While a major reform of the public pillar was made in 1995 and refined over the last decade, the development of private pension saving is now particularly important. The percentage of people enrolled in private pension plans is still low, and the pool of assets managed by pension funds is still very small. 2.
Demographic trends  The last hundred years or so have seen a spectacular rise in average life expectancy in today’s high-income countries. Very considerable, if less spectacular, progress has also been observed in the rest of the world. For a large part this can be ascribed to the exceptional fall in infant mortality.