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{{Short description|Program, fund, or scheme that provides retirement income}}
{{More citations needed|date=January 2010}} 
{{Financial market participants}}

A '''pension fund''', also known as a '''superannuation fund''' in some countries, is any program, fund, or scheme which provides [[pension|retirement income]]. The [[U.S. Government]]'s [[Social Security Trust Fund]], which oversees $2.57 trillion in assets, is the world's largest public pension fund. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies.  They are especially important to the [[stock market]] where large [[institutional investor]]s dominate.  The largest 300 pension funds collectively hold about [[USD]]$6 [[Trillion (short scale)|trillion]] in assets.<ref>{{Cite web|url=https://www.willistowerswatson.com/en/Location-Selector-Landing-Page|title=Location Selector|website=Willis Towers Watson}}</ref> In 2012, [[PricewaterhouseCoopers]] estimated that pension funds worldwide hold over $33.9 trillion in assets (and were expected to grow to more than $56 trillion by 2020), the largest for any category of [[institutional investor]] ahead of [[mutual fund]]s, [[insurance companies]], [[currency reserves]], [[sovereign wealth fund]]s, [[hedge fund]]s, or [[private equity]].<ref name="foo">{{cite web|url=https://www.pwc.com/gx/en/asset-management/publications/pdfs/pwc-asset-management-2020-a-brave-new-world-final.pdf |archive-url=https://web.archive.org/web/20150423095542/http://www.pwc.com/gx/en/asset-management/publications/pdfs/pwc-asset-management-2020-a-brave-new-world-final.pdf |archive-date=2015-04-23 |url-status=live|title=Asset Management 2020 – A Brave New World|access-date=March 3, 2021}}</ref>

==Classifications==
===Open vs. closed pension fund===
Open pension funds support at least one pension plan with no restriction on membership while closed pension funds support only pension plans that are limited to certain employees.<ref>{{Cite web|url=http://www.oecd.org/dataoecd/0/49/38356329.pdf|title=OECD}}</ref> Closed pension funds are further subclassified into:
*Single employer pension funds
*Multi-employer pension funds
*Related member pension funds
*Individual pension funds

===Public vs. private pension funds===<!--linked from [[Northern Mariana Islands]]-->
A public pension fund is one that is regulated under public sector law while a private pension fund is regulated under private sector law. In certain countries, the distinction between public or government pension funds and private pension funds may be difficult to assess. In others, the distinction is made sharply in law, with very specific requirements for administration and investment.  For example, local governmental bodies in the United States are subject to laws passed by the states in which those localities exist, and these laws include provisions such as defining classes of permitted investments and a [[minimum municipal obligation]].<ref>For examples, see {{cite web|url=http://www.newpa.com/get-local-gov-support/local-government-law-library|title=Local Government Law Library|access-date=15 May 2011|url-status=dead|archive-url=https://archive.today/20120906023548/http://www.newpa.com/get-local-gov-support/local-government-law-library|archive-date=6 September 2012}}</ref><ref>{{Cite web|url=https://www.consultancy.uk/news/14292/the-20-largest-pension-funds-of-the-globe|title=The 20 largest pension funds of the globe|website=www.consultancy.uk|date=27 October 2017|language=en|access-date=2018-03-11}}</ref>

== Plan design ==

=== Defined benefit (DB) ===
A defined benefit plan promises a formula-based pension (for example, a percentage of final or career-average earnings multiplied by years of service). The benefit is specified in advance, and the plan sponsor is responsible for ensuring sufficient funding to meet the promise. In DB schemes, investment and longevity risks largely remain with the sponsor (often an employer or a public plan).<ref>{{Cite web |title=System of National Accounts |url=https://unstats.un.org/unsd/nationalaccount/glossresults.asp?gID=106 |access-date=2025-09-25 |website=unstats.un.org}}</ref>

=== Defined contribution (DC) ===
A defined contribution plan specifies the contributions paid into an individual account; the eventual benefit depends on contributions and investment returns rather than a pre-set formula. In DC schemes, investment and longevity risks are typically borne by the member. “Money purchase” plans are a canonical DC form.<ref>{{Cite web |title=NASRA |url=https://www.nasra.org/dc_plans |access-date=2025-09-25 |website=www.nasra.org}}</ref>

=== Differences between DB and DC ===
DB and DC plans differ primarily in (i) the promise (benefit vs. contribution), (ii) the risk bearer (sponsor vs. member), and (iii) portability and funding mechanics. These distinctions underpin regulatory and policy debates tracked in international monitoring such as OECD Pensions at a Glance.<ref>{{Cite web |title=Pensions at a Glance 2023 OECD and G20 Indicators |url=https://www.oecd.org/content/dam/oecd/en/publications/reports/2023/12/pensions-at-a-glance-2023_4757bf20/678055dd-en.pdf}}</ref> 

=== Accompanying insurance within pension funds ===
Occupational and personal pension plans frequently bundle or administer ancillary risk benefits that insure members and their dependants against contingencies other than old age. Supervisory guidance notes that, in addition to a retirement objective, plans may provide disability, sickness, and survivors' benefits.<ref>{{Cite web |title=OECD-IOPS GUIDELINES ON THE LICENSING OF PENSION ENTITIES |url=https://www.oecd.org/content/dam/iops/en/iops-principles-and-guidelines/OECD-IOPS-Guidelines_Licensing-Pension-Entities.pdf}}</ref> 

==== Death benefits ====
Many plans include death-in-service cover, paying a [[lump sum]] (often structured via group life arrangements) or a survivors' pension to a spouse, partner, or dependants. [[United Kingdom|UK]] regulatory guidance recognizes schemes that provide lump-sum death benefits and the option to establish separate “group life only” schemes for this purpose.<ref>{{Cite web |title=Governing body: detailed guidance |url=https://www.thepensionsregulator.gov.uk/en/document-library/scheme-management-detailed-guidance/governing-body-detailed-guidance |access-date=2025-09-25 |website=The Pensions Regulator |language=en}}</ref><ref>{{Cite web |title=Lump-sum death benefits |url=https://www.thepensionsregulator.gov.uk/en/document-library/scheme-management-detailed-guidance/governing-body-detailed-guidance/lump-sum-death-benefits |access-date=2025-09-25 |website=The Pensions Regulator |language=en}}</ref>

The tax treatment of death benefits and unspent pension balances varies by jurisdiction and over time; for example, the UK has announced that most unused pension funds and certain death benefits will fall within the deceased’s estate for inheritance tax from 6 April 2027.<ref>{{Cite web |title=Inheritance Tax on unused pension funds and death benefits |url=https://www.gov.uk/government/publications/reforming-inheritance-tax-unused-pension-funds-and-death-benefits/inheritance-tax-on-unused-pension-funds-and-death-benefits |access-date=2025-09-25 |website=GOV.UK |language=en}}</ref>

