Countries - Georgetown Center for Retirement Initiatives

Want to Know More About Retirement Systems in Other Nations?

Please click below to read about the three tiers of the retirement system in the following countries, as well updates on current issues related to strengthening retirement security for private sector workers.

Source: Georgetown University’s Center for Retirement Initiatives

         Reform implementation completed
         Reform implementation in progress
         Recent reform proposals
         Reform implementation progress and recent reform proposals/studies ongoing at the state level

Resources on International Systems

WORLD ECONOMIC FORUM REPORTS

Longevity Economy Principles: The Foundation for a Financially Resilient Future (2024) This report addresses the challenges and opportunities of an aging global population, providing principles for financial resilience across generations. With the over-60 population expected to reach 2.1 billion by 2050, it emphasizes strategic planning to ensure financial security and healthy living. Key issues include ageism, gender pension gaps, and socioeconomic disparities. The report calls for open discussions on mortality and finance and advocates a holistic approach that integrates health, financial stability, and social factors through collaborative efforts.
Retirement age trends around the globe (2023) This report examines the variations in retirement age across 45 countries, emphasizing significant disparities between official retirement ages and the actual age at which people retire. For instance, Asian nations often have earlier official retirement ages but observe workers retiring later, while many European countries and North America witness earlier retirements compared to their official ages. Gender differences are also noteworthy, with women generally retiring earlier than men in most countries. Looking ahead, the OECD forecasts a two-year increase in the average effective retirement age by the mid-2060s, reflecting global trends and the necessity for ongoing adjustments in retirement policies.
Investing in (and for) Our Future (2019) This paper examines defined contribution plan reforms including how to improve accumulation as well as decumulation of retirement assets. This paper also looks at how technology could be incorporated in these strategies.
How We Can Save (for) Our Future (2018) This paper continues the white paper “We’ll Live to 100 – How Can We Afford It?” by exploring solutions to the problem – primarily around expanding access as well as encouraging increased savings among all stakeholders – individuals and governments alike.
We’ll Live to 100 – How Can We Afford It? (2017) This paper addresses the challenges facing retirement systems, including the impact of aging societies, and quantifies the size of the savings shortfall. It provides recommendations for system design and actions for policy-makers to ensure we can adjust to societies in which living to 100 is commonplace and affordable for all.
Case Studies in Retirement System Reform is a companion report which presents 12 case studies on the approaches that governments, pension funds and companies have taken to address the challenges that their own retirement systems face. It highlights initiatives undertaken and lessons learned to guide those seeking future pension reforms.

U.S. SOCIAL SECURITY ADMINISTRATION

Country Index for Research & Analysis Archives – provides country by country historical archive of policy reforms, research, data, and other key information.

International Updates – monthly newsletter update on key public and private pension reforms around the world.

OECD REPORTS

Annual Survey of Investment Regulation of Pension Funds and Other Pension Providers 2024
This report outlines the primary quantitative investment regulations that pension providers must adhere to in OECD countries and select non-OECD jurisdictions, with input from the International Organization of Pension Supervisors (IOPS). It includes details on the rules effective as of December 2023 or the most recent data available. The survey encompasses various asset-backed pension plans, with regulations differing based on plan type—whether occupational or personal, mandatory or voluntary, defined benefit (DB) or defined contribution (DC), etc.
OECD Pensions at a Glance 2023
The 2023 edition of Pensions at a Glance reviews pension reforms implemented by OECD countries over the past two years. This edition also updates key information on pension features in OECD and G20 countries, including retirement income projections for current workers. It provides indicators on pension system design, entitlements, the demographic and economic environment, the income and poverty levels of older adults, and the financial status of retirement income systems and private pensions.
OECD Pensions Outlook 2022 (purchase or subscription required)
The OECD Pensions Outlook discusses how to introduce, develop, and strengthen asset-backed pension arrangements, the role that employers can play in their provision, and the implication of different fee structures on individuals saving for retirement and on providers. The 2022 edition focuses on describing best practices for developing mortality tables and providing policy guidance on how to design, implement and continue the operation of non-guaranteed lifetime retirement income arrangements.
Recommendation of the Council for the Good Design of Defined Contribution Pension Plans (2022)
Adopted by OECD Council in February 2022, some of the recommendations include; ensure total contributions are sufficiently high to achieve retirement income objectives, promote low-cost and cost-efficient retirement arrangements in both the accumulation and pay-out phases, and ensure that all individuals have access to appropriate and sustainable investment strategies and a well-designed default, where applicable.
Towards Improved Retirement Savings Outcomes for Women (2021)
This paper focuses on helping governments find solutions for retirement savings arrangements that do not further exacerbate labor market-inequalities which drive the gender pension gap. The conducted study suggests policy options which consider why the gap exists and how it is perpetuated.
OECD Retirement Savings in the Time of COVID-19 (2020)
This paper assesses the impact of COVID-19 on retirement savings systems and the economic downturn. It also analyzes policy responses to the pandemic affecting retirement savings implemented by countries around the world. A final version of this paper is planned to be published in the OECD Pensions Outlook 2020.

Mercer CFA Institute Global Pension Index 2024

The 2024 Mercer CFA Institute Global Pension Index compares 48 retirement income systems, covering roughly two thirds of the world’s population systems to better understand the diversity of current pension policies across over 50 indicators. This year’s report highlighted how to help defined contributions members get the best retirement outcomes.

Natixis Global Asset Management: 2024 Global Retirement Index

The Global Retirement Index (GRI) is a multi-dimensional index developed by Natixis Global Asset Management and CoreData Research to examine the factors that drive retirement security and to provide a comparison tool for best practices in retirement policy. The index provides a status report on 44 countries using 17 performance indicators, grouped into four thematic sub-indices, which have been calculated based on reliable data from a range of international organizations and academic sources. It considers the characteristics of the older demographic retiree group to assess and compare the level of retirement security in different countries around the world.