Melbourne Mercer Global Pension Index

About the project

The Melbourne Mercer Global Pension Index (MMGPI) compares retirement income systems around the world based on their adequacy, sustainability and integrity. The provision of financial security in retirement is critical for both individuals and societies as countries grapple with the social and economic effects of ageing populations.

The MMGPI encourages a focus on longer-term outcomes and policy leadership to address the difficulties we face as populations age. It therefore provides a valuable contribution to the global debate about how best to support older members of our societies. It is encouraging to see governments responding to their Index ranking as they develop their national schemes.

The Index objectively assesses the retirement income systems of 34 countries (in 2018) across the Americas, Europe and Asia-Pacific. The report also looks back at how the sustainability of pension systems has evolved over the ten years since the Index began and makes specific policy suggestions to improve pension systems in each country.

The project commenced in 2009 and is produced annually in collaboration between ACFS (Project manager), Mercer (Author) and the Victorian Government. The development and production of the Index is guided each year by an eminent Steering Committee (listed right), which ensures it represents an independent and unbiased view.

Each year, the Steering Committee reviews the feedback from the last edition and considers proposals from the Author for amendments. Incremental adjustments are made, although for the purposes of longer term evaluation, they are minimal. Sensitivity analysis is carried out by the Committee, as a means of ensuring that any such changes do not have a significant impact on comparative year-on-year data.

For more details contact Dr Nga Pham +61 3 9903 8313 or

MMGPI 2018 Report

MMGPI 2018 Report Highlights – key charts, recommendations, country fact sheets

MMGPI 2018 Highlights of the Australian Superannuation System

Research Report: Asset Allocation of Pension Funds (based on MMGPI data)

Research Report: Growth Assets of Pension Funds and Adequacy and Sustainability of Pension Systems


How is the Melbourne Mercer Global Pension Index Calculated?

The overall index value for each country represents the weighted average of the three sub-indices. The weightings used are:

  • 40 percent for the Adequacy sub-index
  • 35 percent for the Sustainability sub-index
  • 25 percent for the Integrity sub-index

The different weightings are used to reflect the primary importance of the adequacy sub-index which represents the benefits that are currently being provided together with some important benefit design features. The sustainability sub-index has a focus on the future and measures various indicators which will influence the likelihood that the current system will be able to be maintained in the future. The integrity sub-index considers several items that influence the overall governance and operations of the system which affects the level of confidence that the citizens in each country have with their system.














Hong Kong SAR






South Korea




New Zealand




Saudi Arabia


South Africa

South Africa



United Kingdom

United States

Project Partners

Steering Committee

Syd Bone (Chair) – Executive Director, CPII
Prof Keith Ambachtsheer – Director Emeritus, Rotman International Centre for Pension Management, University of Toronto
Prof Hazel Bateman – Director, Centre for Pensions and Superannuation, University of New South Wales
Prof Joseph Cherian – Practice Professor of Finance, National University of Singapore
Prof Gordon Clark – Director, Smith School of Enterprise and the Environment, Oxford University and Sir Louis Matheson Visiting Professor, Faculty of Business and Economics, Monash University
Prof Kevin Davis – Research Director, ACFS and Professor, University of Melbourne
Dr Vince FitzGerald AO – Director, ACIL Allen Consulting
• Dr David Knox – Senior Partner, Senior Actuary, Mercer Australia and Lead Author, MMGPI
Prof Deep Kapur – Director, Australian centre for Financial Studies – Monash Business School
Dr Deborah Ralston – Department of Banking and Finance, Monash University
Ian Silk – Chief Executive, AustralianSuper
Prof Susan Thorp – Professor of Finance, Faculty of Business, University of Sydney