==== Survivors' pensions and spousal protections ====
In systems governed by [[Employee Retirement Income Security Act of 1974|ERISA]] in the [[United States]], the default form of benefit for married participants in many employer plans is a Qualified Joint and Survivor Annuity (QJSA), which continues payments over both lifetimes. A Qualified Preretirement Survivor Annuity (QPSA) protects the spouse if the participant dies before retirement. The U.S. [[Internal Revenue Service]] specifies that QJSA survivor percentages typically range from 50% to 100% of the participant’s annuity.<ref>{{Cite web |title=Key considerations for retirement plan spousal rights and payment options |url=https://www.milliman.com/en/insight/key-considerations-retirement-plan-spousal-rights-payment |access-date=2025-09-25 |website=www.milliman.com |language=en}}</ref><ref>{{Cite web |title=Retirement topics — Qualified joint and survivor annuity {{!}} Internal Revenue Service |url=https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-qualified-joint-and-survivor-annuity |access-date=2025-09-25 |website=www.irs.gov |language=en}}</ref>

Plan terms and local law determine eligibility of non-marital partners. Some employers extend survivor options to domestic partners as a matter of policy even when not legally required.<ref>{{Cite web |title=Domestic Partner Benefits: Pension Survivor Annuities and the CEI |url=https://www.thehrcfoundation.org/professional-resources/domestic-partner-benefits-pension-survivor-annuities-and-the-cei |access-date=2025-09-25 |website=HRC Foundation |language=en-US}}</ref> 

==== Disability and ill-health benefits ====
Pension funds may provide disability (invalidity) pensions or permit ill-health early retirement, often defined with reference to an inability to perform suitable work. U.S. law permits "qualified disability benefits" within pension plans (subject to plan and tax rules), although detailed regulation differs between DB and DC contexts.<ref>{{Cite web |title=OECD-IOPS Guidelines on the Licensing of Pension Entities |url=https://www.oecd.org/content/dam/iops/en/iops-principles-and-guidelines/OECD-IOPS-Guidelines_Licensing-Pension-Entities.pdf}}</ref><ref>{{Cite web |last=Rappaport |first=Anna |date=2017-11-03 |title=The Role of Pre-Retirement Disability in Retirement Security |url=https://www.asppa-net.org/news/2017/11/role-pre-retirement-disability-retirement-security/ |access-date=2025-09-25 |website=www.asppa-net.org |language=en}}</ref>

Some arrangements include a waiver of contributions/premiums during qualifying disability so that accruals or insurance cover continue while the member is unable to work. Such waiver provisions are common in group life or rider form.<ref>{{Cite web |date=May 2025 |title=Understanding The Life Insurance Waiver Of Premium Rider |url=https://www.westernsouthern.com/life-insurance/what-is-a-waiver-of-premium-rider |access-date=2025-09-25 |website=www.westernsouthern.com |language=en}}</ref>

==How they work ==
It is important to distinguish between pension plan, funds and firm. A pension plan is a benefits program set up and sustained by an employer or an employee group. They are managed by state or private firms as well as pension funds.<ref>{{Cite book |url=https://www.worldcat.org/title/785080462 |title=Handbook of key global financial markets, institutions and infrastructure |date=2013 |publisher=Elsevier |isbn=978-0-12-397873-8 |editor-last=Caprio |editor-first=Gerard |edition=1st |location=Boston |oclc=785080462 |editor-last2=Arner |editor-first2=Douglas W. |editor-last3=Beck |editor-first3=Thorsten |editor-last4=Calomiris |editor-first4=Charles W. |editor-last5=Neal |editor-first5=Larry |editor-last6=Véron |editor-first6=Nicolas}}</ref>  Pension funds are financial mechanisms that provide retirement income for employees after their working life. They work by accumulating contributions from employers, and sometimes employees, which are then invested to grow over time. Upon retirement, employees receive benefits, typically calculated as a percentage of their average salary during their working years. For instance, consider a scenario where a pension scheme offers a payment equivalent to 1% of an individual's average salary over the last five years of their employment for each year they served with the employer. Thus, if an employee worked for 35 years at the company and had an average final salary of $60,000, they would be entitled to an annual pension of $21,000. It is important to point out that one cannot usually take early withdrawals or loans from pensions. Public sector pensions, like the California Public Employees’ Retirement System (CalPERS), often include cost-of-living escalators and can be more generous than private sector pensions. Private pension plans are regulated by federal laws such as the Employee Retirement Income Security Act (ERISA) and are insured by the Pension Benefit Guaranty Corporation (PBGC), which guarantees benefits if a pension plan fails.<ref>{{Cite web |title=How Do Pension Funds Work? |url=https://www.investopedia.com/articles/investing-strategy/090916/how-do-pension-funds-work.asp |access-date=2024-04-28 |website=Investopedia |language=en}}</ref>

== How pension funds invest their money ==
Pension funds can make investments into stocks, bond, real estate, and other assets. However, they have to be prudently managed compared to other types of funds due to their lower risk tolerance. For many years, they mainly invest into stable stocks and bond.<ref name="auto">{{Cite book |last=Kumar |first=B. Rajesh |url=https://www.worldcat.org/title/879582228 |title=Strategies of banks and other financial institutions: theories and cases |date=2014 |publisher=Academic Press |isbn=978-0-12-416997-5 |location=San Diego, CA |oclc=879582228}}</ref> In order to keep high returns, with changing market conditions, they started to invest into other assets.<ref>{{Cite web |title=Where Do Pension Funds Typically Invest? |url=https://www.investopedia.com/articles/credit-loans-mortgages/090116/what-do-pension-funds-typically-invest.asp |access-date=2024-04-28 |website=Investopedia |language=en}}</ref> As of 2023, many pension funds are moving away from managing active stock portfolios towards passive investment methods, focusing on index funds and exchange-traded funds (ETFs) that replicate market indices. Additionally, there's an increasing trend to diversify into alternative assets like commodities, high-yield bonds, hedge funds, and real estate. Newer investment tools for pension funds include asset-backed securities, such as those tied to student loans or credit card debt, which are used to boost returns. Investing in [[private equity]] is also rising in popularity; these are long-term investments in non-public companies, aimed at achieving substantial profits through eventual sales when these companies reach maturity. Furthermore, real estate investment trusts (REITs) are becoming a frequent choice for pension funds due to their passive investment approach in the real estate sector. Direct investments in commercial properties like office buildings, warehouses, and industrial parks are also prevalent.<ref>{{Cite web |date=2023 |title=Pension Fund |url=https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/pension-fund/ |access-date=2024-04-28 |website=Corporate Finance Institute |language=en-US}}</ref>

