Fixing the Pensions Crisis: Ensuring Lifetime Financial Security
Author(s): G30 Working Group on Pension Funds
This report highlights the challenges of a fundamentally changed environment: a combination of rising life expectancy and decreasing birth rates in recent decades, slower economic growth, and much diminished expected returns on pension fund investments. It identifies a brewing crisis in pensions across a range of countries, with projected resources falling far short of promised retirement benefits. The report also presents the policy choices that have to be addressed so that people can be assured of adequate lifetime financial security - such that they can meet essential living expenses and maintain the standards of living they expect in their retirement years.
The G30 report highlights the basic problem: people cannot save the same amounts during their working years as they do currently, retire at the same age, and still receive the same retirement payouts as today, unless they or future generations pay additional taxes.
To read the full press release on the report, please click here.