Pensions

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In advanced economies, pension assets have nearly doubled as a share of GDP to an average of 55%, exceeding 100% of GDP in eight countries.

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With total assets over USD 56 trillion, pension funds are also the largest investors in global capital markets, including public equity and debt markets as well as emerging private capital markets.

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Equity investments account for more than 40% in 13 out of 38 countries, while they are less than 20% in only 7 countries.

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The OECD Pension Markets in Focus 2024 provides detailed country-specific notes and information on the plans covered by the data.

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Since 2015, many countries have increased the value of financial incentives for retirement savings to increase the role that asset-backed pension plans are expected to play in financing retirement income.

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Using historical returns on selected asset classes, the chapter shows that over 80% of cohorts across 19 OECD countries would have accumulated more assets at retirement had they invested at least part of their retirement savings for 40 years in a mix of domestic and foreign equities instead of only investing in domestic fixed income securities (government bonds plus cash and deposits).

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In contrast, the first column shows that the fixed-income portfolio would produce a higher replacement rate than the other strategies with a probability of no more than 13%.

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Cohorts saving for 20 years instead of 40 would accumulate less in all investment strategies, with a much larger difference for portfolios fully invested in diversified equities compared to other investment strategies.

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By contrast, there is a 60% probability of getting higher replacement rates when staying invested fully in equities during the payout phase and taking regular drawdowns instead of buying a lifelong annuity at retirement.

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For example, the reduction in equity exposure may start in the last 10 years before retirement when participants are planning to take an annuity.

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Family members managing the estate normally have around 12 months to manage selling the home, and the grace period can be extended in the event of departure due to long-term care needs to allow more time to sort out the financial situation of the occupant.

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Limits are lower for younger borrowers, say 15% of the home value of someone aged 60, increasing up to around 50% for older borrowers aged 80 and over.

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The chapter describes in Section 2.1 the different models of multi-employer pension arrangements and their management and governance structures.

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Section 2.2 analyses which employers and workers may have access to these arrangements, while Section 2.3 describes the onboarding process for employers.

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In Canada, pooled registered pension plans were introduced in 2012 to make it easier for employers not already offering an occupational pension plan to do so.

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The latest version of multiple-employer pension plans, called pooled employer plans, was introduced in 2021 and is accessible to any employer.

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In Norway, KLP is the pension provider for local government employees and was jointly created in 1949 by the Union of Norwegian Cities and the Norwegian Association of Rural Municipalities.

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While 85% of pension funds provide the possibility of voluntary continuation in the pension scheme for the self-employed, two barriers may prevent take-up: the application and the voluntary continuation of contributions must be made shortly after termination of the employment contract (within 9 months and 15 months, respectively), and the self-employed must pay the sum of employee and employer contributions.

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When an employer selects Nest for its enrolment duties, signing up with it is straightforward.9 The employer first needs to create an online Nest account and then complete five tasks: 1.

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In Denmark, PensionDanmark is the pension provider for all blue-collar workers covered by a collective agreement and around 80% of its active members work in companies with less than 10 employees.

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In advanced economies, pension assets have nearly doubled as a share of GDP to an average of 55%, exceeding 100% of GDP in eight countries.

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With total assets over USD 56 trillion, pension funds are also the largest investors in global capital markets, including public equity and debt markets as well as emerging private capital markets.

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Equity investments account for more than 40% in 13 out of 38 countries, while they are less than 20% in only 7 countries.

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The OECD Pension Markets in Focus 2024 provides detailed country-specific notes and information on the plans covered by the data.

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Since 2015, many countries have increased the value of financial incentives for retirement savings to increase the role that asset-backed pension plans are expected to play in financing retirement income.

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Using historical returns on selected asset classes, the chapter shows that over 80% of cohorts across 19 OECD countries would have accumulated more assets at retirement had they invested at least part of their retirement savings for 40 years in a mix of domestic and foreign equities instead of only investing in domestic fixed income securities (government bonds plus cash and deposits).

