Pensions: A Complex Landscape

Abstract:     
Pension reforms have been high on the political agenda in many developed countries over recent years and pension issues have been discussed intensely in the public as a result. In recent years, much effort has been devoted to make state, public and private pension systems fiscally more sustainable in the light of demographic change. In many developed countries, this has been achieved - at least ex ante - by encouraging greater private sector and personal involvement. Equally, many governments in emerging economies and developing countries have been pursuing their own pension reform agendas.

Nevertheless, despite this spotlight on pensions, many important facets remain badly understood and need to be discussed in greater detail. Most observers would agree that societies have not yet reached the end of the reform process and that dealing with pensions may always remain “work in progress” as new information becomes available - such as on trends in life expectancy - and as societies evolve. Furthermore, additional effort will most likely be required to ensure that the desired outcomes will eventually materialize.

The purpose of this note is to ask some of the key questions that could inform future research into pensions. The general issue under consideration is not new. How to structure the future provision of pensions, taking into account wider economic, demographic and societal considerations at home and abroad?

Number of Pages in PDF File: 22

Keywords: pension systems, efficiency (static and dynamic), equity, sustainability

JEL Classification: D10, D91, E44, E62, G10, G18, G22, G23, H11, H55, I38, J11, J18, J26, M52

Accepted Paper Series