Filling the Pension Gap: Coverage and Value of Voluntary Retirement Savings
The current generation of workers can expect lower pension benefits in retirement than the current generation of pensioners. Private, voluntary pension savings will therefore play a greater role in providing for old age. This paper calculates the size of the "pension gap": the difference b...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2009
|
| Schriftenreihe: | OECD Social, Employment and Migration Working Papers
no.69 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The current generation of workers can expect lower pension benefits in retirement than the current generation of pensioners. Private, voluntary pension savings will therefore play a greater role in providing for old age. This paper calculates the size of the "pension gap": the difference between the benefits from mandatory retirement-income provision and a target pension level. It then computes the amount that people would need to save to achieve the target. Data on coverage of private, voluntary pension schemes in a range of OECD countries are then presented. The paper also shows how coverage varies with age and earnings. The results show significant gaps in coverage, particularly among low earners and younger workers. The effect could be a resurgence of old-age poverty when these generations reach retirement. Data on contributions to private pensions show that these are, on average, at a level likely to fill the pension gap. Expanding coverage rather than raising contribution rates should therefore be the policy priority. Five policy options for increasing coverage are assessed: (i) mandating private pensions; (ii) "soft compulsion", which is automatic enrolment in private pensions but with an opt-out; (iii) facilitating access to the means for saving for retirement; (iv) preferential tax treatment of retirement savings; and (v), improving financial awareness. |
| Beschreibung: | 1 Online-Ressource (32 p.) 21 x 29.7cm. |
| DOI: | 10.1787/227200770711 |
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| spelling | Antolín, Pablo VerfasserIn aut Filling the Pension Gap Coverage and Value of Voluntary Retirement Savings Pablo, Antolín and Edward, Whitehouse Paris OECD Publishing 2009 1 Online-Ressource (32 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Social, Employment and Migration Working Papers no.69 The current generation of workers can expect lower pension benefits in retirement than the current generation of pensioners. Private, voluntary pension savings will therefore play a greater role in providing for old age. This paper calculates the size of the "pension gap": the difference between the benefits from mandatory retirement-income provision and a target pension level. It then computes the amount that people would need to save to achieve the target. Data on coverage of private, voluntary pension schemes in a range of OECD countries are then presented. The paper also shows how coverage varies with age and earnings. The results show significant gaps in coverage, particularly among low earners and younger workers. The effect could be a resurgence of old-age poverty when these generations reach retirement. Data on contributions to private pensions show that these are, on average, at a level likely to fill the pension gap. Expanding coverage rather than raising contribution rates should therefore be the policy priority. Five policy options for increasing coverage are assessed: (i) mandating private pensions; (ii) "soft compulsion", which is automatic enrolment in private pensions but with an opt-out; (iii) facilitating access to the means for saving for retirement; (iv) preferential tax treatment of retirement savings; and (v), improving financial awareness. Social Issues/Migration/Health Whitehouse, Edward MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/227200770711 Volltext |
| spellingShingle | Antolín, Pablo Filling the Pension Gap Coverage and Value of Voluntary Retirement Savings Social Issues/Migration/Health |
| title | Filling the Pension Gap Coverage and Value of Voluntary Retirement Savings |
| title_auth | Filling the Pension Gap Coverage and Value of Voluntary Retirement Savings |
| title_exact_search | Filling the Pension Gap Coverage and Value of Voluntary Retirement Savings |
| title_full | Filling the Pension Gap Coverage and Value of Voluntary Retirement Savings Pablo, Antolín and Edward, Whitehouse |
| title_fullStr | Filling the Pension Gap Coverage and Value of Voluntary Retirement Savings Pablo, Antolín and Edward, Whitehouse |
| title_full_unstemmed | Filling the Pension Gap Coverage and Value of Voluntary Retirement Savings Pablo, Antolín and Edward, Whitehouse |
| title_short | Filling the Pension Gap |
| title_sort | filling the pension gap coverage and value of voluntary retirement savings |
| title_sub | Coverage and Value of Voluntary Retirement Savings |
| topic | Social Issues/Migration/Health |
| topic_facet | Social Issues/Migration/Health |
| url | https://doi.org/10.1787/227200770711 |
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