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2017 or reliance upon, this report or the information contained therein.

2017
the material in this report, the authors give no warranty in that regard and accept no liability for any loss or damage incurred through the use of,

MELBOURNE
MERCER
GLOBAL
PENSION
2017
REPORT
INDEX
HIGHLIGHTS

MELBOURNE MERCER GLOBAL PENSION INDEX


The Melbourne Mercer Global Pension Index (MMGPI) is published by the Australian Centre for Financial
Studies (ACFS) in collaboration with Mercer, with most of the funding from the State Government of
Victoria, as part of its ongoing support for leadership in the financial services sector.
The primary objective of this research is to benchmark each countrys retirement income system so we can
all learn from each other and thereby improve our systems and generate better outcomes for our present
INDEX
and future retirees.
PENSION
GLOBAL
MERCER
MELBOURNE
WHAT IS THE MMGPI?

Delivers the worlds most


Measures 30 retirement income systems
comprehensive comparison of pension against more than 40 indicators
systems

Reviews global pension systems and


assesses the benefits they provide, their
Covers 60% of the worlds population ongoing sustainability in the context of
ageing populations and the level of trust and
transparency within their operations

Benchmarks a countrys pension system


Includes Colombia, New Zealand and
based on three sub-indices: Adequacy,
Norway as 2017 additions Sustainability and Integrity

Highlights the common challenges Recommends actions for improvement


facing many countries for each country
CALCULATING THE MELBOURNE
MERCER GLOBAL PENSION INDEX
`` Benefits `` Pension coverage
`` Regulation
`` System design `` Total assets
`` Governance

indicators
including
`` Savings `` Contributions
`` Protection
`` Tax support `` Demography
`` Communication
`` Home ownership `` Government debt
`` Costs
`` Growth assets `` Economic growth

ADEQUACY SUSTAINABILITY INTEGRITY

sub-index
40% 35% 25%

MELBOURNE MERCER
GLOBAL PENSION INDEX

2017 RESULTS
Overall Adequacy Sustainability Integrity
#
1 Denmark
#
1 France
#
1 Denmark
#
1 Finland

100
90
78.9 78.8 77.1
80 74.7 72.3 72.0
69.4 67.6 67.4 67.3 66.8
70 65.8 63.5
61.7 61.4 59.6
57.8 57.7 55.1
60 54.8 53.1
50.8 49.9 48.9
47.1 46.5 45.1 44.9
50 43.5
38.8
40
New Zealand
Netherlands

South Africa
Switzerland

30
Singapore

Argentina
Indonesia
Colombia
Denmark

Germany

Malaysia
Australia

Sweden
Norway

Canada
Finland

Mexico

20
Austria
Ireland

Poland
France

China
Korea

Japan
Brazil
Chile

India
Italy

10
UK

US

OVERALL ADEQUACY SUSTAINABILITY INTEGRITY


GLOBAL GRADES
NORWAY
CANADA
GERMANY
DENMARK
FINLAND
SWEDEN
NETHERLANDS
UNITED STATES SWEDEN
IRELAND POLAND
CHINA
UNITED KINGDOM
AUSTRIA
FRANCE
MEXICO ITALY
COLOMBIA
SWITZERLAND KOREA JAPAN

CHILE INDIA
INDONESIA
BRAZIL MALAYSIA

SINGAPORE
ARGENTINA SOUTH AFRICA

AUSTRALIA

NEW ZEALAND

Grade Index Value Country Description

A first class and robust retirement income system that delivers


A >80 Nil
good benefits, is sustainable and has a high level of integrity.

Denmark
B+ 7580 Netherlands
Australia
A system that has a sound structure, with many good features,
but has some areas for improvement that differentiates it from
Norway New Zealand
an A-grade system.
Finland Chile
B 6575 Sweden Canada
Singapore Ireland
Switzerland

Germany
C+ 6065 Colombia
UK A system that has some good features, but also has major risks
and/or shortcomings that should be addressed. Without these
France Brazil improvements, its efficacy and/or long-term sustainability can
US Austria be questioned.
C 5060 Malaysia Italy
Poland

Indonesia Mexico A system that has some desirable features, but also has major
South Africa India weaknesses and/or omissions that need to be addressed.
D 3550
Korea Japan Without these improvements, its efficacy and sustainability are
China Argentina in doubt.

A poor system that may be in the early stages of development


E <35 Nil
or a non-existent system.
MOVING TOWARDS A BETTER
PENSION SYSTEM
To improve the provision of adequate and sustainable retirement incomes around the world, countries should consider the
following recommendations:

Gradually increase the average retirement age as life expectancies continue to rise
Increase the level of savings, both inside and outside pension funds, to ensure that more people are less reliant on the
government in their future retirement years
Increase the coverage of private pensions across the labour force, including the self-employed and gig employees, to provide
improved integration between various pillars
Reduce the access of benefits by members before retirement to ensure that the funds are preserved until retirement
Improve the transparency of the operations of pension plans thereby improving the understanding and trust of all stakeholders

WHAT DOES THE IDEAL SYSTEM LOOK LIKE?


There is no perfect pension system that can be applied universally, but there are many common goals that can be shared for
better outcomes.

ADEQUACY SUSTAINABILITY INTEGRITY

A minimum pension is provided to At least 70% of the working age A strong prudential regulator
the poor that represents a reasonable population should be members of supervising private pension plans
percentage of average earnings in the private pension plans
community

65%

At least 65% net (after tax) Current pension fund assets should Regular member communications
replacement rate at retirement for a full- be more than 100% of GDP to fund including the provision of personal
time worker on a median income future pension liabilities statements, projected retirement income
and an annual report

60%

At least 60% of accumulated Labour force participation rate for those Clear funding requirements for both
retirement benefits to be taken as an aged 55-64 should be at least 70% defined benefit and defined contribution
income stream schemes

The MMGPI looks objectively at both the publicly funded and private components of a system as well as personal assets and savings
outside the pension system. It is published by the Australian Centre for Financial Studies in conjunction with Mercer and is funded
primarily by the State Government of Victoria.

www.globalpensionindex.com www.mercer.com.au/globalpensionindex

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