The average growth rate for the ** largest pension markets worldwide was estimated to be **** percent between 2022 and 2023, and the ten-year compound annual growth rate until 2023 was estimated to be 3.8 percent. Retirement savings in pension funds grew during the last decade and the amount of worldwide pension assets reached new heights in 2021, which can be partially explained by a higher share of working-age population investing in pension plans. Which is the largest pension market? The largest pension market worldwide is the United States, where the total pension fund assets was almost ** times larger than in the United Kingdom, which is the second largest pension market worldwide. Despite some fluctuations during the last decade, the U.S. pension assets grew overall, and as with the worldwide pension assets, reached the highest value in 2020. Pension assets to GDP Despite its relatively small population size, the Netherlands was the fourth largest pension market worldwide, after the United States, United Kingdom, and Canada. The pension market in Netherlands was also the largest market worldwide when compared to the size of its own economy, followed by Canada, Australia, and Spain.

The Norway Government Pension Fund Global, also known as the Oil Fund, was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. Between 2013 and 2023, the fund's return has mostly been positive, except in 2018 and 2022, when the fund's return was ***** and ****** percent, respectively. In 2023, the fund's annual returns stood at ** percent.

Indonesia Pension Fund: Return of Investment: Average: DBPP: Group I data was reported at 7.160 % in 2023. This records an increase from the previous number of 6.960 % for 2022. Indonesia Pension Fund: Return of Investment: Average: DBPP: Group I data is updated yearly, averaging 8.180 % from Dec 2014 (Median) to 2023, with 10 observations. The data reached an all-time high of 10.300 % in 2016 and a record low of 6.480 % in 2021. Indonesia Pension Fund: Return of Investment: Average: DBPP: Group I data remains active status in CEIC and is reported by Indonesia Financial Services Authority. The data is categorized under Indonesia Premium Database’s Financial Market – Table ID.ZE011: Pension Fund: Return on Investment.

USA Private Equity Market size was valued at USD 523 Billion in 2024 and is projected to reach USD 931.77 Billion by 2032, growing at a CAGR of 7.49% from 2026 to 2032. Key Market Drivers:Robust Capital Availability and Fundraising: The United States has established itself as the global leader in private equity fundraising, creating a self-reinforcing ecosystem for continued growth. According to the U.S. Securities and Exchange Commission (SEC), U.S.-based private equity firms raised over $350 billion in capital commitments in 2023, accounting for approximately 60% of global private equity fundraising. The U.S. maintains its dominant position in private equity fundraising due to its deep capital markets, sophisticated investor base, and favorable regulatory environment that continues to attract domestic and international limited partners seeking attractive risk-adjusted returns.Strong Institutional Investor Participation: The consistent allocation from institutional investors drives the U.S. private equity market's growth and stability. American Investment Council shows that public pension funds in the U.S. have allocated an average of 8.7% of their portfolios to private equity investments, with these allocations generating median 10-year returns of 13.2%, outperforming most other asset classes. U.S. pension funds have increasingly turned to private equity to meet their long-term obligations, with private equity investments delivering 490 basis points of outperformance compared to public market equivalents over the past decade, according to the 2023 Public Pension Fund Analysis published by the National Association of State Retirement Administrators.

