2025年全球养老金市场研究报告

Pension Markets in Focus This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed andarguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use ofsuch data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in Kosovo: This designation is without prejudice to positions on status, and is in line with United Nations Security Council Please cite this publication as:OECD (2025),Pension Markets in Focus 2025, OECD Publishing, Paris, https://doi.org/10.1787/b095d0a0-en. ISBN 978-92-64-62690-4 (PDF)ISBN 978-92-64-40453-3 (HTML) Pension Markets in FocusISSN 3006-8029 (print) Photo credits:Cover © shironosov/Getty images. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2025 Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/). Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of the original work should be considered valid. Foreword Pension Markets in Focusprovidesdetailed and comparable statistics onasset-backed pensionsaroundthe world.Thispublicationaimstohelppolicymakers,regulators andotherstakeholderstoevaluate thedesign and operation ofasset-backed pension systems, and to support policy discussions through Pension Markets in Focus2025exploresthe drivers behindthegrowthin assets earmarked for retirementin 2024.Itfirstlooksat the extent of the growthinassetsin2024, by jurisdiction, type of plan and provider.It thenlooks at the investment performance ofasset-backed pension plansin 2024.It finally assesses the Data used to prepare this reportwerecollected frompensionauthoritiesand otherbodieswithin theframework of the OECD’s Global Pension Statistics projectconducted under the aegisoftheOECDWorking Party onInsurance andPensions. The OECD’s partnership with the International Organisation ofPension Supervisors (IOPS) and the World Bankexpandsthe geographical coverage of thereport beyond This report has been developed by the Capital Markets and Financial Institutions Division of the OECDDirectorate for Financial and Enterprise Affairs. It was prepared byRomain Despalins, under thesupervision ofPablo Antolin, Head of theInsurance and PensionsUnit, and Serdar Çelik, Head of Division. Table of contents 3 Foreword Executive summary 1 Pension assets grew to a record level in 2024 7 1.1. Assets earmarked for retirement grew to a record level, reflecting widespread growthacross jurisdictions1.2. All pension plans recorded an increase in assets in 2024, but the importance of defined 2 Positive investment gains in 2024 explain the growth in pension assets 2.1. Asset-backed pension plans recorded positive investment rates of return in nearly alljurisdictions in 20242.2. Asset-backed pension plans with the highest equity exposure achieved some of the 19 3 Positive cash flows from contributions over benefit payments also contributed tothe growth in assets 3.1. Pension providers benefitted from a positive cash flow of contributions over benefitpayments References Annex A. Statistical annex FIGURES Figure1.1. Assets earmarked for retirement in the OECD, 2001-2024Figure1.2. Nominal growth rate of pension assets in local currency in 2024Figure1.3. Assets earmarked for retirement in different regions at end-2024Figure1.4. Assets earmarked for retirement in different regions, by jurisdiction, at end-2024Figure1.5. Growth rate and proportion of assets in occupational defined benefit, occupational definedcontribution and personal plans in 44 jurisdictions, 2014-2024Figure1.6. Share of assets in defined benefit plans in selected jurisdictions, 2014-2024 Figure1.8. Numberof pension providers in selected OECD countries, 2014, 2023 and 2024Figure2.1. Investment rates of return of asset-backed pension plans, Dec 2023-Dec 2024Figure2.2. Average annual real investment rates of return in 2024 and over the longerterm (%)Figure2.3. Allocation of assets earmarked for retirement in selected asset classes and investment vehicles, atend-2024Figure2.4. Foreign investments of pension providers at end-2024Figure2.5. Change in asset allocation between 2023 and 20