The Fourth Pillar

The Four Pillars is a research programme set up in 1987 by the Geneva Association, also known as the International Association for the Study of Insurance Economics. The aim of the Four Pillars research programme is to study the key importance in the new service economy of Social Security, Insurance, Savings and Employment. The programme focuses on the future of pensions, welfare and employment. The Geneva Association launched its Four Pillars research programme with a view to identifying possible solutions to the issue of the future financing of pensions and, more generally, to organising social security systems in our post-industrial societies. Demographic trends - especially increased life and health expectancy - could be seen as positive if we were able to devise ways of enabling 'ageing in good-health populations' to make a valid economic and social contribution to the functioning of our service economies over the decades to come. The Four Pillars is a research programme set up in 1987 by the Geneva Association, also known as the International Association for the Study of Insurance Economics. The aim of the Four Pillars research programme is to study the key importance in the new service economy of Social Security, Insurance, Savings and Employment. The programme focuses on the future of pensions, welfare and employment. The Geneva Association launched its Four Pillars research programme with a view to identifying possible solutions to the issue of the future financing of pensions and, more generally, to organising social security systems in our post-industrial societies. Demographic trends - especially increased life and health expectancy - could be seen as positive if we were able to devise ways of enabling 'ageing in good-health populations' to make a valid economic and social contribution to the functioning of our service economies over the decades to come. The concept of the Four Pillars owes its origin to the fact that in most countries the funding of pensions is based on three pillars: The Geneva Association advocated in its publications and seminars a strengthening of the 2nd pillar and further development of 3rd pillar resources. However, the attention of the Geneva Association has focused above all on a 4th pillar i.e. the future need for a flexible extension of work-life, mainly on a part-time basis, in order to supplement income from the three existing pillars. The reorganization of end-of-career and the new age-management strategy - in which gradual retirement is destined to play a key role - involved in establishing this pillar, also correspond to many of the changes (e.g. in quality of work and the life cycle) that are specific to our contemporary service economies.