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Title page 1

Contents 5

Foreword 4

Executive summary 7

1. Pension assets grew to a record level in 2024 8

1.1. Assets earmarked for retirement grew to a record level, reflecting widespread growth across jurisdictions 9

1.2. All pension plans recorded an increase in assets in 2024, but the importance of defined benefit plans continued to decline 12

1.3. The average amount of assets under management of pension providers has grown over the last decade 16

2. Positive investment gains in 2024 explain the growth in pension assets 19

2.1. Asset-backed pension plans recorded positive investment rates of return in nearly all jurisdictions in 2024 20

2.2. Asset-backed pension plans with the highest equity exposure achieved some of the strongest investment gains in 2024 23

2.3. The share of pension assets invested in equities increased in 2024 26

3. Positive cash flows from contributions over benefit payments also contributed to the growth in assets 30

3.1. Pension providers benefitted from a positive cash flow of contributions over benefit payments 31

3.2. Contributions continued to grow in 2024 32

3.3. Benefit payments also grew in 2024 36

References 39

Annex A. Statistical annex 41

Annex B. Methodological notes 42

Notes 47

Tables 6

Table 1.1. Funding ratio of defined benefit plans in selected jurisdictions 15

Table 3.1. Participation rates in asset-backed pension plans in 2014, 2023 and 2024 34

Figures 5

Figure 1.1. Assets earmarked for retirement in the OECD, 2001-2024 9

Figure 1.2. Nominal growth rate of pension assets in local currency in 2024 10

Figure 1.3. Assets earmarked for retirement in different regions at end-2024 11

Figure 1.4. Assets earmarked for retirement in different regions, by jurisdiction, at end-2024 12

Figure 1.5. Growth rate and proportion of assets in occupational defined benefit, occupational defined contribution and personal plans in 44 jurisdictions, 2014-2024 13

Figure 1.6. Share of assets in defined benefit plans in selected jurisdictions, 2014-2024 14

Figure 1.7. Amount of assets per pension provider in selected OECD countries 17

Figure 1.8. Number of pension providers in selected OECD countries, 2014, 2023 and 2024 18

Figure 2.1. Investment rates of return of asset-backed pension plans, Dec 2023-Dec 2024 20

Figure 2.2. Average annual real investment rates of return in 2024 and over the longer term 22

Figure 2.3. Allocation of assets earmarked for retirement in selected asset classes and investment vehicles, at end-2024 24

Figure 2.4. Foreign investments of pension providers at end-2024 25

Figure 2.5. Change in asset allocation between 2023 and 2024 27

Figure 2.6. Average asset allocation of pension providers in selected asset classes and investment vehicles in a selection of 14 jurisdictions, 2001-2024 28

Figure 2.7. Foreign investments of pension providers, 2014, 2023 and 2024 29

Figure 3.1. Excess of contributions over benefits and other expenditure in 2024 31

Figure 3.2. Nominal growth rate of contributions paid to pension providers, 2024 and geometric annual average over the last 10 years 32

Figure 3.3. Contributions paid to asset-backed pension plans, 2024 36

Figure 3.4. Benefit payments 37

Boxes 16

Box 1.1. Derisking options for sponsors of defined benefit plans 16

Annex Tables 6

Table A A.1. Additional statistical tables 41

Table A A.2. Overview of asset-backed pension systems 41