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In contrast, the first column shows that the fixed-income portfolio would produce a higher replacement rate than the other strategies with a probability of no more than 13%.

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Cohorts saving for 20 years instead of 40 would accumulate less in all investment strategies, with a much larger difference for portfolios fully invested in diversified equities compared to other investment strategies.

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By contrast, there is a 60% probability of getting higher replacement rates when staying invested fully in equities during the payout phase and taking regular drawdowns instead of buying a lifelong annuity at retirement.

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For example, the reduction in equity exposure may start in the last 10 years before retirement when participants are planning to take an annuity.

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Family members managing the estate normally have around 12 months to manage selling the home, and the grace period can be extended in the event of departure due to long-term care needs to allow more time to sort out the financial situation of the occupant.

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Limits are lower for younger borrowers, say 15% of the home value of someone aged 60, increasing up to around 50% for older borrowers aged 80 and over.

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The chapter describes in Section 2.1 the different models of multi-employer pension arrangements and their management and governance structures.

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Section 2.2 analyses which employers and workers may have access to these arrangements, while Section 2.3 describes the onboarding process for employers.

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In Canada, pooled registered pension plans were introduced in 2012 to make it easier for employers not already offering an occupational pension plan to do so.

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The latest version of multiple-employer pension plans, called pooled employer plans, was introduced in 2021 and is accessible to any employer.

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In Norway, KLP is the pension provider for local government employees and was jointly created in 1949 by the Union of Norwegian Cities and the Norwegian Association of Rural Municipalities.

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While 85% of pension funds provide the possibility of voluntary continuation in the pension scheme for the self-employed, two barriers may prevent take-up: the application and the voluntary continuation of contributions must be made shortly after termination of the employment contract (within 9 months and 15 months, respectively), and the self-employed must pay the sum of employee and employer contributions.

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When an employer selects Nest for its enrolment duties, signing up with it is straightforward.9 The employer first needs to create an online Nest account and then complete five tasks: 1.

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In Denmark, PensionDanmark is the pension provider for all blue-collar workers covered by a collective agreement and around 80% of its active members work in companies with less than 10 employees.

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This is the case for instance in the United States for multiple employer plans, which may lose their tax-qualified status if only one employer is not compliant.13 Multi-employer pension arrangements established through collective agreements between social partners may raise fairness issues.

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Even though the transition to a master trust is smooth for most pension plans, those with complex assets or benefit structures may be difficult to replicate in a master trust.15 Moreover, employer inertia may limit the development of master trusts as employers may lack good understanding of the new governance requirements and may not realise that a master trust could be more cost-effective for their plan.

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Since 2015, many countries have increased financial incentives for retirement savings as asset-backed pension plans are expected to play an increasing role in financing retirement income.

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Tax credits can be found in Belgium (with a credit rate of 30%), Estonia (20%), Israel (35%), Korea (13.2% or 16.5% for lower earners) and the United States (0% to 50% depending on income).

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For example, in Australia, employer contributions to superannuation accounts are taxed at the fixed rate of 15% for most employees.5 As this rate is usually lower than their marginal tax rate, most individuals benefit from a tax rate relief on their contributions.

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At the other extreme, contributions attracting tax relief are capped at 100% of income in the United Kingdom and the United States.

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For example, in Belgium, contributions up to 3% of gross salary are eligible for the tax credit in VAPW plans, while contributions up to 9.4% of professional income are deductible from professional income for the self-employed in social VAPZ plans.

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Maximum limit on contributions attracting tax relief expressed as a fixed amount, 2023 As a percentage of the average wage in the economy in 2022 Notes: Countries in the left panel have limits above 80% of the average wage.

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In Italy, employees can recoup the unused annual tax relief of their first years of participation during the following 20 years, up to 50% of the maximum annual relief per year.

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Only 12 OECD countries tax investment income at least for selected pension plans.13 In Belgium, investment income is only taxed when the yearly investment return exceeds the guaranteed return, and the individual is granted a share of the excess return.

