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OECD Pensions Outlook 2018 e Financial Incentives and Retirement Savings

14 de dezembro de 2018

OECD Pensions Outlook 2018

Autor: OCDE
Publicado em dezembro de 2018

  • Combining funded and pay-as-you-go pensions, automatic mechanisms, and a strong safety net for pensioners improves retirement outcomes.
  • To improve the design of financial incentives to save for retirement, tax rules should be straightforward, stable and consistent across all retirement savings plans. Aligning charges levied by pension providers on scheme members with the cost of managing retirement savings requires better disclosure, pricing regulations and structural solutions.
  • The regulatory and legal frameworks of pension funds should be at arm’s length from government. Pension funds should have clearly stated missions to guide investment policy; an oversight board that is accountable to the competent authorities and to members; and transparency about their governance arrangements and their investment and risk management to keep them accountable to different stakeholders.
  • Automatic features, default options, simple information and choice, financial incentives and financial education can result in better retirement outcomes, given that low levels of financial knowledge and behavioral biases can lead people to make unsuitable decisions for retirement.
  • Increased flexibility around retirement age and progressive public pensions and tax rules partly address financial disadvantages in retirement of population groups with shorter life expectancy. Policies to improve the sustainability of pension systems in light of increases in life expectancy will need to consider how those in different socioeconomic and gender groups may be affected.
  • Survivor pensions still play an important role in smoothing living standards after a partner’s death. However, they should not redistribute from singles to couples or limit incentives to work.

 

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Financial Incentives and Retirement Savings

Autor: OCDE
Publicado em dezembro de 2018

Are tax incentives the best way to encourage people to save for retirement?

This publication assesses whether countries can improve the design of financial incentives to promote savings for retirement. After describing how different countries design financial incentives to promote savings for retirement in funded pensions, the study calculates the overall tax advantage that individuals may benefit from as a result of those incentives when saving for retirement. It then examines the fiscal cost of those incentives and their effectiveness in increasing retirement savings, and looks into alternative approaches to designing financial incentives. The study ends with policy guidelines on how to improve the design of financial incentives to promote savings for retirement, highlighting that depending on the policy objective certain designs of tax incentives or non-tax incentives may be more appropriate.

 

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