July 2019 www.oecd.org/els/public-pensions

P O L I C Y B R I E F O N P E N S I O N S

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July 2019 www.oecd.org/els/public-pensions

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Pension systems went through major reforms

Retirement ages are slowly increasing while

gender gaps are being eliminated

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Rising share of adult life spent in retirement

Eligibility age for a full pension for male workers entering the labour market at age 20 and having a full career

55 57 59 61 63 65 67 69 71 73 75

45

1956 (cohort retiring on average about today) 1940 (~ past) 1996 (~ future)

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Large impact of systemic reforms and of big changes in retirement ages

Difference between men and women, full-career workers entering the labour market at age 20

0 1 2 3 4 5 6 7 8

Years

1956 (cohort retiring on average about today) 1940 (~ past) 1996 (~ future)

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For men of three selected birth cohorts

0 5 10 15 20 25 30 35 40 45 50

% ⁵⁷₅₅

1956 (cohort retiring on average about today) 1940 (~ past) 1996 (~ future)

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Full-career average earners retiring at the normal retirement age of the respective cohort, men

0 20 40 60 80 100

%

1956 (cohort retiring on average about today) 1940 (~ past) 1996 (~ future)

0 20 40 60 80 100

%

1956 (cohort retiring on average about today) 1940 (~ past) 1996 (~ future)

Increasing replacement rate Stable replacement rate Other*

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Endnotes

References

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Authors

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Financial support and disclaimer

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P O L I C Y B R I E F O N P E N S I O N S

Will future pensioners work for longer and retire on less?

www.oecd.org/els/public-pensions