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The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved. This edition also updates information on the key features of pension provision in OECD countries and provides projections of retirement income for today's workers. It offers indicators covering the design of pension systems, pension entitlements, the demographic and economic context in which pension systems operate, incomes and poverty of older people, the finances of retirement-income systems and private pensions.

Retirement age

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This paper examines how the structure of earnings and pension opportunities affects retirement behavior. We use a life cycle model of labor supply, paying special attention to the institutional features of private pensions and Social Security benefits. This theoretical formulation is used to develop comparative dynamic pre- dictions and to guide empirical modeling. Data from a new survey of workers and their income alternatives are used to implement the empirical model. Along the way, we highlight a number of interesting and little known facts about older workers' income. Contrary to popular opinion we find that private pensions are not always actuarially neutral; Social Security benefits do not typically decline (in present value terms) the longer retirement is deferred; and for many people, retirement income approaches and even exceeds net labor income. On the basis of empirical estimates of retirement parameters, we conclude that (1) people with higher base incomes retire earlier, and (2) those who have more to gain by postponing retirement, retire later. These findings are relevant to proposed reforms of the Social Security system as well as pension programs.

Retirement age.

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The labour force in Nordic countries will change over the next few years. Absent additional pension policy changes, a majority of working persons age 50 and older will retire by 2020. Average retirement age varies by educational level, field of study and country. Persons with a post-secondary education tend to retire older than persons with a secondary education. Denmark and Finland have lower actual retirement ages than Sweden or Norway, roughly a year and a half lower for men and two years lower for women. Because of rising educational levels, actual retirement age will likely rise even absent additional policy changes. Because retirement lower in Denmark and Finland than in Sweden or Norway, there appears to be more 'room' in the former countries to influence retirement age via policy. There is also more 'room' to close the gender gap in average retirement age in Denmark than in other countries. The decision to retire is affected by many factors, one of which is educational background. This report focuses on the education dimension, showing how retirement age has varied in recent years and how such changes will affect the size of the labour force in the near future.

Retirement age. --- Teachers.

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This paper examines the effect of unions on both the magnitude and distribution of pension benefits. Our empirical results show that beneficiaries in collectively bargained plans receive larger benefits when they retire, receive larger increases in their benefits after they retire, and retire at an earlier age than beneficiaries in other pension plans. As a result, the pension wealth of union beneficiaries is 50 to 109 percent greater than that of nonunion beneficiaries. Just as wage differentials within and across establishments are smaller among union workers, benefit differentials within and across cohorts of retirees are smaller among union beneficiaries. This results from the smaller weight given to salary average in determining initial benefits and the larger percentage increases given to those who have been retired the longest under post-retirement increases. The more compressed benefit structure under unionism causes the union-nonunion compensation (wages plus pension contributions) differential to decline more quickly than the union-nonunion wage differential over the life cycle.

Labor unions. --- Retirement age.

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Retirement age. --- Air pilots.