Aging Populations Are Straining Retirement Systems Worldwide, According to the 2026 Marsh CFA Institute Global Pension Index

Pat Tomlinson, President and CEO of Marsh People and Investments

“The decisions we make today to build sustainable systems will have a profound impact on people’s financial security. Increasing longevity is too significant to ignore, with wide-ranging impacts on individuals, governments, economies and societies. The time to act is now.”

Christine Mahoney, Global Defined Benefit and Defined Contribution Leader of Marsh People and Investments

“Pension systems are under real strain. Governments that clarify their pension objectives, strengthen funding, and build flexibility into retirement design will be far better positioned to deliver dignified, secure retirements for the generations ahead.”

Mona Naqvi, Managing Director of the CFA Institute Research and Policy Center

“Retirement systems differ across markets, but all face the same long-term challenge: delivering reliable income as demographics shift and markets change. No single policy or investment decision can achieve that. It takes sound system design and governance, alongside careful oversight of investments by those with a fiduciary duty to savers and retirees. The test is whether those decisions work together to serve people throughout retirement and remain sound for the generations that follow.”

Tim Jenkins, Lead author of the report and Partner at Marsh People and Investments

“The data shows that even the best-performing systems need to keep evolving; no system can afford to stand still in the face of these demographic shifts. The right approach for one country, one system, or even one individual will not be the right approach for another. But what every system shares is the need to adapt. Retirement design must become more flexible – in when people access income, in how products are structured, and in how we think about the line between work and retirement. That flexibility is no longer optional.”