at policy in 13 reforming countries. It concludes that older workers are best excluded from reform, because the economic …

-as-you-go, state-run defined-benefit pensions to individual, private-sector, funded defined-contribution accounts. It looks at three … issues in this reform: the financing of the transition from pay-as-you-go to funded provision; the fiscal impact of voluntary … individuals for whom they were not suitable. The paper examines recent reform proposals and the prospects for reform under the New …

lump sums with the risk that people outlive their resources. Finally, pensions in payment are not automatically adjusted to …