Global (excluding US) pension fund performance

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Global (excluding US) pension fund performance describes the performance of pension fund managers, sampled worldwide. Pension funds are the funding mechanism for defined benefit plans, and in some countries are used as funding mechanisms for contributory retirement savings programs.

Global ex-US pensions

In 1994, the World Bank issued an influential study, "Averting the old age crisis: policies to protect the old and promote growth" [1]. Citing rising demographic pressures, the report recommended that nations consider structuring a "three-pillar" approach in addressing the support of aging populations:

"The study concludes that financial security for the old would be better served if governments developed three systems, or "pillars" of old age security:

  1. A publicly managed system with mandatory participation and the limited goal of reducing poverty among the old;
  2. A privately managed, mandatory savings system;
  3. Voluntary savings."

As a result, many of the nations discussed below have added "second pillar" programs to there retirement systems.



Global ex-US pension plan performance studies [note 1]
Country Study
Australiaflag.gif Australia Sy and Liu (2010) [1]
Australiaflag.gif Australia Cummings (2013) [2]
Canada flag.png Canada Bauer and Kicken (2008) [3]
Canada flag.png Canada Bouvatier, and Rigot (2012) [4]
Finlandflag.jpg Finland Ambachtsheer (2013) [5]
Greeceflag.jpg Greece Angelidis and Tessaromatis (2009) [6]
HongKongflag.jpg Hong Kong Chu (2007) [7]
HongKongflag.jpg Hong Kong Chu (2010) [8]
Netherlandsflag.jpg Netherlands Huang and Mahieu (2010) [9]
Norwayflag.png Norway Ang, Goetzmann, and Schaefer (2011) [10]
Norwayflag.png Norway Chambers, Dimson and Ilmanen (2011) [11]
Spainflag.jpg Spain Saez and Martí (2008) [12]
Spainflag.jpg Spain Andreu and Swinkels (2009) [13]
Swissflag.jpg Switzerland Ammann and Zingg (2008) [14]
Turkeyflag.jpg Turkey Gokcent and Yalcin (2013) [15]
UK flag.png United Kingdom Timmerman, and Lehmann, and Blake (1999) [16]
UK flag.png United Kingdom Tonks (2005) [17]
UK flag.png United Kingdom Clare, Cuthbertson, and Nitzsche (2009) [18]
UK flag.png United Kingdom Blake, Timmermann, Tonks, and Wermers (2010) [19]

European pensions


United Kingdom

Middle East and Asia Pacific



  1. Global ex-US studies
    • Ambachtsheer, Keith, "The Pension System in Finland: Institutional Structure and Governance ", Rotman International Centre for Pension Management, January 2013. Available at Investment Research, CEM Benchmarking
    Hong Kong
    United Kingdom

See also


  1. "Averting the old age crisis : policies to protect the old and promote growth", World Bank Documents and Reports. Viewed 9 Jan. 2014

External links