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The outbreak of the COVID-19 pandemic in 2020 provoked a global health crisis, soon followed by an economic and financial crisis. Retirement savings and old-age pension systems were one of the many components of our societies impacted by these events, which are unprecedented in recent history. The economic effects of the crisis have been accumulating for the past years as governments introduced successive health measures to try and curb the spread of the virus. The slowdown of economic activity across the globe resulted in soaring unemployment and falling stock prices in the first quarter of 2020 as financial markets reacted.

Pension Markets in Focus provides detailed and comparable statistics on retirement savings around the world. This annual statistical report contributes to the effort of making data on retirement savings available, as the OECD Core Principles of Private Pension Regulation advocates for, to enable regulators and stakeholders to evaluate the design and operation of pension systems relative to their goals. These statistics can support policy discussions through international comparisons and peer learning, and are the basis of policy recommendations in the OECD series of Pension Reviews. These statistics can also be helpful to private sector representatives, journalists, academics and anyone interested in funded pension systems.

This paper explores potential influences on the ability and willingness to save for retirement, in order to uncover how asset-backed pension systems could be more inclusive of diverse populations. This paper illustrates the type of analysis that countries could conduct to better understand what factors may explain lower participation from certain individuals beyond labour market drivers, by looking at the views, attitudes, and expectations of individuals across socio-economic characteristics on a sample of adults from the UK.

To help countries to improve asset-backed pension systems and build people’s trust that their best interest is considered, the present edition of the OECD Pensions Outlook provides a series of recommendations on how to introduce, develop and strengthen asset-backed pension arrangements, the role that employers can play in the development of these arrangements, how fees can be charged to protect retirement assets and align them with the cost of the services provided, how to ensure the appropriateness of mortality assumptions, and the design and introduction of non-guaranteed lifetime retirement income arrangements.

El sistema público de pensiones es un pilar básico del Estado de bienestar en Europa. Son viables y sostenibles siempre que se adapten a los continuos cambios económicos, sociales y demográficos que experimentan las sociedades. El reto es encontrar el equilibrio apropiado ante cambios continuos del sistema.

Pension plans are facing challenges not seen in the global economy in decades as they feel the effects of the pandemic, global conflicts, supply chain disruptions and a reversal of the trend toward globalization. These developments have brought higher levels of inflation, rising interest rates and greater uncertainty in economic conditions, while life expectancies continue to rise and populations age. All these pressures are occurring at a time when individuals are taking on more responsibility as the prevalence of defined contribution (DC) arrangements continue to increase around the world.