This paper addresses three questions related to limits on DC contributions. The first is whether statutory limits on tax-deductible contributions to defined contribution (DC) plans are likely to be binding, focusing on households in various economic situations. The second is how large is the tax benefit from participating in defined contribution plans. The third is how does the defined contribution tax benefit depend on the level of lifetime income. We find that the statutory limits bind those older middle-income households who started their pension savings programs late in life, those who plan to retire early, singleearner households, those who are not borrowing constrained, and those with rapid rates of real wage growth. Most households with high levels of earnings, regardless of age or situation, are also constrained by the contribution limits. Lower or middle-income two-earner households that can look forward to modest real earnings growth are likely to be borrowing constrained for most of their pre-retirement years because of the costs of paying a mortgage and sending children to college. These households are not in a position to save the 25 percent of earnings allowed as a contribution to DC plans. Some of these middle-income households, however, are constrained by the $10,500 limit on elective employee contributions to 401(k) plans if the households have access to only these plans and their employers make no pension contributions for them. The borrowing constraints faced by many lower- and middle-income Americans means that contributions to DC plans must come at the price of lower consumption when young and the benefit of higher consumption when old. Indeed, for a stylized household earning $50,000, consistently contributing 10 percent of salary to a DC plans that earns a 4 percent real return means consuming almost two times more when old than when young. Measured as a share of lifetime consumption, the tax benefit from participating in a DC plan can be significant. Assuming annual contribution rates at the average of the maximum levels allowed by employers in 401(k) plans and assuming a 4 percent real return on DC and non-DC assets, the benefit is 2 percent for two-earner households earning $25,000 per year, 3.4 percent for those earning $100,000 per year, and 9.8 percent for those earning $300,000 per year. Contribution ceilings limit the benefit at the highest regions of the household earnings distribution. The extent of the benefit is also quite sensitive to the assumed rate of return on DC and non-DC assets.

Indonesia Pension Fund: Return of Investment: Average: DCPP data was reported at 6.650 % in 2023. This records an increase from the previous number of 5.630 % for 2022. Indonesia Pension Fund: Return of Investment: Average: DCPP data is updated yearly, averaging 6.685 % from Dec 2014 (Median) to 2023, with 10 observations. The data reached an all-time high of 9.580 % in 2019 and a record low of 5.060 % in 2018. Indonesia Pension Fund: Return of Investment: Average: DCPP data remains active status in CEIC and is reported by Indonesia Financial Services Authority. The data is categorized under Indonesia Premium Database’s Financial Market – Table ID.ZE011: Pension Fund: Return on Investment.

As of 2023, the average ******* annualized return rate achieved by public pension funds (PPFs) worldwide was *** percent. PPFs accounted for eight of the top ten funds by ******* annualized return. The AP7 fund domiciled in Sweden was the overall leading fund, having generated a ******* annualized return rate of **** percent. The average rate for sovereign wealth funds (SWFs) was *** percent.

CPP and OAS Annual Statistics Tables contain historical data on CPP and OAS, average monthly benefits and net payments in fiscal years. For a more detailed report on CPP and OAS Annual Statistics Tables, see THE ANNUAL CPP & OAS STATS BOOK 2024 to the following web site: https://publications.gc.ca/site/eng/9.858997/publication.html

By 2034, the number of military retirees in the United States is expected to reach 2.37 million; an increase from an estimated 2.27 million retirees in 2024. Military retirement pay In the U.S., military retirement refers to pension and benefit plans for those who have accumulated 20 or more years of active service. There are different factors that influence how much is paid out to different veterans, which includes length of service, disability percentage, the year the person entered the military, and type of retirement. The total payment for military retirees is expected to continue to increase, as well as their average benefits. However, the total outlays for the military retirement trust fund is expected to fluctuate, but ultimately rise over the next decade. U.S veterans The United States has one of the largest militaries in the world based on active personnel and has the largest defense budget in the world. However, many veterans in the U.S. struggle to find a job and find affordable housing when they return from deployment due to factors such as post-traumatic stress disorder and physical disabilities. The Department of Veteran Affairs seeks to help those coming back from training or combat assimilate back into everyday life.

Indonesia Pension Fund: Return of Investment: Average: DBPP: Group II data was reported at 7.430 % in 2023. This records an increase from the previous number of 7.400 % for 2022. Indonesia Pension Fund: Return of Investment: Average: DBPP: Group II data is updated yearly, averaging 7.415 % from Dec 2014 (Median) to 2023, with 10 observations. The data reached an all-time high of 8.770 % in 2019 and a record low of 6.540 % in 2021. Indonesia Pension Fund: Return of Investment: Average: DBPP: Group II data remains active status in CEIC and is reported by Indonesia Financial Services Authority. The data is categorized under Indonesia Premium Database’s Financial Market – Table ID.ZE011: Pension Fund: Return on Investment.

