Early Access to Pension Savings : International Experience and Lessons Learnt
By Fiona Stewart, Himanshi Jain & Will Sandbrook The objectives of a well-designed pension system are poverty reduction in old age and income smoothing throughout an individuals' lifetime. Over the last thirty years, changing demographic trends have caused a shift from 'pay as you go' and occupational defined benefit (DB) schemes - where the obligation for paying for retirement income is with the state and employers - to defined contribution (DC) schemes, where the obligation to save for retirement rests...