OECD PENSIONS OUTLOOK 2022.
The 2022 edition focuses on describing best practices for developing mortality tables and providing policy guidance on how to design, implement and continue the operation of non-guaranteed lifetime retirement income arrangements.
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| Format: | Ebook |
| Language: | English |
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[Place of publication not identified] :
ORGANIZATION FOR ECONOMIC,
2022.
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| Online Access: | OECD |
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| 245 | 1 | 0 | |a OECD PENSIONS OUTLOOK 2022. |
| 246 | 3 | |a OECD PENSIONS OUTLOOK twenty twenty two | |
| 264 | 1 | |a [Place of publication not identified] : |b ORGANIZATION FOR ECONOMIC, |c 2022. | |
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| 505 | 0 | |a Intro -- Foreword -- Editorial -- Table of contents -- Executive summary -- 1 Policy guidance on developing asset-backed pension arrangements -- 1.1. Considerations ahead of introducing or reforming asset-backed pension arrangements -- 1.1.1. Deciding on an institutional and legal structure for asset-backed pension provision -- 1.1.2. Ensuring good governance -- 1.1.3. Managing with capital markets that are incomplete or lack depth, or situations of high inflation -- The risk of having few financial instruments for pension providers to invest in -- The risk of high inflation -- 1.1.4. Deciding on a supervisory structure -- 1.1.5. Protecting the retirement savings of members -- 1.1.6. Building support for change -- 1.2. Challenges and policy considerations that arise during the implementation phase of a reform to develop asset-backed pension arrangements -- 1.2.1. Revising the key functions of regulators, supervisors, and pension entities -- Operational considerations for regulating and supervising asset-backed pension arrangements -- Licensing requirements -- Supervisory functions and frameworks -- Contribution collection and record-keeping -- Data reporting -- 1.2.2. Costs of developing asset-backed pension arrangements -- 1.2.3. Communication about reforms -- People respond to clear and simple messages -- People need support to make choices -- Policy makers should use different distribution channels to disseminate messages and tailor them to audiences -- Policy makers should control the narrative about the reform and ensure messages do not lead to unrealistic expectations -- Timeliness makes communication campaigns more effective -- Communication should be in line with any default rules -- Employers may need specialised communication to understand their responsibilities -- | |
| 505 | 8 | |a 1.3. Considerations for policy makers in maintaining and strengthening asset-backed pension arrangements once they are in place -- 1.3.1. Maintaining high standards of governance by addressing its shortcomings -- Governing body skills and knowledge -- Oversight of outsourced functions -- Mergers and consolidation -- Conflicts of interest -- Diversity of governing body members -- 1.3.2. Improving investment returns -- Investment rules and restrictions -- Guarantees -- Member preferences and behaviours -- Investment manager performance -- 1.3.3. Aligning fees with the cost of the services offered -- Fostering competition -- Supply-side factors -- Demand-side factors -- Consumer protection regime to ensure healthy competition -- Direct market interventions -- Avoiding the duplication of accounts -- 1.3.4. Addressing loss of trust and low knowledge about pensions -- 1.3.5. Ensuring strong risk management processes to protect pension assets -- 1.4. Policy guidelines for developing asset-backed pension arrangements -- 1.4.1. Ahead of introducing of reforming an asset-backed pension arrangement -- 1.4.2. Implementation phase of a reform to develop asset-backed pension arrangements -- 1.4.3. Maintaining or strengthening an existing asset-backed pension arrangement -- References -- Notes -- 2 How best to involve employers in the provision of asset-backed pension arrangements -- 2.1. Current employer involvement in the provision of asset-backed pension arrangements -- 2.2. Motivations for employers to be involved in the provision of asset-backed pension arrangements -- 2.3. Advantages and challenges associated with involving employers in the provision of asset-backed pension arrangements -- 2.3.1. Advantages -- 2.3.2. Challenges -- 2.4. How best to involve employers in the provision of asset-backed pension arrangements -- | |
