OECD notes importance of pensions calculator reforms

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OECD notes importance of pensions calculator reforms

Fri 18th Mar 2011

Changes to the pensions system must boost equality, according to a source from the Organisation for Economic Co-operation and Development (OECD).

The body has released a study called 'Pensions at a Glance 2011' that suggests the latest amendments to retirement regulations have not added stability to the sector.

Angel Gurria, secretary general of the organisation, highlighted how earnings equality is growing in many countries.

He claimed the income gap will be reflected in retirement unless something is done about the situation by individual governments.

"Further reforms are needed that are both fiscally and socially responsible," said Mr Gurria.

"We cannot risk a resurgence of old-age poverty in the future."

The OECD report predicted the rise in life expectancy from now until 2050 will outstrip the increase in the default retirement age.

According to figures released by the international organisation, the economic recovery in the UK is likely to be gradual over the next two years.

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