Many governments around the world have established public pension systems that are partially or fully funded by investments rather than relying solely on payroll taxes. This approach helps to ensure the long-term solvency of these pension programs. Some examples of governments that use pension fund investments are:

* Australia: The Australian Government's [[Future Fund]] was established in 2006 to help cover the government's superannuation (pension) liabilities. It invests in a range of asset classes, including equities, fixed income, and alternative investments, to grow the fund's assets over time.
* Canada: The Canada Pension Plan Investment Board (CPPIB) manages the investment of the Canada Pension Plan's assets. It invests in a diversified portfolio of stocks, bonds, real estate, and other assets to generate returns and secure the future of the public pension system.
* Norway: The Norwegian Government Pension Fund Global, also known as the Oil Fund, is one of the largest sovereign wealth funds in the world. It invests the surplus revenues from Norway's oil and gas industry to help finance the country's public pension system and other government expenses.
* Singapore: The Central Provident Fund (CPF) in Singapore is a compulsory social security savings plan that requires contributions from both employers and employees. The CPF board invests these funds to generate returns and ensure the long-term financial stability of the pension system.
* Sweden: The Swedish Pension System (Allmänna pensionssystemet) has a buffer fund, the AP Funds, that invests in various financial instruments to supplement the pay-as-you-go pension contributions and ensure the system's long-term sustainability.

These are just a few examples of governments that have adopted an investment-based approach to managing their public pension systems. By diversifying and growing their pension fund assets, these countries aim to mitigate the risks of running out of money in the future as their populations age.

== Governance ==
Pension funds are important financial institutions which manage the retirement savings of millions. Effective governance in these entities is crucial not only to safeguard these funds but also to ensure that they meet their future obligations to pensioners. The governance structures, strategies, and practices of pension funds significantly influence their stability, performance, and the trust of their stakeholders. Proper governance ensures that decisions are made transparently and that fund managers are accountable to stakeholders, including employees, retirees, and employers.<ref>{{Cite book |last1=Kumar |first1=Rajesh |title=Strategies of banks and other financial institutions: theories and cases |last2=Kumar |first2=B. Rajesh |date=2014 |publisher=Academic Press |isbn=978-0-12-416997-5 |location=Amsterdam; Heidelberg; San Diego, Calif.}}</ref>

According to the OECD Guidelines for Pension Fund Governance, the governance structure should clearly identify and separate operational and oversight responsibilities. Every pension fund should have a governing body, accountable to the pension plan members and beneficiaries. This body is ultimately responsible for ensuring adherence to the terms of the arrangement and the protection of the best interest of plan members and beneficiaries. The governing body should also meet minimum suitability standards to ensure a high level of integrity, competence, experience, and professionalism. Additionally, there should be adequate internal controls in place to ensure compliance with the law.<ref>{{Cite journal |date=2009 |title=OECD Guidelines for Pension Fund Governance |url=https://www.oecd.org/finance/private-pensions/34799965.pdf |journal=OECD}}</ref>

== Challenges ==
Many pension funds have problems with governance. In Hungary, where pension funds are established as not-for-profit institutions, there is evidence that the governing body is generally ineffective in looking after the best interests of its members. Most funds are established by financial institutions that find it easy to promote their candidates to the fund's supervisory board. Some pension funds in the United States have also been the subject of governance problems too, as well as in other countries.<ref>{{Cite report |url=https://www.oecd-ilibrary.org/finance-and-investment/pension-fund-governance_241402256531 |title=Pension Fund Governance: Challenges and Potential Solutions |last1=Stewart |first1=Fiona |last2=Yermo |first2=Juan |series=OECD Working Papers on Insurance and Private Pensions |date=2008-06-01 |publisher=OECD |doi=10.1787/241402256531 |location=Paris |language=en|url-access=subscription }}</ref>

== History of pension funds ==
The first concepts of providing retirement benefits have roots in ancient civilizations such as Rome and Greece. The pension system as we know it originated in the 19th century. In 1889, German Chancellor [[Otto von Bismarck]] started an early modern pension scheme. His goal was to help older German´s citizens. However, this idea came from the United States of America. In 1875 [[American Express]] Company introduced its own pension plan. During the early 20th century pension plans for public employees were growing, which resulted in the creation of a U.S. federal retirement plan, known as Social Security, in 1935. After World War II, pension funds became the primary tool for providing retirement benefits, which was supported by the growth of labour unions. By the 1970s, they held large amounts of financial assets and had evolved to be significant participants in financial markets. But in the 1980s and 1990s pension funds faced significant challenges. The stock market crash in 1987 and the recession in the early 1990s had a negative impact on pension funds. Furthermore, demographic shifts and rising life expectancies placed pressure on these funds to sustain retirement benefits over extended durations.<ref>{{Cite web |title=Pension Fund: Definition, History, and How it Works |url=https://www.strike.money/stock-market/pension-fund |access-date=2024-04-28 |website=www.strike.money}}</ref>

== Regulation ==
In the United States, pension plans are regulated mainly by The Employee Retirement Income Security Act 1974(ERISA). It provides framework for the regulation of employee pension and plans which are private pension funds offering. In 2006 was introduced The Pension Protection Act (PPA). This act come with new funding requirements for defined pension plans. As well as with new rules for calculating plan assets and liabilities.<ref name="auto" />

Pension funds in European Union are regulated by Directive 2003/41/EC, also known as the IORP directive. This directive was recast and adopted in December 2016. It should promote long-term investment via occupational pension funds. Additionally, beneficiaries and members should now be better informed about their entitlements, address challenges faced by occupational pension funds operating across borders, and foster long-term investments in economic activities that boost growth, enhance the environment, and increase employment opportunities.<ref>{{Cite web |title=Occupational pension funds – European Commission |url=https://finance.ec.europa.eu/banking/pension-funds/occupational-pension-funds_en |access-date=2024-04-28 |website=finance.ec.europa.eu |language=en}}</ref>

