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Over the past decade or so, most Central and Eastern European countries have reformed their pension systems, significantly downsizing their public pillars and creating private pillars based on capitalization accounts. Early policy attention was focused on the accumulation phase but several countries are now reaching the stage where they need to address the design of the payout phase. This paper reviews the complex policy issues that will confront policymakers in this effort and summarizes recent plans and developments in four countries (Poland, Hungary, Estonia, and Lithuania). The paper concludes by highlighting a number of options that merit detailed consideration.

Bequests --- Capitalization --- Debt Markets --- Finance and Financial Sector Development --- Financial Literacy --- Financial Sector Development --- Fixed Annuities --- Government guarantees --- Inflation --- Insurance & Risk Mitigation --- International Bank --- Investing --- Investment and Investment Climate --- Investment risk --- Liquidity --- Liquidity risk --- Long-term assets --- Macroeconomics and Economic Growth --- Market design --- Pension --- Pension System --- Pension systems --- Pensions & Retirement Systems --- Prudential regulation --- Securities --- Social Protections and Labor --- Solvency --- Variable Annuities