Global retirement systems play a critical role in society and impact virtually every major stakeholder group, as well as the broader economy and financial system. Historically, public and private institutions had managed and pooled the risks of individuals and guaranteed certain outcomes to individual participants, but that system has slowly been supplanted by one where each individual is personally responsible for their retirement and financial well-being.
Corporate pensions, public pensions and individual savings are all underfunded. Any solution requires coordination among public, private and individual stakeholders. What can be done to help motivate all parties to work towards this change and Mend the Gap?
As a global consulting leader in advancing health, wealth and careers of individuals, Mercer has been tracking the trends behind the global pensions shortfall and advising our clients on how they can best prepare their people for an uncertain future and improve their overall financial health.
In a The World Economic Forum 2017, Mercer highlighted key aspects of Mercer’s latest research and explained what these evolving trends mean for the future of retirement. We discussed what stakeholders can do to drive change from the individual level to the corporate level to the government level. Areas of focus included:
- Public Pensions, as tracked by the Melbourne Mercer Global Pension Index (MMGPI), the world’s most comprehensive comparison of global pension systems, measuring 27 systems against more than 40 indicators to gauge their adequacy, sustainability and integrity.
- Private Pensions, as tracked by Mercer’s monthly funded status report and pension buyout index.
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