Over the next decades, OECD countries will experience a significant ageing of their populations. Changes in the age structure of populations affect the economy’s saving behaviour, including the level of saving and the choices of saving vehicles. During the 1990s, financial markets in general and equity markets in particular may have benefited from large inflows into pension funds and other institutionalised forms of saving. These inflows reflected to a considerable extent saving for retirement by baby boom generations. These baby boom generations are expected to start to move into retirement after 2010. Almost as a natural corollary to the developments during the 1990s, some observers have argued that when baby boomers start entering retirement they will become net sellers of financial assets to finance retirement consumption...