Pension systems vary widely across advanced and emerging market economies. Differences include (but are not limited to) the respective roles of the public and private sectors in ensuring retirement income; whether pension promises are financed on a pay-as-you-go basis or funded (Box 2.1); the legal retirement age for men and women; coverage; the existence and generosity of early-retirement plans; the generosity of the public plan as expressed for example by replacement rates; the existence of mandatory private pensions; and indexation rules. This chapter surveys key characteristics of current public pension systems in the 53 countries under consideration.
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