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.

New Zealand’s retirement income system ranked 15^th of 55 entrants in Marsh CFA Institute Global Pension Index 2026 (compared with 17^th of 52 in 2025). New Zealand's overall index value rose to 71.4, up from 70.4 in 2025, maintaining its B grade. The result is underpinned by a strong integrity score, New Zealand ranks among the top-tier systems globally on this measure, alongside continued solid performance in adequacy and sustainability.

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

Systems are assessed across three pillars:

• Adequacy (40%)* – delivering meaningful retirement incomes today
• Sustainability (35%)* – remaining resilient for tomorrow
• Integrity (25%)* – earning the confidence of those who depend on it

_{* Percentages here correspond to the weighting given to the overall score.}

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

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

Download the report to explore the 2026 findings and compare results across all benchmarked systems.

Many nations are facing an ageing population due to falling birth rates and increasing life expectancies. These demographic changes have profound long-term implications for retirement income 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 investment strategies as a greater proportion of the US$70 trillion in global pension fund assets moves toward defensive positioning.

Policymakers who recognize these demographic consequences have a window of opportunity to implement evidence-based policy responses, which we explore 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 remain resilient. 

In New Zealand, these dynamics are already playing out. The Index points to the alignment between KiwiSaver eligibility and the NZ Super age, household savings levels, as well as KiwiSaver's focus on delivering retirement income as factors likely to influence the system's future results.