CPF maintains A grade in global ranking of pension systems for second year; overall score goes up

The CPF was the first pension system in Asia to secure an A grade, with its overall score rising from 80.8 to 82 on the Marsh CFA Institute Global Pension Index.

ST PHOTO: NG SOR LUAN

Published Oct 20, 2026, 12:00 PM

Updated Oct 20, 2026, 05:04 PM

Singapore’s CPF kept its A grade in the Marsh CFA Institute Global Pension Index for a second year, and its overall score rose from 80.8 to 82.

The report said ageing populations and longer lives are straining pension systems. Singapore’s CPF is “fully funded” by employer and employee contributions, unlike pay-as-you-go systems.

Experts said retirement systems must stay flexible as people work longer. Singapore is moving towards a retirement age of 65 and a re-employment age of 70 by 2030.

SINGAPORE – Singapore’s Central Provident Fund has retained its A rating for a second consecutive year in an annual global ranking of pension systems.

The CPF was the first pension system in Asia to secure an A grade, with its overall score rising from 80.8 to 82 on the Marsh CFA Institute Global Pension Index. It was given a B+ grade in 2024.

In 2026, Australia’s social security system also achieved an A rating, meaning the Asia-Pacific region now has two top-tier retirement systems.

Other countries that earned the top rating for their pension systems are the Netherlands, which obtained the highest score of 85.8, as well as Denmark, Iceland and Israel.

“First-class” retirement income systems that are robust, sustainable, deliver good benefits and have a high level of integrity get an A from Marsh.

The professional services firm has collaborated with the CFA Institute, the global association of investment professionals, on the annual index since 2008 .

Previously called the Mercer CFA Institute Global Pension Index, it was renamed in 2026 after Mercer adopted the Marsh brand in September as part of a corporate rebrand by its parent company, Marsh McLennan.

In 2026, the index examined the impact of falling birth rates and rising life expectancies on 55 retirement income systems worldwide, up from 52 in the 2025 index.

The study covered pension systems in 66% of the world’s population, including the US, Britain, China, India, South Korea and Japan.

Reflecting the focus on the ageing population globally, the report adjusted the Adequacy sub-index to consider the levels of income available at retirement and at age 80.

This recognises the fact that more people will live past 80 and into their 90s, needing financial support throughout their long retirement years.

The Adequacy sub-index measures whether a pension system provides a sufficient level of income for retirees to maintain a decent standard of living.

It is one of three sub-indexes that make up a pension system’s overall index score.

Singapore’s Adequacy score jumped from 79.4 in 2025 to 82.8 in 2026, but its Sustainability sub-index score dipped from 75.5 to 75.3.

The Sustainability sub-index assesses a pension system’s long-term viability and its ability to meet future pension obligations.

Meanwhile, the Integrity sub-index rounds out the overall score by measuring the level of public trust and assessing whether the pension system earns the confidence of those who depend on it.

On this front, Singapore held its 90.4 score.

Rising life expectancies strain government budgets

Mirroring the global trend of population ageing, Singapore became a super-aged society in June 2026, when 21.4% of its citizens were 65 or older.

The United Nations classifies any nation with 21% of its population aged 65 and above as super-aged.

Marsh highlighted in its report that ageing populations are placing increasing strain on government budgets.

Public pensions, especially those that operate on a pay-as-you-go basis, will not be sustainable because they rely on taxes from the current working population to fund the retirement payouts of today’s retirees.

As the population ages, there will be a smaller workforce to pay for the retirement benefits of a growing pool of retirees.

Marsh noted that growing financial strain will prompt many countries to review the funding of their pension systems.

Governments will either have to cut retirement benefits or encourage their population to save for their future payouts in advance.

CPF is funded by contributions

Marsh noted that Singapore’s CPF, unlike other pension systems, is “fully funded with contributions from both employers and employees”.

These CPF contributions are invested primarily in special Singapore Government Securities, which allow the CPF Board to pay interest of at least 2.5% on Ordinary Account savings and at least 4% on Special Account and Retirement Account (RA) savings.

Walter Theseira, associate professor of economics at the Singapore University of Social Sciences, added that because CPF payouts are based solely on one’s own retirement savings, they will not be affected by government tax constraints or public finance challenges.

CPF Life, the national longevity insurance annuity scheme, pays out income from each member’s CPF personal retirement savings pot for as long as they live.

More savings in their RA when they join the scheme means they receive a higher monthly payout.

CPF members have the flexibility to start their lifelong monthly payouts anytime between the ages of 65 and 70.

Those who choose to wait can expect their monthly payouts to grow by up to 7% a year for each year of deferment.

A CPF member can therefore receive up to a 35% increase in payouts by waiting until the age of 70.

Theseira pointed out that retirees must carefully evaluate the trade-offs of taking their payouts earlier or later.

If they defer their payouts, they run the risk of not being able to enjoy their retirement if they have a shorter healthy lifespan than expected.

