International Comparison of Pension Systems

The pension reforms at the turn of the century made the Austrian pension system more sustainable. However, given the scarcity of public funds, legislators are faced with the question of further potential reform options for the pension system. This study provides an overview of the pension systems in Europe and the most recently implemented reforms. The majority of countries have raised the retirement age in recent years, but the amount of new pensions has also been reduced and in some cases contributions have been increased. In Scandinavia, the drawing of survivors' pensions has been restricted. Several countries have also introduced indirect incentives to remain in employment or automatic adjustment formulas. Empirical studies on the success factors for implementing pension reforms show that a poor economic situation and high international pressure favour their implementation