Pension Markets in Focus No.

8, July 2011
Updated on 2 August 2011

FIGURES
Figure 1. Pension funds' real net rate of investment returns in selected OECD countries, 2009-2010 (%) Figure 2. Pension funds' real net rate of investment returns in selected non-OECD countries, 2009-2010 (%) Figure 3. Pension fund asset allocation for selected investment categories in selected OECD countries, 2010 (As percentage of total investments) Figure 4. Pension fund asset allocation for selected investment categories in selected non-OECD countries, 2010 (As percentage of total investments) Figure 5. Importance of pension funds relative to the size of the economy in OECD countries, 2010 (As a % of GDP) Figure 6. Importance of pension funds relative to the size of the economy in non-OECD countries, 2010 (As a % of GDP) Figure 7 Geographical distribution of pension funds' assets in OECD countries, 2010 (As a % of total OECD pension funds' assets) Figure 8. Relative shares of DB, DC and hybrid/mixed pension fund assets in selected OECD countries, 2010 (As % of total assets) Figure 9. Private pension assets by type of financing vehicle in selected OECD countries, 2010 (% GDP and in absolute terms (USD billion)) Figure 10. Operating costs in selected OECD countries, 2010 (As a percentage of total assets) Figure 11. Operating costs in selected non-OECD countries, 2010 (As a percentage of total assets) Figure 12. Concentration of total assets compared to the membership of the three largest pension funds in selected countries, 2010 Figure 13 Public pension reserve funds¶ real net investment returns in selected OECD and non-OECD countries, 2009-2010 Figure 14. Asset allocation of public pension reserve funds in selected OECD and non-OECD countries, 2010 Figure 15. Comparison of effective allocation in shares and other equity in 2009 and 2010 with the target allocation in selected OECD and non-OECD countries As a percentage of total investment Figure 16. Foreign investment of public pension reserve funds by asset class in selected OECD and nonOECD countries, 2010 As a % of total fixed income investment and as a % of total shares and other equity investment Figure 17. Total notional value of derivatives held, outstanding, by type of product in selected OECD countries, 2010 (In millions of USD and 2010 increase in %) Figure 18. Total operating costs by type in selected OECD countries, 2010 (As a % of assets under management)

TABLES
Table 1. Pension fund nominal and real 3-year average annual returns in selectd OECD countries over 2008-2010 (%) Table 2. Pension fund nominal and real 3-year average annual returns in selectd non-OECD countries over 2008-2010 (%) Table 3. Total investment in pension funds in OECD and selected non-OECD economies, 2007-2010 (In USD and national currency millions) Table 4. Size of public pension reserve fund markets in selected OECD countries and other major economies, 2010 Table 5. Nominal and real average annual PPRF returns in selected OECD countries over 2008-2010 (In percent) Source: OECD Global Pension Statistics. www.oecd.org/daf/pensions/gps www.oecd.org/daf/pensions/pensionmarkets

Data Data Data Data Data Data Data Data Data Data Data Data Data Data

Data

Data

Data Data

Return to the menu Go to the data Figure 1. Pension funds' real net rate of investment returns in selected OECD countries, 2009-2010 (%)

2009

2010

Netherlands (p) New Zealand (1) Chile (2) Finland Canada Poland Denmark Mexico (3) Germany (4) Australia (1) Norway Belgium Estonia Austria Simple average Hungary Slovenia Weighted average Korea Italy Turkey United States Slovak Republic United Kingdom Switzerland Luxembourg Czech Republic Spain Iceland Portugal Greece -15 -10 -5 0 5 10 15 20 25 n.d. n.d. n.d. 4.4 3.5 5.4 4.3

Note: Data have been calculated using a common formula for the average nominal net investment return (ratio between the net investment income at the end of the year and the average level of assets during the year) for all countries, except for Austria (2010), Germany (2010), Korea (2010), and the United States (2009 and 2010), for which values have been provided by the countries. The average real net investment returns have been calculated using the nominal interest rate (as described above) and the variation of the consumer price index for the relevant year. 1. Data refer to annual returns at the end of June of each year. 2. Data are gross of investment expenses. 3. Data refer to personal pension plans only. 4. Data for 2010 are based on a sample of the seven largest German pension funds which, as an indicator, cannot be directly compared to total market figures of 2009. Source: OECD Global Pension Statistics.

Return to the menu Go to the Data Figure 2. Pension funds' real net rate of investment returns in selected non-OECD countries, 2009-2010 (%)

2009

2010

Colombia Latvia Peru Weighted average Romania Ukraine Simple average Albania Hong Kong (China) Macedonia Bulgaria Costa Rica Thailand Pakistan Nigeria -15 -10 -5 0 5 10 15 20 25 n.d. n.d. 6.4 8.2 8.3 9.9 n.d.

nd
n.d.

Note: Data have been calculated using a common formula for the average nominal net investment return (ratio between the net investment income at the end of the year and the average level of assets during the year) for all countries, except for Hong Kong (2010), Latvia (2009), Romania (2010), Serbia (2009), and Ukraine (2010), for which values have been provided by the countries. The average real net investment returns have been calculated using the nominal interest rate (as described above) and the variation of the consumer price index for the relevant year. Source: OECD Global Pension Statistics.

6. shares and other. 1. Source: Australian Bureau of Statistics. The high value for the "Other" category is mainly driven by loans (29% of total investment) and other mutual funds (17% of total investment). Source: Bank of Japan. Pension fund asset allocation for selected investment categories in selected OECD countries. land and buildings. 4. asset allocation data in this Figure include both direct investment in shares. The high value for the "Other" category is mainly driven by unallocated insurance contracts (20% of total investment). The high value for the "Other" category is mainly driven by payable and receivable accounts (24% of total investment) and outward investments in securities (19% of total investment). The "Other" category includes loans. bills and bonds. 7.e. bills and bonds and cash and indirect investment through mutual funds. 8. The high value for the "Other" category is mainly driven by net equity of pension funds in life office reserves (16% of total investment). 3. Therefore. The high value for the "Other" category is mainly driven by unallocated insurance contracts (22% of total investment).Return to the menu Go to the Data Figure 3. 2. not invested in cash. 5. When the look-through was not provided by the countries. other mutual funds (i. 2010 As a % of total investment United States Finland Australia (2) Chile Belgium Poland Norway Canada (3) Austria Turkey Portugal Netherlands (p) Iceland Mexico Denmark Hungary Spain Italy (4) Japan (5) Israel Germany (6) Estonia (7) Greece Slovenia Slovak Republic Czech Republic Korea (8) 0% 10% Equities Bills and bonds Cash and deposit Other (1) 20% 30% 40% 50% 60% 70% 80% 90% 100% Note: The GPS database provides information about investments in mutual funds and the look-through mutual fund investments in cash and deposits. unallocated insurance contracts. estimates were made assuming that mutual funds' investment allocation in cash and deposits. The high value for the "Other" category is mainly driven by private investment funds (65% of total investment). The high value for the "Other" category is mainly driven by other mutual funds (16% of total investment). private investment funds. bills and bonds. shares and other was the same as pension funds' direct investments in these categories. bills and bonds or shares) and other investments. . Source: OECD Global Pension Statistics.

