The design of pension schemes is crucial in determining savings behavior. The impact of pension schemes on saving rates across countries remains to be an intriguing empirical question considering the complicated nature of the relationship between saving patterns and pension wealth. This paper investigates the effect of the private pension contributions on savings rates in 25 selected OECD countries between the period 2001–2019 by employing quantile regression analysis which takes the heterogeneity of the data into account and provides information about not only the midpoint but also the extreme points of the distribution. According to the results, the savings rate is negatively associated with private pensions at all quantile levels. The empirical findings indicate that pension contributions tend to be strong substitutes for voluntary savings in countries with low tendencies to save. This result is especially important for its policy design implications as the policy makers tend to provide incentives either in the form of tax reliefs or direct substitutions for private pension contributions with the motivation to raise domestic savings.

养老金计划的设计对于决定储蓄行为至关重要。考虑到储蓄模式与养老金财富之间关系的复杂性，养老金计划对各国储蓄率的影响仍然是一个有趣的实证问题。本文采用分位数回归分析，调查了 2001-2019 年期间 25 个经合组织国家的私人养老金缴款对储蓄率的影响，该分析考虑了数据的异质性，不仅提供了中点信息，还提供了极端信息分布点。根据结果​​，储蓄率与所有分位数水平的私人养老金呈负相关。实证结果表明，在储蓄倾向较低的国家，养老金缴款往往是自愿储蓄的有力替代品。这一结果对其政策设计的影响尤为重要，因为政策制定者倾向于以税收减免或直接替代私人养老金缴款的形式提供激励措施，以提高国内储蓄。