Pensions at a Glance 2021
OECD and G20 Indicators
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The 2021 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the past two years. Moreover, the special chapter focuses on automatic adjustment mechanisms in pensions systems in OECD countries, discusses the usefulness and limitations of these policy instruments, and suggests ways to improve them in order to enhance the capacity of pension systems to fulfil their objectives. This edition also updates information on the key features of pension provision in OECD and G20 countries and provides projections of retirement income for today’s workers. It offers indicators covering the design of pension systems, pension entitlements, the demographic and economic context in which pension systems operate, incomes and poverty of older people, the finances of retirement‑income systems and private pensions.
Also available in: French
Net pension wealth
Replacement rates give an indication of the pension promise relative to individual earnings, but they are not comprehensive measures of cumulated pension payments; they look only at the benefit level relative to individual earnings at the point of retirement, or more generally at a given, later age. For a full picture, life expectancy, normal retirement age and indexation of pension benefits must also be taken into account. Together, these determine for how long the pension benefit is paid, and how its value evolves over time. Net pension wealth – a measure of the stock of future discounted flows of pension benefits after taxes and social contributions – takes account of these factors. It can be thought of as the total net benefits that will be received on average from the mandatory retirement-income schemes.
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