Obviously, this would call for the introduction of measures to limit the burden on future generations caused by high and rising levels of public debt. 5. We need cheaper and safer pay-out products  An adequate level of pension wealth at retirement is necessary but not sufficient to guarantee adequate living standards during the retirement years.
Indeed, it is important to ensure that such wealth is properly decumulated. Therefore, the most important choice is the extent of annuitization. It is difficult not to agree that annuitization of a significant fraction of private pension wealth is highly advisable.