2018墨尔本美世全球养老金指数（英文版）-10mb

2018 Melbourne Mercer Global Pension Index Summary

Core Content

The 2018 Melbourne Mercer Global Pension Index is a comprehensive review of global retirement income systems, evaluating them based on three sub-indices: Adequacy, Sustainability, and Integrity. It includes data from 34 countries and territories, highlighting the diversity of pension systems and the challenges they face due to global demographic shifts, economic conditions, and policy design.

The Index is produced annually by the Australian Centre for Financial Studies (ACFS) in partnership with Mercer, and is supported by the Victorian Government. It aims to provide insights for policymakers and academics to improve financial security for retirees worldwide.

Main Objectives

• To benchmark retirement income systems using over 40 indicators.
• To highlight shortcomings in each system and suggest areas for reform.
• To promote international policy discussion, reform, and best practices in pension systems.

Key Points

1. Index Structure

The Index is composed of three sub-indices with different weights:

• Adequacy: 40% (focuses on the level of benefits provided)
• Sustainability: 35% (assesses the long-term viability of the system)
• Integrity: 25% (evaluates governance, transparency, and trust in the system)

Each sub-index is scored on a scale from 0 to 100, with the overall index value being the weighted average of these three sub-indices.

2. Global Performance Overview

• A-grade systems (Overall Index Value > 80): Denmark and Netherlands
• B-grade systems (Overall Index Value 65–75): Australia, Canada, Chile, Finland, Germany, New Zealand, Norway, Sweden, Switzerland
• C-grade systems (Overall Index Value 50–65): Colombia, France, Hong Kong SAR, Ireland, Malaysia, Poland, Saudi Arabia, Singapore, Spain, UK
• D-grade systems (Overall Index Value 35–50): Argentina, China, India, Indonesia, Japan, Korea, Mexico, South Africa, USA
• No E-grade systems (Index Value < 35) were recorded in this edition.

3. Challenges in Pension Systems

• Demographic shifts: Declining birth rates and increasing life expectancy are placing financial pressure on retirement systems.
• Low interest rates: Reduce the long-term benefits of defined contribution schemes.
• Informal labor markets and gig economy: Contribute to limited access to pension plans.
• Government and household debt: Impact sustainability and benefit adequacy.
• Need for better retirement income products: To allow retirees more control and flexibility.

4. Policy Recommendations

The Index suggests several reforms to improve retirement income systems, including:

• Raising the pension age to reflect increasing life expectancy.
• Promoting older age labor participation to increase savings and reduce retirement duration.
• Encouraging private saving beyond the pension system to reduce public pension reliance.
• Expanding coverage in private pension systems, especially for self-employed and informal workers.
• Reducing leakage from retirement savings systems to ensure funds are used for retirement.
• Improving governance and transparency in private pension plans to build trust.
• Reviewing public pension indexation to maintain real value and ensure long-term sustainability.

5. Importance of Multi-Pillar Systems

The Index highlights the value of multi-pillar pension systems, as promoted by the World Bank. These systems include:

• Pillar 1: Public pension (tax-financed, mandatory)
• Pillar 2: Defined contribution (mandatory, publicly managed)
• Pillar 3: Voluntary personal savings (fully funded, private)
• Pillar 4: Informal support and non-pension assets (e.g., family, health, housing)
• Pillar 0: Non-contributory basic pension (universal or means-tested)

The multi-pillar approach helps diversify retirement income sources, improve financial security, and enhance system sustainability.

Key Information

• The Index has evolved over 10 years, expanding from 11 systems to 34 systems.
• The Victorian Government plays a significant role in supporting the Index, as it is a major financial services hub.
• Australia received a B-grade with an overall index value of 72.6, indicating a well-structured system but with room for improvement.
• The Netherlands and Denmark are highlighted as having the best pension systems with A-grade performance.
• No system received a B+ grade in 2018, indicating a gap between top systems and others.
• Sustainability and integrity are interlinked with adequacy, and trade-offs must be made depending on national circumstances.

Conclusion

The 2018 Melbourne Mercer Global Pension Index provides a valuable benchmarking tool for evaluating global pension systems. It underscores the need for reform in many systems, particularly in Southern Europe, where sustainability is a major concern. The multi-pillar approach is recommended to ensure long-term financial security for retirees and to address the challenges posed by aging populations and changing work patterns.