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Recent reforms will still be insufficient to cover increased pension costs in the future, despite increases in retirement ages in half of OECD countries, according to a new OECD report.
Some countries are reconsidering their approach to the provision of sustainable and adequate pensions. OECD experts have reiterated several key recommendations that should be taken into account during this process.
Working Paper: "Assessing Default Investment Strategies in Defined Contribution Pension Plans". Future retirees can expect dramatic fluctuations in fortunes between members of a cohort unless they adopt investment strategies that reduce the impact of market shocks. Similar strategies should also become the default for individuals who make no active investment choice.
The Spanish government announced on Friday, 29 January, its intention of postponing the retirement age from 65 to 67 and to increase the number of contribution years used to calculate pension benefits. The OECD believes that these measures are important steps in the right direction and would bring Spain closer in line with other OECD countries who have already reformed their pension systems.
El gobierno español anunció el viernes pasado su intención de elevar la edad oficial de jubilación de 65 a 67 años, y de aumentar el numero de años necesario para calcular la pensión. La OCDE considera muy positivas dichas medidas.
The Journal of Pension Economics and Finance (JPEF), the only academic journal focusing on the economics and finance of pensions and retirement income programs, announces a new editorial structure and a broadening of its mission effective January 2010. Since 2002, the JPEF has provided an invaluable and influential forum for original research and international policy debate in the pensions area.
The OECD and the World Bank - at the occasion of the OECD/IOPS Global Forum on Private Pensions, held in Rio de Janeiro, Brazil - today announced the preliminary results of their project evaluating the financial performance of pension funds around the world.
Governments must continue reforms to ensure that public and private retirement income provision is socially as well as financially sustainable, according to a new OECD report.
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Pension reform remains high on the agenda; the financial and economic crisis has accelerated the pace of change. Encouraging people to work longer is a key objective. Other recent measures aim to improve financial sustainability while ensuring adequate old-age incomes.
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No country, and no pension scheme, is immune from the effects of the crisis. Private pension funds lost 23% of their value in 2008, worth a heady US$5.4 trillion. Economic output is falling and unemployment is rising, putting pressure on the finances of public pension schemes as well.