Pension systems by country

Last updated December 13, 2024

Pension systems by country^[1]^[2]
Country	Pillar 0	Pillar 1	Pillar 2	Pillar 3
Afghanistan	No	Y Social insurance system	N/A	N/A
Algeria	Y Social assistance	Y Social insurance system	N/A	N/A
Argentina	Y Basic pension	Y Social insurance system	No, closed in 2008	N/A
Armenia	Y Social assistance	Y Social insurance system	Y Mandatory individual accounts	Y Voluntary pensions
Australia	Y Social assistance	Y Mandatory occupational pension system	N/A	N/A
Austria	No	Y Social insurance system	Y Occupational pensions	Y Private pensions
Bahrain	No	Y Social insurance system	N/A	N/A
Bangladesh	Y Social assistance	N/A	N/A	N/A
Belarus	Y Social assistance	Y Social insurance system	N/A	N/A
Belgium	Y Social assistance	Y Social insurance system	N/A	N/A
Bhutan	No	Y Provident fund system	No	N/A
Botswana	Y Basic pension	No	No	N/A
Brazil	Y Social assistance	Y Social insurance system	N/A	N/A
Brunei	Y Basic pension	Y Provident fund system	Y Supplementary individual account	N/A
Bulgaria	Y Social assistance	Y Social insurance system	Y Individual accounts	N/A
Burkina Faso	No	Y Social insurance system	N/A	N/A
Burundi	No	Y Social insurance system	N/A	N/A
Cameroon	No	Y Social insurance system	N/A	N/A
Canada	Y Basic pension	Y Canada Pension Plan	N/A	Y Registered retirement savings plan
China	Y Social assistance	Y Social insurance system	Y Mandatory individual accounts	N/A
Czech Republic	Y Basic pension	Y Social insurance system	No, canceled in 2016	Y Voluntary individual accounts
Dominican Republic	Y Social assistance	Y Mandatory individual accounts	N/A	N/A
El Salvador	Y Social assistance	Y Mandatory individual accounts	N/A	N/A
Estonia	Y Social assistance	Y Social insurance system	Y Mandatory individual accounts	Y Voluntary individual accounts
Eswatini	Y Social assistance	Y Provident fund system	N/A	N/A
France	Y Social assistance	Y Social insurance system	Y Mandatory occupational pension provision	Y Voluntary private collective pension provision Voluntary private individual pension provision
Georgia	Y Basic pension	N/A	N/A	N/A
Germany	Y Social assistance	Y Social insurance system	Y Voluntary occupational pension insurance	Y Private pension schemes
Hong Kong	Y Basic pension	Y Provident fund system	N/A	N/A
Hungary	Y Social assistance	Y Private pension fund	Y Voluntary pension fund	N/A
India	Y Social assistance	Y Mandatory Provident Fund	Y Voluntary pension insurance	Y Individual private pension plans
Ireland	Y Basic pension	Y Social insurance system Pay Related Social Insurance	Y Occupational pension schemes	N/A
Italy	Y Social assistance	Y Notional Defined Contributions	N/A	N/A
Japan	N/A	N/A	N/A	N/A
Jordan	No	Y Social insurance system	N/A	N/A
Kazakhstan	Y Basic pension	Y Mandatory individual accounts	N/A	N/A
Kenya	Y Older Persons Cash Transfer	Y Mandatory individual accounts	No	N/A
Kyrgyzstan	Y Social assistance	Y Notional Defined Contributions	No	N/A
Latvia	Y Social assistance	Y Notional Defined Contributions	Y Mandatory individual accounts	Y Voluntary individual accounts
Lithuania	Y Social assistance	Y Social insurance system	Y Voluntary pension fund	Y Voluntary individual accounts
Luxembourg	No	Y Social insurance system	Y Mandatory occupational pension provision	Y Voluntary pensions funds and endowment policy insurances with tax benefits
Malawi	no	Y Mandatory individual accounts	N/A	N/A
Malaysia	Y Social assistance	Y Provident Fund System (KWSP) or Individual pension account (KWAP/LTAT)	Y Provident Fund System	Y Voluntary individual accounts: i-Saraan voluntary Provident Fund System
Mexico	Y Social assistance	Y Mandatory individual accounts	N/A	N/A
Monaco	No	Y Social insurance system	No	N/A
