The rising valuations in equity markets led to widespread nominal investment gains in 2024, exceeding inflation rates in most countries. Pension providers recorded double‑digit investment rates of return in real terms in four OECD countries in 2024, and returns were generally above the long-term average. Gains in 2024 contributed to mitigate the losses incurred in 2022. Real returns were positive in most countries over the long term (the last 10, 15 and 20 years), despite several years with poor or negative investment performance. Most public pension reserve funds also achieved positive investment performance in real terms in 2024 and over the long term.
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Investment performance
Copy link to Investment performanceKey results
Copy link to Key resultsPension providers achieved widespread investment gains in 2024, for a second year in a row. They exhibited positive nominal investment rates of return everywhere, exceeding inflation rates in most countries (Table 9.3). Pension providers recorded real investment rates of return above 10% in four OECD countries: Estonia (11.3%), Israel (10%), Lithuania (10.8%) and the Slovak Republic (10.1%). This overall positive investment performance reflects the positive developments in global equity markets, driven by economic growth exceeding expectations and further boosted by the performance of the major listed technology companies in the United States. Pension providers may have achieved more mixed results on their bond holdings as government bond yields of different maturities evolved differently around the world in 2024. Short-term yields generally fell, whereas long-term yields declined less or, in some cases, increased amid heightened macro-financial uncertainty, resilient output growth and increased budget deficits. Yet, the overall investment rates of return of pension providers in 2024 were generally above the long-term average.
The relatively large investment gains in 2024 contributed to mitigate the losses incurred in 2022. Real returns were positive in most jurisdictions over the long term (the last 10, 15 and 20 years), despite several years with poor or negative investment performance, such as in 2008, 2011, 2018 and 2022. The highest long-term investment performance was recorded in some Latin American countries (Costa Rica, Colombia), Canada and Australia with an average real rate of return close to or above 4% over a 20‑year period. Yet, a few jurisdictions recorded long-term returns negative in real terms but close to 0 (i.e. Czechia, Estonia, Latvia), despite achieving some of the top performance in 2024 for some of them (Estonia, Latvia).
Most public pension reserve funds (PPRFs) also recorded a positive investment rate of return in real terms in 2024 and over the long term. New Zealand Superannuation Fund and Sweden’s AP6 recorded the strongest average investment performance in real terms, with an average rate of return at 7.2% and 6.8% per year respectively over a 20‑year period, among all reporting PPRFs.
Definition and measurement
The term “pension plans” refers to plans that individuals access via their employer or a financial institution, and in which they accumulate rights or assets. Assets belong to plan members and finance their own future retirement. These assets may accumulate in pension funds, through pension insurance contracts or in other savings vehicles offered and managed by banks or investment funds. Employers may set up provisions or reserves in their books to finance the retirement benefits of occupational pension plans.
PPRFs are reserves established with the primary goal to support unfunded / pay-as-you-go public pension arrangements.
Returns are calculated in local currency before tax but after investment management expenses.
The average nominal net investment returns of pension plans are the results of a calculation using a common formula for all the countries except a few ones (e.g. Ireland, Israel) for which values have been provided by the jurisdictions using their own formula or are from national official publications. The common formula corresponds to the ratio between the net investment income at the end of the year and the average level of assets during the year.
For PPRFs, nominal returns come from annual reports or have been provided by national authorities, using their own formula and methodology.
Further reading
OECD (2025), Global Debt Report 2025: Financing Growth in a Challenging Debt Market Environment, OECD Publishing, Paris, https://doi.org/10.1787/8ee42b13-en.