Source: OECD Global Pension Statistics. Therefore. shares and other was the same as pension funds' direct investments in these categories. estimates were made assuming that mutual funds' investment allocation in cash and deposits. bills and bonds. shares and other. asset allocation data in this Figure include both direct investment in shares. 2010 As a % of total investment Equities Bills and bonds Cash and deposit Other Hong Kong (China) Peru Colombia Pakistan Nigeria Ukraine Bulgaria Jamaica Romania Macedonia Latvia Albania Costa Rica 0% 20% 40% 60% 80% 100% Note: The GPS database provides information about investments in mutual funds and the look-through mutual fund investments in cash and deposits. bills and bonds. When the look-through was not provided by the countries. .Return to the menu Go to the Data Figure 4. bills and bonds and cash and indirect investment through mutual funds. Pension fund asset allocation for selected investment categories in selected non-OECD countries.

Source: OECD Global Pension Statistics. Importance of pension funds relative to the size of the economy in selected OECD countries.6 67.2 4.9 33.8 7. OECD estimate.9 7. Source: Bank of Japan. Source: IAPF Pension Investment Survey 2010.6 11.9 49. Data refer to investment companies managed funds.2 0. 5.5 2.2 25.1 71.6 72.7 49.9 90. 2010 As a % of GDP Netherlands (p) Iceland Australia United Kingdom (1) Finland Weighted average United States Chile Canada Denmark Ireland (2) Israel Simple average Japan (3) Poland Hungary New Zealand Mexico Portugal Spain Norway Slovak Republic Estonia (4) Czech Republic Austria Germany Italy Korea Belgium Slovenia Turkey France (5) Greece 0 134.3 5.4 6.2 15.8 2.6 4. 3.8 14. 4.9 123.0 60.3 5.4 7.0 48.3 0.4 7.8 12.0 20 40 60 80 100 120 140 1.Return to the menu Go to the Data Figure 5.6 82. Data refer to PERCO plans as of June 2010. .0 3.6 13.9 86. 2.

1 3.0 15. Data refer to June 2010.0 4.Return to the menu Go to the Data Figure 6.2 0.2 25.0 5.9 0.0 30. .6 0.4 5.4 20.3 14.1 0. Source: AIOS.9 16.7 0.1 15.4 14.0 0.7 1. 2. Importance of pension funds relative to the size of the economy in selected non-OECD countries. 3.0 25.1 34.0 35. OECD estimate. Source: OECD Global Pension Statistics.0 20.0 40.7 8.ru/indicators/).0 10. 201 As a % of GDP Hong Kong (China) El Salvador (1) Peru Colombia (1) Weighted average Uruguay (1) Brazil Simple average Bulgaria Dominican Republic (1) Russian Federation Indonesia (2) Romania Latvia China India (3) Ukraine Pakistan 1.9 0.investfunds. Source: Investfunds (http://npf.

. OECD estimate. 2010 As a % of total OECD Switzerland (3) 3% Other 8% Canada 5% Australia 6% Netherlands (p) 6% Japan (2) 7% United Kingdom (1) 10% United States 55% 1. 3. Source: OECD Global Pension Statistics. Source: Bank of Japan. 2. Geographical distribution of pension fund assets in OECD countries.Return to the menu Go to the Data Figure 7. Data refer to 2009.

DC and hybrid/mixed pension fund assets in selected OECD countries. .Return to the menu Go to the Data Figure 8. Source: OECD Global Pension Statistics. but the split between the two categories is not available. Pension plans in Germany can actually be traditionnal DB plans and hybrid DB plans. Relative shares of DB. 2010 As a % of total assets Defined contribution Defined benefit Hybrid/Mixed Chile Czech Republic Greece Hungary Poland Slovak Republic Denmark Italy Australia Mexico New Zealand Turkey United States Israel Korea Iceland Portugal Canada Finland Norway Germany (1) 0% 20% 40% 60% 80% 100% 1.

3. and Slovak Republic. 2. Japan. Source: OECD Global Pension Statistics. 1. Technical provisions were considered as a proxy for total assets of book reserve schemes. Czech Republic. Data refer to 2009. . Private pension assets by type of financing vehicle in selected OECD countries. 2010 As a % of GDP and in absolute terms (USD billion) Pension funds Book reserve Pension insurance contracts Other Denmark Iceland Canada United States Australia Finland Sweden (1) Israel Korea Portugal Spain France (2) Italy (3) Slovenia 0 (552) (17) (2019) (17371) (1124) (217) (280) (107) (159) (28) (131) (232) (113) (3) 50 100 150 200 Note: Countries where private pension plans are only financed via autonomous pension funds include Chile.Return to the menu Go to the Data Figure 9. Data refer to 2008.

3 0.7 0.5 0.3 1.1 0.3 0.6 Note: Operating costs include investment expenses and administrative costs.0 1.3 0.4 0.Return to the menu Go to the Data Figure 10. .2 1.4 0.4 1.4 0.2 0. Source: OECD Global Pension Statistics.4 0. Operating costs in selected OECD countries.0 0.6 0.4 0.2 0.0 1. 2010 As a % of total assets Czech Republic Spain Hungary Slovenia New Zealand Australia Slovak Republic Greece Poland Netherlands Finland Israel Canada Norway Belgium Iceland Denmark 0.8 1.6 0.2 0.5 0.9 1.

