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A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides
retirement income
retirement income
. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large
institutional investor An institutional investor is an entity which pools money to purchase Security (finance), securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, S ...
s dominate. The largest 300 pension funds collectively hold about $6
trillion A trillion is a number with two distinct definitions: *1,000,000,000,000 This list contains selected positive numbers in increasing order, including counts of things, dimensionless quantity and probability, probabilities. Each number is given a n ...
in assets. In 2012,
PricewaterhouseCoopers PricewaterhouseCoopers is a multinational Multinational may refer to: * Multinational corporation, a corporate organization operating in multiple countries * Multinational force, a military body from multiple countries * Multinational state, a ...

PricewaterhouseCoopers
estimated that pension funds worldwide hold over US$33.9 trillion in assets (and were expected to grow to more than $56 trillion by 2020), the largest for any category of
institutional investor An institutional investor is an entity which pools money to purchase Security (finance), securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, S ...
ahead of
mutual fund A mutual fund is a professionally managed investment fund An investment fund is a way of investment, investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the ri ...
s,
insurance companies Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to Hedge (finance), hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer ...
,
currency reserves Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold reserve, gold held by a central bank or other monetary authority that are primarily available to balance of payment, balance pa ...
,
sovereign wealth fund A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, Bond (finance), bonds, real estate, precious metals, or in alternative inve ...
s,
hedge fund A hedge fund is a pooled investment fund Image:Financial info.jpg, The values and performance of collective funds are listed in newspapers. An investment fund is a way of investment, investing money alongside other investors in order to benefit ...
s, or
private equity Private equity (PE) typically refers to investment funds, generally organized as limited partnerships, that buy and restructure companies that are not publicly traded. Private equity is a type of equity and one of the asset classes consisti ...
. The
Federal Old-age and Survivors Insurance Trust Fund
Federal Old-age and Survivors Insurance Trust Fund
is the world's largest public pension fund which oversees $2.72 trillion USD in assets.


Classifications


Open vs. closed pension fund

Open pension funds support at least one pension plan with no restriction on membership while closed pension funds support only pension plans that are limited to certain employees. Closed pension funds are further subclassified into: *Single employer pension funds *Multi-employer pension funds *Related member pension funds *Individual pension funds


Public vs. private pension funds

A public pension fund is one that is regulated under public sector law while a private pension fund is regulated under private sector law. In certain countries, the distinction between public or government pension funds and private pension funds may be difficult to assess. In others, the distinction is made sharply in law, with very specific requirements for administration and investment. For example, local governmental bodies in the United States are subject to laws passed by the states in which those localities exist, and these laws include provisions such as defining classes of permitted investments and a
minimum municipal obligation In the United States The United States of America (USA), commonly known as the United States (U.S. or US), or America, is a country Contiguous United States, primarily located in North America. It consists of 50 U.S. state, states, a Washin ...
.


Largest pension funds


By country


Australia


Government

* Commonwealth Superannuation Scheme (old scheme for federal civil servants) *
Military Superannuation and Benefits Scheme A military, also known collectively as armed forces, is a heavily armed, highly organized force primarily intended for warfare War is an intense armed conflict between State (polity), states, governments, Society, societies, or pa ...
(current scheme for Australian Defence Force personnel) * Public Sector Superannuation accumulation plan (current scheme for federal civil servants) * Public Sector Superannuation Scheme (old scheme for federal civil servants) *
State Super 'State Super'', is one of the oldest superannuation A pension (, from Latin Latin (, or , ) is a classical language belonging to the Italic languages, Italic branch of the Indo-European languages. Latin was originally spoken in the area aro ...
(for
New South Wales New South Wales (abbreviated as NSW) is a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspape ...
state State may refer to: Arts, entertainment, and media Literature * ''State Magazine ''State Magazine'' is a digital magazine published by the U.S. Department of State's Bureau of Global Talent Management. Its mission is to acquaint Department o ...
civil servants)


Industry (not-for-profit)

