Global pension trends: What to expect in 2026
By Julien Halfon
Pension reforms are at an inflection point as UK and Dutch pension systems enter 2026 with high funding ratios, regulatory clarity, and the scope to re-risk in controlled ways. We expect much wider adoption of cash-flow driven investing strategies for defined benefit plans and some re-risking for the forthcoming Dutch Collective Defined Contribution system. The high equity tolerance of US defined contribution plans is broadening, while allocations to private markets, particularly private credit and infrastructure, continue to expand – policy initiatives in the Netherlands, Australia, the UK, and Canada are encouraging domestic investment. Scandinavian pension funds, supported by strong governance and thematic infrastructure strategies – digital and energy efficiency – are likely to further increase private credit exposure and deepen sustainability integration. Partnerships among pension funds, insurers, banks, and asset managers will grow to reach scale and mitigate talent constraints, especially in private markets. At the same time, operational investment in risk systems, data hygiene, and compliance remains essential to support alternative investments.
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