ABSTRACT
This chapter reviews of the pension reform process in the European Union (EU) emphasizing the unusual case of the UK. It discusses a commentary on the global drive towards individualizing pensions and the pros and cons of pay-as-you-go and funded pensions. The chapter focuses on lessons from the EU, particularly on the need to 'join-up' the various policies that influence the demand for and funding of pensions. It, looks beyond the EU. The chapter emphasizes key points arising from the forthcoming UN strategy on ageing, such as the need for a social safety net. Despite some of the alarmist rhetoric surrounding population ageing and the near universal nature of pension reform in the EU, the measures taken so far to reduce future pension costs are, for the most part, rather modest adaptations to existing systems. It has reinforced the devaluation of older workers left in the labour market.
