Pensions at a Glance 2015 : OECD and G20 Indicators. PDF
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Pensions at a Glance 2015 OECD anD G20 inDiCatOrs Contents Chapter 1. Recent pension reforms Pensions at a Glance 2015 Chapter 2. The role of first-tier pensions Chapter 3. How incomplete careers affect pension entitlements OECD anD G20 inDiCatOrs Chapter 4. Sensitivity of replacement rates to the model parameters Chapter 5. Design of pension systems Chapter 6. Pension entitlements Chapter 7. Demographic and economic context Chapter 8. Incomes and poverty of older people Chapter 9. Finances of retirement-income systems Chapter 10. Private pensions and public pension reserve funds Chapter 11. Pensions at a Glance 2015: Country profiles P e n s io n s a t a G la n c e 2 0 1 5 O E C D a n D G 2 0 in D iC a Consult this publication on line at http://dx.doi.org/10.1787/pension_glance-2015-en. tO r s 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. isbn 978-92-64-24063-6 81 2015 20 1 P Pensions at a Glance 2015 OECD AND G20 INDICATORS ThisworkispublishedundertheresponsibilityoftheSecretary-GeneraloftheOECD.The opinionsexpressedandargumentsemployedhereindonotnecessarilyreflecttheofficial viewsofOECDmembercountries. This document and any map included herein are without prejudice tothe status of or sovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundaries andtothenameofanyterritory,cityorarea. Pleasecitethispublicationas: OECD(2015),PensionsataGlance2015:OECDandG20indicators,OECDPublishing,Paris. http://dx.doi.org/10.1787/pension_glance-2015-en ISBN978-92-64-24063-6(print) ISBN978-92-64-24444-3(PDF) Series:OECDPensionsataGlance ISSN1995-4026(print) ISSN1999-1363(online) ThestatisticaldataforIsraelaresuppliedbyandundertheresponsibilityoftherelevantIsraeliauthorities.Theuse ofsuchdatabytheOECDiswithoutprejudicetothestatusoftheGolanHeights,EastJerusalemandIsraeli settlementsintheWestBankunderthetermsofinternationallaw. Revisedversion,March2016. www.oecd.org/about/publishing/Corrigendum-Pensions-at-a-Glance2015.pdf. CorrigendatoOECDpublicationsmaybefoundonlineat:www.oecd.org/about/publishing/corrigenda.htm. ©OECD2015 Youcancopy,downloadorprintOECDcontentforyourownuse,andyoucanincludeexcerptsfromOECDpublications,databasesand multimediaproductsinyourowndocuments,presentations,blogs,websitesandteachingmaterials,providedthatsuitable acknowledgementofOECDassourceandcopyrightownerisgiven.Allrequestsforpublicorcommercialuseandtranslationrightsshould besubmittedtorights@oecd.org.Requestsforpermissiontophotocopyportionsofthismaterialforpublicorcommercialuseshallbe addresseddirectlytotheCopyrightClearanceCenter(CCC)[email protected]çaisd’exploitationdudroitdecopie(CFC) [email protected]. FOREWORD Foreword T hissixtheditionofPensionsataGlanceprovidesarangeofindicatorsforcomparingpensionpoliciesand theiroutcomesbetweenOECDcountries.Theindicatorsarealso,wherepossible,providedfortheothermajor economiesthataremembersoftheG20.Fourspecialchapters(Chapters1to4)providedeeperanalysisofrecent pensionreforms,theroleoffirst-tierpensions,theimpactofshortandinterruptedcareersandthesensitivityof futurereplacementratestoparametricchanges. 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 HervéBoulhol, AnnaCristinaD’Addio, KristofferLundbergandAndrewReilly.Nationalofficials–particularlydelegatestotheOECDWorkingPartyon Social Policy and members of the OECD pension expert group– provided active and invaluable input to the report. For OECDcountries, the results of the OECD pension models have been confirmed and validated by nationalauthorities. Chapter1 on “Recent pension reforms” was written by Kristoffer Lundberg. Chapters2 and4 entitled “Therole of first-tier pensions” and “Sensitivity of replacement rates to the model parameters”, respectively, were written by AndrewReilly. AnnaCristinaD’Addio wrote Chapter3 on “How incomplete careers affect pensionentitlements”.HervéBoulholwasresponsiblefortheenhancementandtherevisionofthesechapters. Chapters2and3wereeditedbyKenKincaid.MarlèneMohierpreparedthemanuscriptforpublication. TheindicatorsrelatedtoprivatepensionsweremainlyprovidedbytheOECD’sprivate-pensionsunitinthe DirectorateforFinancialandEnterpriseAffairs:PabloAntolín,StéphaniePayetandRomainDespalins. The report has benefited from the commentary of many national officials and colleagues in the OECD Secretariat,notablyMarkPearson,MonikaQueisserandStefanoScarpetta.Itisajointprojectco-financedby theEuropeanCommissionandtheOECD. PENSIONSATAGLANCE2015:OECDANDG20INDICATORS©OECD2015 3 TABLEOFCONTENTS Table of contents Editorial–Thenextfrontierforpensionpolicy:Focusingmoreonsocialsustainability....... 9 Executivesummary .................................................................. 13 Chapter1.Recentpensionreforms...................................................... 15 1.1. Introduction ................................................................. 16 1.2. Overviewofreforms .......................................................... 19 1.3. Improvingfinancialsustainability .............................................. 20 1.4. Increasingretirement-incomeadequacy......................................... 27 1.5. Remainingchallenges......................................................... 31 Notes ........................................................................... 