Pension fund

Pension fund
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.
Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about USD$6 trillion in assets. In 2012, PricewaterhouseCoopers estimated that pension funds worldwide hold over $33.9 trillion in assets (and were expected to grow to more than $56 trillion by 2020), the largest for any category of institutional investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity.
The Federal Old-age and Survivors Insurance Trust Fund in the United States, which oversees $2.62 trillion in assets, is the world's largest public pension fund.
Classifications
Open vs. closed pension fund
Open pension funds support at least one pension plan with no restriction on membership while closed pension funds support only pension plans that are limited to certain employees.
Closed pension funds are further subclassified into:
Single employer pension funds
Multi-employer pension funds
Related member pension funds
Individual pension funds
Public vs. private pension funds
A public pension fund is one that is regulated under public sector law while a private pension fund is regulated under private sector law.
In certain countries, the distinction between public or government pension funds and private pension funds may be difficult to assess. In others, the distinction is made sharply in law, with very specific requirements for administration and investment. For example, local governmental bodies in the United States are subject to laws passed by the states in which those localities exist, and these laws include provisions such as defining classes of permitted investments and a minimum municipal obligation.
Largest pension funds
The following table lists largest pension funds by total assets by the SWF Institute.
By country
Australia
Government
Commonwealth Superannuation Scheme (old scheme for federal civil servants)
Military Superannuation and Benefits Scheme (current scheme for Australian Defence Force personnel)
Public Sector Superannuation accumulation plan (current scheme for federal civil servants)
Public Sector Superannuation Scheme (old scheme for federal civil servants)
State Super (for New South Wales state civil servants)
Industry (not-for-profit)
AustralianSuper
AustSafe Super
CareSuper
Cbus
Energy Super
FIRSTSUPER
HESTA
Hostplus
legalsuper
LUCRF Super
Media Super
MTAA Super (Spirit Super)
NGS Super
REI Super
TWUSUPER
UniSuper
Retail Employees Superannuation Trust
Private
ANZ Australian Staff Superannuation Scheme (for employees of ANZ Bank)
Brazil
Aceprev
Baneses
Banesprev
Centrus
FAPES
Forluz
Funcef
Fundação Banrisul
Fundação CESP
Fundação Itaubanco
Petros
PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil (the closed private pension fund for employees of the Brazilian federal government-owned bank)
Sistel
Valia
Canada
Government
Alberta Investment Management Corporation
Alberta Pensions Services Corporation
British Columbia Investment Management Corporation (BCIMC) 455
Caisse de dépôt et placement du Québec
Canada Pension Plan (investments directed by the Canada Pension Plan Investment Board)
Healthcare of Ontario Pension Plan (HOOPP)
Ontario Teachers Pension Plan
Ontario Municipal Employees Retirement System
Public Sector Pension Investment Board (PSP Investments)
OPSEU Pension Trust (OPTrust)
Ontario Pension Board (OPB)
TTC Pension Plan (TTCPP)
University Pension Plan (UPP)
Private
Colleges of Applied Arts and Technology Pension Plan (CAAT)
Boilermakers Pension Fund Trust
Labourers' Pension Fund of Central and Eastern Canada (LIUNA)
Teamsters Canadian Pension Plan
Telecommunication Workers Pension Plan
UFCW Canadian Pension Plan
Chile
AFP Modelo
Chile pension system
China
– managed by National Council for Social Security Fund
Greece
Government
Public Employees Pension Fund
Private
TAPILTAT, the Fund for Mutual Assistance of the Employees of Ioniki Bank and Other Banks, the multi-employer auxiliary pension fund
Hong Kong
Mandatory Provident Fund Scheme (MPF Schemes)
Occupational Retirement Schemes (ORSO Schemes)
India
Employees' Provident Fund Organisation – a statutory social security body of the Government of India that administers a mandatory Provident Fund Scheme, Pension Scheme and a death/disability Insurance Scheme. Provident Fund is applicable for employees across all establishments (private as well as government, subject to criteria). EPFO is the largest social security organisation in India with assets well over 5 lakh crore (US$159 billion) as of 2014.
National Pension Scheme – a defined-contribution–based pension scheme launched by the Government of India open to all citizens of India on a voluntary basis and mandatory for the employees of central government (except Indian Armed Forces) who are appointed on or after 1 January 2004. Indian citizens between the age of 18 and 70 are eligible to join.
