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Executive Summary

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This first edition of the OECD Pensions Outlook takes a close look at the two main trends in pension design observed over the last two decades: first, the introduction of reforms to pay‐as‐you‐go (PAYG), public pension systems such as later retirement and automatic adjustment mechanisms to pension benefits to improve the financial sustainability of these systems; second, the growth of funded private pension arrangements complementing PAYG public pensions. These developments are interlinked, as many pension reforms have ultimately led to a reduction in the replacement rate offered by PAYG public pension systems, increasing the need for later retirement and complementary forms of pension provision.

Document Type: Review Article

Publication date: June 1, 2012


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