At our bi-annual User Conference this year, Financial Risk Solutions (FRS), provided a comprehensive review of pensions in Australia, the United Kingdom and Ireland. This is an excerpt from this review. The full report is available for download here

The 2018 Global Pension Assets Study conducted by Willis Towers Watson reported Defined Contribution (DC) assets in funded pensions schemes now slightly exceed Defined Benefit (DB) assets across the largest 22 pension markets.

In this report, Financial Risk Solutions (FRS), explores the state of pensions in the three markets we are most active - Australia, United Kingdom and Ireland. Each is at quite different stages of their DC business with the ratio of pensions assets to Gross Domestic Product (GDP) ranging from 130 percent for Australia through to just 45 percent for Ireland.

Australia - a proven model for co-contributed pensions

There is no doubt that superannuation has been a considerable success for Australia since its inception in 1983. Superannuation assets in Australia represent EUR 1.667 trillion, which equates to nearly 78 percent of all managed funds in the country. The assets accumulated in the superannuation system, along with the removal of the pension burden from the government, is arguably one of the reasons Australia has not had a recession for nearly three decades.

The employer’s contribution rate has increased from three percent in 1992 to 9.5 percent today and is set to increase from 2021 by 0.5 percent per year up to 2025 when it will be 12 percent.

Room for improvement

THE United Kingdom - fast pensions growth through Auto Enrolment

Rapid growth

Ireland - a world of possibility

Overseen by a Central Processing Agency

The Opportunity for Pensions Providers and Fund Administrators

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Financial Risk Solutions (FRS) Ltd



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