Abstract  3

Acknowledgements  4

Executive summary  7

1 Key findings  9

1.1. Ensuring effective income security in old age from a broader income and wealth perspective  9

1.2. Opportunities for mobilising annuities  9

1.3. Opportunities for mobilising housing wealth through reverse mortgages  10

1.4. Implications for effective fiscal policy related to old age  12

2 Towards a broader understanding of resources in retirement from a public finance perspective  14

2.1. Framing the understanding of the effects of pension systems through a combined income and wealth perspective  14

2.2. Towards a broader understanding of the distributional aspects of resources in retirement  15

2.3. Understanding the public finance implications of pension systems: Insights from selected countries  19

2.4. Key considerations to preserve fiscal sustainability  30

3 Exploring opportunities for mobilising wealth: Annuities  31

3.1. Introduction  31

3.2. Understanding annuities  32

3.3. Mechanisms for encouraging demand, managing risk and protecting consumers  36

3.4. Conclusion  42

4 Opportunities for mobilising wealth: Reverse mortgages  44

4.1. Introduction  44

4.2. The potential for mobilising housing assets  45

4.3. Overview of reverse mortgages  47

4.4. Supervisory, legal and regulatory mechanisms  49

4.5. Implications for mobilising reverse mortgages to contribute to retirees' pensions  56

5 Conclusion  58

Annex A. Brief introduction to institutional features of income security for the elderly in selected countries  59

References  63

Notes  71