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This chapter discusses trends in pension reform over 2007‐11. This period has witnessed a major financial, economic and fiscal crisis, which accelerated the pace of pension reform. Policy initiatives include increases in pensionable ages,
the introduction of automatic adjustment mechanisms in public pension systems and the strengthening of work incentives. The dismal financial market conditions of the last five years have also placed major stress on funded, private pension arrangements. Most countries'
pension funds are still in the red in terms of cumulative investment performance over this period. Policy makers' reaction to the crisis have focused on regulatory flexibility and better risk management. They include an extension in the period to make up funding deficits
in defined benefit pension plans, greater flexibility in the timing of annuity purchases (to avoid locking in unattractive rates), and new rules on default contribution rates and investment strategies to ensure better member protection.