Pension funds as GDP share in selected European countries as of 2018

The statistic shows the importance of pension funds relative to the size of the economy in selected European countries as of 2018. The total amount of assets held by pension funds as a share of GDP varies significantly across the countries studied, ranging from over 198.6 percent in Denmark to 0.7 percent in Greece.

Pension funds as a share of gross domestic product (GDP) in selected European countries as of 2018

Share of GDP
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Source

Release date

October 2019

Region

Europe

Survey time period

2018

Supplementary notes

Austria - Data refer to Pensionskassen only.
Belgium - The break in series in 2017 is due to the inclusion of individual pension savings, not reported before.
Finland - The break in series in 2011 comes from the exclusion of public buffer funds, included before.
France - Data on PERCO plans come from the French Asset Management Association. Data on pension insurance contracts for 2018 refer to 2017 instead.

Greece - The break in series in 2013 comes from the transformation of four funds operating on a pay-as-you-go basis into funded occupational schemes.

Hungary - The drop of investments in 2011 comes from a pension reform that suspended payments to mandatory individual schemes and redirected all the contributions to pay-as-you-go public pension schemes, unless workers chose to keep these individual pension schemes by the end of January 2011. The break in series in 2016 is due to the inclusion of individual retirement accounts (available through banks and investment companies) and pension insurance products, not included before.

Ireland - Data on personal retirement savings accounts are included from 2014 onwards. The decrease in DC assets for Ireland in 2016 arose from a change in methodology (previously estimation based on industry reports). Estimates are now based on the aggregation of data submitted on an annual basis to the pensions supervisor by individual DC schemes.

Italy - Data include book reserves, with net technical provisions taken as a proxy of pension assets.

Norway - Data refer to pension funds only.

Poland - The drop in investments in 2014 is due to the reversal of the mandatory private pension system that led to a transfer of domestic sovereign bonds held by open pension funds into the social security system.

The drop of investments in 2011 is the result of the transfer of bank pension funds (i.e. pension funds sponsored by banks and having as beneficiaries the employees of their banks) to the Public Retirement System.

Portugal - Data cover closed and open pension funds and personal retirement saving funds (established as pension funds or as collective investment schemes managed by investment companies), and since 2017 personal plans offered by life insurance companies as well.

Switzerland - Data cover occupational plans, and personal plans from 2013 onwards. Data on personal plans for 2018 refer to 2017 instead.

Turkey - Data refer to personal plans only.

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