- Clear objectives for the whole retirement system, including the complementary roles of each pillar of income or financial support.
- A minimum level of funding should be made into a pension system for all workers with contributions by employers, employees and the self-employed.
- Cost-effective and attractive default arrangements before and after retirement.
- Administration and investment costs should be disclosed with some competition present to encourage fair pricing.
- Flexibility as individuals’ personal and financial circumstances vary, and retirement will occur at different ages and in different ways across the population.
- Benefits provided during retirement should have an income focus, but permit some capital payments, without adversely affecting overall adequacy.
- Contributions (or accrued benefits) at the required minimum level must have immediate vesting. These benefits should be accessible only under certain conditions, such as retirement, death, or permanent disability.
- Taxation support from the government in an equitable and sustainable way, providing incentives for voluntary savings and compensating individuals for the lack of access to their pension savings.
- The governance of pension plans should be independent from the government and any employer control.
- Appropriate regulation, including prudential regulation of pension plans and some protection for pension scheme members.