1、19 April 2023Allianz ResearchPhoto by Tatiana P.on Unsplashdemographic clock Reforming against the Allianz Global Pension Report 2023 17Allianz Pension Index Pillar II:Sustainability10Allianz Pension Index Pillar I:Basic conditions 051.6bn pensioners and counting21Allianz Pension Index Pillar III:Ad

2、equacyAllianz ResearchAfter the Covid-19 pandemic,pension reform is back in the spotlight.But although the challenge is a global one,the focus of reform differs:policymakers in industrialized countries are more concerned about sustainability,while those in many emerging markets are faced with the al

3、l-important task of broadening the coverage of the pension system in the first place.We designed the Allianz Pension Index(API)to comprehensively assess the sustainability and adequacy of pension systems.This index is based on three sub-indices and takes into account 40 parameters that are rated on

4、a scale of 1 to 7,with 1 being the best grade.The current edition covers 75 countries and is based on the latest available data as of March 2023.The first sub-index of the API assesses the pace of demographic change,public indebtedness and general living standards;it therefore reflects the structura

5、l preconditions that any pension reform has to take into account.This starting point is most favorable in Israel,the Netherlands and Norway,albeit with an average score of around 3,indicating less-than-stellar preconditions.In Greece,China,Portugal and Italy,on the other hand,the results indicate a

6、need for further reforms amid rapidly aging societies and limited financial leeway to subsidize the social system.The second sub-index is the sustainability index,which assesses how well a pension system is prepared to cushion the impact of demographic change.The existence of supplementary capital-f