2025年全球养老金市场研究报告_50页_1mb

Summary of Pension Markets in Focus 2025

Core Content

Pension Markets in Focus 2025 provides an in-depth analysis of the development of asset-backed pension systems globally in 2024, focusing on asset growth, investment performance, and cash flow dynamics. The report highlights the factors contributing to the record level of pension assets and evaluates the evolving structure of pension plans across different jurisdictions.

Main Points

1. Pension Assets Reached a Record Level in 2024

• Global Growth: Pension assets reached a new record of USD 69.8 trillion at the end of 2024, with USD 63.1 trillion managed by pension providers and USD 6.7 trillion in public pension reserve funds.
• OECD Growth: OECD Member countries saw an average growth of 7.1% in 2024, following a 11.6% increase in 2023 after a decline in 2022.
• Regional Trends:
  • North America had the largest share of pension assets (USD 48.2 trillion).
  • Europe had USD 9.7 trillion in pension assets.
  • Asia, despite having the lowest share of assets relative to GDP, accumulated USD 3.1 trillion in public pension reserves.
  • Africa had the lowest pension assets in USD terms.
• Plan Types:
  • All pension plans (occupational and personal) saw asset growth.
  • Occupational defined benefit (DB) plans grew by only 4%, while occupational defined contribution (DC) and personal plans grew by 11.4% and 9.3%, respectively.
  • DB plans accounted for 31.9% of total pension assets at end-2024, down from 39.7% in 2014.
• Consolidation Effects:
  • Consolidation in some countries led to an increase in the average size of assets managed by pension providers.
  • In Japan, Korea, Macau (China), and the Philippines, public pension reserve funds held more assets than pension providers.

2. Positive Investment Gains in 2024 Driven by Equity Markets

• Investment Returns:
  • Pension providers in OECD countries had an average nominal investment return of 9.1%, while non-OECD jurisdictions had 11.7%.
  • Public pension reserve funds had an average return of 8.5%.
• Equity Exposure:
  • Plans with higher equity exposure achieved stronger investment gains.
  • Equity holdings increased in 2024 due to rising equity values or active reallocation.
• Long-Term Trends:
  • The share of pension assets invested in equities increased in 2024.
  • Investment returns generally exceeded their long-term averages.

3. Positive Cash Flows from Contributions Supported Asset Growth

• Contribution vs. Benefit Payments:
  • Pension providers generally experienced a positive cash flow from contributions over benefit payments.
  • Contributions and benefit payments both grew in 2024 as asset-backed pension systems matured.
• Regional Contributions:
  • The fastest-growing contributions were in Türkiye, the Baltics, and Greece.
  • Guyana and Peru were the only jurisdictions where pension provider assets declined.

Key Information

• Data Sources: The report uses data from pension authorities and other bodies within the OECD's Global Pension Statistics project, with collaboration from IOPS and the World Bank.
• Methodology: The report includes statistical annexes and methodological notes for transparency and detail.
• Trends in Plan Types:
  • The decline in DB plans is attributed to the growing prevalence of DC plans.
  • New plan types, such as collective defined contribution (CDC) schemes, are emerging in some countries.
• Regulatory Impact:
  • Regulatory requirements, such as IORP II in Europe, have driven consolidation in the pension sector.
  • The Future Pensions Act in the Netherlands requires existing DB plans to transition to DC plans by 2028.
• Pension Risk Transfer:
  • Plan sponsors are increasingly using pension risk transfer mechanisms (buy-ins, buy-outs, longevity swaps) to manage risks.
  • Premiums for pension risk transfer deals rose in 2024, especially in the United States and Canada.

Conclusion

The report underscores the significant growth in pension assets in 2024, driven by positive investment returns and strong contribution flows. It highlights the ongoing shift from DB to DC pension plans, the impact of regulatory changes, and the increasing use of risk transfer mechanisms. These trends reflect the evolving landscape of pension markets globally.