2026 Global Pension Index ranks Ireland in 23rd place - Marsh / CFA Institute 

• This year’s index compares 55 retirement income systems, covering 66% of the world’s population.
• Ireland’s retirement income system maintains both its Grade B and 23rd position overall.
• Ireland achieves a Grade A on the integrity sub-index with a score of 85.4; a Grade B on the Adequacy sub-index with a score of 72.7 and a Grade C on the Sustainability sub-index with a score of 55.1.
• The Netherlands retains the top spot as the world’s leading retirement income system, followed by Denmark and Iceland in 2nd and 3rd place respectively.

Dublin, October 20, 2026 ­─­ Marsh (NYSE: MRSH), a leading global professional services firm, and CFA Institute, the global association of investment professionals, today released the 18th annual Marsh CFA Institute Global Pension Index (MCGPI), comparing 55 retirement income systems across the globe, covering 66% of the world’s population.

The retirement income systems of the Netherlands, Denmark, Iceland, Singapore and Israel retained their A grade in 2026. For the first time, Australia received an A grade.

Ireland's retirement income system achieved a  Grade A on the integrity sub-index with a score of 85.4; a Grade B on the Adequacy sub-index with a score of 72.7 and a Grade C on the Sustainability sub-index with a score of 55.1.

With an overall score of 69.7, the Irish system scored ahead of some other European systems such as Spain (63.3) and Portugal (67.3), but behind Netherlands (85.8) Denmark (84.1), Sweden (78.8), Norway (77) and the UK (71.6).

Ireland’s retirement income system comprises a flat-rate basic social security scheme and a means-tested benefit for those without sufficient social insurance contributions. Voluntary occupational pension schemes and personal pension schemes provide supplementary income in retirement. In addition to this, MyFutureFund, the Government’s auto-enrolment system, was successfully launched in January 2026.

What are the key factors behind Ireland’s position in the index?

The auto-enrolment system materially increased pension coverage across the population. Currently there are estimated to be over 835,000 participants in MyFutureFund. Over time, as mandatory contributions into the system increase (they are due to increase on a phased basis over a 10-year period) Ireland’s overall score is likely to improve. In particular, Ireland’s sustainability score may increase as supplementary pensions savings should reduce overall reliance on the State Pension as the primary, or sole, source of income in retirement. This is a trend which has been seen in other countries where auto-enrolment retirement saving has been introduced.

The occupational pensions market in Ireland continues to experience a period of consolidation. Increased compliance demands, tighter regulation, and enhanced supervision have driven consolidation into master trusts across the market. The rise of professionally run master trusts has helped support the strong integrity score of the Irish system.

Looking forward, legislation enacted this year to support longer working, and to give employees the right to remain in work until State Pension Age of 66, will be positive for Ireland’s overall pension score. This will improve the retirement adequacy and sustainability scores by allowing people to build up more earnings and pension savings before retirement. Ireland’s already strong adequacy score could improve even further over time as the new Investment Account (announced in Budget 2027) should help strengthen retirement adequacy, widen access to long-term savings, and encourage greater participation in tax-efficient investment.

Commenting on Ireland’s performance in the latest index, Caitriona MacGuinness, DC and Private Wealth Leader for Marsh Ireland, said: “It is encouraging to see Ireland’s overall score improve. Ireland’s retirement income system continues to rank well in the Marsh CFA Global Pension Index, driven largely by improved integrity and strong adequacy scores. While the new Investment Account announced in Budget 2027 relates to savings rather than pensions, it will broaden the options available and should strengthen the overall retirement income framework.”

Ms. MacGuinness added, “While Ireland ranks below average on the sustainability index, it has improved over the past year due to the successful introduction of the auto-enrolment retirement savings system, where an estimated 835,000 employees have begun saving for retirement for the first time. Minimum contribution rates will rise from the current level over the next decade, and this will have a positive impact on retirement readiness over time. As a result, this new system should help reduce reliance on the State Pension, although the full benefits will only be felt over the long term”.