Source: OECD Global Pension Statistics.9 5.0 1.9 7.0 4.0 6.0 Note: Operating costs include investment expenses and administrative costs.0 3.2 1.0 1.3 1.9 1.0 1.0 2. Operating costs in selected non-OECD countries. . 2010 As a % of total assets Ukraine Macedonia Latvia Nigeria Bulgaria Costa Rica 0.0 5.Return to the menu Go to the Data Figure 11.

041x . 3. Source: OECD Global Pension Statistics. 2010 100 Total assets of the 3 largest funds as a % of total 90 y = 1.Return to the menu Go to the Data Figure 12. Data refer to 2009. 2.0. Concentration of total assets compared to the membership of the three largest pension funds in selected countries.9792 80 70 60 50 40 30 20 10 0 0 Spain 20 40 60 80 100 Italy Latvia Peru (3) Colombia Chile Slovenia (1) Austria Bulgaria Romania Estonia Poland Czech Republic Pakistan Macedonia Greece Finland Mexico Slovak Republic Norway Germany (2) New Zealand Australia Total membership of the 3 largest funds as a % of total 1. Data refer to pension and insurance companies. Data refer to March 2011. .

AP3 Canada France . .AP6 Sweden .9 7.FRR Mexico Spain Belgium 1. Data refer to June of each year.d. 6. n.d. Non-OECD country Argentina n.d. 2009-2010 (%) 2009 2010 New Zealand Norway Sweden .3 n.d.AP2 Sweden . Chile Portugal Japan n.d. -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35 Source: OECD Global Pension Statistics.AP4 Sweden .ARRCO Korea France .AP1 Sweden .Return to the menu Go to the Data Figure 13.AGIRC Simple average Australia Ireland Weighted average Poland United States France .6 3. n.3 10. Public pension reserve funds¶ real net investment returns in selected OECD and non-OECD countries.

7. opportunity investments. Other investments include opportunity investments and foreign exchange portfolios. Other investments include foreign exchange hedging and interest rate swaps. Data refer to June 2010. 2010 100 90 80 70 60 50 40 30 20 10 0 Other investments Cash and deposits Fixed income Private equity and hedge funds Structured products Land and buildings Shares and other equites OECD countries Non-OECD country 1. long/short portfolios. 5. 4. Data refer to 2009. Source: OECD Global Pension Statistics. 9. 6. Page 1 . Other investments include derivatives. Other investments include assets in irregular situation.F14 AssetAllocPPRF Return to the menu Go to the Data Figure 14. Land and buildings include real estate funds. 2. 3. Other investments include derivatives. Asset allocation of public pension reserve funds in selected OECD and non-OECD countries. Other investments include accounts receivables and derivatives. foreign exchange portfolios. convertibles. Other investments include derivatives and timber. insurance-linked securities. Other investments include infrastructure investments. 8.

2.F15 TargetAA_PPRF Return to the menu Go to the Data Figure 15. Data refer respectively to 2008 and 2009. Non-OECD country Page 1 . Source: OECD Global Pension Statistics. Data refer to June of each year. Comparison of effective allocation in shares and other equity in 2009 and 2010 with the target allocation in selected OECD and non-OECD countries As a % of total investment 70 60 50 40 30 20 10 0 Target allocation Effective end-2009 allocation Effective end-2010 allocation OECD countries 1.

Source: OECD Global Pension Statistics. Data refer to 2009. Foreign investment of public pension reserve funds by asset class in selected OECD and non-OECD countries.F16 Foreign_PPFR Return to the menu Go to the Data Figure 16. 2010 As a % of total fixed income investment and as a % of total shares and other equity investment Fixed income Shares and other equity 100 90 80 70 60 50 40 30 20 10 0 OECD countries 1. Non-OECD country Page 1 .

by type of product in selected OECD countries.6% 0 Canada Sweden .000 -2.000 +17.000 80.000 Equity derivatives Currency derivatives Interest rate / credit derivatives +52.8% 20.8% 70. 2010 In millions of USD and 2010 increase in % 100. Total notional value of derivatives held.000 -21.0% 30.000 10.000 +49.Return to the menu Go to the Data Figure 17.000 60.000 50.000 40. .9% 90.AP4 Norway Portugal Source: OECD Global Pension Statistics. outstanding.

25 0.40 0. Total operating costs by type in selected OECD countries. Source: OECD Global Pension Statistics.45 0.05 0.15 0. depreciation. timber costs and forecast performance fees. Page 1 .10 0. Other costs include the contingent labour liabilities.30 0.00 1.20 0. 2. 4.50 0. Excluded are brokerage. Other costs include advisor fees.F18 Costs_PPRF Return to the menu Go to the Data Figure 18.35 0. Other costs include trustee and custody fees as well as consulting costs. 2010 As a % of assets under management Other Investment management costs Administrative costs 0. 3. Other costs include custody fees.

4 5.5 2.2 4.0 0.9 10.4 13.3 4.7 11. except for Austria (2010).4 6. The average real net investment returns have been calculated using the nominal interest rate (as described above) and the variation of the consumer price index for the relevant year.5 11.5 -8.7 7.0 0.5 -3.4 -2.3 18.8 9.3 8.5 -1.6 Note: Data have been calculated using a common formula for the average nominal net investment return (ratio between the net investment income at the end of the year and the average level of assets during the year) for all countries. 3.4 0.6 2. Korea (2010).1 1.4 18.9 11.2 3.3 -0.5 5.9 6.7 -0.2 14.1 2010 -7.8 7. 1.1 13.6 -10.0 10. Data refer to personal pension plans only.5 5. Source: OECD Global Pension Statistics .3 5.5 4.6 5.2 6. Germany (2010).2 5.8 0.4 7.8 -0.7 8.4 5.4 1. Data for 2010 are based on a sample of the seven largest German pension funds which.4 -1.9 4.3 -0.1 4.0 10. Data are gross of investment expenses.6 -2. 4.0 0. and the United States (2009 and 2010).7 8.1 2. for which values have been provided by the countries. cannot be directly compared to total market figures of 2009.8 1. 2.Return to the menu Go to the Graphic Pension funds' real net rate of investment returns in selected OECD countries. as an indicator. 2009-2010 (%) Country Greece Portugal Iceland Spain Czech Republic Luxembourg Switzerland United Kingdom Slovak Republic United States Turkey Italy Korea Weighted average Slovenia Hungary Simple average Austria Estonia Belgium Norway Australia (1) Germany (4) Mexico (3) Denmark Poland Canada Finland Chile (2) New Zealand (1) Netherlands (p) 2009 1.0 1.0 4.7 12.5 8. Data refer to annual returns at the end of June of each year.

