What demographic shifts mean for our pensions

Until recently, retirement income in many countries had mainly come from public pensions, but this is changing. Reform efforts have aimed to strengthen funded pensions and create incentives to build up provisions privately in order to diversify retirement income and cope with demographic challenges.

We have known for a while that fewer and fewer people are paying into public pension systems, leading to higher individual contribution rates or reduced pensions. What is more, though, is that baby-boom generations in many countries will be reaching retirement age over the next 20 years. At the same time, rising life expectancy means that retirees will draw pensions over a longer period of time.

Read more on this topic in the second part of a three-part series on demography – an article by Dr. Kathrin Nies and Dr. Renate Finke from Allianz Global Investors International Pensions.

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