Sources: Illustration by The Vanguard Group, Inc. See data sources near the bottom of this webpage.†
Around the world, people are living longer and spending more time in retirement. This has led to increases in defined benefit pension liabilities and in many places has accelerated a shift towards defined contribution systems. Plan-design strategies that include automatic enrolment and target-date default investments aim to improve plan members' outcomes.
†Years of retirement illustration uses longevity data from World Population Prospects: The 2012 Revision, by the United Nations, Department of Economic and Social Affairs, Population Division, © 2013 United Nations. Reprinted with the permission of the United Nations; and retirement-age data based on the Organisation for Economic Co-operation and Development's Ageing and Employment Policies – Statistics on average effective age of retirement accessed on 19 March 2015 from http://www.oecd.org/employment/emp/ageingandemploymentpolicies-statisticsonaverageeffectiveageofretirement.htm. Retirement-age data for Singapore is based on age of eligibility for Central Provident Fund withdrawals (for 1970) and minimum retirement age under the Retirement and Re-employment Act (for 2010).
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