7 5.4 4.5 9.1 0.4 7.6 14.Return to the menu Go to the Graphic Pension funds' real net rate of investment returns in selected non-OECD countries.1 8.0 8. for which values have been provided by the countries.5 0.3 5. Latvia (2009).3 8. Romania (2010).2 0. Source: OECD Global Pension Statistics.0 10. 2009-2010 (%) Country Nigeria Pakistan Thailand Costa Rica Bulgaria Macedonia Hong Kong (China) Albania Simple average Ukraine Romania Weighted average Peru Latvia Colombia 2009 -2.6 18.9 -2.0 1.3 20. and Ukraine (2010). Serbia (2009).6 Note: Data have been calculated using a common formula for the average nominal net investment return (ratio between the net investment income at the end of the year and the average level of assets during the year) for all countries.3 3.0 6.1 0. except for Hong Kong (2010). .3 1.0 21.6 22.5 -2. The average real net investment returns have been calculated using the nominal interest rate (as described above) and the variation of the consumer price index for the relevant year.7 2010 -11.2 5.4 7.7 6.9 13.

5 3.1 15.9 0.7 7.4 3.0 0.4 77. 6.0 14. 1.7 15.4 0.5 19.9 17.1 Bills and Cash and Other (1) bonds deposit 25.8 27.7 19.9 37.4 10.4 69.3 34.4 0.8 17.8 8. The high value for the "Other" category is mainly driven by payable and receivable accounts (24% of total investment) and outward investments in securities (19% of total investment).5 2.4 12.0 53.8 9.9 3.3 27.Return to the menu Go to the Graphic Pension fund asset allocation for selected investment categories in selected OECD countries.5 6.2 1.8 27. other mutual funds (i.1 11.0 31. The high value for the "Other" category is mainly driven by unallocated insurance contracts (22% of total investment).7 36.2 9.6 0. The "Other" category includes loans.9 26.2 4. bills and bonds or shares) and other investment 2.5 13. 2010 As a % of total investment Country United States Finland Australia (2) Chile Belgium Poland Norway Canada (3) Austria Turkey Portugal Netherlands (p) Iceland Mexico Denmark Hungary Spain Italy (4) Japan (5) Israel Germany (6) Estonia (7) Greece Slovenia Slovak Republic Czech Republic Korea (8) Equities 49. bills and bonds and cash and indirect investment through mutual funds.5 0.7 7.1 17. 3.8 54.7 57.6 1.0 5. Therefore.9 81.4 66.0 4.2 33.1 42. bills and bonds.8 6.4 19. 5.6 46. Source: Bank of Japan.5 7. land and buildings.5 9. Source: OECD Global Pension Statistics .8 3. 4. private investment funds.7 48.3 49. The high value for the "Other" category is mainly driven by private investment funds (65% of total investment).5 4.0 70.9 49.5 0.9 56.0 59.1 5.6 30.0 28.0 79.8 32.2 51. asset allocation data in this Figure include both direct investment in shares.0 41.8 Note: The GPS database provides information about investments in mutual funds and the look-through mutual fund investments in cash and deposits. When the look-through was not provided by the countries.e.6 10.6 6.5 47.4 19.8 2.9 2.2 3.5 14.3 47.7 21. The high value for the "Other" category is mainly driven by loans (29% of total investment) and other mutual funds (17% of total investment).4 4.9 56.9 21. The high value for the "Other" category is mainly driven by other mutual funds (16% of total investment).2 11. 8.9 37. estimates were made assuming that mutual funds' investment allocation in cash and deposits.5 0. Source: Australian Bureau of Statistics. 7.3 40.1 49. not invested in cash.8 4.7 35.5 35.3 2.4 20. shares and other was the same as pension funds' direct investments in these categories.4 70. bills and bonds.9 8. The high value for the "Other" category is mainly driven by unallocated insurance contracts (20% of total investment). The high value for the "Other" category is mainly driven by net equity of pension funds in life office reserves (16% of total investment).2 17. unallocated insurance contracts.3 87.5 0.5 23.5 27.5 10.2 25.8 47.5 13. shares and other.5 43.

7 49.4 9.4 42.2 34.0 9. bills and bonds and cash and indirect investment through mutual funds.8 18.5 25.7 27.0 Note: The GPS database provides information about investments in mutual funds and the look-through mutual fund investments in cash and deposits.0 7.0 0.0 0. Therefore. When the look-through was not provided by the countries.7 50.4 30.0 12. asset allocation data in this Figure include both direct investment in shares. bills and bonds.8 80.3 4.Return to the menu Go to the Graphic Pension fund asset allocation for selected investment categories in selected non-OECD countries.9 73. Source: OECD Global Pension Statistics.7 1.7 Cash and deposit 11.0 30.5 0.8 0.1 16. shares and other was the same as pension funds' direct investments in these categories. .4 3.6 43.3 Other 7.0 0.3 3.0 74.9 55.8 4. shares and other.7 47.4 2.1 16.8 14. 2010 As a % of total investment Country Hong Kong (China) Peru Colombia Pakistan Nigeria Ukraine Bulgaria Jamaica Romania Macedonia Latvia Albania Costa Rica Equities 55.6 25.3 58. estimates were made assuming that mutual funds' investment allocation in cash and deposits.0 Bills and bonds 26.8 11.2 17.5 42.3 31.9 7.4 0.7 18. bills and bonds.2 45.0 0.0 49.2 95.6 5.6 0.

2 25.1 71.0 60.9 33.4 7. 2.6 4.6 11. Source: IAPF Pension Investment Survey 2010.7 49. Source: OECD Global Pension Statistics.6 13.8 14.4 7. Data refer to investment companies managed funds.0 Note: 1. 5. 3. Source: Bank of Japan.8 7.9 49.2 0.6 72.2 15.9 90.4 6.Return to the menu Go to the Graphic Importance of pension funds relative to the size of the economy in selected OECD countries.6 67.9 7.9 123. 4.9 86. .3 0.6 82.3 5.8 12.8 2.0 3.5 2.0 48.3 5.2 4. 2010 As a % of GDP Country Netherlands (p) Iceland Australia United Kingdom (1) Finland Weighted average United States Chile Canada Denmark Ireland (2) Israel Simple average Japan (3) Poland Hungary New Zealand Mexico Portugal Spain Norway Slovak Republic Estonia (4) Czech Republic Austria Germany Italy Korea Belgium Slovenia Turkey France (5) Greece Assets 134. Data refer to PERCO plans as of June 2010. OECD estimate.