Mongolia	Y Social assistance	Y Notional Defined Contributions	N/A	N/A
Morocco	No	Y Social insurance system	N/A	N/A
Mozambique	Y Social assistance	Y Social insurance system	N/A	N/A
Namibia	Y Social assistance	Y Social insurance system	N/A	N/A
Nepal	Y Social assistance	Y Provident fund system	N/A	N/A
Netherlands	Y Social assistance	Y Social insurance system	Y Private employee pensions	Y Individual private pensions
New Zealand	Y Basic pension	Y Individual accounts	N/A	N/A
Nigeria	No	Y Mandatory individual accounts	No	N/A
North Korea	N/A	N/A	N/A	N/A
Norway	Y Basic pension	Y Notional Defined Contributions	Y Occupational pension schemes	Y Individual pensions
Oman	No	Y Social insurance system	N/A	N/A
Pakistan	No	Y Social insurance system	N/A	N/A
Papua New Guinea	No	Y Mandatory occupational retirement system	N/A	N/A
Philippines	Y Social assistance	Y Social insurance system	N/A	N/A
Poland	Basic pensions for mothers of four or more children from March 2019	Y Notional Defined Contributions	Y Voluntary Open Pension Funds (OFE)	Y Voluntary individual accounts: Occupational Pension Programs (PPE) Individual Pension Accounts (IKE/IKZE) Employee Capital Plans (PPK)
Portugal	Y Social assistance	Y Social insurance system	N/A	N/A
Qatar	No	Y Social insurance system	N/A	N/A
Romania	No	Y Social insurance system	Y Mandatory individual accounts	Y Voluntary individual accounts
Russia	Y Basic pension	Y Social insurance system	Y Mandatory pension funds	Y Voluntary private pension funds
Rwanda	No	Y Social insurance system	N/A	N/A
Saudi Arabia	No	Y Social insurance system	N/A	N/A
Senegal	No	Y Social insurance system	N/A	N/A
Sierra Leone	No	Y Social insurance system	N/A	N/A
Singapore	Y Social assistance	Y Provident fund system	N/A	N/A
Slovakia	Y Basic pension	Y Social insurance system	Y Voluntary individual accounts	N/A
Slovenia	Y Social assistance	Y Social insurance system	N/A	N/A
Solomon Islands	No	Y Provident fund system	N/A	N/A
South Africa	Y Basic pension	N/A	N/A	N/A
South Korea	Y Social assistance	Y Social insurance system	N/A	N/A
South Sudan	No	No	No	N/A
Spain	Y Social assistance	Y Social insurance system	N/A	N/A
Sri Lanka	No	Y Provident fund system	Y Supplementary fund	N/A
Sudan	No	Y Social insurance system	N/A	N/A
Sweden	Y Basic pension	Y Notional Defined Contributions	Y Mandatory individual accounts	N/A
Switzerland	N/A	Y Social insurance system	Y Mandatory occupational pension system	Y Voluntary pensions funds and endowment policy insurances with tax benefits
Syria	N/A	N/A	N/A	N/A
Taiwan	Y Social assistance	Y Social insurance system	Y Mandatory individual accounts	N/A
Tanzania	No	Y Social insurance system	N/A	N/A
Thailand	Y Social assistance	Y Social insurance system	Y Voluntary national savings fund	N/A
Turkey	Y Social assistance	Y Social insurance system	N/A	N/A
Turkmenistan	Y Social assistance	Y Notional Defined Contributions	N/A	N/A
Uganda	No	Y Provident fund system	N/A	N/A
Ukraine	Y Social assistance	Y Social insurance system	Y Mandatory state pension fund	Y Voluntary individual pensions
United Arab Emirates	No	Y Social insurance system	N/A	N/A
United Kingdom	Y Basic pension	Y Social insurance system	Y Occupational schemes	Y Voluntary individual pensions: Stakeholder pensions Group personal pensions Self-invested personal pensions
United States	Y Social assistance	Y Social insurance system	N/A	N/A
Uruguay	Y Social assistance	Y Social insurance system	Y Mandatory individual accounts	N/A
Uzbekistan	Y Social assistance	Y Mandatory individual accounts	N/A	N/A
Venezuela	Y Social assistance	Y Social insurance system	N/A	N/A
Vietnam	Y Social assistance	Y Social insurance system	N/A	N/A
Zambia	No	Y Social insurance system	N/A	N/A
Zimbabwe	No	Y Social insurance system	N/A	N/A

