2020全球養老金指數報告 - 美世 & 特許金融分析師協會（英文版）（91頁）.pdf

1、MERCER CFA INSTITUTE GLOBAL PENSION INDEX CONTENTS MERCER PREFACE.1 CFA INSTITUTE PREFACE .2 MONASH CENTRE FOR FINANCIAL STUDIES (MCFS) PREFACE .3 1. EXECUTIVE SUMMARY .4 2. BACKGROUND TO THE APPROACH USED .10 3. CHANGES FROM 2019 to 2020 .15 4. COVID-19 AND ITS IMPACT ON PENSION SYSTEMS AROUND THE

2、WORLD .19 5. A BRIEF REVIEW OF EACH SYSTEM .25 6. THE ADEQUACY SUB-INDEX .47 7. THE SUSTAINABILITY SUB-INDEX .58 8. THE INTEGRITY SUB-INDEX .69 REFERENCES AND ATTACHMENTS .79 Mercer CFA Institute Global Pension Index 2020 1 The year 2020 has been like no other year we have lived through in recent ti

3、mes. The COVID-19 pandemic has dominated headlines and government decisions as virtually every country has responded to the emerging health crisis. However, the impact is much broader than the health implications; there are clearly long term economic effects impacting many industries, interest rates

4、, investment returns and community confidence in the future. We are now living in a very different, and more uncertain, world. As a result, the provision of adequate and sustainable retirement incomes over the longer term has also changed. Whilst we have highlighted the need for pension reform in ou

5、r previous reports, this has now become even more difficult with an even broader range of pressure points, including: The future growth in ageing populations in most countries continues, arising from decreasing fertility and increasing life expectancies Changes in capital markets with near-zero or n

6、egative interest rates raise significant questions about the most appropriate investment strategies for pension funds The impact of these interest rates on the funding status of defined benefit pension arrangements, both in the public and private sectors The different impacts of the pandemic on vari

7、ous different subgroups within many countries, including women, who are often over-represented in the industries that have been most affected The significant growth in government debt during 2020 which will, at some future date, affect the ability to pay benefits from pay-as-you-go systems and provi

8、de “social protection” programs The lack of private pension coverage and any saving for retirement by many workers in both developed and developing economies, whether it be due to informal labour markets or the growing importance of “gig employment” The continuing growth of defined contribution sche

9、mes and the related increased risks now borne by individuals These issues affect billions of people around the world. Significant pension reform is now more urgent than ever. As such reform is considered in our new environment, it is critical that we learn from each other and understand what best pr

10、actice may look like, both now and into the future. This 12th edition of the Global Pension Index presents such research and compares 39 retirement income systems which encompass a diversity of pension policies and practices. The primary objective of this research is to benchmark each retirement inc

11、ome system using more than 50 indicators. An important secondary purpose is to highlight some shortcomings in each system and to suggest possible areas of reform that would provide more adequate retirement benefits, increased sustainability over the longer term and a greater community trust in the p

12、ension system. Many of the challenges are similar around the world, irrespective of social, political, historical or economic influences. Further, the policy reforms needed to alleviate these challenges are also similar and relate to benefit levels, pension ages, encouraging people to work a little

13、longer, increasing the level of funding set aside for retirement, and some benefit design issues that reduce leakage of benefits before retirement and develop appropriate retirement income products. However, these desirable reforms are not easy and may require long transition periods. As you have pr

14、obably noticed, the name of the Global Pension Index has changed this year. I am delighted to welcome CFA Institute as our major sponsor and sincerely thank them for their enthusiasm and participation. The Global Pension Index is now a real partnership between two respected global organisations. I w

15、ould also like to thank the Monash Centre for Financial Studies within Monash University for their continued involvement, particularly in establishing an Advisory Board of senior and experienced individuals who have provided insightful comments throughout the project. Finally, the Mercer consultants

16、 around the world have been invaluable in providing information in respect of their retirement income systems, checking our interpretation of the data and providing very useful comments. In this respect, we also appreciate the support of the Finnish Centre for Pensions. I hope you enjoy reading this

17、 report and that it continues to encourage pension reform to improve the provision of financial security for all retirees. DR DAVID KNOX Senior Partner Mercer MERCER PREFACE Mercer CFA Institute Global Pension Index 2020 2 CFA INSTITUTE PREFACE CFA Institute is pleased to sponsor the Mercer CFA Inst

18、itute Global Pension Index and collaborate with Mercer and the Monash Centre for Financial Studies in its development and distribution. As an internationally regarded index, it has provided valuable information to both policymakers and market participants around the world for more than a decade, and

19、 we look forward to expanding its impact even further through this new collaborative effort. As the worlds largest association of investment professionals, CFA Institute recognizes the role that the investment industry plays in building wealth and well- being. Pension funds are a primary source of r

20、etirement income and are enormously influential in financial markets. We believe it is important to join forces with those in business and in government who are working to improve pension systems globally and to enhance investors knowledge of pension issues. Even prior to the pandemic, many public a

21、nd private pension systems around the world have been under increasing pressure to maintain benefits; aging demographics and the low-growth/low-interest rate economic environment have reduced the ability for some retirement schemes to fund future liabilities. Our research on trust in the industry ha

22、s shown that nearly half of defined benefit pension plans anticipate they will need to reduce benefits in the next 10 years, but nearly 70% of beneficiaries expect benefits will be paid out as promised. We see this as a deferred trust deficit for the industry that must be addressed. Much has been le

23、arned, however, about system effectiveness over the years, and the experiences of the systems included in the index provide insights for others to follow. Though challenges exist, the Global Pension Index focuses on actions that each system can take to have greater adequacy, sustainability, and inte

