Marsh CFA Institute Global Pension Index 2026

As populations age and people spend more years in retirement, which pension systems are best equipped to deliver reliable income? The Marsh CFA Institute Global Pension Index 2026, published by Marsh in collaboration with CFA Institute and the Monash Centre for Financial Studies, compares 55 retirement income systems worldwide, assessing their adequacy, sustainability, and integrity. The report identifies leading systems, tracks changes in performance, and examines how declining birth rates and longer life expectancies affect retirement security. The report also recommends reforms to expand pension coverage, strengthen funding and governance, and improve retirement arrangements. Its findings help policymakers, regulators, and pension professionals identify weaknesses, evaluate reforms, and improve retirement outcomes for current and future generations.

The report

• ranks 55 retirement income systems, covering approximately 66% of the world's population, using more than 50 indicators of pension adequacy, sustainability, and integrity;
• identifies six leading pension systems, awarding A grades to the Netherlands, Denmark, Iceland, Singapore, Israel, and Australia, with the Netherlands retaining the highest overall score at 85.8;
• examines the impact of aging populations on pension funding, retirement ages, workforce participation, investment strategies, and the financial security of future retirees;
• highlights important changes in 2026, including three newly assessed systems — the Dominican Republic, Kenya, and Qatar — and an expanded assessment of pension adequacy that considers retirement income at age 80; and
• recommends practical pension reforms, including broader pension coverage, stronger funding, improved governance, and more flexible retirement arrangements.

The report aims to evaluate and compare retirement income systems worldwide, identify their strengths and weaknesses, and guide policymakers toward reforms that improve retirement security, sustainability, and public trust. The report evaluates 55 retirement income systems across three measures: adequacy (40%), sustainability (35%), and integrity (25%).

Now in its 18th edition, the Global Pension Index provides an international benchmark for assessing how effectively pension systems support retirees, manage long-term financial obligations, and protect participants through sound governance and regulation.

The 2026 report also examines how declining birth rates, rising life expectancy, and changing employment patterns will reshape pension systems. It identifies system-specific weaknesses and recommends reforms to improve retirement income security for current and future generations.

The Netherlands ranks first in the Global Pension Index 2026 with an overall score of 85.8, followed by Denmark (84.1), Iceland (84.0), Singapore (82.0), Israel (81.9), and Australia (80.6). All six systems receive an A grade, reflecting strong retirement benefits, long-term sustainability, and high standards of governance and regulation.

Australia joins the A-grade group in 2026, while the Dominican Republic, Kenya, and Qatar enter the Index for the first time.

The report also identifies notable score improvements in Oman, Taiwan, Saudi Arabia, and the United Arab Emirates. These changes reflect updated pension data, revised assessments, and improvements in specific pension arrangements.

The report emphasizes that no single pension model works equally well across all markets. Economic conditions, demographics, public policies, and institutional structures influence retirement outcomes. Small differences in Index scores should therefore not be treated as definitive evidence that one retirement system is superior to another.

This report is intended for:

• Government policymakers and pension reform authorities
• Pension regulators and supervisors
• Pension fund trustees and fiduciaries
• Pension plan sponsors and employers
• Public and private pension fund executives
• Asset owners and institutional investors
• Chief investment officers and portfolio managers
• Retirement consultants, actuaries, and financial advisers

Aging populations, declining birth rates, and longer life expectancies are increasing pressure on pension systems worldwide. Governments face difficult choices about retirement ages, pension contributions, and benefit levels, while pension funds must manage investment risks and meet increasingly long-term obligations. At the same time, changing employment patterns threaten to leave more workers without adequate retirement savings. The Global Pension Index helps policymakers, regulators, and pension professionals identify weaknesses in existing systems and evaluate reforms that can strengthen retirement income security without undermining long-term financial sustainability.

• Compare pension systems worldwide. Understand how 55 retirement income systems perform across adequacy, sustainability, and integrity, and identify the characteristics associated with stronger results.
• Assess the impact of demographic change. Examine how lower birth rates, longer life expectancy, and changing workforce participation affect pension costs, funding requirements, and retirement outcomes.
• Identify opportunities for pension reform. Use system-specific findings to evaluate improvements in pension coverage, contributions, retirement ages, governance, and benefit design.
• Strengthen retirement investment strategies. Understand how aging pension memberships, longer retirement periods, liquidity demands, and longevity risks may influence pension fund investment decisions.

Mercer CFA Institute Global Pension Index 2025 (October 2025)

De-Risking Global Pension Systems (June 2025)

Private Markets in Retirement Plans: Returns, Risks, and the Importance of Plan Design (September 2026)