== Largest pension funds ==
The following table lists the largest public pension funds by total assets by the SWF Institute.<ref>https://www.swfinstitute.org/fund-rankings/public-pension Top 100 Largest Public Pension Rankings by Total Assets</ref>
{| class="wikitable sortable"
! Country
! Fund
! Assets<br />(billion US$)
! Reporting<br />period
! Inception
! Origin
|- valign=top
|{{USA}}|| [[Social Security Trust Fund|Federal Old-age and Survivors Insurance Trust Fund]] (Social Security) || $2456<ref>[https://www.whitehouse.gov/wp-content/uploads/2025/05/appendix_fy2026.pdf#page=1044 Budget of the United States Government - Appendix, FY2026], published 2025. Value as of September 30, 2024 [[Office of Management and Budget]] Retrieved June 8, 2025</ref> || 2024 || 1935 || Taxation
|- valign=top
|{{JPN}}|| [[Government Pension Investment Fund]]|| $1790<ref name="autogenerated1">[https://www.gpif.go.jp/operation/2020-Q3-0205-Jp_983358.pdf 2020年度第3四半期運用状況] {{Webarchive|url=https://web.archive.org/web/20210429221509/https://www.gpif.go.jp/operation/2020-Q3-0205-Jp_983358.pdf |date=2021-04-29 }} GPIF</ref> || 2020 || 2006 || Non-commodity
|- valign="top"
|{{NOR}}||[[Government Pension Fund of Norway]]|| $1356<ref name="NorgesBankInvestmentManagement">{{cite web |url=https://www.nbim.no/en/the-fund/market-value/ |title=Market Value of the Government Pension Fund of Norway |publisher=[[Norges Bank Investment Management]] |date=2021-10-21 |access-date=2021-10-21}}</ref>|| 2021 || 1990 || Oil
|- valign=top
|{{USA}}|| [[Military retirement (United States)|Military Retirement Fund]] || $1507<ref>[https://www.whitehouse.gov/wp-content/uploads/2025/05/appendix_fy2026.pdf#page=941 Budget of the United States Government - Appendix, FY2026], published 2025. Value as of September 30, 2024. [[Office of Management and Budget]] Retrieved June 8, 2025</ref> || 2024 || 1984 || Employer Contribution
|- valign=top
|{{USA}}|| [[Civil Service Retirement System|Civil Service Retirement and Disability Fund]] || $1062<ref>[https://www.whitehouse.gov/wp-content/uploads/2025/05/appendix_fy2026.pdf#page=1025 Budget of the United States Government - Appendix, FY2026], published 2025. Value as of September 30, 2024. [[Office of Management and Budget]] Retrieved June 8, 2025</ref> || 2024 || 1920 || Employer & Employee Contribution
|- valign="top"
|{{KOR}}|| [[National Pension Service]] (NPS) || $944<ref>{{Cite web |title=Docu Viewer |url=https://www.nps.or.kr/docuviewer/docuviewer.jsp?contenttype=pdf&contentid=temp/296221bb-ecc5-434f-8616-67fe0d1d8c7a |access-date=2025-06-30 |website=www.nps.or.kr}}</ref> || 2025 || 1988 || Non-commodity
|- valign=top
|{{USA}}|| [[Thrift Savings Plan]] (TSP) || $737<ref>[https://www.frtib.gov/pdf/reading-room/FinStmts/TSP-FS-Dec2022.pdf#page=6 Financial Statements of the Thrift Savings Fund December 31, 2022 and 2021], released August 2023. Value as of December 31, 2022.  [https://www.tsp.gov/ Thrift Savings Fund]. Retrieved March 11, 2024</ref> || 2022 || 1986 || Employer & Employee Contribution
|-
|{{CAN}}
|[[Canada Pension Plan]] and [[CPP Investment Board]] (CPPIB)
|$570<ref>{{Cite web |title=CPP Fund Net Assets Total $570 Billion at 2023 Fiscal Year |url=https://www.cppinvestments.com/public-media/headlines/2023/cpp-investments-net-assets-total-570-billion-at-2023-fiscal-year-end/#:~:text=TORONTO%2C%20ON%20(May%2024%2C,the%20end%20of%20fiscal%202022./ |access-date=2023-06-03 |website=www.cppib.com |language=en}}</ref>
|2022
|1965
|Non-commodity
|- valign=top
|{{NED}}|| [[Stichting Pensioenfonds ABP]] (ABP) || $498<ref>{{Cite web |url=https://www.abp.nl/over-abp/duurzaam-en-verantwoord-beleggen/beleggingsresultaten#:~:text=Het%20totaal%20belegd%20vermogen%20van,de%20rest%20van%20de%20wereld. |title=Default |access-date=2023-08-29  }}</ref> (€460) || 2022 || 1922 || Non-commodity
|- valign="top"
|{{CAN}} ([[Quebec]])|| [[Caisse de dépôt et placement du Québec]] (The Caisse, or CDPQ) || $402<ref>{{Cite web|url=https://www.cdpq.com/fr/accueil|title=Page d'accueil|website=Caisse de dépôt et placement du Québec &#124; Investisseur institutionnel de long terme &#124; Gestionnaire d’actif}}</ref>|| 2022 || 1965 || Non-commodity
|- valign=top
|{{USA}} ([[California]]) || [[CalPERS|California Public Employees' Retirement System (CalPERS)]] || $389<ref>{{Cite web|url=https://www.calpers.ca.gov/page/newsroom/calpers-news/2020/calpers-preliminary-investment-return-2019-20|title=CalPERS Reports Preliminary 4.7% Investment Return for Fiscal Year 2019–20|access-date=2021-03-03|archive-date=2021-02-24|archive-url=https://web.archive.org/web/20210224050133/https://www.calpers.ca.gov/page/newsroom/calpers-news/2020/calpers-preliminary-investment-return-2019-20|url-status=dead}}</ref> || 2020 || 1932 || Non-commodity
|- valign=top
|{{CHN}}|| [[National Council for Social Security Fund|National Social Security Fund]] || $251<ref name="OECD2015PensionSurvey">{{cite web |date=2016-04-21 |title=Annual Survey of Large Pension Funds and Public Pension Reserve Funds |url=http://www.oecd.org/daf/fin/private-pensions/2015-Large-Pension-Funds-Survey.pdf |url-status=live |archive-url=https://web.archive.org/web/20160914143701/http://www.oecd.org/daf/fin/private-pensions/2015-Large-Pension-Funds-Survey.pdf |archive-date=2016-09-14 |access-date=2016-10-28 |publisher=[[OECD]]}}</ref>|| 2015 || 2000 || Non-commodity
|- valign=top
|{{SIN}} || [[Central Provident Fund]] || $348<ref name="WTW largest pension">{{cite web|title=The world's 300 largest pension funds – year end 2014|url=https://www.towerswatson.com/en/Insights/IC-Types/Survey-Research-Results/2015/09/The-worlds-300-largest-pension-funds-year-end-2014|publisher=Willis Towers Watson}}</ref> || 2019 || 1955  || Non-commodity
