In collaboration with     CFA Institute     Monash University, Monash Business School

The results are in: Iceland leads, but only by a margin

The Mercer CFA Institute Global Pension Index benchmarks 44 retirement income systems around the world, highlighting challenges and opportunities within each. This year we have added Portugal to the mix, as well as using updated data from OECD and the UN World Population Prospects 2022.

The index is made up of three sub-indices – adequacy, sustainability and integrity – to measure each retirement income system against more than 50 indicators. This year's feature chapter unpacks the challenging defined contribution (DC) equation of converting a DC lump sum into a good outcome for retirees. Download the reports to learn more about your pension system.

This year’s top rated pension systems


Index: 84.7

Rating: A

Ranking: #1


Index: 84.6

Rating: A

Ranking: #2


Index: 82.0

Rating: A

Ranking: #3

Three pillars of our analysis and top three rated countries


wallet icon


How much do you get?

#1 Iceland

#2 Portugal

#3 Netherlands



earth icon


Can it keep delivering?

#1 Iceland

#2 Denmark

#3 Netherlands 



badge icon


Can it be trusted?

#1 Finland

#2 Norway

#3 Netherlands


Created with Sketch.
It is critical that we understand whether or not the retirement income systems around the world will be able to meet the needs and expectations of their communities for decades to come
Created with Sketch.

Dr. David Knox, Lead author, Actuary and Senior Partner, Mercer

How does your pension system rate?

Shanghai city skyline

  • Asia


    • China - 54.5
    • Hong Kong SAR - 64.7
    • Indonesia - 49.2
    • Japan - 54.5
    • Korea - 51.1
    • Malaysia - 63.1
    • Philippines - 42.0
    • Singapore - 74.1
    • Taiwan - 52.9
    • Thailand - 41.7


London Bridge

  • Europe and UK


    • Austria - 55.0
    • Belgium - 67.9
    • Denmark - 82.0
    • Finland - 77.2
    • France - 63.2
    • Germany - 67.9
    • Iceland - 84.7
    • Ireland - 70.0
    • Italy - 55.7
    • Netherlands - 84.6
    • Norway - 75.3
    • Poland - 57.5
    • Portugal - 62.8
    • Spain - 61.8
    • Sweden - 74.6
    • Switzerland - 72.3
    • United Kingdom - 73.7


Burj Khalifa skyscraper, Dubai



    • India - 44.4
    • Israel - 79.8
    • Saudi Arabia - 59.2
    • South Africa - 54.7
    • Turkey - 45.3
    • UAE - 61.8


Octavio Frias de Oliveira Bridge, Sao Paulo, Brazil

  • LatAm


    • Argentina - 43.3
    • Brazil - 55.8
    • Chile - 68.3
    • Colombia - 63.2
    • Mexico - 56.1
    • Peru - 55.8
    • Uruguay - 71.5


The Sydney Opera House

  • Pacific


    • Australia - 76.8
    • New Zealand - 68.8


Empire State Building, New York

Feature chapter: Addressing a challenging DC equation

Defined contribution pension plans are the centre of a lot of debate. This year’s special chapter looks at the challenges facing defined contribution systems: the issues facing individuals, what retirees want, what solutions are out there and the best mix to solve this.

Exclamation mark icon 

Employers are stepping away from financial guarantees

Exclamation mark icon 

Individuals bear the risks before and after retirement

Exclamation mark icon 

Retirees receive a lump sum, not an income stream

Exclamation mark icon 

Households are not equipped to make financial decisions at retirement

Exclamation mark icon 

Governments considering reducing financial support during retirement

Download 2022 reports

Mercer CFA Institute Global Pension Index 2022 Full report 

Mercer CFA Global Pension 2022:
Full report

Mercer CFA Institute Global Pension Index 2022 Report highlights 

Mercer CFA Global Pension 2022:
Report highlights

Solving a challenging DC equation 

Feature chapter: Solving a challenging DC equation

Created with Sketch.
Since the inception of the Mercer CFA Institute Global Pension Index, the investment management and pension industry at large have faced extraordinary challenges. New financial products and strategies will be required to deliver adequate returns for beneficiaries.
Created with Sketch.

Margaret Franklin, CFA, President & CEO, CFA Institute

Access our latest global investor insights

Investor podcast

Critical thinking, critical issues


Hear about the latest market themes, new ideas, opportunities and what’s shaping the future of asset management in our investor podcast series.

Investor blog

Yield point


Our specialists provide their point of view on the latest investor themes and market movements in our investor blog series.


Strategic research

MercerInsight® Community


MercerInsight® Community offers free personalized, curated content to help you make informed decisions about your investments.


Manager research

MercerInsight®, an alliance with eVestment


MercerInsight®, an alliance with eVestment, is a powerful digital platform designed to help sophisticated investors make better-informed decisions.

Download the report to learn more about this year's pension system ranking

Previous editions of the report

Important notices

Read our important information

This report is intended as a basis for discussion only. Whilst every effort has been made to ensure the accuracy and completeness of the material in this report, the authors give no warranty  in that regard and accept no liability for any loss or damage incurred through the use of, or reliance upon, this report or the  information contained therein.