Singapore’s retirement system kept an A grade in the 2026 Marsh CFA Institute Global Pension Index, placing fourth among 55 systems as a stronger income adequacy measure lifted its score.
Its overall score rose to 82.0 from 80.8 in 2025. The index’s assessment of Singapore linked most of the gain to an improvement in how the minimum pension compares with wages.
Adequacy gained 3.4 points to 82.8. Sustainability slipped 0.2 point to 75.3, while integrity held at 90.4. The three measures account for 40%, 35% and 25% of the overall score, respectively.
The Netherlands led the index with 85.8, followed by Denmark at 84.1 and Iceland at 84.0. Singapore, Israel and Australia completed the six A-rated systems. Australia reached the grade this year; Singapore first earned it in 2025, when Israel also held an A.
The index assesses retirement income systems, rather than changes in individual retirees’ payments. Its 2026 edition covers systems representing about 66% of the world’s population. This year, the adequacy assessment expanded to consider income at age 80.
Singapore’s Central Provident Fund (CPF) draws on contributions tied to eligible citizens’ and permanent residents’ wages. Employers contribute for covered employees, and employees generally contribute as well. Workers earning more than S$50 but no more than S$500 a month do not pay an employee share, though their employers contribute.
The index identified nonresidents’ exclusion from CPF as a coverage gap. It suggested extending the fund to them as a way to build retirement savings for more workers.
The CPF Board says contribution rates for covered workers older than 55 through age 65 are scheduled to rise Jan. 1, 2027. Wage-based rules apply, and rates for first- and second-year permanent residents will not change. The added contributions for affected workers will go toward retirement savings.