33 References....................................................................... 33 Annex1.A1.PensionreformsfromSeptember2013toSeptember2015 ................... 34 Chapter2.Theroleoffirst-tierpensions................................................. 45 2.1. Introduction ................................................................. 46 2.2. Eligibilitycriteriaforbasicandminimumold-agepensions ........................ 47 2.3. Benefitlevels................................................................. 50 2.4. Whathappensintheeventofineligibilityforcontribution-basedbasic andminimumpensions? ...................................................... 53 2.5. Howwillbenefitsevolve?...................................................... 59 2.6. Conclusionandpolicyimplications ............................................. 66 References....................................................................... 68 Annex2.A1.Supplementaryfiguresontheeffectofdifferentindexationapproaches....... 69 Chapter3.Howincompletecareersaffectpensionentitlements ............................ 73 3.1. Introduction ................................................................. 74 3.2. Settingthesceneforanunderstandingofcontributiongaps........................ 76 3.3. Howscatteredcareersaffectpensions:Theoryandpractice ........................ 86 3.4. Pensionsystemscomponentsthatcanmitigatetheadverseeffectsofinterrupted careers...................................................................... 86 3.5. Pensioncreditstoplugthecontributiongap...................................... 87 3.6. Simulatingpensionentitlementsforshorterandinterruptedcareers................ 91 3.7. Puttingtheresultsinapolicyperspective:Pensioncreditsandothermeasures towardslessfragmentedcareers................................................ 98 3.8. Policyimplicationsandchallengesahead........................................ 99 Notes ........................................................................... 101 References....................................................................... 102 Annex3.A1.Mainrulesofpensioncreditsrelatedtochildcareandunemployment......... 106 PENSIONSATAGLANCE2015:OECDANDG20INDICATORS©OECD2015 5 TABLEOFCONTENTS Chapter4.Sensitivityofreplacementratestothemodelparameters........................ 111 4.1. Introduction ................................................................. 112 4.2. ImpactofparameterchangessincePensionsataGlance2013........................ 113 4.3. Howchangesininflationaffectreplacementrateresults........................... 114 4.4. Howchangesinrealwageaffectreplacementrateresults.......................... 114 4.5. Howchangesintherateofreturnaffectfuturereplacementrates................... 116 4.6. Howchangesinthediscountrateaffectreplacementrates......................... 118 4.7. Impactofmortalityrates ...................................................... 119 4.8. Country-specificeconomicassumptions......................................... 119 References....................................................................... 122 Chapter5.Designofpensionsystems................................................... 123 Architectureofnationalpensionsystems............................................ 124 Basic,targetedandminimumpensions.............................................. 126 Earnings-relatedpensions ......................................................... 128 Currentretirementages........................................................... 130 Futureretirementages............................................................ 132 Chapter6.Pensionentitlements........................................................ 135 Methodologyandassumptions..................................................... 136 Grosspensionreplacementrates ................................................... 138 Grosspensionreplacementrates:Mandatoryandvoluntaryschemes.................... 140 Taxtreatmentofpensionsandpensioners........................................... 142 Netpensionreplacementrates ..................................................... 144 Netpensionreplacementrates:Mandatoryandvoluntaryschemes ..................... 146 Grosspensionwealth ............................................................. 148 Netpensionwealth............................................................... 150 Chapter7.Demographicandeconomiccontext........................................... 153 Fertility ......................................................................... 154 Lifeexpectancy................................................................... 156 Old-agedependencyratio.......................................................... 158 Employmentratesofolderworkers ................................................. 160 Effectiveageoflabourmarketexit .................................................. 162 Expectedyearsinretirement....................................................... 164 Chapter8.Incomesandpovertyofolderpeople .......................................... 167 Incomesofolderpeople........................................................... 168 Old-ageincomepoverty ........................................................... 170 Averageworkerearnings .......................................................... 