This Technical Seminar, which aimed to define how to guarantee sufficient income for the elderly, falls in the scope of the Technical Commission on Old-Age, Invalidity and Survivors' Insurance. Its main goal was to find the means of ensuring sufficient income for the elderly in view of the increase in life expectancy and the lack of adequate protection in many countries.

The purpose of this Seminar was to analyse the strengths of pension schemes and to review criticisms and commonly accepted weaknesses in order to address the first and eventually correct the latter.

The title of the Technical Seminar was "Which retirement systems and which reforms for which pension?" The agenda of the Seminar was as follows:

• What lessons can we learn from systematic reform, in particular in countries that have funded systems?
• How can we maintain pension levels in pay-as-you-go schemes?
• What are the prospects for the standard of living of retirees?

1. What lessons can we learn from systematic reform, in particular in countries that have funded systems?

The first subject of the Seminar analysed the systematic reforms carried out by many pension schemes in various regions of the world. These reforms differ based on the country’s development level and situation at the outset and each reform has specific features. In particular, the Seminar studied countries with funded systems and in particular, Latin American and Eastern European countries in order to highlight the advantages and disadvantages of these reforms.

2. How can we maintain pension levels in pay-as-you-go schemes?

In the same way as for systematic reforms, many countries have implemented parametrical reforms of their pay-as-you-go systems, more often in order to maintain the financial sustainability of the systems rather than to guarantee pension levels. Several countries have introduced self-adjusting mechanisms. Other countries have created reserve funds. Moreover, Notional Defined Contributions schemes (or points systems) are sometimes presented as a solution. The session reviewed the different experiences and examine their impact on pension levels.

3. What are the prospects for the standard of living of retirees?

This question is often forgotten by reforms. However, maintaining the standard of living of retirees is definitely the main objective of a pension scheme. This session analysed the level guaranteed by each pension system and by which ways the pensions in payment are indexed. A final round table tried to answer to the following fundamental questions:

Do interactions exist between, on the one hand, the architecture and governance of pension schemes and, on the other hand, the standard of living of retirees? In this frame, what are the responsibilities of the State and that of the market?

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