2020全球养老金指数报告 - 美世 & 特许金融分析师协会（英文版）（91页）.pdf

1、MERCER CFA INSTITUTE GLOBAL PENSION INDEX CONTENTS MERCER PREFACE.1 CFA INSTITUTE PREFACE .2 MONASH CENTRE FOR FINANCIAL STUDIES (MCFS) PREFACE .3 1. EXECUTIVE SUMMARY .4 2. BACKGROUND TO THE APPROACH USED .10 3. CHANGES FROM 2019 to 2020 .15 4. COVID-19 AND ITS IMPACT ON PENSION SYSTEMS AROUND THE

2、WORLD .19 5. A BRIEF REVIEW OF EACH SYSTEM .25 6. THE ADEQUACY SUB-INDEX .47 7. THE SUSTAINABILITY SUB-INDEX .58 8. THE INTEGRITY SUB-INDEX .69 REFERENCES AND ATTACHMENTS .79 Mercer CFA Institute Global Pension Index 2020 1 The year 2020 has been like no other year we have lived through in recent ti

3、mes. The COVID-19 pandemic has dominated headlines and government decisions as virtually every country has responded to the emerging health crisis. However, the impact is much broader than the health implications; there are clearly long term economic effects impacting many industries, interest rates

4、, investment returns and community confidence in the future. We are now living in a very different, and more uncertain, world. As a result, the provision of adequate and sustainable retirement incomes over the longer term has also changed. Whilst we have highlighted the need for pension reform in ou

5、r previous reports, this has now become even more difficult with an even broader range of pressure points, including: The future growth in ageing populations in most countries continues, arising from decreasing fertility and increasing life expectancies Changes in capital markets with near-zero or n

6、egative interest rates raise significant questions about the most appropriate investment strategies for pension funds The impact of these interest rates on the funding status of defined benefit pension arrangements, both in the public and private sectors The different impacts of the pandemic on vari