Pillar

OECD (the EU)

The World Bank

ILO

0 Pillar

Non-contributory basic benefits financed by the state

State-funded social protection for older persons.

1^st Pillar

Mandatory Publicly managed pension scheme

Mandatory Public DC schemes with minimum pension guarantee or flat benefit.

Mandatory DB, financed by employer and employee contributions.

2^nd Pillar

Workplace pensions embedded in employment contract.

Mandatory occupational plan (funded DB) plan.

Complementary Pillar. Voluntary or mandatory, occupational or non-occupational.

3^rd Pillar

Voluntary personal pension plan.

Voluntary personal savings plan or Occupational plan privately managed

Voluntary Personal Savings.

4^th Pillar

Informal support