Indonesia Pension Fund: Return of Investment: Average: DCPP: Group II data was reported at 5.810 % in 2023. This records an increase from the previous number of 4.810 % for 2022. Indonesia Pension Fund: Return of Investment: Average: DCPP: Group II data is updated yearly, averaging 5.995 % from Dec 2014 (Median) to 2023, with 10 observations. The data reached an all-time high of 10.170 % in 2014 and a record low of 2.390 % in 2016. Indonesia Pension Fund: Return of Investment: Average: DCPP: Group II data remains active status in CEIC and is reported by Indonesia Financial Services Authority. The data is categorized under Indonesia Premium Database’s Financial Market – Table ID.ZE011: Pension Fund: Return on Investment.

The Survey of Consumer Finances (SCF) is normally a triennial cross-sectional survey of U.S. families. The survey data include information on families' balance sheets, pensions, income, and demographic characteristics.

Footnotes:1Gender refers to an individual's personal and social identity as a man, woman or non-binary person (a person who is not exclusively a man or a woman). Gender includes the following concepts: gender identity, which refers to the gender that a person feels internally and individually; gender expression, which refers to the way a person presents their gender, regardless of their gender identity, through body language, aesthetic choices or accessories (e.g., clothes, hairstyle and makeup), which may have traditionally been associated with a specific gender. A person's gender may differ from their sex at birth, and from what is indicated on their current identification or legal documents such as their birth certificate, passport or driver's licence. A person's gender may change over time. Some people may not identify with a specific gender.2Given that the non-binary population is small, data aggregation to a two-category gender variable is sometimes necessary to protect the confidentiality of responses provided. In these cases, individuals in the category “non-binary persons” are distributed into the other two gender categories and are denoted by the “+” symbol.3Age' refers to the age of a person (or subject) of interest at last birthday (or relative to a specified, well-defined reference date).4The median income of a specified group is the amount that divides the income distribution of that group into two halves, i.e., the incomes of half of the units in that group are below the median, while those of the other half are above the median. Median incomes of individuals are calculated for those with income (positive or negative).5Average income of a specified group is calculated by dividing the aggregate income of that group by the number of units in that group. Average incomes are calculated for those with income (positive or negative).6Total income refers to the sum of certain incomes (in cash and, in some circumstances, in kind) of the statistical unit during a specified reference period. The components used to calculate total income vary between: – Statistical units of social statistical programs such as persons, private households, census families and economic families; – Statistical units of business statistical programs such as enterprises, companies, establishments and locations; and – Statistical units of farm statistical programs such as farm operator and farm family. In the context of persons, total income refers to receipts from certain sources, before income taxes and deductions, during a specified reference period. In the context of census families, total income refers to receipts from certain sources of all of its family members, before income taxes and deductions, during a specified reference period. In the context of economic families, total income refers to receipts from certain sources of all of its family members, before income taxes and deductions, during a specified reference period. In the context of households, total income refers to receipts from certain sources of all household members, before income taxes and deductions, during a specified reference period. The monetary receipts included are those that tend to be of a regular and recurring nature. Receipts that are included as income are: * employment income from wages, salaries, tips, commissions and net income from self-employment (for both unincorporated farm and non-farm activities); * income from investment sources, such as dividends and interest on bonds, accounts, guaranteed investment certificates (GICs) and mutual funds; * income from employer and personal pension sources, such as private pensions and payments from annuities and registered retirement income funds (RRIFs); * other regular cash income, such as child support payments received, spousal support payments (alimony) received and scholarships; * income from government sources, such as social assistance, child benefits, Employment Insurance benefits, Old Age Security benefits, COVID-19 benefits and Canada Pension Plan and Québec Pension Plan benefits and disability income. Receipts excluded from this income definition are: * one-time receipts, such as lottery winnings, gambling winnings, cash inheritances, lump-sum insurance settlements and tax-free savings account (TFSA) or registered retirement savings plan (RRSP) withdrawals; * capital gains because they are not by their nature regular and recurring. It is further assumed that they are more relevant to the concept of wealth than