2021年全球养老金指数（英）-97页_9mb

Summary of Mercer CFA Institute Global Pension Index 2021

Core Content

The Mercer CFA Institute Global Pension Index 2021 evaluates 43 retirement income systems worldwide based on three key sub-indices: Adequacy, Sustainability, and Integrity. Each sub-index is measured using more than 50 indicators, with the following weightings:

• Adequacy: 40%
• Sustainability: 35%
• Integrity: 25%

The report highlights the growing challenges to global pension systems due to ageing populations, low or negative interest rates, uncertain investment returns, and the impact of the COVID-19 pandemic on economic stability and financial security. These factors have intensified the need for urgent long-term pension reform.

Main Points

1. Key Findings

• Iceland, Netherlands, and Denmark received the highest A-grade in the 2021 Index, with Iceland scoring the highest at 84.2.
• China, Thailand, and Turkey scored the lowest, with Thailand at 40.6, indicating a poor system.
• The Index aims to benchmark systems and identify areas for reform to improve financial security for retirees.

2. Gender Differences in Pension Outcomes

• The report emphasizes that female pensions are generally lower than male pensions in all systems, with some cases showing significant disparities.
• This gap is attributed to various factors, including career interruptions, lower average earnings, and system design flaws.
• Recommendations include addressing gender pension gaps through policy reforms and encouraging greater participation in retirement savings.

3. System Design and Reforms

• The report identifies common challenges across pension systems, such as low coverage, insufficient funding, and inadequate benefit design.
• It suggests reforms such as:
  • Increasing pension coverage for all workers, including non-standard workers and self-employed.
  • Encouraging longer working lives and higher retirement savings.
  • Improving governance and transparency in private pension systems.
  • Implementing measures to reduce leakage of retirement savings.
  • Enhancing indexation of public pensions to maintain real value.

4. Multi-Pillar and Three-Tier Systems

• The World Bank's five-pillar approach is used as a reference to compare systems:
  • Zero Pillar: Basic public pension (non-contributory)
  • Pillar 1: Mandatory, contributory, public pension
  • Pillar 2: Mandatory, fully funded private pension
  • Pillar 3: Voluntary, fully funded private pension
  • Pillar 4: Non-pension assets and informal support
• The OECD's three-tier system is also referenced, highlighting the importance of mandatory and voluntary savings in retirement income planning.

5. Importance of Data and Benchmarking

• The Index uses publicly available data and considers the diverse nature of pension systems.
• Comparisons are complex due to different economic and social contexts, but the report underscores the importance of benchmarking to guide reform efforts.

Key Recommendations

The report makes the following recommendations for improving pension systems:

• Clarify pension objectives and ensure alignment with stakeholder needs.
• Increase pension coverage for all workers, including those in non-traditional employment.
• Raise the state pension age to reflect longer life expectancy.
• Promote private savings and defined contribution arrangements.
• Reduce gender and minority pension gaps.
• Improve governance and transparency in private pension systems.
• Enhance indexation of public pensions to ensure real value over time.
• Encourage greater labor force participation at older ages.

Conclusion

The report stresses that no pension system is perfect, and that reform is necessary to ensure financial security, system sustainability, and public trust. It calls for collaboration between governments, employers, and the pension industry to implement meaningful changes. The Mercer CFA Institute Global Pension Index continues to serve as a valuable tool for assessing and improving retirement income systems globally.