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By Merced CFA Institute
What makes a world-class pension system in 2020?
Pension systems around the world are facing additional pressures in 2020. The widespread economic impact due to COVID-19 has had both immediate and long-term implications for retirees. Additionally, increasing life expectancies and rising pressure on public resources to support the health and welfare of older citizens will affect how citizens around the world will retire in the mid to long-term.
“The economic recession caused by the global health crisis has led to lower pension contributions, reduced investment returns and higher government debt in most countries. Inevitably this will reduce future pensions in retirement. This will mean some individuals will need to work longer whereas others may adopt a higher level of investment risk for their savings or have to settle for a lower standard of living in retirement.” – Dr David Knox
Despite these challenges, pension systems are still more important than ever as households aspire to maintain their living standards throughout retirement. It’s critical that policy-makers and governments reflect on the strengths and weaknesses of their systems to ensure stronger long-term outcomes for the retirees of the future.
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