The OECD Pensions Outlook analyses pension markets and pension policy issues in OECD Member countries and partner economies. It addresses all pension arrangements, private and public, in which assets back retirement income. It covers their design, regulation and supervision, as well as their role in complementing other components of the pension system.
For the first time, the Outlook incorporates Pension Markets in Focus as its opening chapter, examining the evolution of pension assets and the role of contributions, investment income and benefit payments in driving their growth.
The objective is to provide policy guidance to policymakers, regulators and stakeholders to support them in strengthening pension systems and improving retirement outcomes. Improving the design and governance of asset-backed pensions can foster more resilient pension systems that cover more individuals, secure better retirement outcomes, and contribute to economic growth and innovation.
This eighth edition of the OECD Pensions Outlook discusses the evolution of pension assets and its main drivers. It examines whether individuals need to save more voluntarily for their retirement; how pension and insurance investors incorporate risks to the sustainability of their investment portfolios; how to improve financial advice for individuals to better prepare for retirement while minimising the impact to access; and how to tax inherited pensions upon death of plan members to ensure they use their retirement savings to finance their retirement.
This report has been developed by the Capital Markets and Financial Institutions Division of the OECD Directorate for Financial and Enterprise Affairs. Chapter 1 was prepared by Pablo Antolin, Romain Despalins and Stéphanie Payet, Chapters 2 and 5 by Stéphanie Payet, Chapter 3 by Jessica Mosher and Ana Dueñas Huerta, and Chapter 4 by Jessica Mosher. Sally Day-Hanotiaux provided statistical support. The report was prepared under the supervision of Pablo Antolin, Head of the Insurance and Pensions Unit, and Serdar Çelik, Head of Division. Delegates to the OECD Working Party on Insurance and Pensions and members of the International Organisation of Pension Supervisors (IOPS) provided inputs. Chapter 3 also benefited from insights shared by pension and insurance stakeholders through interviews. The views expressed do not necessarily correspond to those of the national authorities concerned.
The OECD gratefully acknowledges the comments and financial support from the European Fund and Asset Management Association (EFAMA) and Standard Life.