24、grity. Because each system has its own unique history and culture, an index is a helpful way to differentiate what is possible and practical in each market. Having accurate and comparative information between the pension systems contained in the Global Pension Index enables proactive discussions and

25、 can facilitate better outcomes. Many of the proposed reforms will take time to implement and may be politically challenging, but without the data we cannot engage in meaningful conversations. We owe it to financial market participants to do so. We thank lead author Dr. David Knox of Mercer and the

26、Mercer team for their continued dedication to this research, and the Monash Centre for Financial Studies for their leadership of the Advisory Board that oversees the methodology and approach. We look forward to the discussions that the 2020 Mercer CFA Institute Global Pension Index will prompt, and

27、for the continued success of the index in providing the basis for best practice in pension fund reform. MARGARET FRANKLIN, CFA President and CEO CFA Institute Mercer CFA Institute Global Pension Index 2020 3 MONASH CENTRE FOR FINANCIAL STUDIES PREFACE The Monash Centre for Financial Studies (MCFS) i

28、s delighted to be associated with the Mercer CFA Institute Global Pension Index, in its new phase under the sponsorship of CFA Institute. During the last decade, the Index has reflected how pension systems have developed to respond to the increase in human longevity. This year, in 2020, the world ha

29、s to face new challenges due to COVID-19. The pandemic has adversely impacted many aspects of life, including health and job security. Governments around the world have responded to the recession with substantial fiscal stimulus, and central banks have adopted unconventional monetary policy. Additio

30、nally, some governments have allowed temporary access to saved pensions or reduced contribution rates to improve liquidity positions of households. These developments will likely have a material impact on the adequacy, sustainability and integrity of pension systems, thereby influencing the evolutio

31、n of the pension index in the coming years. In this new partnership with Mercer and CFA Institute, MCFS is responsible for an expert Advisory Board that oversees the development of the Global Pension Index and ensures that it represents an independent and unbiased view. The contribution of the membe

32、rs of the Advisory Board, listed below, are much appreciated: Professor Keith Ambachtsheer, Director, Rotman International Centre for Pension Management, Rotman School of Management, University of Toronto Professor Hazel Bateman, Head, School of Risk and Actuarial, University of NSW Business School

33、and Deputy Director, Centre of Excellence in Population Ageing Research (CEPAR) Syd Bone, Chair of the Advisory Board, Executive Director of CP2, Chairman of MCFS Research Engagement Network Richard Boyfield, Partner, Mercer Professor Joseph Cherian, Practice Professor of Finance, National Universit

34、y of Singapore Professor Kevin Davis AM, Professor of Finance, University of Melbourne Rebecca Fender, CFA, Senior Director, Future of Finance, CFA Institute Dr Vince FitzGerald AO, Chairman, ACIL Allen Consulting Dr David Knox, Senior Partner, Mercer Dr Nga Pham, Research Fellow, MCFS, Monash Busin

35、ess School Professor Deborah Ralston, Retirement Review Panel member, member of Fintech Hub Advisory Board (YBF Ventures), member of Payments System Board (Reserve Bank of Australia) Professor Susan Thorp, Professor of Finance, University of Sydney Business School, University of Sydney Maria Wilton,

36、 CFA, Board Vice Chair, CFA Institute Dr David Knox is the lead author of this report. Over many years, David has made numerous outstanding contributions to improving our understanding of the global pension systems. As such, it should be no surprise that David and his team have once again presented

37、an insightful set of findings in this years study. PROFESSOR DEEP KAPUR Director Monash Centre for Financial Studies EXECUTIVE SUMMARY CHAPTER 1 1 OECD (2019a), p132. The provision of financial security in retirement is critical for both individuals and societies as most countries are now grappling

38、with the social, economic and financial effects of ageing populations. During 2020 these issues have been accentuated by the COVID-19 pandemic, which is further discussed in Chapter 4. But it is not only COVID-19 and ageing populations that represent challenges for pension systems around the world.

39、The current economic environment with historically low interest rates, an economic recession in many countries and reduced investment returns are placing additional financial pressures on existing retirement income systems. Now, more than ever before, it is important to understand the features of th

40、e better pension systems. Yet, a comparison of the different pension systems around the world is not straightforward. As the Organisation for Economic Co-operation and Development (OECD) (2019a) comments: “Retirement-income regimes are diverse and often involve a number of different programmes.”1 Me

41、rcer CFA Institute Global Pension Index 2020 5 Any comparison of systems is likely to be controversial as each system has evolved from that countrys particular economic, social, cultural, political and historical circumstances. This means there is no single system that can be transplanted from one c

42、ountry and applied, without change, to another country. However, there are certain features and characteristics across the range of systems that are likely to lead to improved financial benefits for the older members of society, an increased likelihood of future sustainability of the system, and a g

43、reater level of community trust and confidence. With these desirable outcomes in mind, the Mercer CFA Institute Global Pension Index uses three sub-indices adequacy, sustainability and integrity to measure each retirement income system against more than 50 indicators. The following diagram highlight

44、s some of the topics covered in each sub-index. The overall index value for each system represents the weighted average of the three sub-indices. The weightings used are 40 percent for the adequacy sub-index, 35 percent for the sustainability sub-index and 25 percent for the integrity sub-index whic

45、h have remained unchanged since the first Index in 2009. The different weightings are used to reflect the primary importance of the adequacy sub-index which represents the benefits that are being provided together with some important system design features. The sustainability sub-index has a focus o

46、n the future and measures various indicators which will influence the likelihood that the current system will be able to provide benefits in the future. The integrity sub-index includes many legislative requirements that influence the overall governance and operations of the system which affect the level of confidence that citizens have in their system. This study of 39 retirement income systems, representing more than 64% of the worlds population, shows there is great diversity between the systems around the world with scores ranging from 40.8 for Thailand to 82.6 for the Netherlan