Norway ranks 5th on the list of the best pension systems in the world. On the other hand, according to the global pension index, it has a 27% gender gap in pensions.
Mercer CFA Institute Global Pension Index (MCGPI) places Iceland at the top of the list and Norway in fifth place. The index compares 43 pension systems that cover two-thirds of the world's population.
The Icelandic Pension Income System was named the world's best pension system for the first time during the 13th edition of the MCGPI. The Netherlands and Denmark are in second and third place, respectively.
The main reason for the improvement in Norway's situation from 71,2 points and 8th place in 2020 to 75,2 points and 5th place in 2021 is the increase in the expected net pension payment (calculated by OECD).
- In 2021, significant changes were made to occupational pensions in the private sector. A separate retirement account was then introduced for pensions with defined contributions. This is a positive development, but it is unlikely to have a particular impact in the short term and thus drive the index up right now. This is Tor Olsen consultant from Mercer Marsh Benefits Norway.
Read our next article: Pension in Norway, how to get it
Source: NTB
Photo: Terje Pedersen / NTB
