The retirement challenge

Lowe, Jonquil (2024). The Retirement Challenge. In: Ring, Patrick; Lowe, Jonquil and Luu, Lien. Global Pension Challenges: Pensions, Saving and Retirement in the Twenty-First Century. Contemporary issues in finance. Oxon, UK and New York, USA: Routledge, pp. 36–73.



This chapter looks at the challenges facing state and private pension systems from a macroeconomic perspective. All types of pension systems are considered as mechanisms for distributing a share of output in the absence of wage income after work has ceased. The chapter looks at whether system design can increase the level of GDP and considers a variety of factors that impact on the operation and viability of pension systems, namely demographic factors, the context of the overall macroeconomy and the threats from climate change. The chapter closes with a reflection on the social and political importance assigned to income, gender and intergenerational inequalities as they relate to pension provision. Of all the challenges that pension systems face, climate change is probably the most serious and wide-ranging and could even call into question the viability of current private pension design.

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