Source: Investfunds (http://npf.2 Ukraine 0.1 Peru 20. Source: AIOS.1 Weighted average 15.9 Latvia 0.1 Russian Federation 3. 2010 As a % of GDP Country Assets Hong Kong (China) 34. OECD estimate.investfunds. .4 Indonesia (2) 1. 2. Source: OECD Global Pension Statistics. Data refer to June 2010.7 El Salvador (1) 25.ru/indicators/).4 Brazil 14.Return to the menu Go to the Graphic Importance of pension funds relative to the size of the economy in selected non-OECD countries.9 Bulgaria 5.0 1.2 Colombia (1) 16.7 India (3) 0. 3.6 Romania 0.3 Uruguay (1) 14.7 Dominican Republic (1 4.1 Pakistan 0.9 China 0.4 Simple average 8.

Data refer to 2009. 2.740 8. . Source: Bank of Japan.672 5.450 2.7 1.5 1.2 1. 3.9 1.3 551.943.0 United States United Kingdom (1) Japan (2) Netherlands (p) Australia Canada Switzerland (3) Other 1. OECD estimate.056.Return to the menu Go to the Graphic Geographical distribution of pension funds' assets in OECD countries.769 5.1 1. Source: OECD Global Pension Statistics.541.329 7.2 1. 2010 As a % of total OECD Total assets In millions of In % USD 10.679 55.017.110 10.089.388.587.723 5.

0 0.2 1.4 92. Pension plans in Germany can actually be traditionnal DB plans and hybrid DB plans.0 1.4 Mexico 84.0 0.0 100.0 0.0 Germany (1) 0.0 Country Defined Hybrid/Mixed benefit 0.6 Iceland 9.1 Italy 90.0 5.0 Hungary 100.4 0.0 0.0 27. 2010 As a % of total assets Defined contribution Chile 100.7 0. Source: OECD Global Pension Statistics.0 100.0 15.8 92.1 New Zealand 73.0 0.0 5.0 Greece 100.0 0.3 Korea 17.0 0.0 Israel 22.0 0.0 100. .0 82.0 0.0 10.4 Canada 3.6 0.0 0.0 0.0 Turkey 46.0 0.Return to the menu Go to the Graphic Relative shares of DB.0 Australia 89.0 0.3 64.9 0. DC and hybrid/mixed pension fund assets in selected OECD countries.0 0.0 10.0 0.0 0.0 77.5 United States 39.0 Poland 100.0 Czech Republic 100.0 Finland 0. but the split between the two categories is not available.9 Portugal 6.0 54.0 Denmark 94.0 61.0 25.9 0.0 Norway 0.0 Slovak Republic 100.0 0.0 0.

6 0.0 1.1 7.0 Pension insurance contracts 104.7 72.6 49. Data refer to 2008.0 0.0 12.2 4.9 64.2 4.9 0.4 0.5 Book reserve 0.0 0.2 1.0 58.3 119.0 Note: Countries where private pension plans are only financed via autonomous pension funds include Chile.4 Total all funds 177.6 12.6 0.6 90.5 4.3 17. Technical provisions were considered as a proxy for total assets of book reserve schemes Source: OECD Global Pension Statistics.0 0.8 0.0 8.0 8. and Slovak Republic.3 9.3 29.0 0.0 0.3 2.0 0.8 131.1 93.3 0.9 128.0 0.6 2.9 4.0 1.9 Total all funds USD billion 552 17 2019 17371 1124 217 280 107 159 28 131 232 113 3 Country Denmark Iceland Canada United States Australia Finland Sweden (1) Israel Korea Portugal Spain France (2) Italy (3) Slovenia Other 23.2 0.8 1. Data refer to 2009.9 0. 3.9 0.7 2.9 47.7 5. .8 0.0 10.8 91. Czech Republic.0 11.1 15.4 48. 2.0 1.Return to the menu Go to the Graphic Private pension assets by type of financing vehicle in selected OECD countries.9 0.3 8.0 0.0 0. 1.4 0.0 0.7 123.8 46. 2010 As a % of GDP and in absolute terms (USD billion) Pension funds 49.3 6.9 82.2 0. Japan.4 7.

4 0.5 0.9 0. 2010 As a % of total assets Operating costs 1.2 0.4 0.1 Country Czech Republic Spain Hungary Slovenia New Zealand Australia Slovak Republic Greece Poland Netherlands Finland Israel Canada Norway Belgium Iceland Denmark Note: Operating costs include investment expenses and administrative costs.3 0.0 0.3 1. .6 0.3 0.7 0.5 0.4 1.3 0.2 0.4 0.Return to the menu Go to the Graphic Operating costs in selected OECD countries. Source: OECD Global Pension Statistics.

2010 As % of total assets Operating costs 5.9 1.Return to the menu Go to the Graphic Figure 11.3 1. . Operating costs in selected non-OECD countries. Source: OECD Global Pension Statistics.9 1.2 1.9 1.0 Country Ukraine Macedonia Latvia Nigeria Bulgaria Costa Rica Note: Operating costs include investment expenses and administrative costs.

1 70. 3.6 63.2 38.8 48.7 5.8 36.6 96.8 38.9 86.1 63.9 71.8 65. Source: OECD Global Pension Statistics.5 19.4 61.2 77.4 71.5 9.4 99.3 84.6 85.2 21. Data refer to 2009.9 55.3 52.6 37.4 19.5 28.6 67.9 97.3 52.9 4.6 69.1 31.6 77.7 64.7 70.5 85. .0 71.2 37.7 37.8 71.2 22.4 71.3 27. 2.Return to the menu Go to the Graphic Concentration of total assets compared to the membership of the three largest pension funds in selected countries.6 53. 2010 Assets Members 76. Data refer to March 2011. Data refer to pension and insurance companies.7 20.8 Chile Greece Austria Slovenia (1) Estonia Czech Republic Poland Mexico Norway Slovak Republic Germany (2) Finland New Zealand Italy Australia Spain Macedonia Peru (3) Latvia Colombia Bulgaria Pakistan Romania 1.

