Focus - Lifelong financial planning

Transformation of the Pension Systems in OECD Countries after the 2008 Crisis

New goals of the reforms

Péter Halmosi
PhD, Associate Professor, Institute of Finance and International Economic Relations, University of Szeged

Published in: Public Finance Quarterly 2014/4 (p. 457-469.)

SUMMARY: Pension systems are among the most important welfare systems of society and they are subject to smaller or more substantial changes on a near-continuous basis. Studying the pension systems of developed countries is considered to be a priority issue in light of the 2008 economic crisis: although individual reforms are introduced regularly, we see similar and joint reform measures as well. One of the key statements of this paper is that the reforms are not over and further measures are required, but they should be preceded by information and models on the incomes and financial situation of people of active age, as well as those already in retirement. Comparison with other countries is greatly hindered by factors and characteristics stemming from the different levels of economic development; however, the pension issue is a common problem in developed countries, and joint efforts are needed to find the right direction. A key finding of this study is that the pension system can only be reformed through a coordinated approach with the relevant policies. By now, this opinion has been underpinned by several professional positions and data.

KEYWORDS: pension reform, sustainability, implicit liabilities, debt


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