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Sheet 1: Home page
Pension Markets in Focus |
Preliminary 2021 Data on Pension Funds - June 2022 |
Table 1. Assets in pension funds and all retirement savings vehicles at end-2021 (preliminary) |
Figure 1. Nominal and real investment rates of return of pension funds, Dec 2020 - Dec 2021 (preliminary) |
Figure 2. Asset allocation of pension funds in selected investment categories at end-2021 (preliminary) |
Methodological notes |
Methodological notes |
Source: OECD Global Pension Statistics. |
www.oecd.org/daf/pensions/gps |
www.oecd.org/daf/pensions/pensionmarkets |
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Table 1. Assets in pension funds and all retirement savings vehicles at end-2021 (preliminary) | ||||||||||||
OECD countries | Pension funds | All vehicles | Selected other jurisdictions | Pension funds | All vehicles | |||||||
% change (1) | in USD million | % of GDP | % of GDP | % change (1) | in USD million | % of GDP | % of GDP | |||||
Australia | 18.0 | 2,272,767 | 146.2 | 148.8 | Albania | 27.1 | 43 | 0.2 | 0.2 | |||
Austria | 8.0 | 30,553 | 6.7 | .. | Armenia | 30.7 | 1,006 | 6.9 | .. | |||
Belgium | 8.0 | 52,644 | 9.2 | 36.6 | Brazil | 0.5 | 186,447 | 12.0 | 25.0 | |||
Canada | .. | 1,712,806 | 90.1 | 167.2 | Bulgaria | 12.7 | 11,360 | 14.8 | 14.8 | |||
Chile | -4.5 | 167,556 | 60.3 | .. | Croatia | 11.7 | 21,485 | 33.1 | 33.1 | |||
Colombia | 8.3 | 86,828 | 29.5 | 29.5 | Egypt | 8.0 | 6,245 | 1.5 | 1.5 | |||
Costa Rica | 20.1 | 24,874 | 40.0 | 40.0 | Georgia | 69.6 | 646 | 3.3 | 3.3 | |||
Czech Republic | 6.0 | 26,173 | 9.4 | 9.4 | Ghana | 27.2 | 4,748 | 6.3 | 6.3 | |||
Denmark | -8.0 | 190,403 | 50.0 | 210.8 | Guyana | 19.6 | 463 | 6.1 | 6.1 | |||
Estonia | -15.5 | 5,076 | 14.6 | 16.8 | Hong Kong (China) | 4.9 | 198,039 | 54.0 | 54.0 | |||
Finland | 15.3 | 173,962 | 60.7 | .. | India | 27.4 | 94,098 | 3.0 | .. | |||
France | 16.6 | 77,247 | 2.7 | 11.1 | Indonesia | 3.6 | 22,215 | 1.9 | .. | |||
Germany | 0.4 | 313,807 | 7.8 | .. | Jamaica | 7.9 | 4,721 | 31.7 | 31.7 | |||
Greece | 11.9 | 2,083 | 1.0 | .. | Kazakhstan | 4.6 | 31,291 | 16.6 | 16.6 | |||
Hungary | 5.6 | 6,166 | 3.6 | 5.2 | Kenya | 10.6 | 13,677 | 12.9 | 12.9 | |||
Iceland | 17.9 | 51,683 | 208.4 | 219.1 | Kosovo | 18.3 | 2,676 | 30.9 | 30.9 | |||
Ireland | 15.1 | 164,227 | 34.4 | .. | Macau (China) | 9.1 | 4,914 | 16.5 | 16.5 | |||
Israel | 16.1 | 360,569 | 72.1 | .. | Maldives | 11.9 | 1,130 | 22.3 | 22.3 | |||
Italy | 6.4 | 194,592 | 9.7 | 12.6 | Namibia | 17.6 | 11,819 | 103.0 | 115.9 | |||
Japan | 2.3 | 1,483,416 | 31.3 | .. | Nigeria | 9.1 | 32,644 | 7.6 | 7.6 | |||
Korea | 15.3 | 249,115 | 14.4 | 32.3 | North Macedonia | 21.3 | 1,999 | 15.0 | 15.0 | |||
Latvia | 19.7 | 827 | 2.2 | 20.5 | Pakistan | 11.4 | 224 | 0.1 | .. | |||
Lithuania | 31.5 | 6,944 | 11.1 | 11.1 | Peru | -19.1 | 33,436 | 15.3 | 15.3 | |||
Luxembourg | 5.0 | 2,193 | 2.6 | .. | Romania | 18.5 | 21,168 | 7.8 | 7.8 | |||
Mexico | 11.2 | 254,373 | 20.0 | .. | Serbia | 4.3 | 473 | 0.8 | 0.8 | |||
Netherlands | 7.4 | 2,042,637 | 209.5 | .. | Suriname | 1.7 | 324 | 12.1 | .. | |||
New Zealand | 19.0 | 90,144 | 37.3 | 37.3 | Thailand | 6.4 | 40,366 | 8.3 | .. | |||
Norway | 7.0 | 51,109 | 10.9 | .. | Uganda | 15.8 | 5,325 | 12.4 | .. | |||
Poland | 26.2 | 46,485 | 7.2 | .. | Uruguay | 14.1 | 17,351 | 30.0 | 30.0 | |||
Portugal | 4.7 | 27,324 | 11.4 | .. | Zimbabwe | 285.8 | 2,015 | 7.6 | .. | |||
