The country profiles use a common framework. First, there is a brief summary of the national retirement-income system and a table of key indicators. This background table comprises average worker earnings, public pension expenditures, life expectancy and the dependency ratio (the number of pensioners for every 100 workers). Data both for the country in question and the average for the OECD as a whole are presented.

The pension system has two main components: a basic component and an additional social insurance component. For those aged 70 and above there is also an additional age-related social insurance component, as well as a social assistance component.

Australia’s retirement income system has three components: a means-tested Age Pension funded through general taxation revenue; the superannuation guarantee, a compulsory employer contribution to private superannuation savings; and voluntary superannuation contributions and other private savings. Superannuation savings are encouraged through taxation concessions.

The pension system consists of a defined-benefit public scheme with an income-tested top-up for low-income pensioners.

The pension system has two components: an earnings-related public scheme with a minimum pension and a means-tested safety net.

The Regime Geral de Previdência Social (RGPS), covers the private sector workforce. It is financed through payroll taxes, shared by the employer and the employee, revenues from sales taxes and federal transfers that cover shortfalls of the system. It is a mandatory, pay-as-you-go financed single-pillar scheme, which is operated by the National Social Security Institute.

The pension system offers a universal flat-rate benefit, which can be topped up with an income-tested benefit, and earnings-related public schemes.

The pension system has three components: a redistributive first tier, a second tier of mandatory individual accounts and a voluntary third tier. The individual accounts, introduced in 1981, are of the defined-contribution type. The redistributive first tier was substantially extended in a pension reform in 2008.

China has a two-tier pension system, consisting of a basic pension and a mandatory employee contribution to a second-tier plan. This system, which was introduced in 1998, was significantly revised in 2006. It covers urban workers and many of the parameters depend on province-wide (rather than national) average earnings.

The Czech pension system consists of a public pension scheme and a mandatory funded private scheme with voluntary entry.

There is a public basic scheme. A means-tested supplementary pension benefit is paid to the financially most disadvantaged pensioners. There is also a scheme based on individuals’ contribution records, viz. the ATP. In addition, compulsory occupational schemes negotiated as part of collective agreements cover about 90% of full-time employees.

The system combines an earnings-related public scheme with mandatory contributions to funded pensions. There is also a flat-rate, basic element and a safety-net, national pension.

There is a basic state pension (national pension and guarantee pension), which is pension income-tested, and a range of statutory earnings-related schemes, with very similar rules for different groups. Some of the schemes for private-sector employees are partially pre-funded while the public-sector schemes are pay-as-you-go financed (with buffer funds to even out future increases in pension contributions). Pre-funding has no direct impact on the benefit level.

In the private sector, the pension system has two mandatory tiers: an earnings-related public pension and occupational schemes, based on a points system. The public scheme also has a without means test minimum contributory pension (minimum contributif). In addition there is a targeted minimum income for the elderly (minimum vieillesse).

The statutory public pension system has a single tier and is an earnings-related PAYG system. Calculation of pensions is based on pension points. If individual old‑age provision from all income sources is not sufficient, additional means-tested benefits can be claimed from social assistance.

Pensions are provided through an earnings-related public scheme plus a series of minimum pensions/social safety nets.

The Hungarian pension system is a mandatory, uniform, defined-benefit pay-as-you-go system with an earnings-related public pension combined with a minimum pension.

There is a basic state pension (national pension), which is income-tested. There are also mandatory occupational pensions.

Workers are covered under the earnings-related employee pension scheme and defined-contribution employee provident fund administered by the Employees Provident Fund Organization (EPFO) and other employer managed funds. Civil Employees of Central Government who have joined services on or after 1 January 2004 are covered under the defined contribution based New Pension System (NPS).

Employees in private sectors are covered by defined-contribution plan.

The public pension is a basic scheme paying a flat rate to all who meet the contribution conditions. There is also a means-tested pension to provide a safety net for the low-income elderly. Voluntary occupational pension schemes have broad coverage: over half of employees.

