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By Dex Tennyson, for ExpatBriefing.com
27 October, 2015
The 2015 Melbourne Mercer Global Pension Index (MMGPI), has been released, analyzing the relative benefits of different nations for retirees.
Denmark is said to be the most favorable nation overall, for the fourth consecutive year. This is due to its well-funded pension system with good coverage, high level of assets and contributions, the provision of adequate benefits and a private pension system with developed regulations, the report says.
Now in its seventh year, the MMGPI measures 25 retirement income systems against more than 40 indicators under the sub-indices of adequacy, sustainability, and integrity. The MMGPI is the world's most comprehensive comparison of pension systems. It covers close to 60 percent of the world's population and suggests how governments can provide adequate and sustainable benefits that protect their citizens against longevity risk – the risk of their aging population outliving their savings, potentially one of the biggest economic and social risks facing many retirees today.
Amy Auster, Executive Director of the Australian Centre for Financial Studies, said the Index continued to be used by policy makers and researchers to assess the merits of their pension systems.
All of the 11 countries that have been part of the MMGPI since it began in 2009 have experienced an increase in the expected length of retirement from 2009 to 2015, with the average length rising from 16.6 years to 18.4 years. Five countries – Australia, Germany, Japan, Singapore and the UK – have increased their pension age to offset the increase in life expectancies, but the report suggests these efforts may not be sufficient.
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