As fertility rates fall and life expectancies rise, the world’s retirement income systems face mounting pressure. This year’s Index examines how aging populations will impact the design and long-term sustainability of pension systems worldwide – and what policymakers should do to prepare.

“The decisions we make today to build sustainable systems will have a profound impact on people’s financial security. Increasing longevity is too significant to ignore, with wide-ranging impacts on individuals, governments, economies and societies. The time to act is now,” said Pat Tomlinson, President and CEO of Marsh People and Investments.

“Pension systems are under real strain,” said Christine Mahoney, the Global Defined Benefit and Defined Contribution Leader of Marsh People and Investments. “Governments that clarify their pension objectives, strengthen funding, and build flexibility into retirement design will be far better positioned to deliver dignified, secure retirements for the generations ahead.”

Mona Naqvi, Managing Director of the CFA Institute Research and Policy Center, added: “Retirement systems differ across markets, but all face the same long-term challenge: delivering reliable income as demographics shift and markets change. No single policy or investment decision can achieve that. It takes sound system design and governance, alongside careful oversight of investments by those with a fiduciary duty to savers and retirees. The test is whether those decisions work together to serve people throughout retirement and remain sound for the generations that follow.”

Adapting systems to a longer, more flexible retirement

The 2026 Index highlights three key policy responses needed to address these demographic realities: establishing clear objectives for pension systems; prioritizing the funding of future retirement obligations; and increasing flexibility in pension product design and retirement age structures. Traditional retirement ages of 60 or 65 are becoming increasingly misaligned with the realities of longer, healthier lives. As the boundary between work and retirement continues to blur – driven in part by the rise of gig and part-time work – pension systems must evolve to reflect the way people live and work in later life.

“The data shows that even the best-performing systems need to keep evolving; no system can afford to stand still in the face of these demographic shifts,” commented Tim Jenkins, lead author of the report and Partner at Marsh People and Investments. “The right approach for one country, one system, or even one individual will not be the right approach for another. But what every system shares is the need to adapt. Retirement design must become more flexible – in when people access income, in how products are structured, and in how we think about the line between work and retirement. That flexibility is no longer optional.”

While disparities persist, meaningful improvements are apparent across the Index

The retirement income systems of the Netherlands, Denmark, Iceland, Singapore and Israel retained their A grade in 2026 with Index scores greater than 80. For the first time, Australia has also received an A grade. These six systems are robust: they deliver good benefits, are sustainable and have a high level of integrity.

The Index uses the weighted average of the sub-indices of adequacy, sustainability and integrity. For each sub-index, the systems with the highest values were Kuwait for adequacy, Denmark for sustainability and Finland for integrity.

This year, five retirement income systems – Australia, UAE, Oman, Panama and China – have improved their Index grade. The average value for the overall Index has increased by 1.1 points from 2025.

About the Marsh CFA Institute Global Pension Index (MCGPI)
The MCGPI benchmarks retirement income systems around the world, highlights strengths and suggests possible areas of reform that would provide more adequate and sustainable retirement benefits with a high level of integrity. This year, it compares 55 retirement income systems across the globe, including three new countries – the Dominican Republic, Kenya and Qatar – and covers 66% of the world’s population.

The Marsh CFA Institute Global Pension Index is a collaborative research project co-sponsored by CFA Institute and Marsh and is supported by the Monash Centre for Financial Studies (MCFS). Find more information about the Marsh CFA Institute Global Pension Index here.

About Marsh
Marsh (NYSE: MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit marsh.com, or follow us on LinkedIn and X. 

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About CFA Institute
As the global association of investment professionals, CFA Institute sets the standard for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across 160 markets, CFA Institute has 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn, and subscribe on YouTube.

About the Monash Centre for Financial Studies (MCFS)
A research center based within Monash University’s Monash Business School, Australia, the MCFS aims to bring academic rigor into researching issues of practical relevance to the financial industry. Additionally, through its engagement programs, it facilitates two-way exchange of knowledge between academics and practitioners. The Centre’s developing research agenda is broad but has a current concentration on issues relevant to the asset management industry, including retirement savings, sustainable finance and technological disruption.