| 505 | 8 | |a 2.4.1. Select the appropriate degree of employer involvement -- 2.4.2. Ensure good conditions for the provision of asset-backed pension arrangements -- 2.4.3. Reduce barriers that prevent employers from establishing pension plans -- Reduce costs -- Alleviate the administrative burden -- Provide flexibility in times of large aggregate economic shocks -- 2.4.4. Allow employers to tailor the design of the plan while ensuring non-discriminatory treatment across different categories of workers -- 2.4.5. Encourage the use of behavioural strategies and facilitate the provision of financial education -- Automatic enrolment -- Matching contributions -- Automatic escalation of contributions -- Financial education -- 2.4.6. Provide the necessary framework for good governance -- 2.5. Conclusion -- References -- Notes -- 3 Implications of different fee structures for individuals and providers -- 3.1. Methodology and indicators -- 3.2. Implications of different fee structures at the individual level in a world without uncertainty -- 3.2.1. Asset-based fees -- 3.2.2. Fee structures making the individual neutral -- 3.2.3. Impact of the length of the contribution period -- 3.2.4. Impact of contribution gaps -- 3.2.5. Impact of the contribution rate -- 3.2.6. Impact of the wage growth -- 3.2.7. Impact of the rate of return -- 3.2.8. Impact of the time profile of the rate of return -- 3.3. Implications of different fee structures at the individual level when introducing uncertainty -- 3.3.1. Impact of introducing uncertainty -- 3.3.2. Performance fees -- 3.3.3. Impact of the volatility in the rate of return -- 3.4. Implications of different fee structures for providers at the aggregate level -- 3.4.1. Maturing asset-backed pension arrangement -- 3.4.2. Transition from a contribution-based fee to an asset-based fee -- 3.5. Conclusions -- References -- | |
| 505 | 8 | |a Annex 3.A. Model description -- Notes -- 4 Good practices for developing standard mortality tables for retirement income arrangements -- 4.1. Accounting for the context in which mortality assumptions are developed and used -- 4.1.1. Understand historical patterns to inform future expectations -- 4.1.2. Determine the granularity of assumptions given the availability of data and the purpose for which the assumptions will be used -- 4.1.3. Allow for flexibility to adapt assumptions where appropriate for their purpose -- 4.1.4. Be open to innovative approaches -- 4.2. Establishing baseline mortality assumptions -- 4.2.1. Calibrate assumptions for baseline mortality on data that is as similar as possible to the target population -- 4.2.2. Graduate baseline mortality considering available data and the desired fit and smoothness -- 4.2.3. Consider the expected pattern of mortality when extrapolating assumptions to the oldest ages -- 4.2.4. Set the maximum age of the mortality table to ensure that assumptions will apply to all members of the target population -- 4.3. Developing assumptions for future mortality improvements -- 4.3.1. Account for future mortality improvements in a way that reflects reasonable expectations -- 4.3.2. Choose a projection model compatible with future expectations taking into account the trade-off between transparency and complexity -- 4.3.3. Calibrate mortality projection models on a stable population representative of the target population -- 4.4. Ensuring internal consistency -- 4.4.1. Ensure coherency across different ages and groups -- 4.4.2. Be transparent regarding modelling decisions -- 4.5. Summary of guidelines -- Accounting for the context in which mortality assumptions are developed and used -- Establishing baseline mortality assumptions -- Developing assumptions for future mortality improvements -- | |
| 505 | 8 | |a Ensuring internal consistency -- References -- Notes -- 5 Policy lessons for the design, introduction and implementation of non-guaranteed lifetime retirement income arrangements -- 5.1. Design of non-guaranteed lifetime retirement income arrangements -- 5.1.1. Role in accumulation of retirement benefits -- 5.1.2. Ownership rights -- 5.1.3. Benefit formula -- 5.1.4. Benefit adjustment -- What: measuring the financial imbalance of the scheme -- How: formula to adjust participants' benefits -- Which: type of benefit adjusted -- When: timing of benefit adjustment -- 5.1.5. Optionality -- 5.2. Necessary conditions for the introduction of non-guaranteed lifetime retirement income arrangements -- 5.2.1. Legislative and regulatory framework -- 5.2.2. Incentives to establish and participate in the arrangements -- 5.3. Practical challenges for implementation -- 5.3.1. Institutional framework -- 5.3.2. Conversion of existing schemes -- 5.3.3. Required scale -- 5.4. Elements for long-term success -- 5.4.1. Governance -- 5.4.2. Communication -- 5.5. Policy lessons -- 5.5.1. Design non-guaranteed lifetime retirement income arrangements in line with policy objectives -- Design needs to be compatible with the context in which the scheme will be introduced -- Design needs to be in line with objectives related to benefit stability and equity -- Design should be as simple as possible -- 5.5.2. Ensure the necessary conditions for the introduction of non-guaranteed lifetime retirement income arrangements -- Existing legal and regulatory frameworks need to be inclusive of non-guaranteed lifetime retirement income arrangements -- Legal and regulatory frameworks need to balance prescriptiveness and flexibility -- Legislative and regulatory requirements should remain coherent with the nature of non-guaranteed arrangements. | |
| 520 | |a The 2022 edition focuses on describing best practices for developing mortality tables and providing policy guidance on how to design, implement and continue the operation of non-guaranteed lifetime retirement income arrangements. | ||
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