No 1 | Iceland | The country has the best pension system in the world.
Leading global public pension funds 2022, by assets under management. Japan's Government Pension Investment Fund (GPIF) was the largest public pension fund worldwide as of December 2022. The fund, which was established in 2006 had assets under management worth 1.32 trillion U.S. dollars.
About the Study
The study, conducted by WTW and the Thinking Ahead Institute since the 1990s, includes an analysis of the seven largest markets (the P7): Australia, Canada, Japan, Netherlands, Switzerland, UK and the US comprise 92% of total pension assets, unchanged from the previous year.
The UK state pension is different to Australia's aged pension and superannuation programs. Taxpayers make annual National Insurance contributions, some of which goes towards the National Health System (NHS) and some towards state pensions.
Superannuation is vital for all Australian employees, as it is the key to setting up your life for retirement. To do so, you need to have a good superannuation fund: one that not only offers you high returns, but also supports you throughout your retirement planning.
Unfortunately Australian super funds can't transfer super benefit to overseas superfunds (except for New Zealand). Transfers can only occur between regulated super funds within Australia.
The shareholders are the Australian Council of Trade Unions (ACTU) (through ACTU Super Shareholding Pty Ltd) and the Australian Industry Group (Ai Group). The ACTU is Australia's peak union body and the Ai Group is Australia's peak employer association.
Vanguard Eyes Bigger Slice of Australia's $2.3 Trillion Pensions.
China has the world's youngest retirement age, according to data from the Organisation for Economic Co-operation and Development (OECD). For that distinction, it can partly thank a government policy dating back to the 1950s that lets women retire at 50 and men at 60.
The most popular retiree destinations for Australians include New Zealand, Italy, Greece, Spain and Portugal.
1) Australia is home to the world's most livable cities
In fact, Melbourne is recognized as a Top 10 contender in the 2022 edition of the Global Liveability Index. There's a reason why these cities are globally recognized as some of the world's best when it comes to retirement and general living.
On 3 June 2022 LUCRF Super and AustralianSuper will merge, automatically transferring all LUCRF Super members to AustralianSuper.
The Australian Retirement Trust (ART) is an Australian superannuation fund headquartered in Brisbane, Queensland. With $230bn under management and over 2 million members, it is Australia's second-largest superannuation fund.
The ASFA Retirement Standard Explainer says a comfortable retirement lifestyle would need $640,000 in super for a couple, or $545,000 for a single person.
Super fund performance: Financial years (1992–93 to 2022-23)
In the year to June 2023, the median Growth returned 9.2%, the 12th positive return in 14 years and well ahead of the typical long-term objective of around 6% per year.
If you're an Australian citizen leaving permanently, the same rules apply to your super, as if you were living in Australia. This means your super must stay in your super fund(s) until you are eligible to access it. Find out when you can withdraw your super.
While you are overseas, your super fund should stay the course in Australia, continuing to grow in maturity and (hopefully) earn you a return on your investment. Essentially, your super fund will continue to act as if you were in the country, even if you left Australia permanently.
Accessing your super
You can have your superannuation paid to you after you leave Australia if you: have departed Australia. are not an Australian or New Zealand citizen, or permanent resident of Australia. entered the country on a temporary visa (except Subclass 405 or Subclass 410)