However, starting payouts early results in smaller monthly sums and a potentially lower standard of living, he noted.

Adapting to longer, flexible retirements

There is no one-size-fits-all solution, highlighting the need for flexibility in the pension system.

Tim Jenkins, lead author of the report and partner at Marsh Investments and Retirement, noted that such flexibility is no longer optional.

People should be allowed to choose when they take their retirement income, how their retirement plans are designed and how they transition from full-time work to retirement, he said.

For example, not everyone will want to stop working at age 65. Some may want or have to continue working full-time. Others may opt to go part-time or do freelance work, and some may retire.

This option to work beyond the traditional retirement ages of 60 or 65 is becoming more crucial as life expectancies rise.

Longer working lives directly strengthen one’s retirement adequacy as individuals continue earning and growing their retirement savings.

Marsh noted in its report that the largest increase in the average labour force participation rate for those aged 65 and above was observed for Singapore, which saw a 19% jump from 2003 to 2023.

In comparison, the average participation rate for this age cohort across more than 30 pension systems covered in the index grew by a more modest 4%.

The Republic has progressively raised its retirement and re-employment ages since January 1999 to enable senior workers to continue working if they are able and wish to.

By 2030, it will fully realise its goal of establishing a statutory retirement age of 65 and a re-employment age of 70.

Joelle Fong, an associate professor at the Lee Kuan Yew School of Public Policy, said Singapore’s clear and transparent retirement and re-employment policies serve to change corporate behaviour by ensuring legal compliance.

However, her January 2026 study in the International Journal of Manpower showed that employers’ mindsets have been slow to catch up.

In her survey of 509 employers from about 20 major industries in Singapore, Fong found that “employers exhibited distinct hiring preference for mature workers (aged 50 to 59) as compared with senior workers (60 and above)”.

Furthermore, employers also showed more supportive attitudes towards providing development and training opportunities for workers in their 50s than for those in their 60s, she said.

Ultimately, changing long-held mindsets and updating corporate practices take time.

Jenkins added that even the best-performing systems need to keep evolving. “No pension system can afford to stand still in the face of demographic shifts,” he said.

Chor Khieng Yuit is senior correspondent at The Straits Times. She believes in financial education for the masses, particularly the low-income, the elderly and people with special needs.

中央公积金是亚洲第一个获得 A 级评级的养老金制度，其在 Marsh CFA 协会全球养老金指数中的总分从 80.8 分上升到 82 分。

圣徒照片：吴索銮

发布于2026年10月20日下午12:00

更新于2026年10月20日下午5:04

新加坡中央公积金在 Marsh CFA Institute 全球养老金指数中连续第二年保持 A 级，其总分从 80.8 分上升至 82 分。

报告指出，人口老龄化和预期寿命延长给养老金体系带来了压力。与现收现付制不同，新加坡的公积金制度完全由雇主和雇员共同缴款。

专家表示，随着人们工作年限的延长，退休制度必须保持灵活性。新加坡正朝着2030年退休年龄65岁、再就业年龄70岁迈进。

新加坡——新加坡中央公积金在年度全球养老金系统排名中连续第二年保持 A 级评级。

中央公积金是亚洲首个获得A级评级的养老金制度，其在Marsh CFA协会全球养老金指数中的整体得分从80.8分上升至82分。该制度在2024年被评为B+级。

2026年，澳大利亚的社会保障体系也获得了A级评级，这意味着亚太地区现在拥有两个顶级的退休制度。

其他养老金制度获得最高评级的国家还有荷兰（得分最高，为 85.8 分）、丹麦、冰岛和以色列。

玛氏公司认为，稳健、可持续、提供良好福利且具有高度诚信的一流退休收入体系可以获得 A 级评价。

这家专业服务公司自 2008 年以来一直与全球投资专业人士协会 CFA 协会合作编制年度指数。

该指数之前名为 Mercer CFA Institute Global Pension Index，在 Mercer 于 9 月份采用 Marsh 品牌后更名为 Mercer CFA Institute Global Pension Index，这是其母公司 Marsh McLennan 企业品牌重塑的一部分。

