Pension fund explained

A pension fund, also known as a superannuation fund in some countries, is any program, 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 where large institutional investors dominate. The largest 300 pension funds collectively hold about USD$6 trillion in assets.^[1] In 2012, PricewaterhouseCoopers 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 ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity.^[2]

The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund.

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.^[3]

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.^{[4] [5]}

How they work

It is important to distinguish difference between Pension plan, funds and firm. A pension plan is a benefits program set up and sustained by an employer or an employee group. They are managed by state or private firms as well as pension funds.^[6] Pension funds are financial mechanisms that provide retirement income for employees after their working life. They work by accumulating contributions from employers, and sometimes employees, which are then invested to grow over time. Upon retirement, employees receive benefits, typically calculated as a percentage of their average salary during their working years. For instance, consider a scenario where a pension scheme offers a payment equivalent to 1% of an individual's average salary over the last five years of their employment for each year they served with the employer. Thus, if an employee worked for 35 years at the company and had an average final salary of $60,000, they would be entitled to an annual pension of $21,000. It is important to point out that one cannot usually take early withdraws or loan from pension. Public sector pensions, like the California Public Employees’ Retirement System (CalPERS), often include cost-of-living escalator and can be more generous than private sector pensions. Private pension plans are regulated by federal laws such as the Employee Retirement Income Security Act (ERISA) and are insured by the Pension Benefit Guaranty Corporation (PBGC), which guarantees benefits if a pension plan fails. ^[7]

How pension funds invest their money

Pension funds can make investments into stocks, bond, real estate, and other assets. However, they have to be prudently managed compared to other types of funds due to their lower risk tolerance. For many years, they mainly invest into stable stocks and bond. ^[8] In order to keep a high returns, with changing market conditions, they started to invest into other assets.^[9] Currently, many pension funds are moving away from managing active stock portfolios towards passive investment methods, focusing on index funds and exchange-traded funds (ETFs) that replicate market indices. Additionally, there's an increasing trend to diversify into alternative assets like commodities, high-yield bonds, hedge funds, and real estate.

Newer investment tools for pension funds include asset-backed securities, such as those tied to student loans or credit card debt, which are used to boost returns. Investing to Private equity is also rising in popularity; these are long-term investments in non-public companies, aimed at achieving substantial profits through eventual sales when these companies reach maturity.

Furthermore, real estate investment trusts (REITs) are becoming a frequent choice for pension funds due to their passive investment approach in the real estate sector. Direct investments in commercial properties like office buildings, warehouses, and industrial parks are also prevalent.^[10]

Many governments around the world have established public pension systems that are partially or fully funded by investments rather than relying solely on payroll taxes. This approach helps ensure the long-term solvency of these pension programs. Some examples of governments that use pension fund investments are:

• Norway: The Norwegian Government Pension Fund Global, also known as the Oil Fund, is one of the largest sovereign wealth funds in the world. It invests the surplus revenues from Norway's oil and gas industry to help finance the country's public pension system and other government expenses.
• Singapore: The Central Provident Fund (CPF) in Singapore is a compulsory social security savings plan that requires contributions from both employers and employees. The CPF board invests these funds to generate returns and ensure the long-term financial stability of the pension system.

• Canada: The Canada Pension Plan Investment Board (CPPIB) manages the investment of the Canada Pension Plan's assets. It invests in a diversified portfolio of stocks, bonds, real estate, and other assets to generate returns and secure the future of the public pension system.

• Australia: The Australian Government's Future Fund was established in 2006 to help cover the government's superannuation (pension) liabilities. It invests in a range of asset classes, including equities, fixed income, and alternative investments, to grow the fund's assets over time.

• Sweden: The Swedish Pension System (Allmänna pensionssystemet) has a buffer fund, the AP Funds, that invests in various financial instruments to supplement the pay-as-you-go pension contributions and ensure the system's long-term sustainability.

These are just a few examples of governments that have adopted an investment-based approach to managing their public pension systems. By diversifying and growing their pension fund assets, these countries aim to mitigate the risks of running out of money in the future as their populations age.

Governance

Pension funds are important financial institutions which are managing the retirement savings of millions. Effective governance in these entities is crucial not only to safeguard these funds but also to ensure they meet their future obligations to pensioners. The governance structures, strategies, and practices of pension funds significantly influence their stability, performance, and the trust of their stakeholders. Proper governance ensures that decisions are made transparently and that fund managers are accountable to stakeholders, including employees, retirees, and employers.^[11]

According to the OECD Guidelines for Pension Fund Governance,^[12] the governance structure should clearly identify and separate operational and oversight responsibilities. Every pension fund should have a governing body, accountable to the pension plan members and beneficiaries. This body is ultimately responsible for ensuring adherence to the terms of the arrangement and the protection of the best interest of plan members and beneficiaries. The governing body should also meet minimum suitability standards to ensure a high level of integrity, competence, experience, and professionalism. Additionally, there should be adequate internal controls in place to ensure compliance with the law.

