PENSIONS are another casualty of the recent global economic turmoil. Public-pension schemes are under pressure as output falls and unemployment rises. Private funds in OECD countries, meanwhile, lost $5.4 trillion last year, or 23% of their value. Countries differ in the importance of private pensions for the retired. In five OECD countries, private capital makes up over 40% of retirement income. This includes all private savings (mainly pensions) and excludes income from work, which accounts for about a fifth of the income of people aged over 65.
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