Notable examples of pension systems by country

Some of the listed systems might also be considered social insurance.

Argentina – Administración Nacional de la Seguridad Social
Armenia – Pensions in Armenia
Australia:
- Superannuation in Australia – Private, and compulsory, individual retirement contribution system.
- Social Security – Public pensions
Austria – Pensions in Austria
Canada:
- Canada Pension Plan
- Old Age Security
- Quebec Pension Plan
- Registered retirement savings plan
- Saskatchewan Pension Plan
Finland – Kansaneläkelaitos
France:

2023 French pension reform unrest
- Pensions in France
- Allocation de Solidarité aux Personnes Agées
- Pensions Reserve Fund (France)
Hong Kong:^[3]
- Mandatory Provident Fund (MPF Schemes)
- Occupational Retirement Schemes (ORSO Schemes)
India:
- Pensions in India
- National Pension System
- Employees' Provident Fund Organisation of India
Iranian Social Security Civil Servants Pension Fund
Japan – National Pension
Malaysia:
- Employees Provident Fund – Private voluntary retirement contribution system
- Retirement Fund – Public pensions
- Armed Forces Fund Board – Military pensions
Mexico – Mexico Pension Plan
Netherlands – Algemene Ouderdomswet
New Zealand:
- New Zealand Superannuation – public pensions
- KiwiSaver – Private voluntary retirement contribution system
Poland – Social Insurance Institution
Singapore – Central Provident Fund
South Korea – National Pension Service
Sweden – Social security in Sweden
Switzerland – Pension system in Switzerland
United Kingdom:
- Pensions in the United Kingdom
- Self-invested personal pensions
United States:
- Public employee pensions
- Retirement plans in the United States
- Social Security
Vanuatu – Vanuatu National Provident Fund

Related Research Articles

A pension is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be:

A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.

The Central Provident Fund Board (CPFB), commonly known as the CPF Board or simply the Central Provident Fund (CPF), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing needs in Singapore.

The Employees' Provident Fund Organisation (EPFO) is one of the two main social security agencies under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance. The EPFO administers the retirement plan for employees in India, which comprises the mandatory provident fund, a basic pension scheme and a disability/death insurance scheme. It also manages social security agreements with other countries. International workers are covered under EPFO plans in countries where bilateral agreements have been signed. As of May 2021, 19 such agreements are in place. The EPFO's top decision-making body is the Central Board of Trustees (CBT), a statutory body established by the Employees' Provident Fund and Miscellaneous Provisions (EPF&MP) Act, 1952. As of 2021, more than ₹15.6 lakh crore are under EPFO management.

Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages. From July 2024, the mandatory minimum "guarantee" contribution is 11.5%, rising to 12% from 2025. The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension system. Legislation to support the introduction of the superannuation guarantee was passed by the Keating Government in 1992.

A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts plus any investment earnings on the money in the account. In defined contribution plans, future benefits fluctuate on the basis of investment earnings. The most common type of defined contribution plan is a savings and thrift plan. Under this type of plan, the employee contributes a predetermined portion of his or her earnings to an individual account, all or part of which is matched by the employer.

