Core Insights - The Allianz Group's report emphasizes the urgent need for reform in global pension systems to balance sustainability and adequacy [2] Group 1: Current Challenges in Pension Systems - The current pay-as-you-go pension systems face significant challenges due to a declining workforce and an increasing number of retirees, leading to financial imbalances [2] - Countries like Japan, Greece, and Italy are under heavy fiscal pressure due to high public pension expenditures relative to GDP [2] - The average score of the Allianz Pension Index (API) for 71 countries/regions in 2024 is 3.7, indicating a need for further reforms [2] Group 2: Ideal Pension System Characteristics - An ideal pension system combines pay-as-you-go and strong capital financing pillars, which prepares countries to better handle demographic changes [3] - A well-functioning labor market is essential for successful pension reforms, necessitating an increase in the share of formal labor in emerging markets [3] Group 3: Improving Long-term Sustainability and Adequacy - To enhance the long-term sustainability of pension systems, several measures can be considered, such as increasing contribution rates and adjusting retirement ages [4] - The average pension contribution rate across analyzed countries is 18%, with 28 countries exceeding 20%, indicating limited room for further increases [4] Group 4: Adequacy of Pension Systems - The primary goal of pension systems is to prevent longevity and elderly poverty while ensuring a decent living standard for seniors [5] - Adequacy can be assessed by comparing the coverage and benefit levels of public pension pillars and the availability of supplementary capital financing options [5] Group 5: Coverage Disparities - Coverage is a critical factor for pension adequacy, with significant differences between industrialized and emerging markets [6] - In most industrialized markets, 100% of the retirement-age population is covered, while in many emerging markets, this figure is below 50% [6] Group 6: Pension Savings Gap - The report introduces the concept of the Pension Savings Gap (PSG), estimating a global gap of approximately $51 trillion, requiring an annual increase of $1 trillion in retirement savings over the next 40 years [7] - The solution lies not in increasing savings but in redeploying existing savings [7]
安联集团报告：全球养老金制度需要进一步改革，以平衡可持续性和充足性