2026 年，该指数考察了出生率下降和预期寿命延长对全球 55 个退休收入体系的影响，而 2025 年的指数则考察了 52 个退休收入体系。

该研究涵盖了全球 66% 人口的养老金制度，包括美国、英国、中国、印度、韩国和日本。

鉴于全球对人口老龄化的关注，该报告调整了“充足性”子指数，以考虑退休时和 80 岁时可获得的收入水平。

这承认了越来越多的人会活过 80 岁甚至 90 岁，在漫长的退休生活中需要经济支持这一事实。

充足性子指数衡量的是养老金制度是否为退休人员提供足够的收入水平，以维持体面的生活水平。

它是构成养老金体系总体指数得分的三个子指数之一。

新加坡的适宜性得分从 2025 年的 79.4 分跃升至 2026 年的 82.8 分，但其可持续性子指数得分从 75.5 分下降至 75.3 分。

可持续性子指数评估养老金制度的长期可行性及其履行未来养老金义务的能力。

同时，诚信子指数通过衡量公众信任程度，评估养老金制度是否赢得了依赖该制度的人们的信任，从而完善整体得分。

在这方面，新加坡保持了90.4分的成绩。

预期寿命延长给政府预算带来压力

与全球人口老龄化的趋势相呼应，新加坡在 2026 年 6 月成为一个超老龄化社会，届时其 21.4% 的公民年龄在 65 岁或以上。

联合国将人口中65岁及以上者占比达到21%的国家归类为超老龄化国家。

Marsh在其报告中强调，人口老龄化给政府预算带来了越来越大的压力。

公共养老金，特别是那些按现收现付制运作的公共养老金，将无法持续，因为它们依靠当前劳动人口的税收来支付当今退休人员的退休金。

随着人口老龄化，劳动力减少，难以支付日益增长的退休人员的退休福利。

马什指出，日益增长的财政压力将促使许多国家重新审视其养老金体系的资金来源。

各国政府要么不得不削减退休福利，要么就得鼓励民众提前储蓄，为未来的退休金做准备。

公积金由缴款提供资金。

马什指出，与其他养老金制度不同，新加坡的公积金“完全由雇主和雇员的缴款提供资金”。

这些公积金缴款主要投资于新加坡政府特殊债券，这使得公积金局能够为普通账户储蓄支付至少 2.5% 的利息，为特别账户和退休账户 (RA) 储蓄支付至少 4% 的利息。

新加坡社会科学大学经济学副教授沃尔特·特塞拉补充说，由于公积金的支付完全基于个人的退休储蓄，因此不会受到政府税收限制或公共财政挑战的影响。

CPF Life（公积金终身寿险）是国家长寿保险年金计划，从每位成员的 CPF 个人退休储蓄账户中支付收入，直至其去世。

加入该计划后，他们在退休账户中的储蓄越多，每月获得的收益就越高。

公积金会员可以灵活选择在 65 岁至 70 岁之间的任何时间开始领取终身月度养老金。

选择等待的人，其每月收益预计每年最多可增长 7%，每延期一年即可增长 7%。

因此，公积金会员如果等到 70 岁再领取公积金，最多可获得 35% 的额外收益。

塞西拉指出，退休人员必须仔细权衡提前领取退休金和延迟领取退休金的利弊。

如果他们推迟领取退休金，而他们的健康寿命又比预期短，那么他们就有可能无法享受退休生活。

但他指出，提前开始领取养老金会导致每月金额减少，并可能降低生活水平。

适应更长、更灵活的退休生活

没有一劳永逸的解决方案，这凸显了养老金制度灵活性的必要性。

该报告的主要作者、Marsh Investments and Retirement 的合伙人 Tim Jenkins 指出，这种灵活性已不再是可选项。

他表示，人们应该有权选择何时领取退休收入、如何设计退休计划以及如何从全职工作过渡到退休。

例如，并非所有人都想在65岁停止工作。有些人可能想或不得不继续全职工作。其他人可能会选择兼职或从事自由职业，还有一些人可能会退休。

随着预期寿命的延长，这种在传统的 60 岁或 65 岁退休年龄之后继续工作的选择变得越来越重要。

工作年限越长，个人退休保障就越充足，因为人们可以继续赚钱并增加退休储蓄。

Marsh 在其报告中指出，65 岁及以上人群的平均劳动力参与率增幅最大的国家是新加坡，从 2003 年到 2023 年增长了 19%。

相比之下，该指数涵盖的 30 多个养老金体系中，该年龄段人群的平均参与率仅增长了 4%。

自 1999 年 1 月起，爱尔兰共和国逐步提高了退休和再就业年龄，以便让有能力且愿意的老年工人能够继续工作。

到 2030 年，它将全面实现其目标，即设立 65 岁的法定退休年龄和 70 岁的再就业年龄。

李光耀公共政策学院副教授 Joelle Fong 表示，新加坡清晰透明的退休和再就业政策通过确保法律合规性来改变企业行为。

然而，她在 2026 年 1 月发表于《国际人力资源杂志》上的研究表明，雇主的观念转变速度仍然很慢。

方女士对新加坡约 20 个主要行业的 509 位雇主进行了调查，发现“与 60 岁及以上的老年员工相比，雇主明显更倾向于雇用成熟员工（50 至 59 岁）”。

她还表示，雇主们对为 50 多岁的员工提供发展和培训机会的态度也比对 60 多岁的员工的态度更加支持。

归根结底，改变根深蒂固的观念和更新企业惯例需要时间。

詹金斯补充说，即使是运行最好的养老金体系也需要不断发展。“面对人口结构的变化，任何养老金体系都不能停滞不前，”他说。

卓庆玉是《海峡时报》的资深记者。她相信应该向大众普及金融知识，特别是低收入人群、老年人和残疾人士。