0 8.9 9.3 6.1 2.2 14.2 20.5 5.3 4.5 7. 2009-2010 (%) 2009 -23.6 9.8 11.Return to the menu Go to the Graphic Public pension reserve funds¶ real net investment returns in selected OECD and non-OECD countries.0 3.0 0.1 9.7 7.1 7.5 3.9 4.AP4 Sweden .AGIRC Simple average Australia Ireland Weighted average Poland United States France .AP2 Sweden .3 2.7 21.9 14.8 30.AP1 Sweden .9 12.9 16.1 16.6 11.1 6.9 5.3 4.6 2.2 7.3 14.6 9.4 2010 12.8 7.4 -1.4 10.ARRCO Korea France .6 9.AP6 Sweden .1 New Zealand Norway Sweden .9 1.0 2.5 7.5 10. .FRR Mexico Spain Belgium Chile Portugal Japan Argentina Source: OECD Global Pension Statistics.AP3 Canada France .2 22.9 4.

0 18.8 34.2 0. Data refer to 2009. .7 34.6 4.0 0.5 63.1 7.8 19.0 11.0 0.0 0.0 0.3 0. convertibles.AP3 (4) Sweden .0 3.0 0.5 15.6 0.0 0. 5.0 100.0 0.0 1.0 0. Other investments include derivatives.6 39.2 0.AP1 (5) Norway (6) Canada (7) New Zealand (8) Australia (7) Argentina (9) 1.0 2.0 0.4 38.3 3. Other investments include assets in irregular situation.0 32.0 0.0 0.0 0.Return to the menu Go to the Graphic Asset allocation of public pension reserve funds in selected OECD and non-OECD countries.0 Country Belgium United States Spain Poland Chile Japan (1) Portugal (2) Mexico France .AP4 Sweden .6 51.0 100.2 1.0 82.0 0.0 0.0 0.0 59.0 0.0 21.7 4. Other investments include accounts receivables and derivatives. long/short portfolios.8 0.0 0.0 13.0 0.8 Shares Private equity Structured Land and Other and other and hedge products buildings investments equites funds 0.6 15.5 14.3 30.0 57.0 0. foreign exchange portfolios. 9.0 33. Other investments include infrastructure investments.2 3.0 3.0 0. Other investments include derivatives and timber.3 17.0 0. 4.2 26.0 0.1 55.0 14.6 0.5 0. 3. Other investments include derivatives.4 0.1 27.6 40.0 5.4 1.0 0.4 78.0 0.0 0.0 37.0 10.2 16.0 22.7 0.0 0.0 0. Other investments include opportunity investments and foreign exchange portfolios.1 9. Source: OECD Global Pension Statistics.8 64.1 0. opportunity investments.0 2.0 4.9 0.0 0.1 63.0 0. 8.0 0.8 75. 7.0 5.9 0.0 0.9 0.0 0.2 0.1 13. Land and buildings include real estate funds.5 2.7 15. insurance-linked securities.FRR (3) Sweden .0 6.0 0. 2.3 21.0 0.0 0.0 16.9 7.0 2.9 2.0 0.4 0. Data refer to June 2010.1 11.6 0. 6.0 Fixed income 100. 2010 Cash and deposits 0. Other investments include foreign exchange hedging and interest rate swaps.8 0.0 0.

2. .6 26.2 39.AP4 Norway Sweden .0 50.3 59.6 61.0 21.0 16.2 51.Return to the menu Go to the Graphic Comparison of effective allocation in shares and other equity in 2009 and 2010 with the target allocation in selected OECD and non-OECD countries As a % of total investment Effective Effective Target end-2009 end-2010 allocation allocation allocation 65.3 13.AP3 New Zealand (1) Australia France .5 60. Source: OECD Global Pension Statistics.0 39.9 60.0 43.8 44.FRR Portugal Japan (2) Argentina 1.8 18.9 38.8 13. Data refer to June of each year.0 44. Data refer respectively to 2008 and 2009.4 63.0 61.4 21.0 48.7 20 17.4 22.9 37.0 55.2 40.3 Country Canada Sweden .2 33.

0 0. .2 68.9 4.4 12.0 0.9 47.2 52.FRR Norway Spain Japan (1) Canada Belgium Mexico Poland United States Argentina 0.3 10.8 70.Return to the menu Go to the Graphic Foreign investment of public pension reserve funds by asset class in selected OECD and non-OECD countries.AP3 Sweden .1 13.9 Country Chile New Zealand Sweden . 2010 As a % of total fixed income investment and as a % of total shares and other equity investment Fixed income 100. Data refer to 2009.0 0.0 0.7 49.3 0.AP4 Portugal France .8 15.0 Shares and other equity 81.3 64.0 91.5 90.0 1.2 1.5 18.9 56.3 45.AP1 Sweden .1 72.0 24. Source: OECD Global Pension Statistics.

969 990 118 .Return to the menu Go to the Graphic Total notional value of derivatives held.AP3 Sweden .9 40.524 24.532 14.881 2.8 6.404 1.AP1 Norway France . 2. outstanding.8 5.176 477 -21.AP4 Sweden . .797 49.FRR Portugal Source: OECD Global Pension Statistics.486 23.456 0 .300 1.175 52.6 Canada Sweden .0 5.. 2010 In millions of USD and 2010 increase in % Interest rate / Currency Equity 2010 total credit derivative derivative increase derivatives s s 17..124 17. by type of product in selected OECD countries.489 35.185 39. 902 0 475 -2.

000 1. E xcluded are brokerage.AP3 Sweden .080 0.000 0. 3.140 0.070 0. Other costs include trustee and custody fees as well as consulting costs.000 0.AP1 Sweden .000 0. 2010 As a % of assets under management Investment Administrative management costs costs 0.036 0.075 0.050 0.070 0. Other costs include custody fees.Return to the menu Go to the Graphic Total operating costs by type in selected OECD countries.090 0.AP4 Norway Mexico (3) Chile (4) Poland Belgium Other 0.000 0. Other costs include the contingent labour liabilities.003 0.004 0.000 0.FRR (2) Sweden .004 0.000 0.260 0.010 0.000 0.043 0. 4.026 0.000 0. depreciation. Source: OECD Global Pension Statistics.080 0.000 0. .072 0.200 0.000 0. 2.005 0. timber costs and forecast performance fees.000 Country New Zealand (1) United States Canada France .002 0.000 0. Other costs include advisor fees.000 0.010 0.249 0.

