Since the early 1990s, pension reform has been high on the agenda in many OECD countries. Governments have either undertaken far‐reaching, structural pension reforms or adopted a series of smaller reforms which, taken together, affect future pension
entitlements substantially. These reforms, like pension systems themselves, have had many diverse and complex features. They have included, among other things, increases in pension ages, changes in the way that benefits are calculated and smaller
real pension increases than in the past. However, despite the different approaches, there is a clear underlying trend towards a reduced pension promise for today's workers, when compared with past generations. This is necessary to ensure the financial sustainability
of pension systems for both current and future retirees.