The Future of Retirement Systems
Life and Pensions (Four Pillars) Newsletter No. 52
The last century brought a wave of pension reforms across the globe. In mature and large unfunded public pension systems such as in continental Europe, these reforms were necessary mainly due to major demographic developments, where the ageing populations put significant financial pressure particularly on pay-as-you-go (PAYG) pension systems. Thus, long-term sustainability of the public pension systems came under scrutiny.
