Retirement saving pension plans such as defined contribution plans are increasingly an integral part of most countries’ overall pension system, and in some countries they are the main component of their pension system. This means that overall retirement income adequacy greatly depends on the pension benefits stemming from these plans.
The OECD Recommendation for the Good Design of Defined Contribution Pension Plans was adopted by the OECD Council on 23 February 2022 and can assist governments in designing both occupational and personal pension plans in which retirement income depends on contributions paid, investment returns, and the way assets are paid out over retirement (defined contribution pension plans). It can also help to improve the robustness of retirement systems and to build trust by ensuring that people’s best interests are taken into account. The Recommendation incorporates the revised 2012 OECD Roadmap for the Good Design of Defined Contribution Pension Plans which has been updated to include insights acquired over the past few years.
2021 PUBLIC CONSULTATION
The OECD and its Working Party on Private Pensions (WPPP) have updated the the 2012 OECD Roadmap for the Good Design of Defined Contribution Retirement Savings Plans. The draft revised Roadmap incorporates all of the work conducted over the past few years, with the main insights acquired being incorporated in the main messages.
The OECD made the revised Roadmap available for public consultation in 2021 with a view to receiving constructive comments and opinions that were taken into account by the OECD WPPP.
Consultation document - Draft Revised OECD Roadmap for the Good Design of Defined Contribution Retirement Savings Plans
Support Document for the Public Consultation - This document provides background and arguments for the adjustments introduced into the Roadmap. Comments and opinions in the public consultation focused solely on the revised Roadmap, and not on this support document which was provided for information to help readers understand the changes proposed.
Pablo Antolin (tel: +33-1 45 24 90 86 | [email protected])
Sally Day-Hanotiaux (tel: +33-1 45 24 96 61 | [email protected])