|- valign="top"
|{{CAN}} ([[Ontario]]) || [[Ontario Teachers' Pension Plan]] (OTPP) || $247<ref>{{Cite web|url=https://www.otpp.com/investments/performance|title=Performance – Ontario Teachers' Pension Plan|website=www.otpp.com}}</ref> || 2022 || 1989 || Non-commodity
|- valign=top
|{{USA}} ([[California]]) || [[CalSTRS|California State Teachers' Retirement System (CalSTRS)]] || $282<ref>{{Cite web|url=https://www.calstrs.com/current-investment-portfolio|title=Current Investment Portfolio - CalSTRS.com|access-date=2021-03-03}}</ref> ||  2021
| 1913 || Non-commodity
|- valign="top"
|{{MYS}}||[[Employees Provident Fund (Malaysia)|Employees Provident Fund]]|| $240<ref>{{Cite news |title=EPF Sustains Solid Performance With 5.50% Dividend For Simpanan Konvensional And 5.40% For Simpanan Shariah |url=https://www.kwsp.gov.my/w/epf-sustains-solid-performance-for2023 |access-date=25 May 2024 |work=[[Employees Provident Fund (Malaysia)|Employees Provident Fund]]}}</ref>|| 2023 || 1951 || Non-commodity
|- valign="top"
|{{AUS}}||[[AustralianSuper]]|| $221<ref name=AR2024>{{cite web|url=https://www.australiansuper.com/-/media/australian-super/files/about-us/annual-reports/2024-annual-report.pdf|title=FY24 Annual Report|publisher=AustralianSuper|access-date=4 October 2024}}</ref>|| 2024 || 2006 || Employer & Employee Contribution
|- valign=top
|{{NED}}|| [[Stichting Pensioenfonds Zorg en Welzijn]] (PFZW, formerly PGGM) || $183<ref>{{Cite web |url=https://www.pfzw.nl/over-ons/pers/paginas/kwartaalberichten.aspx |title=Kwartaalberichten &#124; PFZW |access-date=2015-01-30 |archive-date=2014-12-26 |archive-url=https://web.archive.org/web/20141226204755/http://www.pfzw.nl/over-ons/pers/paginas/kwartaalberichten.aspx |url-status=dead }}</ref> (€162) || 2022 || 1969 || Non-commodity
|-
|{{flag|Sweden}}
|AP-funds
|$182<ref>{{Cite web |last=Regeringskansliet |first=Regeringen och |date=2024-05-31 |title=God avkastning för AP-fonderna |url=https://www.regeringen.se/pressmeddelanden/2024/05/god-avkastning-for-ap-fonderna/ |access-date=2024-10-30 |website=Regeringskansliet |language=sv}}</ref>
|2023
|1960
|Taxation
|- valign="top"
|{{CHI}}|| [[Pensions in Chile|AFP]] || $160<ref>{{cite web | url=http://www.emol.com/noticias/economia/2015/01/23/700604/donde-estan-invertidas-las-platas-de-los-trabajadores-en-chile.html | title=Conozca las 10 empresas donde más invierten las AFP en la Bolsa chilena | date=25 January 2015 }}</ref> || 2014 || 1980 || Non-commodity
|- valign="top"
|{{IND}} || [[Employees' Provident Fund Organisation]] (EPFO) || $228<ref>{{Cite news|last=Asher|first=Mukul|date=22 January 2021|title=How the EPFO can improve as India's largest social security provider|work=Moneycontrol|url=https://www.moneycontrol.com/news/business/personal-finance/how-the-epfo-can-improve-as-indias-largest-social-security-provider-6362421.html}}</ref> || 2019 || 1952 || Employer & Employee Contribution
|-
|{{Flagicon|Kuwait}} Kuwait
|[[Public Institution for Social Security Fund]]
|$134 <ref>{{cite web|url=https://www.pifss.gov.kw/sites/Ar/Pages/NewsDetails.aspx?item=+U86JOsO8MuxL77iHZj2RA==|title=المؤسسة العامة للتأمينات الاجتماعية تفاصيل الخبر}}</ref> ||2024||1976||Oil & Employee Contribution
|- valign=top   
|-
|{{Flagicon|Russia}} Russia
|[[Russian National Wealth Fund]]
|$125 <sup>[https://www.minfin.ru/ru/perfomance/nationalwealthfund/statistics/ <nowiki>[38]</nowiki>]</sup>
|2020
|2008
|Oil
|- valign=top   
|{{DEN}} || [[Arbejdsmarkedets Tillægspension]] (ATP) || $106<ref>{{Cite web|url=https://www.atp.dk/en/dokument/annual-announcement-financial-statements-2023|title=Annual Announcement of Financial Statements 2023}}</ref> || 2023 || 1964 || Employee Contribution 
|-
|{{CAN}}
|[[OMERS]] (Ontario)
|$124<ref>{{Cite web |title=OMERS – 2020 Annual Report Highlights |url=https://www.omers.com/sites/2020-highlights/index.html |access-date=2021-03-03}}</ref>
|2022
|1962
|Non-commodity
|- valign=top
|{{ZAF}} || [[Public Investment Corporation|Government Employees Pension Fund]] (GEPF) || $112 (ZAR1426b) ||  || 1996 || Non-commodity
|- valign=top
|{{BRA}} || [[Caixa de Previdencia dos Funcionários do Banco do Brasil]] (PREVI) || $80<ref>{{Cite web|url=http://www.previ.com.br/menu-auxiliar/noticias-e-publicacoes/previ-in-english/|title=Official WebSite of PREVI – English Version}}</ref>  ||  || 1904 || Finance
|- valign="top"
|{{USA}} ([[Ohio]]) ||[[STRS OH|State Teachers Retirement System of Ohio (STRS Ohio)]]|| $79.8<ref>{{Cite web|url=https://www.strsoh.org/aboutus/impact/|title = STRS Ohio's Impact}}</ref>|| 2017
| 1919 || Defined Benefit Pension
|- valign=top
|{{FRA}} ||AGIRC – ARRCO|| $70<ref name="OECD2015PensionSurvey"/> || 2015 || 2001 || Non-commodity
|- valign="top"
|{{IND}}||[[National Pension System]] (NPS) || $85<ref>{{Cite web|url=http://npstrust.org.in/assets-under-management-and-subsribers|title=Assets Under Management & No.of Subscribers &#124; NPS Trust}}</ref>|| 2021 
| 2004 || Non-commodity
|- valign="top"
|{{FRA}}||[[Pensions Reserve Fund (France)]] (NPRF) || $56<ref>{{Cite web|url=http://www.fondsdereserve.fr/documents/FRR-RA12-GB.pdf |archive-url=https://web.archive.org/web/20131215121801/http://www.fondsdereserve.fr/documents/FRR-RA12-GB.pdf |archive-date=2013-12-15 |url-status=live|title=FRR 2012 Annual Report}}</ref>||  || 2001 || Non-commodity
|- valign=top
|{{IRL}} || [[National Pension Reserve Fund]] (NPRF) || $30<ref>{{Cite web |url=http://www.nprf.ie/ |title=NPRF<!-- Bot generated title --> |access-date=2020-05-03 |archive-url=https://web.archive.org/web/20170210152755/http://www.nprf.ie/ |archive-date=2017-02-10 |url-status=dead }}</ref> ||  || 2001 || Non-commodity
|}

