OECD on pensions

Recently the OECD published its Pensions at a Glance 2009. It is a very interesting book report focused on the impact of the crisis on pension systems. Some of the main messages are: i) The financial crisis has hit the OECD pension funds severely with the investments losing approximately 23% of their value; ii) the impact of the crisis will be felt by older workers who has little time for their invesments to recover and low probability of finding a job if become unemployed; iii) pensions Systems have been affected in two main ways by the economic stimulus package: increase payments to older people and the use of public pension reserve to finance crisis mitigation; iv) despite huge short term political pressure it is imperative that governments resist expediente reactions threatening the stability and sustainability of retirement income provision since long term challenges (aging of population) have not changed. The report can be obtained electronically although not free.