Table 9.3. Nominal and real geometric average annual investment rates of return of pension providers in 2024 and over the last 5, 10, 15 and 20 years, in percent
Copy link to Table 9.3. Nominal and real geometric average annual investment rates of return of pension providers in 2024 and over the last 5, 10, 15 and 20 years, in percent|
|
Nominal |
Real |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
2024 |
5‑yr annual average |
10‑yr annual average |
15‑yr annual average |
20‑yr annual average |
2024 |
5‑yr annual average |
10‑yr annual average |
15‑yr annual average |
20‑yr annual average |
|
|
Australia |
8.9 |
5.9 |
7.0 |
7.6 |
6.8 |
4.9 |
2.0 |
4.1 |
4.8 |
3.9 |
|
Austria |
7.5 |
2.5 |
3.0 |
3.5 |
3.2 |
5.4 |
‑2.0 |
‑0.1 |
0.7 |
0.6 |
|
Belgium |
8.2 |
2.7 |
3.7 |
4.8 |
4.9 |
4.9 |
‑1.3 |
0.8 |
2.1 |
2.3 |
|
Canada |
10.1 |
5.8 |
6.2 |
6.8 |
6.5 |
8.1 |
2.3 |
3.4 |
4.4 |
4.3 |
|
Chile |
8.1 |
5.6 |
6.2 |
6.5 |
6.6 |
3.4 |
‑0.6 |
1.6 |
2.3 |
2.5 |
|
Colombia |
12.0 |
7.7 |
8.0 |
8.2 |
9.5 |
6.5 |
0.8 |
2.0 |
3.2 |
4.5 |
|
Costa Rica |
10.1 |
7.5 |
8.1 |
8.5 |
9.3 |
9.2 |
5.2 |
6.3 |
5.6 |
4.6 |
|
Czechia |
3.4 |
2.1 |
1.5 |
1.7 |
2.0 |
0.4 |
‑4.4 |
‑2.7 |
‑1.6 |
‑1.3 |
|
Denmark |
6.6 |
2.6 |
3.7 |
5.1 |
5.0 |
4.6 |
‑0.3 |
1.8 |
3.3 |
3.1 |
|
Estonia |
15.6 |
6.2 |
4.6 |
4.5 |
3.5 |
11.3 |
‑0.9 |
0.0 |
0.5 |
‑0.6 |
|
Finland |
8.7 |
5.5 |
5.5 |
.. |
.. |
7.9 |
2.1 |
3.4 |
.. |
.. |
|
Germany |
3.6 |
2.6 |
3.1 |
3.5 |
3.6 |
0.9 |
‑1.0 |
0.6 |
1.4 |
1.6 |
|
Greece |
7.0 |
2.8 |
3.9 |
.. |
.. |
4.3 |
‑0.4 |
2.1 |
.. |
.. |
|
Hungary |
12.6 |
5.8 |
5.5 |
.. |
.. |
7.6 |
‑2.6 |
0.0 |
.. |
.. |
|
Iceland |
11.3 |
8.6 |
8.1 |
8.0 |
7.8 |
6.2 |
2.3 |
3.7 |
3.9 |
2.7 |
|
Israel |
13.5 |
7.6 |
6.4 |
6.4 |
.. |
10.0 |
4.7 |
4.9 |
4.9 |
.. |
|
Italy |
5.2 |
2.0 |
2.1 |
2.8 |
2.9 |
3.9 |
‑1.3 |
0.2 |
0.9 |
1.0 |
|
Korea |
4.5 |
3.2 |
.. |
.. |
.. |
2.5 |
0.3 |
.. |
.. |
.. |
|
Latvia |
12.6 |
3.2 |
2.8 |
3.3 |
3.1 |
9.0 |
‑2.7 |
‑1.1 |
0.1 |
‑1.0 |
|
Lithuania |
13.1 |
6.3 |
5.0 |
.. |
.. |
10.8 |
‑0.5 |
0.5 |
.. |
.. |
|
Luxembourg |
4.3 |
0.7 |
1.6 |
2.6 |
.. |
3.2 |
‑2.1 |
‑0.6 |
0.6 |
.. |
|
Mexico |
8.8 |
6.4 |
5.7 |
6.5 |
6.4 |
4.4 |
0.9 |
1.0 |
2.0 |
1.9 |
|
Netherlands |
8.1 |
0.6 |
3.3 |
5.4 |
5.0 |
3.8 |
‑3.5 |
0.4 |
2.8 |
2.6 |
|
Norway |
9.3 |
5.3 |
5.3 |
5.8 |
5.8 |
7.0 |
1.3 |
2.1 |
3.0 |
3.1 |
|
Poland |
4.9 |
7.0 |
4.3 |
.. |
.. |
0.2 |
‑0.6 |
‑0.2 |
.. |
.. |
|
Portugal |
4.4 |
1.8 |
2.4 |
2.6 |
