Recommendation on Good Practices for Financial Education Relating to Private Pensions
The Good Practices provide flexible, solid, but non-binding international guidance to improve public awareness and financial capability relating to pensions through campaigns, products and programmes. They also seek to highlight the role different stakeholders can play, including the role of governments, in explaining the interaction between public and private sources of retirement income and the specific needs of members of defined contribution pension plans.
International Endorsement : Approved as an OECD Council Recommendation (34 member countries) and recognised by EU, IMF and World Bank. Also reviewed by the International Network on Financial Education: 93 countries. The Good Practices are expected to be further reviewed by the INFE and OECD in 2011-2012.
International Application : The Good Practices apply to OECD and non-OECD countries and are used in the context of the International Network on Financial Education: 93 countries.
The Good Practices have been used in evaluations of five countries seeking OECD membership. Informal assessments are being conducted at the occasion of regional and international seminars on financial education organised in OECD and non-OECD countries. These evaluations are being drawn upon to develop a methodology for the assessment of the implementation of the Good Practices.