Singapore ranked fifth in Mercer CFA Institute’s Global Pension Index in 2024, released on 15 Oct.
For its mandatory social security savings scheme Central Provident Fund (CPF), the country-state received a B+ grade, with a total score of 78.7.
This led Singapore to jump two spots, from seventh in 2023 when it received a total score of 76.3.
Source: Mercer
Mercer attributes the improved score to their increased understanding of the “level of communication provided to CPF members” and the “prevalence of DB [defined benefit] in the system”.
The DB is a pension scheme where the member receives an amount depending on their salary and employment duration.
Meanwhile, the Netherlands took the top spot for the second year in a row despite a slight drop in its score “due to several minor factors”.
In particular, Singapore scored 74.3 in sustainability, which measures whether a pension system can continue supporting retirees long-term, despite its ageing population.
It also scored 79.8 in adequacy, meaning retirees are receiving a sufficient pension.
Meanwhile, it scored a high 83.0 in integrity, which reflects the public’s trust that the CPF will be able to support them.
Mercer also included suggestions on how to improve the score of Singapore’s pension system.
These include allowing tax-approved group corporate retirement plans and opening the CPF to non-residents “who make up a significant percentage of the labour force”.
They also recommended increasing the age at which members can access their retirement savings and showing income projections on members’ annual statements.
Also read: CPF Board lowers daily withdrawal limit to S$50K to safeguard members against scams
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