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A fixed tax rate applies to investment income in Australia (15%), Denmark (15.3%), Greece (5%), Latvia (10%), the Slovak Republic (19%) and Sweden (15%).

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For example, in Australia, pensions are taxed at the individual’s marginal tax rate before the preservation age, there is a 15% tax offset between the preservation age and 59 years old, and pensions are tax free from age 60.14 Other countries discouraging early withdrawals with the tax system include Belgium, Denmark, Estonia, France, Italy, Lithuania, Türkiye, the United Kingdom and the United States.

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Finally, only Ireland taxes the total amount of funds accumulated at the point of retirement once it exceeds a certain limit.15 The limit has been set at EUR 2 million since 1 January 2014.

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The generosity of the match rate varies greatly across countries, from 4.25% in Austria to 325% in Mexico (solidarity savings programme for civil servants).16 The most common match rates are 20% (Colombia, Czechia, Hungary) and 50% (Australia, Chile, New Zealand).

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In Lithuania, the government contributes 1.5% of the average gross salary of the year before the last in the account of people who have children up to three years old and who receive maternity benefits.

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In Italy for instance, employer contributions are subject to a rate of 10% instead of the standard 24% rate, on earnings up to a ceiling.

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In Korea, charges for the Wage Claim Guarantee Fund are reduced by up to 50% if employers set up occupational pension plans rather than severance payment schemes.

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The United Kingdom eliminated the tax charge that applied when an individual had built up pension savings worth more than the lifetime allowance as of the tax year 2023/24.23 It also increased in 2021 the income limit from which the annual allowance is reduced, from GBP 150 000 to GBP 240 000.

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Finally, in Italy, returns on new investment in stocks of Italian and European companies made since 2017 are tax free (instead of a standard tax rate of 20%) if the securities are held for at least five years.

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The extra exemptions were further increased in to 32% and 12% respectively, meaning that 132% or 112% of contributions are tax exempted instead of 100%.

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Australia, Chile, France, Iceland, Spain, Portugal, and the United States allowed special early access to retirement savings in 2020 and beyond in order to provide short-term relief for members affected by the COVID-19 crisis.

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In Hungary, since 2019, employer contributions to voluntary pension funds and to institutions for occupational retirement provisions are considered taxable income for the employee.

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In Türkiye, individuals receive government matching contributions and fixed nominal subsidies, and the tax rate on investment income may be as low as 5% if the individual withdraws benefits from age 56 after at least 10 years of participation in the pension plan.

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Indeed, the OFE plans, to which the “EET” tax treatment applies, are losing importance as participation is no longer mandatory since 2014.

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Meanwhile, employees have been enrolled automatically into PPK plans since 2019, and the applicable tax regime is “TEE”.

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For example, in Lithuania, pension benefits from third pillar pension funds are taxed at 15% if the pension contract lasted less than five years or if the individual is more than five years before the statutory age of retirement.

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For example, in Czechia, annuities and programmed withdrawals paid over at least 10 years are tax free, while lump sums and programmed withdrawals over shorter periods are taxable.

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Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom036_t07_primary_claims.json --source-file <local-raw-pdf>

The 30% tax credit was, therefore, more advantageous than a tax deduction for the lower earners, but less advantageous for the higher earners.

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Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom036_t07_primary_claims.json --source-file <local-raw-pdf>

In addition, individuals must be younger than 71, at least 10% of their total income must be from employment or business, and their total superannuation balance must be less than the general transfer balance cap on 30 June of the previous financial year.

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Download the PDF to a local file, then run the committed verifier. A changed PDF is reported as drift rather than silently accepted.

python scripts/verify_primary_public_claim_group.py artifacts/cb7k_dom036_t07_primary_claims.json --source-file <local-raw-pdf>

Individuals paying personal income tax at a higher rate (40% or 45%) can claim the difference through their tax return or by calling or writing to His Majesty’s Revenue and Customs.

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