Pension systems are changing the world over. Both OECD and non-OECD countries are coming to face the consequences of demographic changes, and some have already embarked on innovative processes of pension reform. In this new environment employer and personal pension arrangements are expected to gain much prominence. This new OECD series is devoted to improving our understanding of private pension systems worldwide. It will provide an invaluable tool for academics, policy makers and actors in the private sector who will find in it a reference work on the main issues involved in the design, functioning, and regulation of private pension plans. This first volume provides an overview of recent developments in the private pension systems of four OECD countries (Hungary, Mexico, the United Kingdom and the United States) as well as an analysis of institutional investors in Latin America. It also addresses policy issues such as the design of private pension systems and actuarial, solvency and bankruptcy issues