There is a large variety of pension systems across EU members. This column argues for more private retirement saving as it is necessary to maintain old-age incomes and as it may also contribute to the stability of markets for government debt. But, it adds, governments should retain important responsibilities to prevent moral hazard due to intragenerational redistribution, to facilitate risk-sharing, and to minimise the agency issues due to financial illiteracy.
Pablo Antolin, Fiona Stewart, 01 May 2009
The current crisis has reduced the value of retirement assets by nearly 25%. This column examines policymakers’ reponses to the impact of the financial crisis on global pension assets in light of international best practices, highlights the continued importance of private pensions, and suggests ways to improve the regulation, supervision, design and management of these funds.
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