Australia’s pension system ranked third best in world

A global pension index has ranked Australia’s pension system the third best in the world, just behind Denmark and the Netherlands.

The 2013 Melbourne Mercer Global Pension Index studied more than 55 per cent of the world’s population and benchmarked each country’s retirement income system on the areas of adequacy, sustainability and integrity.

Australia’s overall score increased to 77.8 from 75.7 in 2012 and maintains its third place ranking behind Denmark and the Netherlands.

Australia’s ranking as number three in the world has been linked to the government’s StrongerSuper reforms.

The report also found that the labour force participation rate of 55-64 year olds in most countries had steadily increased. National Seniors chief executive Michael O’Neill welcomed the findings but cautioned that many seniors were still struggling.

“Whilst our pension system has ranked highly overall, single age pensioners in the soaring private rental market are struggling,” he said. 

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