Over the course of a century, the contributory pension model spread from Bismarck’s Germany to more than 100 countries by the 1990s. These schemes were mostly unfunded, and by the time they matured, i.e., workers who participated their entire careers began to receive pensions – finances came under increasing strain. The OECD documented concerns about long-run sustainability in the face of an aging population. In 1994, the World Bank released the book “Averting the Old Age Crisis.” The book was the most comprehensive account of global pension policy at the time, and its main message was that the financial security of the old and economic growth would be better served if governments developed three separate pillars and separated the role of redistribution, saving, and insurance. Where conditions were conducive to funding, it favored the idea of privately managed, defined contribution schemes to smooth consumption, and for its potential positive impact on national savings and capital market development. The publication coincided with policy shifts toward a DC design in Australia, several Latin American countries, and is also thought to have influenced other countries to take this path, especially in Eastern Europe. This second era of pension policy lost momentum due to fiscal pressures, the financial crisis of 2008, and poor adequacy owing to low contribution densities in many instances. In the 2010s, attention shifted from concerns about sustainability to coverage. The third era of pensions is still unfolding and is characterized by increasing reliance on social pensions and voluntary participation by informal sector workers.