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Pensions at a Glance 2013: OECD and G20 Indicators, OECD Publishing Pensions at a Glance 2013 OECD AND G20 INDICATORS Contents Chapter 1. Recent pension reforms and their distributional impact Pensions at a Glance Chapter 2. The role of housing, financial wealth and public services for adequate living standards in old age Chapter 3. Design of pension systems 2013 Chapter 4. Pension entitlements OECD AND G20 INDICATORS Chapter 5. Incomes and poverty of older people Chapter 6. Finances of retirement-income systems Chapter 7. Demographic and economic context Chapter 8. Private pensions and public pension reserves Chapter 9. Pensions at a Glance 2013: Country profiles Pensions at a Glance 2013 OECD AN D G20 IN D I C AT O Consult this publication on line at http://dx.doi.org/10.1787/pension_glance-2013-en. RS This work is published on the OECD iLibrary, which gathers all OECD books, periodicals and statistical databases. Visit www.oecd-ilibrary.org for more information. 2013 ISBN 978-92-64-20392-1 81 2013 22 1 P 9HSTCQE*cadjcb+ Pensions at a Glance 2013 OECD AND G20 INDICATORS This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the OECD or of the governments of its member countries or those of the European Union. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Please cite this publication as: OECD (2013), Pensions at a Glance 2013: OECD and G20 Indicators, OECD Publishing. http://dx.doi.org/10.1787/pension_glance-2013-en ISBN 978-92-64-20392-1 (print) ISBN 978-92-64-20393-8 (PDF) OECD Pensions at a Glance: ISSN 1995-4026 (print) ISSN 1999-1363 (online) European Union Catalogue number: KE-01-13-683-EN-C (print) Catalogue number: KE-01-13-683-EN-N (PDF) ISBN 978-92-79-33752-9 (print) ISBN 978-92-79-33750-5 (PDF) The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law. Corrigenda to OECD publications may be found on line at: www.oecd.org/publishing/corrigenda. © OECD 2013 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of the source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to [email protected]. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at [email protected] or the Centre français d'exploitation du droit de copie (CFC) at [email protected]. FOREWORD Foreword This fifth edition of Pensions at a Glance provides a range of indicators for comparing pension policies and their outcomes between OECD countries. The indicators are also, where possible, provided for the other major economies that are members of the G20. Two special chapters (Chapters 1 and 2) provide deeper analysis of recent pension reforms and their impact and of the role of housing, financial wealth and public service for retirement income adequacy. This report was prepared by the pensions team in the Social Policy Division of the OECD Directorate for Employment, Labour and Social Affairs. The team comprises Anna Cristina D’Addio, Andrew Reilly, Kristoffer Lundberg and Maria Chiara Cavalleri. National officials – particularly delegates to the OECD Working Party on Social Policy and members of the OECD pension expert group – provided active and invaluable input to the report. For OECD countries, the results of the OECD pension models have been confirmed and validated by national authorities. Chapter 1 on “Recent pension reforms and their distributional impact” was written by Andrew Reilly, Maria Chiara Cavalleri and Anna Cristina D’Addio. Chapter 2 entitled “The role of housing, financial wealth and public services for adequate living standards in old-age” was written by Anna Cristina D’Addio and Monika Queisser. Both chapters were edited by Ken Kincaid. Marlène Mohier prepared the manuscript for publication. The indicators related to private pensions were mainly provided by the OECD’s private-pensions unit in the Directorate for Financial and Enterprise Affairs: Pablo Antolín, Stéphanie Payet and Romain Despalins. The report has benefited from the commentary of many national officials and colleagues in the OECD Secretariat, notably Monika Queisser and Stefano Scarpetta. It is a joint project co-financed by the European Commission and the OECD. The OECD pension models, that underpin the indicators of pension entitlements, use the APEX (Analysis of Pension Entitlements across Countries) models developed by Axia Economics. PENSIONS AT A GLANCE 2013: OECD AND G20 INDICATORS © OECD 2013 3 TABLE OF CONTENTS Table of contents Editorial – Pensions under stress ............................................. 9 Executive summary ......................................................... 13 Chapter 1. Recent pension reforms and their distributional impact ................ 17 Introduction............................................................ 18 Recent pension reforms.................................................. 18 Distributional impact of pension reforms................................... 26 Conclusions and policy implications ....................................... 53 Notes.................................................................. 58 References ............................................................. 58 Chapter 2. The role of housing, financial wealth and public services for adequate living standards in old age............................................... 59 Introduction............................................................ 60 Adequacy .............................................................. 60 Measuring adequacy of living standards.................................... 62 Living standards in retirement: Incomes and poverty in old age ............... 69 Wealth and the adequacy of retirement incomes ............................ 76 Summary and conclusions ............................................... 103 Notes.................................................................. 106 References ............................................................. 109 Annex 2.A1. Calculating the annuity ....................................... 115 Annex 2.A2. Additional figure ............................................. 118 Chapter 3. Design of pension systems ......................................... 119 Architecture of national pension systems .................................. 120 Basic, targeted and minimum pensions .................................... 122 Earnings-related pensions................................................ 124 Normal, early and late retirement ......................................... 126 Effective age of labour market exit......................................... 128 Chapter 4. Pension entitlements............................................... 131 Methodology and assumptions ........................................... 132 Gross pension replacement rates .......................................... 134 Gross pension replacement rates: Public and private schemes ................. 136 Tax treatment of pensions and pensioners ................................. 138 Net pension replacement rates............................................ 140 Net pension replacement rates: Public and private schemes................... 142 Investment risk and private pensions ...................................... 144 Gross pension wealth.................................................... 146 PENSIONS AT A GLANCE 2013: OECD AND G20 INDICATORS © OECD 2013 5 TABLE OF CONTENTS Net pension wealth ..................................................... 148 Changes in pension wealth ............................................... 150 Progressivity of pension benefit formulae .................................. 152 Pension-earnings link ................................................... 154 Weighted averages: Pension levels and pension wealth ....................... 156 Retirement-income package .............................................. 158 Chapter 5. Incomes and poverty of older people................................. 161 Incomes of older people.................................................. 162 Old-age income poverty.................................................. 164 Chapter 6. Finances of retirement-income systems .............................. 167 Contributions........................................................... 168 Public expenditure on pensions ........................................... 170 Pension-benefit expenditures: Public and private ............................ 172 Long-term projections of public pension expenditure ........................ 174 Chapter 7. Demographic and economic context ................................. 177 Fertility ................................................................ 178 Life expectancy ......................................................... 180 Old-age support ratio .................................................... 182
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