8 United States -0.7 Simple average 2.8 Australia -2.1 Belgium -0.7 Chile 2.4 1.7 Slovak Republic -0.0 -1. Source: OECD Global Pension Statistics.7 -7.8 4.1 -2.0 0.3 -1.7 New Zealand 0.3 Korea 2.7 3.2 Czech Republic 1.2 -1.9 Portugal -1.8 1. Pension fund nominal and real 3-year average Country 3-year average return Nominal Real Turkey 16.8 -2.6 Estonia -3.9 -0.7 Norway 3.7 -3.8 -5.4 -0.1 -1.8 -8.0 -1.2 -0.2 Spain -2.3 Netherlands 4.5 Hungary 1.Return to the menu Table 1.8 -3.3 Mexico 6.4 -1. 1 annual returns in selectd OECD countries over 2008-2010 (%) .5 Canada 1.0 -1.4 Austria 0.5 0. Definition of geometric average.8 Slovenia 2.2 -0.2 Poland 2.4 2.8 Germany 4.1 Italy 2.8 Iceland 0.3 -1.5 7.1 Weighted average 0.9 -1.9 Finland 1.2 Greece 1.5 Denmark 6.0 -3.

3 5.5 -0.0 9.9 -4.1 5.Return to the menu Table 2.5 17.4 -9. .0 4.4 -2. Pension fund nominal and real 3-year average annual returns in selectd non-OECD countries over 2008-2010 (%) Country Colombia Romania Albania Nigeria Costa Rica Pakistan Macedonia Peru Bulgaria Simple average Weighted average 3-year average return Nominal Real 18.7 -2.6 6.3 3.3 10.7 5.5 Source: OECD Global Pension Statistics.9 3.9 -5.9 -10.6 13.0 0.8 8.0 0.

285 12 .375 144. .055 11. 2.459 50.183 16.371 83.737 133.515..682 1.446 69.930 10. 242.042 17.508 1.591.826 184..535 Norway 27. 182 2. 144 .763 Total selected non-OECD 636.632 569 1.718 4.909 4.218 69..017 1.522 Kenya .524 598.165 772.941 150..152 46.796 Trinidad and Tobago 3.014 Belgium 20.671 927.056 3.956 450.124.921 Germany 154.482 106.500 1.980 26.524 1. .000 27.803 2.549 1 32.629 2 45 93 .753.651 .700 2.240 718.Return to the menu Table 3.719 86.523.351 92.247 301.450 129.609 181.887 59.809 3.841 1.122 26.5% 19.022 4.994 14.959.016 8.867...677 19.394 Italy 68.136 315..498 86.297 .546 14.282 21.922 13.379 1.081 30.142 4. 46.763 67.912 196.753 148.441 4.101 4.922 2 .450 10. .258.920 United Kingdom (5) 2.042 .908 -0.173 253.684.144 116. 130.822 107 .435 496.200 21.847 5.672 136.235 2..884 16. Indonesia (5) 9.122 .631 Dominican Republic (6) 797 Egypt . .186...000 104.244 718. 11.354 22.565 412.339.558..522 1. .911.909.630 Thailand 12.013 19.368 1.781 19. 23.884 126.303 41. ..980 Colombia 31.241 Denmark 100.574 -3.198 Brazil 224.806..385 Poland 51.602 Czech Republic 8.466 14 934 51.563 920.266 114.120.242 1.418 356..980 1.082 15..269 1.512 198 9.023 Latin America 19.348 139.306 874.786 Luxembourg 512 Mexico 103.178 16.102 1..479 78.068 Iceland 26.484 78.792 11.678 75.528 1.596 11.653 30. 516.279 2.000 .472 United States 10.966 628 712 911 86.886 18.595. .605..723 1.021.662 .494 2.419 196..867 100.182 154..698 Ukraine . Latvia .361 25 34 45 2.572 32.750. 92 2.567.087 11.606 100.376 93.862 Macedonia 70 Nigeria 1.598 0. 272.230 118..275 Average growth rates 2007-2010 18.785. 2. Liechtenstein 1. El Salvador (6) 3.216 0..266 269 3.336 1.063 14.470 Greece 34 Hungary 15.996 280.957 551.531 87.530 .679 2010 1.453.975 15.587.089.464 259.656 Hong Kong (China) 64..964.191 141.216 104.351.254 12.337 167.6% 14.4% 1.130 85. 530.188 57.284 206 .602 63.641 1.708 BRICS 444....008 .058.280 50.243 78.031 Netherlands 1. 109 .195 Serbia 52 South Africa 165.971 2.821 17.308 1..506 14.939..670.869 .031.125..811 17.422 867.445 467.746.770 13..454 306. 23.466 1.617 Jamaica 2.881 224.904..197 191.764 842.386..085 83.206 13...943. .254 979.789 811. 2007-2010 In millions of USD and national currency USD millions 2008 2009 916. 1..132 Slovenia 860 Spain 118.256 60.928 2.496 436..580 1.751 17.640 5.222 ..076 1.601 Turkey 7.6% 19.159 35.918 2.225 11. .223.504 National currency millions 2007 2008 2009 1.137.810 121.791 Pakistan 11 Panama (6) .074 266.627 1.166. .723 . 485.519 72.079 2. 46. 2.212 Costa Rica 1.751 1.686 Japan (4) 1.228 .799.501 49 63 14.587.400 90..146 ..350 89.086 61.845 1.437.407.454 37.821 2..531 .591 Romania 6 Russian Federation (7) 34.382. 3.186 27.855 1.680..328 2.922 255.790 29.774.868 605.262 10.698 3.400 35.296 14..262 Canada 888.388.356 20. Total investment of pension funds in OECD and selected non-OECD countries.397 .818 1.882 9.602 .800 2010 1..700 46.913 Regional indicators Total OECD 18.049 1. 70.3% 1.201.730 .172 110.604 -0.459 538.247 3.600 115.967 .153 New Zealand 14.143 29.383 806.428 1.649 133.343 19.404 India (5) .898 127.740 1.113 502.473 1.710 465.106 10.150 12..509 132.071 1.266..925 997. 17.799 954. 173.097..000 106.130 1.7% 748.860 27.000 112.091 116 2.859 3.500 397.040.300 67.125 6.239 OECD countries 2007 Australia 964.261 1.705 215...352 55.174 3.531 .173.646.679 203 . .024.728 850.318.448 .927 58.198 Asia 1.570 171.591. 96.323 164.763 117.246 2.952 Selected non-OECD economies Albania 0 Argentina (6) 31.923 .228.663 1.4% .625 30. 15.152.967 11.570.714 103. 2.307 33...492 5.437 111.788 1.978 824.535 3.532 16.410 .766.7% 397. 13.713. 612 5.. .056.167 172.069 . 1. .268 2..740 70.541 175.465 Sweden 39. 12.656 78.371 53 3.002 7.755 27.223. 1.067 .280 .768.338.822 2. . 4.000 259.077 1.900 87.415 -0.749 Ireland (3) 118. 441.120.684 606.934 14.871 548.066 .677..973 France (2) 1.402 1..980 16 648 735 144.464 .939.698..686.337 811 35.678 29.398 3.092.362 1.645 Chile 105.504 39.170 223.950 3.952 8.140 53.452 Switzerland 504.400 .474.864 Estonia (1) 970 Finland 173.852 57.001 1.115 Portugal 30.042 20..048..867 772. 116 3.468 8.098.452 670. 35..037 13.433.125 5. 21.380 1.606 232.936 . 41.712 797.779..190 27. 3.549 154 .110 10.489 87..492 152.725 4.974 4.907. .559 Bulgaria 1. ..407 13. 17.728 8.979 1.590.629 China 19.000 1.083 374 390 844 1.122.264 .875 1.882 9.897 .776 Total World 19.882 1.278 85.298 487.675 522.814 68..158 194.321.955 1.753.256 37..454 10 .000 112.414 Euro area 1.990 37.229.453 232..187..335 31.402 .878 Korea 29.412. 222.601 13.504 19.840.723 19.350 371 34..593.352 70 19.200 223.. 25.329 40.332 161.304 64.435 153.886 16.633 Israel 54..286 3.719 18.025. .008 160. .351 175.041 1. ..766.388 22.912 13.691 62. .218 Bolivia (6) 2.900 126.769 19.038 Total G20 (8) 14.541.513 858.506 5. Peru 19.088 24.365 Austria 18.625 Slovak Republic 3.017. 31. 86..987 14.123 73. Uruguay (6) 2.620 824.015.051 .

