.5a. Coverage rate of private pension plans according to income
- Figure 4.5b. Coverage rate of private pension plans according to income
- Figure 4.6. Coverage rate of private pension plans according to gender
- Figure 4.7. Coverage rate of private pension plans according to the type of employment
- Figure 4.8. Coverage rate of private pension plans according to the type of contract
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4.5. Policy options to increase coverage
- 4.5.1. Compulsory enrolment
- + 4.5.2. Automatic enrolment
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4.5.3. Financial incentives
- Table 4.4. Most important motivations and barriers to membership
- Figure 4.10. Germany: Coverage rate of private pension plans according to the income of the household and the type of plan, December 2008
- Figure 4.11. Germany: Contribution rates in Riester pensions according to the income of the household, December 2008
- Figure 4.12. Australia (voluntary component): Coverage and contribution rates according to income
- 4.5.4. Financial education
- 4.5.5. Facilitating and simplifying provision, access and choice
- 4.5.6. Possibility of withdrawals
- 4.5.7. Disincentives created by means-testing
- 4.6. Conclusions
- Notes
- References
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Chapter 5. The Role of Guarantees in Retirement Savings Plans
- 5.1. Introduction
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5.2. Guarantees in pension systems
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5.3. Costs and benefits of minimum return guarantees in retirement savings plans
- + 5.3.1. Types of guarantees considered
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5.3.2. What is the cost of different guarantees?
- Table 5.2. Price of guarantees by type of guarantee and by approach considered to pay the guarantee fee
- Table 5.3. Median cost of the guarantee by type
- Table 5.4. Impact of a shift of the term structures of interest rate and volatility on the price of guarantees
- Figure 5.3. Shapes of the different life cycle investment strategies analysed (LC80, LC50, LC20)
- Table 5.5. Impact of investment strategies and the length of the contribution period on the price of guarantees
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5.3.3. What is the impact of different guarantees on retirement income outcomes?
- Table 5.6. Exercising of the guarantee and cases in which the guarantee provides a higher lump sum
- Table 5.7. Probability distribution of replacement rates by type of guarantee
- Table 5.8. Impact of the investment strategy and of the length of the contribution period on the probability that the guarantee would be exercised and on the replacement rate at the 5th percentile
- 5.3.4. Summary of cost-benefit analysis of return guarantees
- + 5.4. Practical challenges of minimum return guarantees in DC plans
- 5.5. Conclusion and policy recommendations
- Notes
- References
- Annex 5.A1. Formal Description of the Different Types of Guarantees Analysed
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Chapter 6. A Policy Roadmap for Defined Contribution Pensions
- 6.1. Introduction
- 6.2. Three guiding principles: Coherence, adequacy and efficiency
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6.3. Policy messages for better DC pension plans
- + 6.3.1. The design of DC pension plans needs to be coherent
- 6.3.2. Ensure effective communication and address financial illiteracy and lack of awareness
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6.3.3. Encourage people to contribute and contribute for long periods
- Figure 6.1. Contribution and replacement rates
- Table 6.1. Contribution rates needed to achieve a certain target replacement rate – deterministic case
- Figure 6.2. Combinations of contribution rates and returns on investment to achieve a target retirement income
- Table 6.2. Distribution of retirement income relative to final wages
- Figure 6.3. Contribution rates linked to age
- + 6.3.4. Improve the design of incentives to save for retirement to increase contributions and coverage
- + 6.3.5. Promote low-cost retirement savings instruments
- + 6.3.6. Consider the pros and cons of investment guarantees
- + 6.3.7. Establish default investment strategies with appropriate risk exposure
- + 6.3.8. Establish life-cycle investment strategies as defaults
- + 6.3.9. Combine programmed withdrawals with deferred life annuities indexed to inflation as the default option for the pay-out phase
- 6.3.10. Promote cost-efficient competition in the annuity market
- 6.3.11. Promote the demand for annuities
- + 6.3.12. Facilitate the supply of annuities by further developing risk-hedging instruments
- 6.4. Conclusion
- Notes
- References
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Statistical Annex
- Figure A.1. Private pension plan: Functional perspective
- Figure A.2. Private pension plan: Institutional perspective
- Table A1. Men’s pensionable age in OECD countries, 1949-2050
- Table A2. Women’s pensionable age in OECD countries, 1949-2050
- Table A3. Life expectancy at normal pension age in OECD countries, men, 1958-2050
- Table A4. Life expectancy at normal pension age in OECD countries, women, 1958-2050
- Table A5. Gross pension replacement rates from mandatory pensions (public and private) by earnings
- Table A6. Gross pension replacement rates from public, mandatory private and voluntary private pension schemes
- Table A7. Net pension replacement rates from mandatory pensions (public and private) by earnings
- Table A8. Net pension replacement rates from public, mandatory private and voluntary private pension schemes
- Table A9. Income poverty rates
- Table A10. Income sources, mid-2000s
- Table A11. Projections of public expenditure on pensions, 2010-2060
- Table A12. PAYG and funded (pension funds only) pension contributions and expenditures
- Table A13. Private pension assets by type of financing vehicle in selected OECD countries, 2001
- Table A14. Private pension assets by type of financing vehicle in selected OECD countries, 2010
- Table A15. Relative shares of DB, DC and hybrid pension fund assets in selected OECD countries, 2001
- Table A16. Relative shares of DB, DC and hybrid pension fund assets in selected OECD countries, 2010
- Table A17. Total investment of pension funds in OECD and selected non-OECD countries, 2001-2010
- Table A18. Total investment of pension funds in OECD and selected non-OECD countries, 2001-2010
- Table A19. Pension funds’ portfolio allocation in selected OECD countries, 2001
- Table A20. Pension funds’ portfolio allocation in selected OECD countries, 2010
- Table A21. Pension funds’ real net investment return in selected OECD countries, 2002-2010
- Table A22. Pension funds’ total contributions in selected OECD countries, 2002-2010
- Table A23. Pension funds’ total benefits in selected OECD countries, 2002-2010
- Table A24. Number of pension funds in selected OECD countries, 2001-2010
- Table A25. Assets in public pension reserve funds in OECD and selected non-OECD countries, 2001-2010
- Table A26. Assets in public pension reserve funds in OECD and selected non-OECD countries, 2001-2010
- Table A27. Public pension reserve funds’ portfolio allocation in selected OECD countries, 2010
This edition of the OECD Pensions Outlook examines the changing pensions landscape. It looks at pension reform during the crisis and beyond, the design of automatic adjustment mechanisms, reversals of systemic pension reforms in Central and Eastern Europe, coverage of private pension systems and guarantees indefined contribution pension systems. It closes with a policy roadmap for defined contribution pensions and a statistical annex.
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Business & Economics > International > General
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Publication year : 2012
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