==By country==

===Australia===
{{Main|Superannuation in Australia}}

====Government====
* [[Commonwealth Superannuation Scheme]] (old scheme for [[Australian Public Service|federal civil servants]])
* [[Military Superannuation and Benefits Scheme]] (current scheme for [[Australian Defence Force|Australian Defence Force personnel)]]
* [[Public Sector Superannuation accumulation plan]] (current scheme for federal civil servants)
* [[Public Sector Superannuation Scheme]] (old scheme for federal civil servants)
* [[State Super]] (for [[New South Wales]] [[States and territories of Australia|state]] civil servants)

====Industry (not-for-profit)====

* [[Australian Retirement Trust]]
* [[AustralianSuper]]
* [[AustSafe Super]]
* [[CareSuper]]
* [[Cbus (superannuation fund)|Cbus]]
* [[Energy Super]]
* [[FIRSTSUPER]]
* [[HESTA]]
* [[Hostplus]]
* [[legalsuper]]
* [[LUCRF Super]]
* [[Media Super]]
* [[MTAA Super]] (Spirit Super)
* [[NGS Super]]
* [[REI Super]]
* [[Rest Super]]
* [[TWUSUPER]]
* [[UniSuper]]
<ref>{{Cite web|url=https://www.industrysuper.com/choose-a-fund/|title=Choose an Industry SuperFund|website=Industry Super}}</ref>

====Private====
* [[ANZ Australian Staff Superannuation Scheme]] (for employees of [[ANZ Bank]])

===Brazil===

* Aceprev
* Baneses
* Banesprev
* Centrus
* FAPES
* Forluz
* Funcef
* Fundação Banrisul
* Fundação CESP
* Fundação Itaubanco
* Petros
* PREVI – Caixa de Previdência dos Funcionários do Banco do Brasil<ref>http://www.previ.com.br Official Website of PREVI</ref> (the closed private pension fund for employees of the Brazilian federal government-owned bank)
* Sistel
* Valia

===Canada===

====Government====
* [[AIMCo]]
* [[Alberta Pensions Services Corporation]]
* [[British Columbia Investment Management Corporation]] (BCIMC) 455
* [[Caisse de dépôt et placement du Québec]]
* [[Canada Pension Plan]] (investments directed by the [[Canada Pension Plan Investment Board]])
* Healthcare of Ontario Pension Plan (HOOPP)
* [[Ontario Teachers Pension Plan]]
* [[Ontario Municipal Employees Retirement System]]
* [[Public Sector Pension Investment Board]] (PSP Investments)
* [[OPTrust|OPSEU Pension Trust]] (OPTrust)
* [[Ontario Pension Board]] (OPB)
* [[TTC Pension Plan]] (TTCPP)
* [[University Pension Plan]] (UPP)

====Private====
* [[Colleges of Applied Arts and Technology Pension Plan]] (CAAT)
* [[Boilermakers]] Pension Fund Trust
* Labourers' Pension Fund of Central and Eastern Canada ([[LIUNA]])
* [[Teamsters]] Canadian Pension Plan
* Telecommunication Workers Pension Plan
* [[UFCW]] Canadian Pension Plan

===Chile===
* [[AFP Modelo]]
* [[Chile pension system]]

===China===
* {{Interlanguage link|Social Security Fund (China)|zh|3=社會保障基金 (中國)}} – managed by [[National Council for Social Security Fund]]

===Czech Republic===

* Pension funds form the third pillar of the Czech Republic's pension system<ref>{{Cite web|url=https://www.mfcr.cz/cs/financni-trh/soukrome-penzijni-systemy/iii-pilir-doplnkove-penzijni-sporeni-a-p/zakladni-informace|title=Základní informace|website=Ministerstvo financí ČR}}</ref> and allow people to invest regularly and voluntarily over the long term with state support and tax relief.

====Penzijní připojištění (Pension Plan, PP)====
Source:<ref>{{Cite web|url=https://www.fondee.cz/blog/jak-funguje-penzijko|title=Vše o penzijním spoření: jak funguje penzijko a kolik stojí? – Fondee blog|website=www.fondee.cz}}</ref>
* Pension Plan could be negotiated until the end of 2012. These funds are called "Transformed Funds" (TF). These carry a guarantee of non-negative appreciation in each year of saving. Therefore, their investment strategy is also conservative and based on investing in bonds and money market instruments. The fund credits appreciation only once a year.
* The client does not hold any unit certificates or pension units, but, on the basis of the funds invested, state contributions and, where appropriate, employer contributions, holds a share in the fund's assets, which appreciate in value over time and are completely separate from the pension company.

====Doplňkové penzijní spoření (Supplementary Pension Savings, DPS)====
Source:<ref>{{Cite web|url=https://www.apscr.cz/doplnkove-penzijni-sporeni/|title=Doplňkové penzijní spoření &#124; Penzijko &#124; DPS &#124; Spoření na penzi}}</ref>
* Supplementary Pension Savings have been available since the beginning of 2013. They operate on a similar principle to unit trusts, except that they are set up by pension companies and the client receives pension units instead of unit certificates.
*The main difference from the client's point of view is the possibility to choose the investment strategy of their savings. The three main strategies are:<ref>{{Cite web|url=https://www.nn.cz/poradna/penze/fondy.html|title=Penzijní fondy &#124; NN Penzijní společnost}}</ref>
** Conservative funds – a strategy suitable for clients who wish to invest safely in money market instruments.
**Balanced (mixed) funds – a strategy suitable for clients who wish to take advantage of investing in government bonds and stocks within a single fund.
**Dynamic funds – a strategy suitable for clients who wish to invest exclusively in stocks and expect high returns that beat inflation. In this case, a high risk of volatility must be taken into account. This risk can be mitigated by regular savings.

