By Jennifer Curtin and Yanshu Huang

A research report prepared for the Commission for Financial Capability’s Review of Retirement Income Policy, July 2019.

The Public Policy Institute (PPI) was commissioned by the Commission for Financial Capability to deliver with this Background Paper on International Trends and Reforms in Pension Policy
and Delivery: Comparative models of Accumulation and Decumulation.

The report maps international trends and reforms in pension policy and delivery in Europe with a specific focus on three countries: the Netherlands, Denmark and Germany. The objective is
provide the CFFC with insights into international models, to feed into the 2019 Review of Retirement Income Policies, and Terms of Reference 2, 4 and 8.

#2: An update and commentary on the developments and emerging trends in retirement income policy since the 2016 review, both within New Zealand and internationally
#4: Information about, and relevant to, the public’s perception and understanding of KiwiSaver fees
#8: An assessment of decumulation of retirement savings and other assets, including how the Government can ensure New Zealanders make the most of their money in the decumulation phase

We provide a literature review and analysis of reports, academic articles, and previous work commissioned for the CFFC. This informs our overarching synthesis of accumulation and
decumulation policies in the three countries listed above, with a specific focus on the following:

  • the pension system as a whole (by pillar) and recent changes,
  • decumulation options, products, and taxation
  • fund performance, including annuities,
  • consumer perception, behaviour and knowledge,
  • complexity and information availability.

The report concludes by identifying opportunities and barriers for policy transfer to the New Zealand context, and the adaptions that might be required.

DOI: 10.17608/k6.auckland.9699419

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