The state pension comprises a universal insurance pension combined with means-tested income support. Until 2008 second-pillar pensions were common, but voluntary. As of January 2008 mandatory contributions to defined-contribution pension funds have been introduced.

The new Italian pension system is based on notional accounts. After the reform of 2011, all workers currently contribute to a NDC scheme. Contributions earn a rate of return related to GDP growth. At retirement, the accumulated notional capital is converted into an annuity taking account of average life expectancy at retirement. It applies in full to labour-market entrants from 1996 onwards.

The public pension system has two tiers: a basic, flat-rate scheme and an earnings-related plan (employees’ pension scheme).

The Korean public pension scheme was introduced relatively recently. It is an earnings-related scheme with a progressive formula, since benefits are based on both individual earnings and the average earnings of the insured as a whole.

The public pension scheme has two components: a flat-rate part depending on years of coverage and an earnings-related part. There is also a minimum pension.

Old-age pensions for private sector workers that entered either after 1 April 2007 or before that date but opted for the new regime, are covered under a mandatory defined-contribution (DC) scheme. Under the new DC schemes, there is a minimum pension.

The pension system has two main tiers, consisting of a flat-rate public scheme and earnings-related occupational plans. Although there is no statutory obligation for employers to offer a pension scheme to their employees, industrial-relations agreements mean that 91% of employees are covered. These schemes are therefore best thought of as quasi-mandatory.

The public pension is flat-rate based on a residency test. Coverage of occupational pension plans continues to diminish. Coverage of the KiwiSaver scheme continues to grow.

The new public pension system, beginning in 2011, consists of an income pension, and a guarantee pension for people with no or only a small income pension. The guarantee pension is income-tested against the income pension. In 2006, a mandatory occupational pension was introduced in the private sector as a supplement to the public pension.

The new scheme is based on a system of notional accounts. People under 30 (born in 1969 and after) at the time of the reform must also participate in the funded scheme; people aged 30-50 (born between 1949 and 1968) could choose the funded option. However, the choice had to be made in 1999 and it was irrevocable, with the exception of those who could retire early.

Portugal has an earnings-related public pension scheme with a means-tested safety net.

The mandatory old-age pension consists of two components an earnings-related part based on notional defined contributions and a defined contribution part. There are also statutory social pensions and voluntary pension savings at non-state (private) pension funds.

Employees in the public and private sectors.

The earnings-related, public scheme is similar to a points system, with benefits that depend on individual earnings relative to the average. Low-income workers are protected by a minimum amount of earnings on which pension is calculated. All pensioners are eligible for social assistance benefits. Defined-contribution plans were introduced at the beginning of 2005.

The system combines an earnings-related public pension with minimum and targeted schemes.

The public pension is flat rate based on a residency test. There is also a large number of occupational schemes, though coverage is not high at lower-income levels.

The Spanish public pension system consists of a single, earnings-related benefit in the contribution level, with a means-tested minimum pension. There is also a non-contribution means-tested level, which replaces the previous special social assistance scheme.

The earnings-related part is based on notional accounts and there is a small mandatory contribution to individual, defined-contribution funded pensions. There is also a pension-income-tested top‑up. Occupational pension plans – with defined-benefit and defined-contribution elements – have broad coverage.

The Swiss retirement pension system has three parts. The public scheme is earnings-related but has a progressive formula. There is also a system of mandatory occupational persons and an income-tested supplementary benefit. The occupational pension can be supplemented on a voluntary basis.

An earnings-related public scheme with an income-tested safety net and a flat-rate supplementary pension.

The public scheme has two tiers (a flat‑rate basic pension and an earnings-related additional pension), which are complemented by a large voluntary private pension sector. Most employee contributors contract out of the state second tier into private pensions of different sorts. An income-related benefit (pension credit) targets extra spending on the poorest pensioners.

The publicly provided pension benefit, known as social security, has a progressive benefit formula. There is also a means-tested top-up payment available for low-income pensioners.