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The old‐age pension replacement rate is a measure of how effectively a pension system provides income during retirement to replace earnings which were the main source of income prior to retirement. The indicator shown here is the expected pension benefit for a full‐career,
single worker in the private sector entering the labour market at age 20. It includes all mandatory parts of the pension system, both public and private, while excluding voluntary pensions, which are important in some countries. This indicator aims to show the
long‐term stance of the pension system and takes account of all changes in rules and parameters that have been legislated; phased‐in legislated changes will thus be fully in place by the time of retirement. Parameters are those for a person entering the labour market
in 2004. A standard set of economic assumptions is used for each country.