Mitigating the global pension crisis: A compilation of actuarial innovative ideas

Mitigating the global pension crisis: A compilation of actuarial innovative ideas

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Demographic changes and financial burdens have stressed public and private pension systems. Different reforms have been implemented around the world. These reforms may include or combine standard levers such as deferring retirement age, increasing contributions, reducing benefits and/or changing pension plans from DB to DC. Different approaches have been implemented and some other innovative and creative actuarial ideas are being discussed to diminish the effect of the pension global crisis: Automatic Balancing Mechanisms, Universal Pensions paid by general taxation, different annuitization schemes, Defined Ambition pension systems, more pillars to the Pension Systems, among others. Changing the rules in a whole system has economic, political and social implications as these changes are made along time and generations, so complexity or simplicity in those reforms and how they are communicated becomes a relevant factor for society. The PBSS Board will present the challenges faced and the different approaches to solutions of this crisis in different countries, based on material presented at colloquia, seminars, webinars, the ICA and other events organized by the IAA and other actuarial and pensions organizations around the world. This presentation is a compilation of the challenges to pension systems and the different reforms implemented or ideas being considered. We do not attempt to make a judgement, assessment or any specific recommendation but rather present all those ideas for further discussion and possible consideration in other countries.

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