Editing Pension (section)

===Fourth Pillar===
The fourth pillar is usually excluded from classifications since it does not usually have a legal basis and consists of "informal support (such as family), other formal social programs (such as health care or housing), and other individual assets (such as home ownership and reverse mortgages)."<ref name="auto2"/><ref>{{Cite web|url=http://siteresources.worldbank.org/INTPENSIONS/Resources/395443-1121194657824/PRPNoteConcept_Sept2008.pdf |archive-url=https://web.archive.org/web/20130612091305/http://siteresources.worldbank.org/INTPENSIONS/Resources/395443-1121194657824/PRPNoteConcept_Sept2008.pdf |archive-date=2013-06-12 |url-status=live|title = Welcome to World Bank Intranet}}</ref>

These five pillars and their main criteria are summarised in the table below by Holzmann and Hinz.

'''Multipillar Pension Taxonomy:''' <ref name="auto2"/>
{|class="wikitable" style="text-align:left"
|-
! Pillar 
! Objectives
! Characteristics 
! Participation
|-
| 0
| Elderly poverty protection
| [[Social pension]], universal or means-tested
| Universal or residual
|-
| 1
| Elderly poverty protection and consumption smoothing
| Public pension plan, publicly managed, defined benefit or notional defined contribution
| Mandated
|-
| 2
| Consumption smoothing and elderly poverty protection through minimum pension
| Occupational or personal pension plans, fully funded defined benefit or fully funded defined contribution
| Mandated
|-
| 3
| Consumption smoothing
| Occupational or personal pension plans, partially or fully funded defined benefit or funded defined contribution
| Voluntary
|-
| 4
| Elderly poverty protection and consumption smoothing
| Access to informal (e.g. family support), other formal social programs (e.g. health) and other individual financial and nonfinancial assets (e.g. homeownership)
| Voluntary
|}