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Pensions at a Glance 2011: Retirement‐income Systems in OECD and G20 Countries (Complete Edition ‐ ISBN 9789264096288)

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Abstract:

The theme of this fourth edition of Pensions at a Glance is pensions, retirement and life expectancy. Many countries have increased pension ages in the face of population ageing and longer lives. Some have introduced an automatic link between pensions and life expectancy. Improvements to the incentives to work rather than retire are also a common part of recent pension‐reform packages. However, ensuring that there are enough jobs for older workers remains a challenge. 

An in‐depth look at these important policy issues is provided by five special chapters on: pension ages, retirement behaviour, pension incentives to retire, the demand for older workers and linking pensions to life expectancy. This edition updates information on the key features of pension provision in OECD countries and provides projections of retirement income for today's workers. It offers an expanded range of 34 indicators, covering the design of national retirement‐income provision, pension entitlements, incomes of older people, the finances of pension systems, the demographic and economic context in which pension systems operate and private pensions. 

More countries are analysed than in previous editions, including four new members of the OECD: Chile, Estonia, Israel and Slovenia. Where possible, data are also provided for the other major economies in the G20: Argentina, Brazil, China, India, Indonesia, Russia, Saudi Arabia and South Africa. Along with data on the European Union's 27 member states, this brings to 43 the number of economies covered in the report. 

About Pensions at a Glance...

 "An extraordinarily useful and careful compilation of pension information for a wide‐range of countries, presented in a common format and following a thoughtful structure. The authors have brought cross‐national pension comparisons to a new level, and they are to be commended for their intensive efforts. [This] represents some of the smartest comparative work out there, by people intimately familiar with the nuances ‐ and complexities ‐ of comparative pension work." 

‐ Olivia Mitchell, Director of the Boettner Centre for Pensions and

Retirement Research,  Wharton School, University of Pennsylvania





Editorial ‐ Three Solutions to the Pensions Paradox

ISO Country Codes

Executive Summary

PART I. POLICY ISSUES: PENSIONS, RETIREMENT AND LIFE EXPECTANCY

Chapter 1. Pensionable Age and Life Expectancy, 1950‐2050

‐1.1. Defining "pensionable age"

‐1.2. Trends in pensionable ages over a century

‐1.3. Expected duration of retirement: Life expectancy at pensionable age

‐1.4. Conclusions and policy implications

Chapter 2. Trends in Retirement and in Working at Older Ages

‐2.1. Older workers: Labour‐market participation

‐2.2. Retirement and labour‐market exit

‐2.3. Pathways into retirement

‐2.4. Fiscal imperatives and retirement in the future

‐2.5. Summary and conclusions

Chapter 3. Pensions Incentives to Retire

‐3.1. Measuring pension incentives to retire

‐3.2. Incentives matter

‐3.3. Changes in pension wealth from working longer

‐3.4. Individual earnings and changes in pension wealth

‐3.5. The role of taxes: Changes in net pension wealth from working longer

‐3.6. Adding a dimension to the analysis: Levels of pension wealth

‐3.7. Summary of the results for age 60‐64

‐3.8. Policy implications

Chapter 4. Helping Older Workers Find and Retain Jobs

‐4.1. A greyer workforce

‐4.2. Ageism

‐4.3. Labour costs and older workers

‐4.4. Labour‐market regulation

‐4.5. Skills and training

‐4.6. Working conditions

‐4.7. Help in finding jobs

‐4.8. Jobs for younger and older workers

‐4.9. Policy conclusions

Chapter 5. Linking Pensions to Life Expectancy

‐5.1. Life expectancy and recent pension reforms

‐5.2. How uncertain is life expectancy?

‐5.3. Two benchmark pension plans

‐5.4. Pension entitlements and uncertain life expectancy

‐5.5. An indicator of automatic life‐expectancy links in pension systems

‐5.6. The impact of taxes

‐5.7. The impact of individual earnings

‐5.8. Living longer, working longer?

‐5.9. Conclusions and policy implications

PART II. PENSION POLICY INDICATORS 

Chapter 1. Design of Pension Systems

‐Architecture of national pension systems

‐Basic, targeted and minimum pensions

‐Income‐replacement pensions

Normal, early and late retirement

Chapter 2. Pension Entitlements

‐Methodology and assumptions

‐Gross pension replacement rates

‐Gross pension replacement rates: Public and private schemes

‐Tax treatment of pensions and pensioners

‐Net pension replacement rates

‐Net pension replacement rates: Public and private schemes

‐Pension replacement rates: Couples

‐Investment risk and private pensions

‐Gross pension wealth

‐Net pension wealth

‐Progressivity of pension benefit formulae

‐Pension‐earnings link

‐Weighted averages: Pension levels and pension wealth

‐Retirement‐income package

Chapter 3. Incomes and Poverty of Older People

‐Incomes of older people

‐Old‐age income poverty

Chapter 4. Finances of Retirement‐income Systems

‐Contributions

‐Public expenditure on pensions

‐Pension‐benefit expenditures: Public and private

‐Long‐term projections of public pension expenditure

Chapter 5. Demographic and Economic Context

‐Fertility

‐Life expectancy

‐Old‐age support ratio

‐Earnings: Averages and distribution

Chapter 6. Private Pensions and Public Pension Reserves 

‐Coverage of private pensions

‐Institutional structure of private pension plans

‐The pension gap

‐Assets in pension funds and public pension reserve funds

‐Asset allocation of pension funds and public pension reserve funds

‐Investment performance of pension funds and public pension reserve funds

‐Pension fund operating costs and fees

‐DB funding ratios

PART III. COUNTRY PROFILES

‐Guide to the Country Profiles

‐Australia

‐Austria

‐Belgium

‐Canada

‐Chile

‐Czech Republic.

Denmark

Estonia

Finland

France

Germany

Greece

Hungary

Iceland

Ireland

Israel

Italy

Japan

Korea

Luxembourg

Mexico

Netherlands

New Zealand

Norway

Poland

Portugal

Slovak Republic

Slovenia

Spain

Sweden

Switzerland

Turkey

United Kingdom

United States

OECD non‐member countries

Argentina

Brazil

China

India

Indonesia

Russian Federation

Saudi Arabia

‐South Africa

Document Type: Review Article

Publication date: 2011-03-01

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