Paris, 3 December 2010
The OECD Secretariat today informed the Working Party on Private Pensions and the Insurance and Private Pensions Committee [IPPC] that some countries are reconsidering their approach to the provision of sustainable and adequate pensions. The IPPC and its Working Party on Private Pensions would like to reiterate that as countries do this, they take into account its previously approved key recommendations, namely:
Security in old-age should come from a diversity of pension income sources: A balance between public and private pensions is a necessity in order to maintain not only sustainable pension systems, but also to improve resilience to shocks of different nature and thus ensure quality living standards for pensioners.
Long-term considerations should drive pension policy: Long-term issues such as the sustainability and adequacy of pension systems should drive decisions on the pension system rather than short-term fiscal and political pressures.
Private pension systems should be strengthened and the efficiency and effectiveness of private pensions regulation should be enhanced to help address the challenges of ageing, as reflected in the mandate of the Insurance and Private Pensions Committee, the parent body of the Working Party on Private Pensions.
Disclosure and communication policies should be stepped up and pension education should be promoted: The understanding of a pension system by the public and policy makers is key to its success. Adequate disclosure and pension education are needed to help members manage their future retirement goals.
For further information, please contact:
Adrian Blundell-Wignall (Tel. + 33 1 45 24 91 00)
André Laboul (Tel. + 33 1 45 24 91 27)
Juan Yermo (Tel. + 33 1 45 24 96 62)
OECD Recommendation on Core Principles of Occupational Pension Regulation (pdf)
Private pensions and policy responses to the financial and economic crisis (pdf)