pension funds



A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides 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 A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include ''securities'' listed on a public stock exchange, a ...
where large
institutional investor An institutional investor is an entity which pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked ...
s dominate. The largest 300 pension funds collectively hold about
USD The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
trillion ''Trillion'' is a number with two distinct definitions: *1,000,000,000,000, i.e. one million million, or (ten to the twelfth power), as defined on the short scale. This is now the meaning in both American and British English. * 1,000,000,000, ...
in assets. In 2012,
PricewaterhouseCoopers PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accountin ...
estimated that pension funds worldwide hold over $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 securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked ...
ahead of
mutual fund A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV ...
insurance companies Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
currency reserves Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence ...
, sovereign wealth funds,
hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as sh ...
s, or private equity. The Federal Old-age and Survivors Insurance Trust Fund, which oversees $2.66 trillion in assets, is the world's largest public pension fund.


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.

Largest pension funds

The following table lists largest pension funds by total assets by the SWF Institute.

By country



* Commonwealth Superannuation Scheme (old scheme for federal civil servants) * Military Superannuation and Benefits Scheme (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 (for New South Wales
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), a daily newspaper in Columbia, South Carolina, United States * '' Our ...
civil servants)

Industry (not-for-profit)

* AustralianSuper * AustSafe Super * CareSuper * Cbus * Energy Super * FIRSTSUPER * HESTA * Hostplus * legalsuper * LUCRF Super * Media Super * MTAA Super (Spirit Super) * NGS Super * REI Super * TWUSUPER * UniSuper *
Retail Employees Superannuation Trust Rest Super is an Australian industry superannuation fund established in 1988. It is one of Australia's largest superannuation funds by membership, with around 1.9 million members in June 2022. Rest currently manages A$66 billion in funds. Go ...


* ANZ Australian Staff Superannuation Scheme (for employees of ANZ Bank)


* 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



Alberta Investment Management Corporation Alberta Investment Management Corporation (AIMCo) is an Albertan Crown corporation and institutional investor established to manage several public funds and pensions headquartered in Edmonton, Alberta. AIMCo was established by an act of the Le ...
* Alberta Pensions Services Corporation * British Columbia Investment Management Corporation (BCIMC) 455 * Caisse de dépôt et placement du Québec *
Canada Pension Plan The Canada Pension Plan (CPP; french: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Ol ...
(investments directed by the Canada Pension Plan Investment Board) *
Healthcare of Ontario Pension Plan Health care or healthcare is the improvement of health via the prevention, diagnosis, treatment, amelioration or cure of disease, illness, injury, and other physical and mental impairments in people. Health care is delivered by health prof ...
(HOOPP) * Ontario Teachers Pension Plan *
Ontario Municipal Employees Retirement System The Ontario Municipal Employees Retirement System (OMERS) is a Canadian public pension fund, headquartered in Toronto, Ontario. OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by Ontario provinci ...
* Public Sector Pension Investment Board (PSP Investments) * OPSEU Pension Trust (OPTrust) * Ontario Pension Board (OPB) * TTC Pension Plan (TTCPP) * University Pension Plan (UPP)


* Colleges of Applied Arts and Technology Pension Plan (CAAT) * Boilermakers Pension Fund Trust * Labourers' Pension Fund of Central and Eastern Canada (
LIUNA The Laborers' International Union of North America (LIUNA, stylized as LiUNA!), often shortened to just the Laborers' Union, is an American and Canadian labor union formed in 1903. As of 2017, they had about 500,000 members, about 80,000 of whom ...
) *
Teamsters The International Brotherhood of Teamsters (IBT), also known as the Teamsters Union, is a labor union in the United States and Canada. Formed in 1903 by the merger of The Team Drivers International Union and The Teamsters National Union, the ...
Canadian Pension Plan * Telecommunication Workers Pension Plan *
UFCW The United Food and Commercial Workers International Union (UFCW) is a labor union representing approximately 1.3 million workers in the United States and Canada in industries including retail; meatpacking, food processing and manufacturing; ho ...
Canadian Pension Plan


* AFP Modelo * Chile pension system


* – 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 Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society ...



* Public Employees Pension Fund


* 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) for the retirement of residents in Hong Kong. Most employees and their employers are required to contribute monthly to mandatory provident ...
Scheme (MPF Schemes) * Occupational Retirement Schemes (ORSO Schemes)


Employees' Provident Fund Organisation The Employees' Provident Fund Organisation (EPFO) is one of the two in statutory social security bodies under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in ...
– a statutory social security body of the Government of India that administers a mandatory Provident Fund Scheme, Pension Scheme and a 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: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
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 which is under the jurisdiction of Ministry of Finance of the Government of India. The National Pension System (NPS) is ...
– a defined-contribution–based pension scheme launched by the Government of India open to all citizens of
India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
on a voluntary basis and mandatory for the employees of central government (except
Indian Armed Forces The Indian Armed Forces are the military forces of the Republic of India. It consists of three professional uniformed services: the Indian Army, Indian Navy, and Indian Air Force.—— Additionally, the Indian Armed Forces are supported by t ...
) who are appointed on or after 1 January 2004. Indian citizens between the age of 18 and 70 are eligible to join.


Japan Pension Service The is a Government organization administered by the Ministry of Health, Labour and Welfare. On January 1, 2010, it replaced the Social Insurance Agency.International Social Security Association websitEstablishment of the "Japan Pension Service" ...
* Government Pension Investment Fund, Japan (GPIF, 年金積立金管理運用独立行政法人)


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


* Caisse de dépôt et de gestion * CMR


* Employees Provident Fund Nepal


* Stichting Pensioenfonds ABP (ABP) * Stichting Pensioenfonds Zorg en Welzijn (PFZW, formerly PGGM)


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


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


*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


* Central Provident Fund


Pension system in Switzerland The Swiss pension system rests on three pillars: *the state-run pension scheme for the aged, orphans, and surviving spouses *the pension funds run by investment foundations, which are tied to employers *voluntary, private investments Overview ...



* 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.


* 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.


See also

Global assets under management Global assets under management consists of assets held by asset management firms, pension funds, sovereign wealth funds, hedge funds, and private equity funds A private equity fund (abbreviated as PE fund) is a collective investment scheme u ...
Pension insurance contract Pension insurance contract is an insurance contract that specifies pension plan contributions to an insurance undertaking in exchange for which the pension plan benefits will be paid when the members reach a specified retirement age or on earlier ...
* Pension regulation * Qualifying registered overseas pension schemes * Sovereign wealth fund


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