Across the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment. The ongoing worldwide financial crisis and the adjustment to an uncertain “new normal” will make future pension systems different from past ones. This policy review paper briefly reviews recent and ongoing key changes that are triggering reforms; outlines the main reform trends across pension pillars; and identifies a few areas on which the pension reform community will need to focus to make a difference. The latter includes: creating solutions after the marginalisation or, perhaps, demise of Bismarckian systems in countries with high rates of informality; keeping the elderly in the labour market; and addressing the uncertainty of longevity increases in pension schemes.
