Navigating the DB Pension Endgame: Lessons from Global Leaders

Aging populations and falling birth rates are placing mounting pressure on pension systems worldwide. In Europe alone, the dependency ratio is expected to climb sharply over the next two decades, threatening retirement adequacy and prompting governments to raise pension ages and reduce benefits. At the same time, global retirement systems are transitioning toward defined contribution pension strategies, leaving defined benefit (DB) plans to increasingly operate as legacy arrangements. Regulatory reforms are also sweeping across markets, often centralizing governance, accelerating consolidation...