The Mandatory Provident Fund, often abbreviated as MPF (強積金), is a compulsory saving scheme for the retirement of residents in Hong Kong. Most employees and their employers are required to contribute monthly to mandatory provident fund schemes provided by approved private organisations, according to their salaries and the period of employment.

A private pension is a plan into which individuals privately contribute from their earnings, which then will pay them a pension after retirement. It is an alternative to the state pension. Usually, individuals invest funds into saving schemes or mutual funds, run by insurance companies. Often private pensions are also run by the employer and are called occupational pensions. The contributions into private pension schemes are usually tax-deductible.

KiwiSaver is a New Zealand savings scheme which has been operating since 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can withdraw them earlier in certain limited circumstances, for example if undergoing significant financial hardship or to use a deposit for a first home.

India has a robust social security legislative framework governing social security, encompassing multiple labour laws and regulations. These laws govern various aspects of social security, particularly focusing on the welfare of the workforce. The primary objective of these measures is to foster sound industrial relations, cultivate a high-quality work environment, ensure legislative compliance, and mitigate risks such as accidents and health concerns. Moreover, social security initiatives aim to safeguard against social risks such as retirement, maternity, healthcare and unemployment while tax-funded social assistance aims to reduce inequalities and poverty. The Directive Principles of State Policy, enshrined in Part IV of the Indian Constitution reflects that India is a welfare state. Food security to all Indians are guaranteed under the National Food Security Act, 2013 where the government provides highly subsidised food grains or a food security allowance to economically vulnerable people. The system has since been universalised with the passing of The Code on Social Security, 2020. These cover most of the Indian population with social protection in various situations in their lives.

Social security is divided by the French government into five branches: illness; old age/retirement; family; work accident; and occupational disease. From an institutional point of view, French social security is made up of diverse organismes. The system is divided into three main Regimes: the General Regime, the Farm Regime, and the Self-employed Regime. In addition there are numerous special regimes dating from prior to the creation of the state system in the mid-to-late 1940s.

A Personal Retirement Savings Account (PRSA) is a type of savings account introduced to the Irish market in 2003. In an attempt to increase pension coverage, the Pensions Board introduced a retirement savings account, that would entice the lower paid and self-employed to start making some pension provision. The intention was for PRSAs to supplement any State Retirement Benefits that would be payable in years to come.

Welfare in France includes all systems whose purpose is to protect people against the financial consequences of social risks.

Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.

According to the International Labour Organization, social security is a human right that aims at reducing and preventing poverty and vulnerability throughout the life cycle of individuals. Social security includes different kinds of benefits A social pension is a stream of payments from the state to an individual that starts when someone retires and continues to be paid until death. This type of pension represents the non-contributory part of the pension system, the other being the contributory pension, as per the most common form of composition of these systems in most developed countries.

In France, pensions fall into five major divisions;

India operates a complex pension system. There are however three major pillars to the Indian pension system: the solidarity social assistance called the National Social Assistance Programme (NSAP) for the elderly poor, the civil servants pension and the mandatory defined contribution pension programs run by the Employees' Provident Fund Organisation of India for private sector employees and employees of state owned companies, and several voluntary plans.

The Swiss pension system rests on three pillars:

the state-run pension scheme for the aged, orphans, and surviving spouses ;
the pension funds run by investment foundations, which are tied to employers ;
voluntary, private investments.

There are various types of Pensions in Armenia, including social pensions, mandatory funded pensions, or voluntary funded pensions. Currently, Amundi-ACBA and Ampega act as the mandatory pension fund managers within Armenia.

References

↑ "Social Security Programs Throughout the World". ssa.gov.
↑ "Social protection in older age | Pension watch". pension-watch.net.
↑ "Official Website of Mandatory Provident Fund Schemes Authority".

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[1] "Social Security Programs Throughout the World". ssa.gov.

[2] "Social protection in older age | Pension watch". pension-watch.net.

[3] "Official Website of Mandatory Provident Fund Schemes Authority".

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Pension systems by country

Notable examples of pension systems by country

Contents

See also

Related Research Articles

References