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Investing in (and for) Our Future
This paper identifies more focused reforms around defined contribution plans, which have grown increasingly around the world. It identifies recommendations around accumulation and also ai...
Retirement Investment Systems Reform
Retirement systems play a critical role in society and impact virtually every major stakeholder group, as well as the broader economy and financial system. Macro trends (globalization, technology, demographics, and regulatory changes) and events (financial and fiscal crises) are reshaping the retirement investment ecosystem and undermining the sustainability of systems across the world. Historically, public and private institutions had managed and pooled the risks of individuals and guaranteed certain outcomes to individual participants (known as “defined benefit” plans), but that system has slowly been supplanted by one where each individual is personally responsible for their retirement (known as "defined contribution" plans).
The Forum is uniquely positioned to address this issue because any solution requires coordinating multiple stakeholders (national/state/local governments, regulators, private investors, institutional investors, asset managers, insurance companies) and solutions are drawn from experiences in many different regions and countries.
The project objectives are to:
1. Raise awareness among key stakeholders as to the implications of the shift
2. Identify best practices and draft recommendations aimed at ensuring: a) access by individuals to retirement solutions; b) the sustainability of retirement systems; and c) access by businesses and infrastructure to long-term capital.
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Partners
Asia Alternatives
BlackRock
Bridgewater Associates
Department of Finance of Canada
JPMorgan Chase Bank
Mercer (MMC)
Ministry of Finance of Chile
PensionDanmark
Prime Minister's Office, Singapore
Washington State Investment Board
World Economic Forum
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Further reading
Gender Parity
The scary facts behind the gender pension gap
Women across the globe have 30-40% less money than men in retirement – despite often living longer. Why are they so much worse off?
Workforce and Employment
These countries have the most generous pensions
Pension savings systems differ around the world but the largest of these pots mask a funding gap that is expected to reach $400 trillion by 2050.
Ageing
3 challenges to getting the world ready for retirement - and 3 solutions
A global pension asset shortfall of $400 trillion is expected by 2050. How can we better handle our ageing populations?
Japan
People in Japan will have to retire later because they're not having children
More than half of Japanese companies are planning to raise the retirement age of their workforce.
Future of Economic Progress
The pension gap will soon dwarf global GDP: here are 5 ways to plug it
The world’s six largest pension systems will have a joint shortfall of $224 trillion by 2050, setting the industrialized world up for the biggest pension crisis in history.
Financial and Monetary Systems
5 things you need to know about the global pension crisis
Life expectancy is going up around the world. While this should be celebrated, it also places enormous strain on our pension systems. What's the solution?
Workforce and Employment
Study, work, retire. Time to scrap the old pattern of working life
Japan will never close its gender gap unless it overhauls its whole approach to work and life, explains Yoko Ishikura.
Future of Economic Progress
The pensions crunch is coming – here's what to do about it
Brigitte Miksa, Head of International Pensions at Allianz Asset Management, says we need to rethink how we calculate the burden pensions will place on economies.
Gender Parity
Why are American women far more likely than men to be poor in retirement?
Women in the United States are 80% more likely than men to fall into poverty once they retire.
Ageing
Will there be a retirement age in the future?
With the elderly beginning to outnumber the young around the world, workers, employers, and policymakers are rethinking retirement.
At what age can women retire in your country?
Future of Economic Progress
Do wages influence retirement decisions?
United Kingdom