Iran
Civil Servants Pension Fund Iranian Social Security
Japan
See Japan Pension Service
Government Pension Investment Fund, Japan (GPIF, 年金積立金管理運用独立行政法人)
Malaysia
Employees Provident Fund (Malaysia's largest, total assets of around RM407 billion in diversified portfolio)
Morocco
Caisse de dépôt et de gestion
CMR
Nepal
Employees Provident Fund Nepal
Netherlands
Stichting Pensioenfonds ABP (ABP)
Stichting Pensioenfonds Zorg en Welzijn (PFZW, formerly PGGM)
Norway
The Government Pension Fund - Global (Statens pensjonsfond - Utland)
The Government Pension Fund - Norway (Statens pensjonsfond - Norge)
Oman
Social Protection Fund
Romania
The pension system in Romania is made of three pillars. One is the state pension (Pillar I – Mandatory), the second is a private mandatory pension where the state transfers a percentage of the contribution it collects for the public pension, and the third is an optional private pension (Pillar III – Voluntary).
The Financial Supervisory Authority – Private Pension is responsible for the supervision and regulation of the private pension system.
Saudi Arabia
General Organization for Social Insurance
Serbia
The pension system in Serbia is made of three pillars. One is the state pension (Pillar I – Mandatory), where every insured person is obliged to pay contributions from their paycheck, the second is a voluntary state pension, where an uninsured person is voluntarily included in state pension system, and the third is an optional private pension (Pillar III – Voluntary).
Pension and disability insurance fund
Singapore
Central Provident Fund
Switzerland
Pension system in Switzerland
Turkey
Government
Sosyal Güvenlik Kurumu (Social Security Institution, SGK)
Social Security Institution was established by the Social Security Institution Law No:5502 which was published in the Official Gazette No: 26173 dated 20.06.2006 and brings the Social Insurance Institution, General Directorate of Bağ-kur and General Directorate of Emekli Sandığı whose historical development are summarized above under a single roof in order to transfer five different retirement regimes which are civil servants, contractual paid workers, agricultural paid workers, self-employers and agricultural self-employers into a single retirement regime that will offer equal actuarial rights and obligations.
Private
Armed Forces Pension Fund
OYAK (Ordu Yardımlaşma Kurumu/Armed Forces Pension Fund) provides its members with "supplementary retirement benefits" apart from the official retirement fund, T.C.Emekli Sandığı/SSK, to which they are primarily affiliated.
In addition to the retirement benefit, OYAK pays "disability benefits" to the members on duty when they become partially or fully disabled as well as "death benefits" to the heirs of the deceased member if the death occurs during the member's subscription to the foundation.
OYAK is incorporated as a private entity under its own law subject to Turkish civic and commercial codes. OYAK, while fulfilling its legal duties, as set in the law, also provides its members with social services such as loans, home loans and retirement income systems.
The initial source of OYAK's funds is a compulsory 10 percent levy on the base salary of Turkey's 200,000 serving officers who, together with 25,000 current pensioners, make up OYAK's members.
Some other Turkish private pension funds:
YAPI ve KREDİ BANKASI A.Ş. Mensupları Yardım ve Emekli Sandığı Vakfı
AKBANK T.A.Ş. Mensupları Tekaüt Sandığı Vakfı
TÜRKİYE GARANTİ BANKASI A.Ş. Memur ve Müstahdemleri Emekli ve Yardım Sandığı Vakfı
TÜRKİYE ODALAR BORSALAR VE BİRLİK PERSONELİ SİGORTA VE EMEKLİ SANDIĞI VAKFI
TÜRKİYE İŞ BANKASI A.Ş. Mensupları Emekli Sandığı Vakfı
United States
In the United States, pension funds include schemes which result in a deferral of income by employees, even if retirement income provision is not the intent. The United States has $19.1 trillion in retirement and pension assets ($9.1 trillion in private funds, $10 trillion in public funds) as of 31 December 2016. The largest 200 pension funds accounted for $4.540 trillion as of 30 September 2009.
Government
See also
Global assets under management
Pension buyout
Pension insurance contract
Pension regulation
Qualifying registered overseas pension schemes
Sovereign wealth fund
References
Pensions
Pension funds
az:Pensiya fondu
he:קרן פנסיה