====Dlouhodobý investiční produkt (Long-term Investment Product, DIP)====
*As of 1 January 2024, a long-term investment product was launched, thanks to which it is possible to invest in shares, bonds or investment funds. In the context of Pension Plan (in Transformed Funds) or Supplementary Pension Savings, you can only invest in participatory funds offered by the pension company. You have no control over how the pension company handles the money you invest. In contrast, in Long-term Investment Product you can set up your investments as you see fit and you can change the composition of your investments over time.<ref>{{Cite web|url=https://www.mesec.cz/clanky/vse-o-dip-jak-presne-funguje-a-kde-si-ho-uz-muzete-sjednat/|title=Vše o DIP: Jak přesně funguje a kde si ho už můžete sjednat?|first=Ivana Bondareva|last=Dubnová|website=Měšec.cz}}</ref>

===Greece===

====Government====
* Public Employees Pension Fund<ref>{{Cite web|url=https://www.mtpy.gr/|title=Μετοχικο Ταμειο Πολιτικων Υπαλληλων &#124; Μ.Τ.Π.Υ.}}</ref>

====Private====
* [[TAPILTAT]], the Fund for Mutual Assistance of the Employees of Ioniki Bank and Other Banks, the multi-employer auxiliary pension fund

===Hong Kong===
* [[Mandatory Provident Fund]] Scheme (MPF Schemes)<ref>{{Cite web |url = https://www.mpfa.org.hk/en|title = Official website of Mandatory Provident Fund Schemes Authority}}</ref>
* Occupational Retirement Schemes (ORSO Schemes)

===India===
* [[Employees' Provident Fund Organisation]] – a statutory social security body of the [[Government of India]] that administers a mandatory defined-contribution Provident Fund Scheme, Pension Scheme and a death/disability Insurance Scheme. Provident Fund is applicable for employees across all non-government establishments (private as well as state-owned companies and public sector banks). EPFO is the largest social security organisation in [[India]] with the total fund size being well over {{INR}} 18.30 lakh crore (US$220 billion) as of 2023.<ref>{{cite web | title=Total corpus of various funds managed by EPFO Invested as per the Investment Pattern notified by Government | url=https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1985028 }}</ref>
* [[National Pension Scheme]] – a defined-contribution–based pension scheme launched by the [[Government of India]] open to all citizens of [[India]] on a voluntary basis and mandatory for the employees of central government (except [[Indian Armed Forces]]) who are appointed on or after 1 January 2004. Indian citizens between the age of 18 and 70 are eligible to join.<ref>[http://www.pfrda.org.in/ PFRDA]</ref>

===Iran===
*[[Civil Servants Pension Fund]] Iranian Social Security

===Italy===
According to the 2023 annual relation of COVIP<sub>[[w:it:COVIP|it]] </sub>,  at the end of 2022 Italian private supplementary pension funds managed 206.5 billion euros (equal to 10.8% of GDP and 4% of Italian families financial activities).<ref>{{cite web |page=7|language=it|title=INDAGINE CONOSCITIVA SULL'EQUILIBRIO E I RISULTATI DELLE GESTIONI DEL SETTORE PREVIDENZIALE ALLARGATO, CON PARTICOLARE RIGUARDO ALLA TRANSIZIONE DEMOGRAFICA, ALL'EVOLUZIONE DEL MONDO DELLE PROFESSIONI, E ALLE TENDENZE DEL WELFARE INTEGRATIVO|location=Rome|date=11 April 2024|url=https://www.camera.it/application/xmanager/projects/leg19/attachments/upload_file_doc_acquisiti/pdfs/000/009/955/Memoria_Confcommercio_11_4_2024_con_allegato.pdf|website=Italian Chamber of Deputies |archive-url=https://web.archive.org/web/20250126231730/https://www.camera.it/application/xmanager/projects/leg19/attachments/upload_file_doc_acquisiti/pdfs/000/009/955/Memoria_Confcommercio_11_4_2024_con_allegato.pdf |archive-date=26 January 2025 }} </ref>

[[National Institute for Social Security (Italy)|INPS]] is the main Italian public pension fund. There exist also private pension funds, managed by private banks, and ruled by [[collective agreement |collective agreements]] in the public and private sectors.

===Japan===
*See [[Japan Pension Service]]
* [[Government Pension Investment Fund, Japan]] (GPIF, 年金積立金管理運用独立行政法人)

===Malaysia===
* [[Employees Provident Fund (Malaysia)|Employees Provident Fund]] in Malaysia, known as Kumpulan Wang Simpanan Pekerja (KWSP), is a government-managed retirement savings scheme. It provides financial security for private sector employees and non-pensionable public sector employees upon retirement. Both employees and employers make mandatory contributions to the fund throughout the employee’s working life.
The contributions are invested by the EPF in various sectors, such as equities, bonds, and property, to generate returns. Members can withdraw their savings under specific conditions, such as retirement at the age of 55, for healthcare, housing, or education. The EPF also allows partial withdrawals before retirement for certain approved purposes. It has total of around 265 billion USD of asset under management as of end 2023.)<ref name="btimes1">{{cite web |url=http://www.btimes.com.my/Current_News/BTIMES/articles/epf07/Article/index_html |title= ECENTRAL|website=www.btimes.com.my |archive-url=https://web.archive.org/web/20101102042855/http://www.btimes.com.my/Current_News/BTIMES/articles/epf07/Article/index_html |archive-date=November 2, 2010}}</ref>

*[[Retirement Fund (Incorporated)]] is Malaysia’s public sector pension fund. Established in 2007, its primary role is to manage and invest funds for the retirement benefits of public sector employees, ensuring the sustainability of pensions. KWAP receives contributions from the government and various statutory bodies, which it invests in various assets, including equities, fixed income, and real estate, to generate returns that support pension payouts. It has total of around 40 billion dollar of [[assets under management]] as of end 2023.<ref>{{Cite web|url=https://www.kwap.gov.my/media-centre/kwap-fund-size-grew-to-rm169-8-billion-an-increase-of-rm11-7-billion-in-2023/|title=KWAP Fund Size Grew to RM169.8 billion, an increase of RM11.7 billion in 2023 Title|date=October 13, 2024|access-date=October 13, 2024}}</ref>

*[[Armed Forces Fund Board]]

===Morocco===
* [[Caisse de dépôt et de gestion]] 
* [[:fr:Caisse marocaine des retraites|CMR]] {{in lang|fr}}

===Nepal===
* [[Employees Provident Fund Nepal]]

===Netherlands===
* [[Stichting Pensioenfonds ABP]] (ABP)
* [[Stichting Pensioenfonds Zorg en Welzijn]] (PFZW, formerly PGGM)

===Norway===
* [[Government Pension Fund of Norway#Government Pension Fund Global|The Government Pension Fund – Global]] (Statens pensjonsfond – Utland)
* [[Government Pension Fund of Norway#Government Pension Fund – Norway|The Government Pension Fund – Norway]] (Statens pensjonsfond – Norge)

===Oman===
* [[Social Protection Fund]]