ru/indicators/). 6. Source: Investfunds (http://npf. 3. . Source: Bank of Japan. Excluding Saudi Arabia. 2010 data refer to June 2010. 8. 5. OECD estimate for 2010 data. 4. Data refers to June of each year.1. Source: OECD Global Pension Statistics. Source: AIOS. Data refer to PERCO plans. 2. Source: IAPF Pension Investment Survey 2010.investfunds. Data refer to investment companies managed funds. 7.

7 5.9 0.7 65.9 2.Return to the menu Table 4.9 5.9 27.6 27.d. Data refer to 2009.3 71.312.0 5.9 USD billions 2.3 75.d.7 85.3 4. 2.0 n.4 11. 4.8 11.5 17. because their mandate goes beyond financing pension expenditures.6 5.d.8 280.7 n.7 39.2 6.9 25.0 8.9 15.5 1.6 16.0 1. Weighted average for assets as a % of GDP and % increase. . 2010 Country Name of the fund or institution Founded in 1940 2006 1988 1997 2000 1997 n.1 5.1 12. 2002 Assets % of GDP 17.7 19.Norway Portugal Social Security Financial Stabilisation Fund New Zealand (2) New Zealand Superannuation Fund Chile Pension Reserve Fund Mexico IMSS Reserve Poland Demographic Reserve Fund Total selected OECD countries (3) Other major economies Saudi Arabia General Organisation for Social Insurance (1.4 % increase 2.1 7.7 13.4) China National Social Security Fund Argentina Sustainability Guarantee Fund Total other major economies (3) Memo item: Sovereign Wealth Funds with a pension focus (5) Norway Government Pension Fund .6 -2. 16.2 12.2 509.2 3.0 126. OECD estimate.0 32.1 400.1 12. 2006 1999 2000 2001 2006 1989 2001 2006 n. 3.6 7.1 88.7 572. Norway's Government Pension Fund .6 8.1 2.8 5.3 23.3 26. Data refer to June 2010.3 n.Global and Russia's National Wealth Funds are sovereign wealth funds and not public pension reserve funds.3 16.4 4.2 -6. Size of public pension reserve fund markets in selected OECD countries and other major economies.1 9.9 1.8 3.Global Russian Federation National Wealth Fund 1969 2001 2007 1990 2008 1. 8.4 136.3 0.6 3.7 Selected OECD countries United States Social Security Trust Fund Japan (1) Government Pension Investment Fund Korea National Pension Fund Canada Canadian Pension Plan Sweden National Pension Funds (AP1-AP4 and AP6) Spain Social Security Reserve Fund France (1) AGIRC-ARRCO Australia Future Fund France Pension Reserve Fund Ireland National Pensions Reserve Fund Belgium Zilverfonds Norway Government Pension Fund .8 49.9 122. 5.4 14.d.5 45.6 106. Source: OECD Global Pension Statistics.609.3 23.4 2. 10.d.848.0 124.

8 1.AP6 France . . Source: OECD Global Pension Statistics.June 2010. Data refer to the period June 2007 .9 1.2 -0.9 2.5 -0.4 0.6 3.2 0.1 4.0 -0.8 0.7 3. Nominal and real average annual PPRF investment rate of returns in selected OECD countries over 2008-2010 (%) Country Mexico Korea United States Norway Spain Belgium Australia Poland Canada Sweden .9 3.FRR New Zealand (1) Ireland Simple average Weighted average 3-year average return Nominal Real 6.5 2.8 2.8 -0.3 1.5 1.9 -5.AP2 Sweden .AP4 Sweden .6 -0.7 0.1 -7.4 2.3 4.5 4.5 -4.7 -0.9 6.1 4.2 0.0 4.Return to the menu Table 5.3 0.AP1 Portugal Sweden .6 -0.7 -6.4 2.7 0.7 -6.AP3 Sweden .8 -3.1 3.4 2.