3.2 |
1.4 |
‑1.4 |
0.4 |
0.7 |
1.3 |
|
Slovak Republic |
13.2 |
3.8 |
3.0 |
2.7 |
.. |
10.1 |
‑2.3 |
‑0.7 |
‑0.3 |
.. |
|
Slovenia |
6.9 |
2.8 |
3.5 |
4.1 |
.. |
5.0 |
‑1.1 |
1.0 |
2.0 |
.. |
|
Spain |
8.7 |
3.3 |
3.0 |
3.4 |
.. |
5.7 |
‑0.2 |
0.7 |
1.5 |
.. |
|
Sweden |
6.6 |
.. |
.. |
.. |
.. |
5.7 |
.. |
.. |
.. |
.. |
|
Switzerland |
7.1 |
2.7 |
3.2 |
3.7 |
3.4 |
6.5 |
1.5 |
2.6 |
3.3 |
2.9 |
|
Türkiye |
30.9 |
33.3 |
21.8 |
16.7 |
17.6 |
‑9.3 |
‑7.2 |
‑4.0 |
‑2.9 |
0.4 |
|
United Kingdom |
3.5 |
‑0.2 |
.. |
.. |
.. |
‑0.1 |
‑4.5 |
.. |
.. |
.. |
|
United States |
8.9 |
4.5 |
4.3 |
4.8 |
3.4 |
5.8 |
0.3 |
1.2 |
2.1 |
0.8 |
|
India |
10.1 |
8.3 |
.. |
.. |
.. |
4.6 |
2.8 |
.. |
.. |
.. |
|
Indonesia |
5.7 |
6.5 |
7.3 |
.. |
.. |
4.1 |
3.8 |
4.3 |
.. |
.. |
Note: “..” means not available. The 2024 and the last 5, 10, 15 and 20‑year annual averages are calculated over the periods Dec 2023‑Dec 2024, Dec 2019‑Dec 2024, Dec 2014‑Dec 2024, Dec 2009‑Dec 2024 and Dec 2004‑Dec 2024 respectively, except for Australia (from June to June instead). Additional country specific details are provided in the StatLink.
Source: OECD Global Pension Statistics.
Table 9.4. Nominal and real geometric average annual investment rates of return of selected public pension reserve funds in 2024 and over the last 5, 10, 15 and 20 years, in percent
Copy link to Table 9.4. Nominal and real geometric average annual investment rates of return of selected public pension reserve funds in 2024 and over the last 5, 10, 15 and 20 years, in percent|
|
|
Nominal |
Real |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
2024 |
5‑yr annual average |
10‑yr annual average |
15‑yr annual average |
20‑yr annual average |
2024 |
5‑yr annual average |
10‑yr annual average |
15‑yr annual average |
20‑yr annual average |
||
|
Australia |
Future Fund |
12.2 |
7.2 |
8.0 |
8.9 |
.. |
9.5 |
3.3 |
5.1 |
6.1 |
.. |
|
Canada |
Canada Pension Plan (CPP) Reserve Fund |
9.3 |
9.0 |
8.3 |
9.7 |
8.2 |
6.8 |
5.1 |
5.6 |
7.2 |
5.9 |
|
Canada |
Reserve of the Quebec Pension Plan |
9.4 |
6.8 |
7.7 |
8.8 |
7.2 |
7.4 |
3.3 |
5.0 |
6.3 |
5.0 |
|
Chile |
Pension Reserve Fund |
17.7 |
7.9 |
8.0 |
7.4 |
.. |
12.6 |
1.5 |
3.2 |
3.1 |
.. |
|
Costa Rica |
Costa Rican Social Security Fund |
2.5 |
.. |
.. |
.. |
.. |
1.6 |
.. |
.. |
.. |
.. |
|
Finland |
Keva’s pension liability fund |
10.4 |
5.9 |
5.8 |
6.5 |
.. |
9.6 |
2.4 |
3.7 |
4.4 |
.. |
|
Finland |
State Pension Fund (VER) |