Challenges

Many pension funds have problem with governance. In Hungary, where pension funds are established as not-for profit institutions, there is evidence that the governing body is generally ineffective in looking after the best interest of members. Most funds are established by financial institutions that find it easy to promote their candidates to the fund ‘s supervisory board. Some pension funds in the United States have also been the subject of governance problems too, as well as in other countries.^[13]

History of pension funds

First concepts of providing retirement benefits has roots in ancient civilizations such as Rome and Greece. The pension system as we know it, has roots in the 19^th century. German Chancellor, Otto von Bismarck, came in 1889 with an first modern pension scheme. His goal was to help older German´s citizens. However, this idea came from the United States of America. In 1875 American Express Company introduced its own pension plan.

During early 20^th century pension plans for public employees were growing, which resulted in creating U.S. federal retirement plan, known a Social Security in 1935.After World War II, pension funds became primary tool for providing retirement benefits, which was supported by growth of labour unions. By the 1970s, evolved and became significant member of financial markets, because they were holding large amount of assets. But in 1980s and 1990s pension funds faced significant challenges. Stocks market crash in 1987 and recession in the early 1990s had negative impact on pension funds. Furthermore, demographic shifts and rising life expectancies placed pressure on these funds to sustain retirement benefits over extended durations.^[14]

Regulation

In the United States pension plans are regulated mainly by The Employee Retirement Income Security Act 1974(ERISA). It provides framework for the regulation of employee pension and plans which are private pension funds offering.

In 2006 was introduced The Pension Protection Act (PPA). This act come with new funding requirements for defined pension plans. As well as with new rules for calculating plan assets and liabilities.^[8]

Pension funds in EU are regulated by Directive 2003/41/EC, also known as the IORP directive. This directive was recast and adopted in December 2016. It should promote long-term investment via occupational pension funds. Additionally, beneficiaries and members should now be better informed about their entitlements, address challenges faced by occupational pension funds operating across borders, and foster long-term investments in economic activities that boost growth, enhance the environment, and increase employment opportunities.^[15]

Largest pension funds

The following table lists largest pension funds by total assets by the SWF Institute.^[16]

