The World Bank's conceptual framework to assess pension systems and reform options evaluates initial conditions and the capacity to improve the enabling environment, and then focuses on how best to work within these to achieve the core objectives of pension systems - protection against the risk of poverty in old age and smoothing consumption from one's work life into retirement. The Bank applies a multi-pillared approach towards pension system modalities to address the needs of target populations including: (i) a non-contributory 'zero pillar' extending some level of old-age income security to all of the elderly; (ii) an appropriately sized mandatory 'first pillar' with the objective of replacing some portion of lifetime pre-retirement income through contributions linked to earnings; (iii) a funded mandatory defined-contribution 'second pillar' that typically provides privately-managed individual savings accounts; (iv) a funded voluntary 'third-pillar;' and (v) a non-financial 'fourth pillar.' The primary evaluation criteria are the ability of the system to maintain adequacy, affordability, sustainability, equity, predictability, and robustness. The secondary evaluation criteria are the system's capacity to: minimize labor market distortions; contribute to savings mobilization; and contribute to financial market development. Because pension benefits are claims against future economic output, it is essential that over time pension systems contribute to growth and output to support the promised benefits. Going forward, the Bank is focusing on strengthening its support in: (a) establishing a clearer results framework to assess pension systems and reforms; (b) enhancing knowledge management, including research and learning; and (c) improving implementation capacity.