There is a need in pension systems to significantly improve the level and stability of pension payments as pensioners age. Solutions to address increased longevity and longevity risk should be not limited to increasing the take-up rate of annuities – explicit guarantees are costly in a...

In a defined contribution pension system, one of the main risks faced by members refers to the investment of funds. In this context, we discuss which is the most suitable risk measurement for the affiliates to the pension system. Different life-cycle investment strategies are evaluated under...

This paper provides new projections on the fiscal impact of age-related spending for OECD countries over the next half century. These results are based on national models using an agreed upon set of assumptions about macroeconomic and demographic developments for all countries. Recent reforms to...

This paper provides new projections on the fiscal impact of age-related spending for OECD countries over the next half century. These results are based on national models using an agreed upon set of assumptions about macroeconomic and demographic developments for all countries. Recent reforms to...