2025年全球养老金指数报告

Feature chapter:Balancing government influence onprivate pension fund investments Contents 01Foreword As people live longer and labor markets evolve, pensionsystems face mounting pressure to adapt. Without actiontoday, we may risk undermining financial security tomorrow,not just for retirees, but for entire economies built on thepromise of long-term well-being. Pension reform is never simple. It involves balancing the interests of millions ofindividuals across generations, income levels and working lives within systems shaped bydecades of policy evolution and political compromise. Every decision carries the potentialfor unintended consequences — having the foresight to assess possible outcomes andmoving forward with caution is essential. Employers, governments, and pension providersplay a critical role in shaping more resilient and equitable pension systems. 2025 Index highlights Retirement income provision is improving at a global level witheight retirement incomesystems increasingtheir Index grades, while no systems were downgraded. This is acritically important outcome as people live longer than past generations, coupled withdeclining birth rates. We believe that meaningful pensions reform should focus on three core principles thathelp align stakeholders:adequacy, to provide individuals with the confidence that theirretirement income will be sufficient for them to live a dignified retirement;sustainability,to ensure systems can withstand demographic and economic pressures over time tokeep delivering benefits; andintegrity, to uphold the long-term stability and reliabilityof regulatory frameworks that safeguard these promises. That is why we are proud toonce again partner on theMercer CFAInstitute Global Pension Index(the Index). Now in its17th year, the Index now covers 52 systems, representing 65% of the world’s population.It provides a structured lens through which to evaluate and compare retirementincome systems globally, offering insights into how reforms can strengthen adequacy,sustainability and integrity, the three pillars of effectivepension design. This year’s Index reminds us that while progress has been made, with no systemsdowngraded, challenges remain. The global shift from defined benefit (DB) to definedcontribution (DC) systems, demographic change and evolving retiree expectationsall demand renewed focus and innovation. As the World Economic Forum notes,“Thequestion is not whether change will come — but whether stakeholders will shape it.”1 We also now have five A-rated systems, withSingaporejoining the list of countries witha robust retirement income system that delivers good benefits, is sustainable and has ahigh level of integrity. The four new retirement income systems included in the Index in 2025 —Kuwait,Namibia, OmanandPanama— all have some good features, with Kuwait rating as aB-grade system and the others as C orC+ systems. The Index again includes a feature chapter considering a hot topic impacting onretirement income systems. Several governments have been openly discussing theongoing role of private pension fund investments in the broader economy for the longer-term benefit of society. With this development in mind, our feature chapter takes a closerlook and suggests some principles to balance between acting on the best interests ofprivate pension fund participants and in the broader national interest. We have a new lead author for the Index in 2025 — Tim Jenkins, Partner at Mercer. UsingTim’s fresh perspective, we have looked to restructure the Index report to better reflecthow readers engage with the Index and its insights. The new format is designed to makethe report more accessible while still providing full transparency for interested parties,including policymakers. The Index is now structured as a main report that presents the corefindings and a supplementary report containing background on the construction of theIndex, a detailed review of the questions in each sub-index and a comprehensive record ofeach country’s scores for each question in the Index. I want to acknowledge the CFA Institute for continuing to sponsor the Index and theircontinued contribution, enthusiasm and partnership, and I hope you enjoy reading thisreport as much as I enjoyed taking the role of lead author. We extend our sincere thanks to the Mercer consultants and international correspondentswho provided critical input on their respective retirement income systems and helpedensure the accuracy and relevance of our findings. We also appreciate the support of theFinnish Centre for Pensions, the Icelandic Pension Funds Association, the Association ofPension Funds Management Companies and Pension Insurance Companies in Croatia,the United Accumulative Pension Fund of Kazakhstan, the Social Protection Fund of theSultanate of Oman, Sun Life Vietnam, and Alexander Forbes with regards to Botswana,Namibia and South Africa. We are also grateful to our Advisory Board, established by the Monash Cen