Seminar on pension foresight: Envisaging retirement income plans of the future
21 June 2017 Paris, France
INPARR-OECD-IOPS International Research Seminar
Individuals planning for retirement are expected to think long into the future to prepare for future needs. At the same time, changes in technology, demography, and even geography mean that pensions and retirement income designs and approaches of the future will themselves evolve considerably over time.
Co-organised by the International Network for Pensions, Aging, and Retirement Research (INPARR), the OECD and IOPS, this seminar provided a window into the latest thinking and research that sheds light on where pension plans and designs are headed in the future and challenges to their future sustainability and efficiency.
Session 1 focused on mapping out future pension scenarios. Joshua Rauh of Stanford University delivered a keynote address on The Future of (Partially) Funded Pension Systems.
Session 2 addressed the issue of pension protection. Sustainability and adequacy of pension arrangements is very important in light of the challenges facing pension systems, namely the ageing population, and the current environment of low growth and low returns. At the same time, as designs become more flexible, individuals have more choice and the scope expands to cover other risks, risk management and consumer protections begin to play an important role in pension design.
Session 3 explored the relationship between mature labour force participation and pension policy: as populations age, the "mature" age cohorts of people in their late 50s and 60s will increase. To counter the headwinds of population ageing, it will be vital that the labour force participation rates in these groups increase. Pension policy is an important part of achieving this outcome.
Session 4 explored how current pension designs might evolve in the future and lessons that can be drawn from the recent past. The session also looked at how data science, artificial intelligence and other technologies will impact designs.
Presentations Session 2 (zip)
Presentations Session 3 (zip)
Presentations Session 4 (zip)
Sally Day-Hanotiaux, OECD