Slovak Republic | 16.9 | 17,469 | 15.9 | 15.9 | Total (2) | 1.7 | 772,349 | 8.3 | ||||
Slovenia | 20.6 | 4,211 | 7.1 | 7.8 | ||||||||
Spain | 7.5 | 142,940 | 10.5 | 14.2 | ||||||||
Sweden | .. | 23,777 | 4.0 | 101.8 | ||||||||
Switzerland | .. | 1,164,503 | 143.1 | .. | ||||||||
Turkey | 41.2 | 18,430 | 3.3 | .. | ||||||||
United Kingdom | 4.3 | 3,572,623 | 117.0 | .. | ||||||||
United States | 11.6 | 22,599,191 | 98.3 | 170.0 | ||||||||
OECD Total (2) | 8.2 | 37,711,728 | 66.9 | |||||||||
Notes: ".." means not available. (1) The column "% change" shows the nominal change of pension fund assets in national currency compared to the amount in December 2020, except for Australia (June 2020). (2) The total is the result of the conversion of the values for each jurisdiction in USD. The total % change is calculated as the change of total assets in the considered area (in US dollar) between end-2020 and end-2021. Total pension fund assets as a % of GDP are calculated as the ratio between the sum of all pension fund assets and the sum of all the GDPs (in US dollar) of the reporting jurisdictions in the area considered. Investments are used as a proxy of assets. The column "All vehicles" gives the amount of assets in all retirement savings plans in 2021. Exchange rates come from the IMF International Financial Statistics database. GDP values come from OECD.Stat and the IMF World Economic Outlook. Technical provisions have been used as a proxy of assets in pension insurance contracts for Belgium and book reserves in Italy. There is a methodogical change in the estimation of pension fund assets in Canada in 2021, preventing the calculation of the nominal growth rate of assets between 2020 and 2021. Data for the United Kingdom refer to the gross assets of pension funds and exclude the net value of derivatives. Source: OECD Global Pension Statistics; Bank of Japan; Korean Ministry of Employment and Labour |
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Figure 1. Nominal and real investment rates of return of pension funds, Dec 2020 - Dec 2021 (preliminary) | |||||||||||||||
In per cent | |||||||||||||||
A. Selected OECD countries |
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Real IRRs | Nominal IRRs | height | A. Selected OECD countries | B. Selected other jurisdictions | |||||||||||
Poland | 15.2 | 25.2 | 0.981481481481482 | ||||||||||||
Finland | 12.3 | 16.2 | 0.944444444444444 | ||||||||||||
Australia | 11.1 | 15.3 | 0.907407407407407 | ||||||||||||
Costa Rica | 10.0 | 13.6 | 0.87037037037037 | ||||||||||||
Lithuania | 9.2 | 20.7 | 0.833333333333333 | ||||||||||||
Israel | 8.4 | 11.5 | 0.796296296296296 | ||||||||||||
Iceland | 6.3 | 11.7 | 0.759259259259259 | ||||||||||||
Colombia | 3.7 | 9.6 | 0.722222222222222 | ||||||||||||
Austria | 3.3 | 7.6 | 0.685185185185185 | ||||||||||||
United States | 2.9 | 10.1 | 0.648148148148148 | ||||||||||||
Norway | 2.6 | 8.1 | 0.611111111111111 | ||||||||||||
Canada | 2.1 | 6.2 | 0.574074074074074 | ||||||||||||
Netherlands | 2.1 | 7.9 | 0.537037037037037 | ||||||||||||
Spain | 1.9 | 8.6 | 0.5 | ||||||||||||
Belgium | 1.9 | 7.7 | 0.462962962962963 | ||||||||||||
Portugal | 1.5 | 4.3 | 0.425925925925926 | ||||||||||||
Italy | 1.0 | 4.9 | 0.388888888888889 | ||||||||||||
Greece | 0.7 | 5.8 | 0.351851851851852 | ||||||||||||
Estonia | -0.2 | 11.9 | 0.314814814814815 | ||||||||||||
Mexico | -0.3 | 7.1 | 0.277777777777778 | ||||||||||||
Latvia | -1.0 | 6.8 | 0.240740740740741 | ||||||||||||
Denmark | -2.9 | 0.1 | 0.203703703703704 | ||||||||||||