Country	Fund	Assets US$ (in billions)	Reporting Period	Inception	Origin
	Federal Old-age and Survivors Insurance Trust Fund (Social Security)	$2557^[17]	2023	1935	Taxation
	Government Pension Investment Fund	$1790^[18]	2020	2006	Non-commodity
	Government Pension Fund of Norway	$1356^[19]	2021	1990	Oil
		$1321^[20]	2023	1984	Employer Contribution
		$1028^[21]	2023	1920	Employer & Employee Contribution
	Thrift Savings Plan (TSP)	$737^[22]	2022	1986	Employer & Employee Contribution
	Canada Pension Plan and CPP Investment Board (CPPIB)	$570^[23]	2022	1965	Non-commodity
	Stichting Pensioenfonds ABP (ABP)	$498^[24] (€460)	2022	1922	Non-commodity
	National Pension Service (NPS)	$462^[25]	2017	1988	Non-commodity
(Quebec)	Caisse de dépôt et placement du Québec (The Caisse, or CDPQ)	$402^[26]	2022	1965	Non-commodity
(California)		$389^[27]	2020	1932	Non-commodity
		$251	2015	2000	Non-commodity
		$348^[28]	2019	1955	Non-commodity
(Ontario)	Ontario Teachers' Pension Plan (OTPP)	$247^[29]	2022	1989	Non-commodity
(California)		$282^[30]	2021	1913	Non-commodity
	Employees Provident Fund	$240^[31]	2023	1951	Non-commodity
	Stichting Pensioenfonds Zorg en Welzijn (PFZW, formerly PGGM)	$183^[32] (€162)	2022	1969	Non-commodity
		$160^[33]	2014	1980	Non-commodity
	Employees' Provident Fund Organisation (EPFO)	$228^[34]	2019	1952	Employer & Employee Contribution
Russia	Russian National Wealth Fund	$125 ^[38]|2020|2008|Oil|- valign=top | || Arbejdsmarkedets Tillægspension (ATP) || $106^[35] || 2023 || 1964 || Employee Contribution |-||OMERS (Ontario)|$124^[36] |2022|1962|Non-commodity|- valign=top| || Government Employees Pension Fund (GEPF) || $112 (ZAR1426b) || || 1996 || Non-commodity|- valign=top| || Caixa de Previdencia dos Funcionários do Banco do Brasil (PREVI) || $80^[37] || || 1904 || Finance|- valign="top"| (Ohio) ||State Teachers Retirement System of Ohio (STRS Ohio)|| $79.8^[38] || 2017| 1919 || Defined Benefit Pension|- valign=top| ||AGIRC – ARRCO|| $70 || 2015 || 2001 || Non-commodity|- valign="top"|||National Pension System (NPS) || $85^[39] || 2021 | 2004 || Non-commodity|- valign="top"|||Pensions Reserve Fund (France) (NPRF) || $56^[40] || || 2001 || Non-commodity|- valign=top| || National Pension Reserve Fund (NPRF) || $30^[41] || || 2001 || Non-commodity|} By country Australia See main article: Superannuation in Australia. Government 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 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 ^[42] Private ANZ Australian Staff Superannuation Scheme (for employees of ANZ Bank) 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^[43] (the closed private pension fund for employees of the Brazilian federal government-owned bank) Sistel Valia Canada Government AIMCo Alberta Pensions Services Corporation British Columbia Investment Management Corporation (BCIMC) 455 Caisse de dépôt et placement du Québec Canada Pension Plan (investments directed by the Canada Pension Plan Investment Board) Healthcare of Ontario Pension Plan (HOOPP) Ontario Teachers Pension Plan Ontario Municipal Employees Retirement System Public Sector Pension Investment Board (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 Pension Fund Trust Labourers' Pension Fund of Central and Eastern Canada (LIUNA) Teamsters Canadian Pension Plan Telecommunication Workers Pension Plan UFCW Canadian Pension Plan Chile AFP Modelo Chile pension system China – managed by National Council for Social Security Fund Czech Republic Pension funds form the third pillar of the Czech Republic's pension system^[44] and allow people to invest regularly and voluntarily over the long term with state support and tax relief. Penzijní připojištění (Pension Plan, PP)^[45] Pension Plan could be negotiated until the end of 2012. These funds are called "Transformed Funds" (TF). These carry a guarantee of non-negative appreciation in each year of saving. Therefore, their investment strategy is also conservative and based on investing in bonds and money market instruments. The fund credits appreciation only once a year. The client does not hold any unit certificates or pension units, but, on the basis of the funds invested, state contributions and, where appropriate, employer contributions, holds a share in the fund's assets, which appreciate in value over time and are completely separate from the pension company. Doplňkové penzijní spoření (Supplementary Pension Savings, DPS)^[46] Supplementary Pension Savings have been available since the beginning of 2013. They operate on a similar principle to unit trusts, except that they are set up by pension companies and the client receives pension units instead of unit certificates. The main difference from the client's point of view is the possibility to choose the investment strategy of their savings. The three main strategies are:^[47] Conservative funds – a strategy suitable for clients who wish to invest safely in money market instruments. Balanced (mixed) funds – a strategy suitable for clients who wish to take advantage of investing in government bonds and stocks within a single fund. Dynamic funds – a strategy suitable for clients who wish to invest exclusively in stocks and expect high returns that beat inflation. In this case, a high risk of volatility must be taken into account. This risk can be mitigated by regular savings. Dlouhodobý investiční produkt (Long-term Investment Product, DIP)^[48] As of 1 January 2024, a long-term investment product was launched, thanks to which it is possible to invest in shares, bonds or investment funds. In the context of Pension Plan (in Transformed Funds) or Supplementary Pension Savings, you can only invest in participatory funds offered by the pension company. You have no control over how the pension company handles the money you invest. In contrast, in Long-term Investment Product you can set up your investments as you see fit and you can change the composition of your investments over time. Greece Government Public Employees Pension Fund^[49] 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 Scheme (MPF Schemes)^[50] Occupational Retirement Schemes (ORSO Schemes) India Employees' Provident Fund Organisation – 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 with assets well over 5 lakh crore (US$159 billion) as of 2014.^[51] National Pension Scheme – a defined-contribution–based pension scheme launched by the Government of India open to all citizens of India on a voluntary basis and mandatory for the employees of central government (except Indian Armed Forces) who are appointed on or after 1 January 2004. Indian citizens between the age of 18 and 70 are eligible to join.^[52] Iran Civil Servants Pension Fund Iranian Social Security Japan See Japan Pension Service Government Pension Investment Fund, Japan (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)^[53] Nepal Employees Provident Fund Nepal Netherlands Stichting Pensioenfonds ABP (ABP) Stichting Pensioenfonds Zorg en Welzijn (PFZW, formerly PGGM) Norway The Government Pension Fund – Global (Statens pensjonsfond – Utland) The Government Pension Fund – Norway (Statens pensjonsfond – Norge) Oman Social Protection Fund 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.^[54] Saudi Arabia 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).^[55] 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^[56] 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.^[57] 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.^[58] The largest 200 pension funds accounted for $4.540 trillion as of 30 September 2009.^[59] Government See main article: Public employee pension plans in the United States. See also Global assets under management Pension-fund activism Pension buyout Pension insurance contract Pension regulation Qualifying registered overseas pension schemes Sovereign wealth fund References

Notes and References

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