172 Chapter9.Financesofretirement-incomesystems ....................................... 175 Mandatorypensioncontributions................................................... 176 Publicexpenditureonpensions..................................................... 178 Pension-benefitexpenditures:Publicandprivate ..................................... 180 Long-termprojectionsofpublicpensionexpenditure.................................. 182 Chapter10.Privatepensionsandpublicpensionreservefunds............................. 185 Coverageofprivatepensions....................................................... 186 Institutionalstructureofprivatepensionplans....................................... 188 Assetsinpensionfundsandpublicpensionreservefunds ............................. 190 Assetallocationofpensionfundsandpublicpensionreservefunds..................... 192 6 PENSIONSATAGLANCE2015:OECDANDG20INDICATORS©OECD2015 TABLEOFCONTENTS Investmentperformanceofpensionfundsandpublicpensionreservefunds ............. 194 Pensionfundoperatingcostsandfees............................................... 196 DBfundingratios................................................................. 198 Chapter11.PensionsataGlance2015:Countryprofiles .................................... 201 Guidetothecountryprofiles....................................................... 202 Argentina ....................................................................... 204 Australia ........................................................................ 207 Austria.......................................................................... 212 Belgium......................................................................... 216 Brazil ........................................................................... 222 Canada.......................................................................... 225 Chile............................................................................ 229 China........................................................................... 233 CzechRepublic................................................................... 235 Denmark........................................................................ 240 Estonia.......................................................................... 247 Finland.......................................................................... 251 France .......................................................................... 256 Germany ........................................................................ 261 Greece .......................................................................... 265 Hungary......................................................................... 269 Iceland.......................................................................... 273 India............................................................................ 277 Indonesia........................................................................ 280 Ireland.......................................................................... 283 Israel ........................................................................... 286 Italy ............................................................................ 290 Japan ........................................................................... 295 Korea ........................................................................... 299 Luxembourg ..................................................................... 302 Mexico.......................................................................... 306 Netherlands ..................................................................... 310 NewZealand..................................................................... 313 Norway ......................................................................... 316 Poland .......................................................................... 320 Portugal......................................................................... 325 RussianFederation ............................................................... 332 SaudiArabia..................................................................... 336 SlovakRepublic .................................................................. 338 Slovenia......................................................................... 342 SouthAfrica ..................................................................... 346 Spain ........................................................................... 348 Sweden ......................................................................... 352 Switzerland...................................................................... 358 Turkey .......................................................................... 364 UnitedKingdom.................................................................. 368 UnitedStates .................................................................... 372 PENSIONSATAGLANCE2015:OECDANDG20INDICATORS©OECD2015 7 Follow OECD Publications on: http://twitter.com/OECD_Pubs http://www.facebook.com/OECDPublications http://www.linkedin.com/groups/OECD-Publications-4645871 http://www.youtube.com/oecdilibrary OECD Alerts http://www.oecd.org/oecddirect/ This book has... 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