*
AustralianSuper AustralianSuper is the largest Australian Superannuation in Australia, superannuation and pension fund, with approximately one in every ten Australian workers as members. AustralianSuper is an industry superannuation fund run only to profit mem ...
* AustSafe Super *
CareSuper CARE Super (stylised CareSuper) is an Australian industry superannuation An industry superannuation fund is an Superannuation in Australia, Australian superannuation fund originally established to provide for the retirement of workers from a ...
*
Cbus Columbus is the state capital Below is an index of pages containing lists of capital cities A capital or capital city is the municipality A municipality is usually a single administrative division having Municipal corporation, corpo ...
*
Energy Super In physics, energy is the physical quantity, quantitative physical property, property that must be #Energy transfer, transferred to a physical body, body or physical system to perform Work (thermodynamics), work on the body, or to heat it. E ...
* FIRSTSUPER *
HESTA HESTA is an Australian industry superannuation fund for workers in health and community service sectors. HESTA services more than 90,000 employers and has more than 870,000 members, 80% of whom are women. It has $56 billion in funds under manage ...
* Hostplus *
legalsuper Legalsuper is an Superannuation in Australia, Australian superannuation fund dedicated to the legal community. It is the only industry superannuation fund for Australia's legal profession. Its MySuper default account is called MySuper Balanced opt ...
* LUCRF Super *
Media Super Media may refer to: Physical means Communication * Media (communication) In mass communication, media are the communication Communication (from Latin Latin (, or , ) is a classical language belonging to the Italic languages, It ...
* MTAA Super * NGS Super * REI Super * TWUSUPER *
UniSuper UniSuper is an Superannuation in Australia, Australian superannuation fund that provides superannuation services to employees of Australia's higher education and research sector. The fund has over 450,000 members and $100 billion in assets (fund ...
*
Retail Employees Superannuation Trust Retail Employees Superannuation Trust (REST), also called REST Super or Rest Super, is an Australian industry superannuation fund established in 1988. It is one of Australia's largest superannuation funds by membership, with around 1.7 millio ...


Private

* ANZ Australian Staff Superannuation Scheme (for employees of
ANZ Bank The Australia and New Zealand Banking Group Limited, commonly called ANZ, is an Australian Australians, colloquially referred to as "Aussies", are the citizens Citizenship is a relationship between an individual and a state to which ...
)


Brazil

* Aceprev * Baneses * Banesprev * Centrus * FAPES * Forluz * Funcef * Fundação Banrisul * Fundação CESP * Fundação Itaubanco * Petros * PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil (the closed private pension fund for employees of the Brazilian federal government-owned bank) * Sistel * Valia


Canada


Government

*
Alberta Investment Management Corporation Alberta Investment Management Corporation (AIMCo) is a Canadian Crown corporation A state-owned enterprise (SOE) or government-owned enterprise (GOE) is a business enterprise Business is the activity of making one's living or making ...
*
Alberta Pensions Services Corporation The Alberta Pensions Services Corporation (APS) is a Crown corporation A state-owned enterprise (SOE) or government-owned enterprise (GOE) is a business enterprise Business is the activity of making one's living or making money by pr ...
*
British Columbia Investment Management Corporation Crown corporations in Canada are government organizations with a mixture of commercial Commercial may refer to: * a dose of advertising conveyed through media (such as - for example - radio or television) ** Radio advertisement ** Television a ...
(BCIMC) *
Caisse de dépôt et placement du Québec Caisse de dépôt et placement du Québec (CDPQ; , also referred to in English-language media as the Caisse) is an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. A Crown corporat ...
*
Canada Pension Plan The Canada Pension Plan (CPP; french: Régime de pensions du Canada) is a contributory, earnings-related social insurance Social insurance is a concept where the government intervenes in the insurance market to ensure that a group of individua ...
(investments directed by the
Canada Pension Plan Investment Board The Canada Pension Plan Investment Board (CPPIB; french: Office d'investissement du régime de pensions du Canada), operating as CPP Investments (french: RPC Investissements), is a Canadian Crown corporations of Canada, Crown corporation establi ...
) * Healthcare of Ontario Pension Plan (HOOPP) * Ontario Teachers Pension Plan *
Ontario Municipal Employees Retirement System OMERS is a Canadian public pension fund, headquartered in Toronto, Ontario, Canada. OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by Ontario provincial statute to administer retirement benefits ...
*
Public Sector Pension Investment Board The Public Sector Pension Investment Board (PSP Investments) is a Crown corporations of Canada, Canadian Crown corporation established by an act of Parliament of Canada, Parliament in September 1999. PSP Investments is one of Canada's largest pensi ...
(PSP Investments) * OPSEU Pension Trust (OPTrust) * Ontario Pension Board (OPB) * TTC Pension Plan (TTCPP) * University Pension Plan (UPP)


