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In both developed and developing countries, many elderly depend on government and employment-based pensions. Yet the pension institution faces difficult challenges, even as a rapidly growing aging population turns to it for retirement support. One development is that defined contribution plans have become very popular, sometimes at the expense of defined benefit pensions. This changes the risks and rewards for plan sponsors and participants, as well as government regulators charged with pension oversight. Expenses associated with pension management have also come under scrutiny, imposing new performance pressures on trustees and other pension stakeholders. Finally, it is now becoming clear that far-reaching reforms will be required to restore government social security programs to solvency. As a result, pension plans will require the attention of insurance experts for the foreseeable future. [ABSTRACT FROM AUTHOR]