The current financial and economic crisis has highlighted the importance of investment risk for pension systems. In particular, the dramatic spread of defined-contribution pension provision around the world means that investment risk has a direct effect on living standards in old age. This paper...

The past two decades have seen a wave of reforms to retirement income systems around the world. This paper describes the reform packages that have taken place in 38 industrialised economies, some of them involving incremental changes to existing provision, others, an overhaul of the entire...