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Taking Japan's Defined Contribution Pension Plans to the Next Level

In Japan, the steady aging of the population dictates that whatever the outcome of the current debate on public pension reform, private pensions will become more important. Traditional defined benefit (DB) corporate pensions are unlikely to become more prevalent than they are today, however, due to the burden they place on companies. This makes it important to promote defined contribution (DC) pensions so that more people are covered by private pensions and have the opportunity to accumulate assets for their retirement. In this paper, we discuss the current status of DC plans and consider the regulatory reforms needed to make them more widely used. We also point out some measures for improving DC investments.