Private

* Colleges of Applied Arts and Technology Pension Plan (CAAT) *
Boilermakers A boilermaker is a tradesperson who fabricates steel, iron, or copper into boilers and other large containers intended to hold hot gas or liquid, as well as maintains and repairs boilers and boiler systems.Bureau of Labor Statistics, US Dep ...
Pension Fund Trust * Labourers' Pension Fund of Central and Eastern Canada (
LIUNA The Laborers' International Union of North America (LIUNA, often shortened to just the Laborer A laborer is a person who works in manual labor Manual labour (in British English British English (BrE) is the standard dialect A standa ...
) *
Teamsters The International Brotherhood of Teamsters (IBT), also known as the Teamsters Union, is a labor union A trade union (or a labor union in American English American English (AmE, AE, AmEng, USEng, en-US), sometimes called United State ...
Canadian Pension Plan *
Telecommunication Telecommunication is the transmission of information by various types of technologies over wire A wire is a single usually cylindrical A cylinder (from Greek Greek may refer to: Greece Anything of, from, or related to Greece Gr ...
Workers Pension Plan *
UFCW The United Food and Commercial Workers International Union (UFCW) is a labor union A trade union (or a labor union in American English American English (AmE, AE, AmEng, USEng, en-US), sometimes called United States English or U.S. E ...

UFCW
Canadian Pension Plan


Chile

*
AFP Modelo AFP most often refers to: * Agence France-Presse Agence France-Presse (AFP) is an international news agency headquartered in Paris, France. Founded in 1835 as Havas, it is the world's oldest news agency. AFP has regional headquarters in Nicosi ...
* Chile pension system


China

* – managed by
National Council for Social Security Fund The National Social Security Fund is a supplementary fund of the People's Republic of China which is used for social security. The fund was managed by National Council for Social Security Fund. History On 1 August 2000, the Central Committee of ...


Greece


Government

* Public Employees Pension Fund


Private

* TAPILTAT, the Fund for Mutual Assistance of the Employees of Ioniki Bank and Other Banks, the multi-employer auxiliary pension fund


Hong Kong

*
Mandatory Provident Fund The Mandatory Provident Fund (), often abbreviated as MPF (), is a compulsory saving scheme (pension fund A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income. Pen ...
Scheme (MPF Schemes) * Occupational Retirement Schemes (ORSO Schemes)


India

*
Employees' Provident Fund Organisation This is an organisation tasked to assist the Central Board of Trustees. Employees' Provident Fund is a statutory body established by the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 and is under the jurisdiction Jurisdiction ...
– a statutory social security body of the
Government of India The Government of India (ISO The International Organization for Standardization (ISO ) is an international standard An international standard is a technical standard A technical standard is an established norm (social), norm or requiremen ...
that administers a mandatory Provident Fund Scheme, Pension Scheme and an death/disability Insurance Scheme. Provident Fund is applicable for employees across all establishments (private as well as government, subject to criteria). EPFO is the largest social security organisation in
India India, officially the Republic of India (Hindi Hindi (Devanagari: , हिंदी, ISO 15919, ISO: ), or more precisely Modern Standard Hindi (Devanagari: , ISO 15919, ISO: ), is an Indo-Aryan language spoken chiefly in Hindi Belt, ...

India
with assets well over 5 lakh crore (US$159 billion) as of 2014. *
National Pension Scheme National Pension System Trust (NPS Trust) is a specialised division of Pension Fund Regulatory and Development Authority Pension Fund Regulatory and Development Authority is the regulatory body under the jurisdiction of Ministry of Fina ...
– a defined-contribution–based pension scheme launched by the
Government of India The Government of India (ISO The International Organization for Standardization (ISO ) is an international standard An international standard is a technical standard A technical standard is an established norm (social), norm or requiremen ...
open to all citizens of
India India, officially the Republic of India (Hindi Hindi (Devanagari: , हिंदी, ISO 15919, ISO: ), or more precisely Modern Standard Hindi (Devanagari: , ISO 15919, ISO: ), is an Indo-Aryan language spoken chiefly in Hindi Belt, ...

India
on a voluntary basis and mandatory for the employees of central government (except
Indian Armed Forces The Indian Armed Forces are the military forces A military, also known collectively as armed forces, is a heavily armed, highly organized force primarily intended for warfare War is an intense armed conflict between State (po ...
) who are appointed on or after 1 January 2004. Indian citizens between the age of 18 and 70 are eligible to join.


Japan

*See Japan Pension Service *
Government Pension Investment Fund, Japan , or GPIF, is an incorporated administrative agency (an independent administrative institution), established by the Japanese government. It is the largest pool of retirement savings in the world. Japan's GPIF is the largest public fund investor in ...
(GPIF, 年金積立金管理運用独立行政法人)


Malaysia

* Employees Provident Fund (Malaysia's largest, total assets of around RM407 billion in diversified portfolio)


Morocco

* Caisse de dépôt et de gestion * CMR


Nepal

*
Employees Provident Fund Nepal Employees Provident Fund (Nepali:कर्मचारी सञ्चय कोष) Nepal is the pension fund/provident fund for employees of government and private sector of Nepal. The Fund is currently managing provident funds of 600,000 employee ...


