Pension Markets in Focus provides detailed and comparable statistics on asset-backed pensions around the world. This publication aims to help policy makers, regulators and other stakeholders evaluate the design and operation of pension systems, and to support policy discussions through international comparisons. Pension Markets in Focus is published annually. A preliminary version is published in June based on initial data on selected variables, and the final version in the last quarter of the year based on the latest data on a more comprehensive set of variables.

The preliminary version of the 2024 edition of Pension Markets in Focus showed that assets earmarked for retirement grew in most jurisdictions in 2023. This growth contrasts with the large decline in assets in many OECD countries in 2022.

This final version of Pension Markets in Focus 2024 explores whether the growth in assets earmarked for retirement was sufficient to offset the investment losses incurred in 2022, and how this growth in assets fits in the long-term trend. It first looks at the extent of the growth in assets in 2023 and the underlying drivers behind it. It then shows the jurisdictions in which the growth offset the losses incurred in 2022. It also compares the trends in 2023 with the long-term trends and examines whether the shift away from defined benefit plans to defined contribution plans continued.

Data used to prepare this report were collected from pension authorities and other bodies within the framework of the OECD’s Global Pension Statistics project conducted under the aegis of the OECD Working Party on Private Pensions. The OECD’s partnership with the International Organisation of Pension Supervisors (IOPS) and the World Bank expands the geographical coverage of the report beyond the OECD area. The OECD is grateful to the IOPS and the World Bank who helped with the data collection, and to pension authorities and other reporting bodies for providing data and comments.

The report was prepared by the Capital Markets and Financial Institutions Division within the OECD Directorate for Financial and Enterprise Affairs (DAF) and under the direction of Pablo Antolin, Head of the Division’s Insurance and Pensions Unit. This report was prepared by Romain Despalins with insights and inputs from the Unit, in particular from Stéphanie Payet. Sally Day-Hanotiaux provided statistical assistance and comments. Eva Abbott, Tom Dannequin, Liv Gudmundson and Flora Monsaingeon-Lavuri provided editorial assistance and prepared the report for publication.