the concept of income; * employers' contributions to registered pension plans, Canada Pension Plan, Québec Pension Plan and Employment Insurance; * voluntary inter-household transfers, imputed rent, goods and services produced for barter and goods produced for own consumption.7The reference period for this variable is calendar year 2019. The variable is intended for comparison with its 2020 equivalent and other 2019 income variables. Income for 2019 is presented in 2020 constant dollars.8The sum of employment income (wages, salaries and commissions, net self-employment income from farm or non-farm unincorporated business and/or professional practice), investment income, private retirement income (retirement pensions, superannuation and annuities, including those from registered retirement savings plans [RRSPs] and registered retirement income funds [RRIFs]) and other money income from market sources during the reference period. It is equivalent to total income minus government transfers. It is also referred to as income before transfers and taxes.9The reference period for this variable is calendar year 2019. The variable is intended for comparison with its 2020 equivalent and other 2019 income variables. Income for 2019 is presented in 2020 constant dollars.10All income received as wages, salaries and commissions from paid employment and net self-employment income from farm or non-farm unincorporated business and/or professional practice during the reference period.11The reference period for this variable is calendar year 2019. The variable is intended for comparison with its 2020 equivalent and other 2019 income variables. Income for 2019 is presented in 2020 constant dollars.12Gross wages and salaries before deductions for such items as income taxes, pension plan contributions and employment insurance premiums during the reference period. While other employee remuneration such as security options benefits, board and lodging and other taxable allowances and benefits are included in this source, employer's contributions to pension plans and employment insurance plans are excluded. Other receipts included in this source are military pay and allowances, tips, commissions and cash bonuses associated with paid employment, benefits from wage-loss replacement plans or income-maintenance insurance plans, supplementary unemployment benefits from an employer or union, research grants, royalties from a work or invention with no associated expenses and all types of casual earnings during the reference period.13The reference period for this variable is calendar year 2019. The variable is intended for comparison with its 2020 equivalent and other 2019 income variables. Income for 2019 is presented in 2020 constant dollars.14Net income (gross receipts minus cost of operation and capital cost allowance) received during the reference period from self-employment activities, either on own account or in partnership. In the case of partnerships, only the person's share of income is included. Net partnership income of a limited or non-active partner is excluded. It includes farming income, fishing income and income from unincorporated business or professional practice. Commission income for a self-employed commission salesperson and royalties from a work or invention with expenses associated are also included in this source.15The reference period for this variable is calendar year 2019. The variable is intended for comparison with its 2020 equivalent and other 2019 income variables. Income for 2019 is presented in 2020 constant dollars.16All cash benefits received from federal, provincial, territorial or municipal governments during the reference period. It includes: * Old Age Security pension, Guaranteed Income Supplement, Allowance or Allowance for the Survivor; * retirement, disability and survivor benefits from Canada Pension Plan and Québec Pension Plan; * benefits from Employment Insurance and Québec parental insurance plan; * child benefits from federal and provincial programs; * social assistance benefits; * workers' compensation benefits; * Canada workers benefit (CWB); * Goods and services tax credit and harmonized sales tax credit; * other income from government sources. For the 2021 Census, this includes various benefits from new and existing federal, provincial and territorial government income programs intended to provide financial support to individuals affected by the COVID-19 pandemic and the public health measures implemented to minimize the spread of the virus.17The reference period for this variable is calendar year 2019. The variable is intended for comparison with its 2020 equivalent and other 2019 income variables. Income for 2019 is presented in 2020 constant dollars.18Refers to the sum of payments received from COVID-19 - Emergency and recovery benefits and Employment Insurance (EI) benefits.19The reference period for this variable is calendar year 2019. The variable is intended for comparison with its 2020 equivalent and other 2019 income variables. Income for 2019 is presented in 2020 constant dollars. In 2019, earning replacement benefits is equal to Employment Insurance (EI) benefits.20All Employment Insurance (EI) benefits received during the reference period, before income tax deductions. It includes benefits for unemployment, sickness, maternity, paternity, adoption, compassionate care, work sharing, retraining, and benefits to self-employed fishers