By the early years of the current decade some issues had reached the forefront of the policy debate, notably the importance of aggregate longevity risk, the transfer of risk from governments and corporations to households, the impact on financial markets of current and prospective reallocations of pension fund portfolios, and the ability of the regulatory and supervisory framework to adapt to the rapid changes in the supply of retirement saving schemes.
These issues were comprehensively analysed in a G10 Report on the implications of pension system reform for financial markets, published in 2005. 1 A wide range of policy options were drawn, along the three directions of strengthening the risk management practices of providers of retirement saving, promoting the supply of suitable financial instruments, and raising the standards of investor protection and financial education.