Pension Funds Provide Regular Income after Retirement Leading to its Widespread Popularity among Masses: Fact.MR Report

As stated in the newly published report by Fact.MR, a market research and competitive intelligence provider, the global pension fund market is analyzed to reach US$ 4,535.4 billion in 2024. The market is further forecasted to advance at a CAGR of 7.2% between 2024 and 2034.

In countries where the aging issue is most severe, such as Germany, Italy, and Japan, pension funds are becoming more important. Moreover, as their middle classes rise and retirement awareness increases, potentially high growth countries, such as China and Brazil are seeing a spike in pension fund enrollment. Significant advancements in pension fund management have resulted from this trend, with a greater emphasis on digital solutions and sustainable investments to satisfy rising demand.

The increasingly aging populations in both established and potentially high growth countries are the main drivers of the extraordinary rise in the global demand for pension funds. Societies contend with the difficulty of caring for an aging population as life expectancy rises and birth rates fall. Traditional retirement systems are under tremendous strain due to this demographic transition, which is why both people and governments are looking for strong pension alternatives.

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Key Takeaways from Market Study:

• The global pension fund market is forecasted to attain a valuation of US$ 9,170.19 billion by the end of 2034.
• The market in South Korea is analyzed to expand at a CAGR of 8.1% from 2024 to 2034.
• The East Asian market is projected to reach US$ 1,600.75 billion by 2034-end.
• The market in Mexico is analyzed to advance at a CAGR of 4.3% in the North American region by 2034.
• Based on major markets, the bonds segment is projected to rise at a CAGR of 7.5% from 2024 to 2034.
• The Oceania market is forecasted to expand at a CAGR of 5.9% through 2034.

“Increasing focus on financial planning is escalating the demand for pension funds among both the aged and young population,” says a Fact.MR analyst.

Government Initiatives Worldwide Helping the Market Progress Faster

Governments throughout the world are putting new ideas into practice to increase the appeal and accessibility of pension funds for their citizens. The main strategy is to offer large tax advantages, such as tax-deductible features to pension funds and tax-deferred growth of investment earnings until retirement.

Unless they consciously choose not to, employees are automatically enrolled in workplace pension plans in several countries that have implemented automatic enrollment systems. Participation rates have grown dramatically as a result of this behavioral push. Furthermore, governments frequently require employer-matching features, which essentially amount to "free money" and encourage employee involvement.

To educate the public about retirement planning, financial literacy initiatives, and public awareness campaigns are launched. To assist citizens in understanding their retirement requirements, several governments offer online planners and calculators. To improve security, government-backed insurance programs guarantee against fund failures, and stringent regulatory frameworks preserve the interests of retirees. Younger generations that want more control over their retirement assets are finding pension systems more enticing because several countries offer flexibility in withdrawal regulations and investment possibilities.

Pension Fund Industry News:

Key players in the pension fund industry are expanding their offerings by introducing new securities to cater to a diverse customer base. In February 2024, ICICI Prudential Life Insurance launched ICICI Pru Gold Pension Savings, a tax-efficient pension plan designed to help individuals systematically build a substantial retirement corpus. In July 2023, BlackRock collaborated with the Rolls-Royce Retirement Savings Trust to support its transition to a custom Target Date Fund (TDF) solution, benefiting 34,000 members with enhanced retirement savings options.

Additionally, in September 2022, Econet Life, the insurance arm of EcoCash Holdings Zimbabwe, introduced an innovative micro-pension fund product aimed at workers in the unorganized sector. The newly launched Dura/Isiphala Pension Fund in Kariba is expected to encourage more individuals from this sector to participate in pension plans, ensuring greater financial security for their retirement.

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Leading Players Driving Innovation in the Pension Fund Market:

Key industry participants like Social Security Trust Funds; AT&T Corporate Pension Fund; California Public Employees Retirement System; National Railroad Retirement Investment Trust etc. are driving the pension fund industry.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the pension fund market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product & service (public defined benefit retirement plans, private defined benefit retirement plans), and major market (equities, bonds, alternatives, cash), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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