Netherlands

*
Stichting Pensioenfonds ABP Stichting Pensioenfonds ABP ("National Civil Pension Fund"), frequently referred to as ABP, is the pension fund for government and education employees in the Netherlands. For the quarter ended 31 December 2014, ABP had 2.8 million participants and ...
(ABP) *
Stichting Pensioenfonds Zorg en Welzijn Stichting Pensioenfonds Zorg en Welzijn (known as PFZW, formerly PGGM, translation: "Pension Fund for Care and Well-Being") is the second largest pension fund in the Netherlands. As of 31 December 2014, PFZW had total assets under management of ...
(PFZW, formerly PGGM)


Norway

* The Government Pension Fund - Global (Statens pensjonsfond - Utland) * The Government Pension Fund - Norway (Statens pensjonsfond - Norge)


Romania

The pension system in Romania is made of three pillars. One is the state pension (Pillar I – Mandatory), the second is a private mandatory pension where the state transfers a percentage of the contribution it collects for the public pension, and the third is an optional private pension (Pillar III – Voluntary). The Financial Supervisory Authority – Private Pension is responsible for the supervision and regulation of the private pension system.


Saudi Arabia

* Public Pension Agency (PPA) * General Organization for Social Insurance


Serbia

*The pension system in Serbia is made of three pillars. One is the state pension (Pillar I – Mandatory), where every insured person is obliged to pay contributions from their paycheck, the second is a voluntary state pension, where an uninsured person is voluntarily included in state pension system, and the third is an optional private pension (Pillar III – Voluntary). *Pension and disability insurance fund


Singapore

* Central Provident Fund


Switzerland

* Pension system in Switzerland


Turkey


Government

* Sosyal Güvenlik Kurumu (Social Security Institution, SGK) Social Security Institution was established by the Social Security Institution Law No:5502 which was published in the Official Gazette No: 26173 dated 20.06.2006 and brings the Social Insurance Institution, General Directorate of Bağ-kur and General Directorate of Emekli Sandığı whose historical development are summarized above under a single roof in order to transfer five different retirement regimes which are civil servants, contractual paid workers, agricultural paid workers, self-employers and agricultural self-employers into a single retirement regime that will offer equal actuarial rights and obligations.


Private

* Armed Forces Pension Fund OYAK (Ordu Yardımlaşma Kurumu/Armed Forces Pension Fund) provides its members with "supplementary retirement benefits" apart from the official retirement fund, T.C.Emekli Sandığı/SSK, to which they are primarily affiliated. In addition to the retirement benefit, OYAK pays "disability benefits" to the members on duty when they become partially or fully disabled as well as "death benefits" to the heirs of the deceased member if the death occurs during the member's subscription to the foundation. OYAK is incorporated as a private entity under its own law subject to Turkish civic and commercial codes. OYAK, while fulfilling its legal duties, as set in the law, also provides its members with social services such as loans, home loans and retirement income systems. The initial source of OYAK's funds is a compulsory 10 percent levy on the base salary of Turkey's 200,000 serving officers who, together with 25,000 current pensioners, make up OYAK's members. Some other Turkish private pension funds: * YAPI ve KREDİ BANKASI A.Ş. Mensupları Yardım ve Emekli Sandığı Vakfı * AKBANK T.A.Ş. Mensupları Tekaüt Sandığı Vakfı * TÜRKİYE GARANTİ BANKASI A.Ş. Memur ve Müstahdemleri Emekli ve Yardım Sandığı Vakfı * TÜRKİYE ODALAR BORSALAR VE BİRLİK PERSONELİ SİGORTA VE EMEKLİ SANDIĞI VAKFI * TÜRKİYE İŞ BANKASI A.Ş. Mensupları Emekli Sandığı Vakfı


United States

In the United States, pension funds include schemes which result in a deferral of income by employees, even if retirement income provision is not the intent. The United States has $19.1 trillion in retirement and pension assets ($9.1 trillion in private funds, $10 trillion in public funds) as of 31 December 2016. The largest 200 pension funds accounted for $4.540 trillion as of 30 September 2009.


Government


See also

*Global assets under management *Pension insurance contract *Pension regulation *Qualifying registered overseas pension schemes *Sovereign wealth fund


References

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