Marsh CFA Institute Global Pension Index 2026 

Ageing populations, shifting workforce dynamics, and heightened geopolitical uncertainty are reshaping the retirement landscape. Now in its 18^th edition, the Marsh CFA Institute Global Pension Index provides an established tool for benchmarking and comparing the world's retirement income systems, offering a structured framework to help decision-makers navigate the challenges ahead with greater clarity and confidence.

This year, the index benchmarks 55 pension systems worldwide with the addition of Dominican Republic, Kenya and Qatar – covering 66% of the world’s population – spotlighting both challenges and opportunities for policymakers.

Systems are assessed across three pillars:

Together, they capture the balance every pension system must strike. The report evaluates each system across more than 50 indicators to provide actionable insights.

Each year, the index also features a deep dive into a topical issue. In 2026, the focus is on the impact of ageing populations on pension systems and how policy responses to demographic challenges can help develop sustainable retirement income policies in the long run.

Browse through the report below to discover more about the analysis and each benchmarked retirement income system.

Many nations are facing an ageing population due to falling birth rates and increasing life expectancies. According to the World Economic Forum (WEF)'s Longevity Dividend report, co-authored with Marsh, the global over-65 population will grow by 53%. In Asia, almost two thirds of the working population are caregivers and many of them worry about affordable childcare and eldercare services, with a knock-on effect on their own wellbeing. Japan, Hong Kong and Singapore are examples of such super-aged societies in the region. These demographic changes have profound long-term implications for pension systems:

1. Potentially increased costs of pension provision as individuals live longer,
2. Funding pressures as working age populations proportionately decrease,
3. The need for more flexible pension designs to accommodate phased retirement and non-traditional employment, 
4. Intergenerational tensions as adequacy and sustainability of systems are reviewed, 
5. Shifts in pension fund investment strategies as a greater proportion of the US$70 trillion in global pension fund assets moves toward defensive positioning.

Weakened financial security can trigger a domino effect, as individuals’ ability to manage their health, work, and wealth spans is interconnected and mutually reinforcing. As reflected in the Marsh and WEF Longevity Dividend report, poor financial resilience can undermine mental and physical well-being and, in turn, reduce people’s ability to work. In Asia Pacific, the aging population represents a $10.2 trillion growth opportunity, and how it is harnessed will determine whether longevity becomes a drag on growth or an economic catalyst. Policymakers who recognise these demographic consequences have a window of opportunity to implement evidence-based policy responses, which we detail in our report.

The central insight is straightforward: demography is our destiny, but policy responses are choices. While demographic changes are inevitable, the path forward is not predetermined. Those systems that consider and address the demographic consequences today will be much better positioned to develop sustainable retirement income policies that provide adequate and equitable retirement security for generations to come. The evidence shows that with clear objectives, thoughtful funding, and flexible design, leading pension systems can and will remain resilient.

Whilst good policies create the structure for a resilient pension system, employers have an important role to play in adapting to policy changes and market trends, with the objective of enhancing the wellbeing of their employees before and after retirement. For example, in Asia: