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Proposal for Fundamentally Reforming Japan's Defined Contribution Pensions

Japan had over 3.21 million people enrolled in defined contribution (DC) plans as of end-March 2009. Although the plans are steadily gaining in popularity, there are still a number of issues that must be worked out. In this article, we propose some fundamental DC reforms, including making enrollment in a DC plan obligatory; setting a lifetime limit on the amount of tax-free contributions; expanding conditions for early withdrawals; and making target-date funds and other investment products that leave investing to professionals the core approach. These proposals are our contribution to the debate on expanding DC pension plans.