This report, prepared at the request of Deputies of the G10, reviews economic consequences of ageing populations for financial markets and recommends that a) governments help facilitate development of financial instruments to support retirement savings and pensions; b) governments strengthen regulation and supervision of these markets; c) tax rules should not hinder the build-up of financial buffers by private pension funds, but should avoid the abuse of tax deferrals; and  d) financial education needs to be strengthened.