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OECD says government reforms needed for sustainable retirement income

A new OECD report states that reforms by governments are needed in order to provide socially and financially sustainable public and private retirement income provisions.

As a result of the continuing rise of unemployment and falling tax revenues, OECD governments are dealing with budget deficits of almost 9 per cent the national income on average in 2010.

The 2009 edition of OECD’s “Pensions at a Glance” says that some countries have already decreased spending on future pensions.

OECD secretary-general Angel Gurria says: “Reforming pension systems now, to make them both affordable and strong enough to provide protection against market swings, citizens will save governments a lot of financial and political pain in the future.”

The report says the reforms should include: “better regulation, more efficient administration, clearer information about risks and rewards of different options and an automatic switch to less risky investments as people near retirement.”

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