9.0 |
5.5 |
5.5 |
5.9 |
5.5 |
8.2 |
2.0 |
3.4 |
3.8 |
3.5 |
|
France |
Fonds de Réserves pour les Retraites (FRR) |
6.5 |
2.6 |
3.2 |
4.0 |
3.6 |
5.1 |
‑0.1 |
1.3 |
2.3 |
2.0 |
|
Japan |
Government Pension Investment Fund (GPIF) |
0.7 |
10.6 |
5.7 |
5.9 |
4.9 |
‑2.8 |
8.4 |
4.3 |
4.9 |
4.0 |
|
Korea |
National Pension Fund |
15.0 |
7.8 |
6.6 |
6.3 |
6.1 |
12.8 |
4.8 |
4.4 |
4.2 |
3.7 |
|
Luxembourg |
Fonds de Compensation (FDC) |
11.2 |
4.8 |
4.8 |
5.2 |
4.6 |
10.1 |
1.8 |
2.6 |
3.1 |
2.5 |
|
Mexico |
Labour Fund |
14.7 |
.. |
.. |
.. |
.. |
10.0 |
.. |
.. |
.. |
.. |
|
New Zealand |
New Zealand Superannuation Fund |
11.8 |
11.6 |
10.1 |
12.3 |
9.9 |
8.2 |
7.1 |
7.2 |
9.6 |
7.2 |
|
Norway |
Government Pension Fund – Norway (GPFN) |
7.6 |
7.3 |
7.5 |
8.2 |
7.6 |
5.3 |
3.3 |
4.2 |
5.4 |
4.9 |
|
Poland |
Demographic Reserve Fund |
5.1 |
3.0 |
2.7 |
3.5 |
4.3 |
0.4 |
‑4.3 |
‑1.7 |
‑0.1 |
1.0 |
|
Portugal |
Social Security Financial Stabilisation Fund (FEFSS) |
5.9 |
.. |
.. |
.. |
.. |
2.8 |
.. |
.. |
.. |
.. |
|
Spain |
Social Security Reserve Fund |
4.5 |
‑0.2 |
0.0 |
2.0 |
2.4 |
1.6 |
‑3.5 |
‑2.1 |
0.0 |
0.3 |
|
Sweden |
AP1 |
9.8 |
7.7 |
7.5 |
8.0 |
7.2 |
8.9 |
3.3 |
4.5 |
5.7 |
5.1 |
|
Sweden |
AP2 |
8.2 |
5.2 |
6.3 |
7.3 |
6.8 |
7.3 |
0.8 |
3.3 |
5.0 |
4.7 |
|
Sweden |
AP3 |
10.3 |
8.2 |
8.4 |
8.5 |
7.6 |
9.4 |
3.7 |
5.3 |
6.2 |
5.4 |
|
Sweden |
AP4 |
10.1 |
6.8 |
8.0 |
8.8 |
7.9 |
9.2 |
2.4 |
5.0 |
6.5 |
5.7 |
|
Sweden |
AP6 |
9.0 |
15.5 |
12.6 |
10.1 |
8.9 |
8.1 |
10.7 |
9.4 |
7.7 |
6.8 |
|
Switzerland |
AHV Central Compensation Fund |
7.3 |
1.1 |
2.5 |
3.1 |
.. |
6.7 |
0.0 |
1.8 |
2.7 |
.. |
|
United States |
Old-Age and Survivors Insurance (OASI) Trust Fund |
2.5 |
2.5 |
2.8 |
3.2 |
3.7 |
‑0.4 |
‑1.6 |
‑0.2 |
0.6 |
1.1 |
Note: “..” means not available. The 2024 and the last 5, 10, 15 and 20‑year annual averages are calculated over the periods Dec 2023‑Dec 2024, Dec 2019‑Dec 2024, Dec 2014‑Dec 2024, Dec 2009‑Dec 2024 and Dec 2004‑Dec 2024 respectively, except for Canada Pension Plan Reserve Fund and Japan’s Government Pension Investment Fund (March 2023‑March 2025, March 2020‑March 2025, March 2015‑March 2025, March 2010‑March 2025 and March 2005‑March 2025) and New Zealand Superannuation Fund (June 2023‑June 2024, June 2019‑June 2024, June 2014‑June 2024, June 2009‑June 2024 and June 2004‑June 2024).
Source: OECD Global Pension Statistics, websites and annual reports of public pension reserve funds.