The Netherlands, Denmark and Iceland took the top three positions in the Marsh CFA Institute Global Pension Index 2026. The study covered 55 pension systems representing approximately 66% of the world’s population. Ukraine and Serbia were not included among the countries assessed, the Experts Club information and analytical center reports, citing the official report published on October 20.
The Netherlands retained its leading position with a score of 85.8 points out of 100. Denmark received 84.1 points, moving from third place to second, while Iceland ranked third with 84.0 points.
Singapore (82.0 points), Israel (81.9 points) and Australia (80.6 points) also joined the six countries awarded the highest A grade. Australia entered the top category for the first time, improving its score from 77.6 points in 2025.
The next positions were occupied by Chile (79.2 points), Sweden (78.8), Finland (77.6) and Norway (77.0). Switzerland ranked 11th with 73.6 points.
The index, published for the eighteenth time, assesses not only pension payments but also the ability of pension systems to provide citizens with stable incomes over the long term. Its methodology includes more than 50 indicators grouped into three categories: pension adequacy (40% of the overall score), long-term sustainability (35%), and the integrity of management and regulation (25%).
The Netherlands received 87.7 points for adequacy, 82.6 points for sustainability and 87.2 points for integrity. Its strong performance reflects a combination of public pensions, occupational funded pension schemes and substantial pension fund assets.
Denmark recorded the world’s highest long-term sustainability score at 84.8 points. Iceland received 84.3 points under the same criterion. Meanwhile, the average global pension index score increased by 1.1 points compared with the previous year.
The study identified a significant gap between current pension levels and the financial capacity to maintain them in the future. France received 85.0 points for adequacy but only 49.3 points for sustainability. Spain recorded corresponding scores of 83.0 and 33.0 points. Even lower sustainability results were reported for Italy (27.0) and Austria (23.9).
Among Central and Eastern European countries, Croatia received 66.1 points and Poland 58.4 points. Germany ranked 25th with 67.9 points. The United States scored 61.6 points, China 60.6 and Japan 58.0. Argentina received the lowest overall score at 43.7 points.
Ukraine’s absence from the study means its position in the global ranking cannot be determined, nor can the reliability of its pension system be directly compared with those of the countries assessed. Nevertheless, the findings highlight the importance of diversifying retirement income sources, developing funded pension mechanisms and ensuring effective asset management.
The authors paid particular attention to population aging, declining birth rates and increasing life expectancy. In 2026, the methodology was expanded to include an assessment of pension income adequacy for people aged 80.
For Ukraine, these challenges are intensified by the consequences of war, labor migration and demographic changes. The experience of leading countries suggests that pension reform should address not only increases in current payments but also the financial stability of the system over the coming decades.