Slovenia | -3.0 | 1.7 | 0.166666666666667 | Notes: Data have been calculated using a common formula for the average nominal net investment rate of return (ratio between the net investment income at the end of the period and the average level of assets over the period) for all jurisdictions, except for Austria, Finland, Israel, Italy, Lithuania, Netherlands, Slovenia and the United States among OECD countries and for Armenia, Croatia and Hong Kong (China) where values come from the own calculations of national authorities or from other official sources. Average real net investment rates of return have been calculated using the nominal investment rate of return (as described above) and the variation of the end-of-period consumer price index (extracted from OECD.Stat, the IMF’s online database or the IMF's World Economic Outlook published in April 2022) usually for the same period over which the nominal return is calculated, i.e. between June 2020 and June 2021 for Australia, between December 2020 and September 2021 for Canada, and between December 2020 and December 2021 for the other jurisdictions. These results may deviate from the own calculations of national authorities. The investment rate of return is net of tax and investment expenses for Australia. The investment rate of return of pension funds is calculated only for new pension funds in Israel, contractual pension funds in Italy (and is net of taxes), mutual pension funds in Slovenia, pension funds in charge of the accumulation phase in Croatia, Mandatory Provident Fund (MPF) schemes in Hong Kong (China). Source: OECD Global Pension Statistics. |
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Chile | -3.2 | 3.7 | 0.12962962962963 | ||||||||||||
Hungary | -4.7 | 2.4 | 0.092592592592593 | ||||||||||||
Czech Republic | -5.5 | 0.8 | 0.055555555555556 | ||||||||||||
Turkey | -9.7 | 22.9 | 0.018518518518519 | ||||||||||||
B. Selected other jurisdictions | |||||||||||||||
Real IRRs | Nominal IRRs | height | |||||||||||||
Egypt | 8.8 | 14.2 | 0.980769230769231 | ||||||||||||
Uganda | 7.7 | 10.8 | 0.942307692307692 | ||||||||||||
North Macedonia | 4.6 | 9.6 | 0.903846153846154 | ||||||||||||
Indonesia | 4.0 | 5.9 | 0.865384615384615 | ||||||||||||
Uruguay | 3.9 | 12.1 | 0.826923076923077 | ||||||||||||
Maldives | 3.5 | 3.5 | 0.788461538461538 | ||||||||||||
Kosovo | 3.2 | 10.1 | 0.75 | ||||||||||||
Thailand | 2.0 | 4.2 | 0.711538461538462 | ||||||||||||
Kazakhstan | 1.7 | 10.3 | 0.673076923076923 | ||||||||||||
India | 1.4 | 7.1 | 0.634615384615385 | ||||||||||||
Croatia | 1.4 | 6.9 | 0.596153846153846 | ||||||||||||
Albania | -0.4 | 3.3 | 0.557692307692308 | ||||||||||||
Macau (China) | -0.5 | 0.5 | 0.519230769230769 | ||||||||||||
Guyana | -1.3 | 4.3 | 0.480769230769231 | ||||||||||||
Romania | -1.8 | 6.2 | 0.442307692307692 | ||||||||||||
Peru | -2.4 | 4.5 | 0.403846153846154 | ||||||||||||
Bulgaria | -2.5 | 5.1 | 0.365384615384615 | ||||||||||||
Hong Kong (China) | -2.6 | -0.3 | 0.326923076923077 | ||||||||||||
Georgia | -3.2 | 10.2 | 0.288461538461538 | ||||||||||||
Armenia | -4.6 | 2.8 | 0.25 | ||||||||||||
Nigeria | -5.5 | 9.3 | 0.211538461538462 | ||||||||||||
Serbia | -6.1 | 1.3 | 0.173076923076923 | ||||||||||||
Pakistan | -6.5 | 5.0 | 0.134615384615385 | ||||||||||||
Ghana | -9.8 | 1.6 | 0.096153846153846 | ||||||||||||
Suriname | -26.5 | 18.0 | 0.057692307692308 | ||||||||||||
Zimbabwe | -31.8 | 9.7 | 0.019230769230769 |
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