* Military and Security Services Pension Fund

===Romania===
The pension system in Romania is made of three pillars. One is the state pension (Pillar I – Mandatory), the second is a private mandatory pension where the state transfers a percentage of the contribution it collects for the public pension, and the third is an optional private pension (Pillar III – Voluntary). The Financial Supervisory Authority – Private Pension is responsible for the supervision and regulation of the private pension system.<ref>{{Cite web |title=C.S.S.P.P. (ro) - Comisia de Supraveghere a Sistemului de Pensii Private |trans-title=Private Pension System Supervisory Commission |url=http://www.csspp.ro/ro/ |url-status=dead |archive-url=https://web.archive.org/web/20061106005529/http://www.csspp.ro/ro/ |archive-date=2006-11-06 |access-date=2024-07-22 |website=www.csspp.ro |language=ro}}</ref>

===Saudi Arabia===

* [[General Organization for Social Insurance]]

===Serbia===
*The pension system in Serbia is made of three pillars. One is the state pension (Pillar I – Mandatory), where every insured person is obliged to pay contributions from their paycheck, the second is a voluntary state pension, where an uninsured person is voluntarily included in state pension system, and the third is an optional private pension (Pillar III – Voluntary).<ref>{{Cite web |url=http://pio.rs/eng/ |title=Pension and Disability Insurance Fund of the Republic of Serbia – Republički fond za penzijsko i invalidsko osiguranje Republike Srbije |access-date=2019-05-07 |archive-date=2019-05-07 |archive-url=https://web.archive.org/web/20190507135359/http://pio.rs/eng/ |url-status=dead }}</ref>
*[[Pension and disability insurance fund]]

===Singapore===
* [[Central Provident Fund]]

===Sri Lanka===

* [[Employees' Provident Fund (Sri Lanka)]]
* [[Employees' Trust Fund]]

===Switzerland===
* [[Pension system in Switzerland]]

===Turkey===

====Government====
* [[Sosyal Güvenlik Kurumu]] (Social Security Institution, SGK)

Social Security Institution was established by the Social Security Institution Law No:5502 which was published in the Official Gazette No: 26173 dated 20.06.2006 and brings the Social Insurance Institution, General Directorate of Bağ-kur and General Directorate of Emekli Sandığı whose historical development are summarized above under a single roof in order to transfer five different retirement regimes which are civil servants, contractual paid workers, agricultural paid workers, self-employers and agricultural self-employers into a single retirement regime that will offer equal actuarial rights and obligations.

====Private====
* Armed Forces Pension Fund<ref>{{Cite web|url=http://www.oyak.com.tr/EN/corporate.html|title=Armed Forces Pension Fund|access-date=2014-08-16|archive-date=2017-10-22|archive-url=https://web.archive.org/web/20171022120358/http://www.oyak.com.tr/EN/corporate.html|url-status=dead}}</ref> 
[[OYAK]] (Ordu Yardımlaşma Kurumu/Armed Forces Pension Fund) provides its members with "supplementary retirement benefits" apart from the official retirement fund, T.C.Emekli Sandığı/SSK, to which they are primarily affiliated. In addition to the retirement benefit, OYAK pays "disability benefits" to the members on duty when they become partially or fully disabled as well as "death benefits" to the heirs of the deceased member if the death occurs during the member's subscription to the foundation. OYAK is incorporated as a private entity under its own law subject to Turkish civic and commercial codes. OYAK, while fulfilling its legal duties, as set in the law, also provides its members with social services such as loans, home loans and retirement income systems. The initial source of OYAK's funds is a compulsory 10 percent levy on the base salary of Turkey's 200,000 serving officers who, together with 25,000 current pensioners, make up OYAK's members. Some other Turkish private pension funds:

* YAPI ve KREDİ BANKASI A.Ş. Mensupları Yardım ve Emekli Sandığı Vakfı
* AKBANK T.A.Ş. Mensupları Tekaüt Sandığı Vakfı
* TÜRKİYE GARANTİ BANKASI A.Ş. Memur ve Müstahdemleri Emekli ve Yardım Sandığı Vakfı
* TÜRKİYE ODALAR BORSALAR VE BİRLİK PERSONELİ SİGORTA VE EMEKLİ SANDIĞI VAKFI
* TÜRKİYE İŞ BANKASI A.Ş. Mensupları Emekli Sandığı Vakfı

===United States===
In the United States, pension funds include schemes which result in a deferral of income by employees, even if retirement income provision is not the intent.<ref>[https://www.law.cornell.edu/uscode/text/29/1002- 29 USC § 1002 – Definitions | Title 29 – Labor | U.S. Code | LII / Legal Information Institute]. Law.cornell.edu. Retrieved 2013-07-18.</ref> The United States has $19.1 trillion in retirement and pension assets ($9.1 trillion in private funds, $10 trillion in public funds) as of 31 December 2016.<ref>[https://www.federalreserve.gov/releases/z1/Current/z1.pdf#page=108 Federal Reserve Statistical Release, Financial Accounts of the United States, Fourth Quarter 2016] {{Webarchive|url=https://web.archive.org/web/20180104195138/https://www.federalreserve.gov/releases/z1/Current/z1.pdf#page=108 |date=2018-01-04 }}, see pp.94–99. Values as of December 31, 2016. [[Federal Reserve Board of Governors]]. Reported March 9, 2017. Retrieved May 18, 2017</ref> The largest 200 pension funds accounted for $4.540 trillion as of 30 September 2009.<ref>{{Cite web |url=http://www.pionline.com/apps/pbcs.dll/section?djoPage=chart&category=datajoe&pgTitle=Plan+sponsors&djoPid=13420&djoYear=2010&djoPY=%40pu5b2KVeogeE&djoParentId=887&djoPgTitle=Plan%20sponsors%202010%20%2A%20The%20top%20200%20pension%20funds%2Fsponsors |title=P&I Online |access-date=2010-07-17 |archive-url=https://web.archive.org/web/20111001012957/http://www.pionline.com/apps/pbcs.dll/section?djoPage=chart&category=datajoe&pgTitle=Plan+sponsors&djoPid=13420&djoYear=2010&djoPY=@pu5b2KVeogeE&djoParentId=887&djoPgTitle=Plan%20sponsors%202010%20*%20The%20top%20200%20pension%20funds%2Fsponsors |archive-date=2011-10-01 |url-status=dead }}</ref>

====Government====
{{Main|Public employee pension plans in the United States}}

==See also==
*[[Global assets under management]]
*[[Pension-fund activism]]
*[[Pension buyout]]
*[[Pension insurance contract]]
*[[Pension regulation]]
*[[Qualifying registered overseas pension schemes]]
*[[Sovereign wealth fund]]

==References==
{{Reflist}}
{{Investment management}}
{{Private equity and venture capital|state=collapsed}}
{{Finance country lists|state=collapsed}}
{{Authority control}}

{{DEFAULTSORT:Pension Fund}}
[[Category:Pensions]]
[[Category:Pension funds| ]]

[[az:Pensiya fondu]]
[[he:קרן פנסיה]]