Front Cover -- Title Page -- Copyright Page -- Contents -- Foreword -- Acknowledgments -- Executive Summary -- 1. The Inverting Pyramid -- Five Country Clusters -- Organization of the Report -- 2. The Evolution of Public Pension Programs -- Introduction -- Beginnings of Pension Systems in Western Europe -- From Limited "Insurance" to Generous "Savings" Schemes -- Outcomes of Pension Program Introduction in Western Europe -- Choices Made by Other Countries of the Region -- The Inverting Pyramid: Structural Break in the PAYG Financing Model -- Policy Conclusions -- Notes -- References -- 3. Have the Pension Reforms to Date Been Enough? -- Introduction -- The Need for Parametric Reforms -- Parametric Reform Options -- Effects of the Reforms on Fiscal Sustainability and Policy Space for More Reforms -- Impact of Benefit Adequacy on Social Sustainability of Pension Reforms -- Influence of Economic and Political Cycles on Pension Reforms -- Policy Conclusions -- Annex 3A The Polish Experience with Curbing Early Retirement -- Notes -- References -- 4. The Role of Savings in the Provision of Retirement Income -- Introduction -- Modalities of Retirement Savings -- The Experience with Funded Pension Schemes -- Lessons from Experiences with Funded Pension Schemes -- Notes -- References -- 5. Financing Pensions in Europe and Central Asia -- Introduction -- The Current Financing of Pension Systems in Europe and Central Asia -- Finding Alternative Sources of Pension Financing -- Policy Options -- Notes -- References -- 6. Working More, Longer, and More Productively -- Introduction -- Labor Force Challenges: Low Participation, High Unemployment, and Informality -- Myths and Misperceptions about Older Workers -- Policy Measures to Remove Impediments and Encourage Employment of Older Workers -- How Much Can Reforms Help? -- Conclusions.

Annex 6A Myths, Misperceptions, and Facts about Older Workers -- Annex 6B Modeling Direct and Feedback Effects of Reforms on Pension and Labor Market Outcomes -- Notes -- References -- 7. Lessons from Two Decades of Pension Reform and Policy Solutions for the Future -- Introduction -- What Have We Learned from Reforms of the First Pillar? -- What Have We Learned from Experience with Second-Pillar Systems? -- Demographic Challenges Facing Countries of the Region -- Expanding the Labor Force -- Rethinking the Pension System and Prioritizing Spending -- References -- Boxes -- Figures -- Tables -- Back Cover.