Investing September 8, 2026
DC Asset Growth, DB System Maturity Drive Global Pension Fund Balances Up 13.4% in 2025
Growing at the fastest rate since 2017, the 300 largest funds worldwide now manage a record $27.7 trillion, according to a WTW's Thinking Ahead Institute.
Reported by
Matthew Toledo
The 300 largest retirement funds in the world grew by 13.4% in 2025, reaching a record $27.7 trillion, according to a new report from WTW’s Thinking Ahead Institute—reflecting the growth of defined contribution plans and the maturity of defined benefit systems.
While the largest pension funds are largely DB plans, DC assets are growing faster—at 15.8%, compared with 9.4% for DB assets. The report notes that globally DC plans are growing in prominence in many markets, such as in the Netherlands, where the country is currently shifting from a DB to a DC system.
The latest year’s asset growth for these institutions far outpaces 2024’s 7.9% increase—2025 also marks the , according to the Thinking Ahead Institute.
Defined benefit assets accounted for 57.8% of all pension assets in 2025, followed by defined contribution (28.5%), reserve funds (12.8%) and hybrid funds (0.9%).
North American institutions accounted for 44.7% of all pension assets among the 300 largest funds; followed by Asia-Pacific (26.6%) and Europe (24.6%). The top 300 funds accounted for 40.6% of all global pension assets, as estimated by TAI.
Industry Trends
The Thinking Ahead Institute notes that globally DC plans are growing in prominence in many markets, such as in the Netherlands, where the country is currently shifting from a DB to a DC system.
While DC plans are capturing growth, the report notes that the greater responsibility that plan structure puts on individual savers for retirement outcomes could present challenges for retirees.
“DC systems have become very effective at accumulating assets during working life, supported by scale, defaults, governance and institutional pricing,” the report said. “The weakness appears at retirement, when those benefits often fall away. As members move from saving to spending, they frequently transition from a structured institutional environment into a more individual and fragmented market, where decisions become more complex and support can be less consistent.”
The latest year’s asset growth for these institutions far outpaces 2024’s 7.9% increase—2025 also marks the , according to the Thinking Ahead Institute.
Defined benefit assets accounted for 57.8% of all pension assets in 2025, followed by defined contribution (28.5%), reserve funds (12.8%) and hybrid funds (0.9%).
North American institutions accounted for 44.7% of all pension assets among the 300 largest funds; followed by Asia-Pacific (26.6%) and Europe (24.6%). The top 300 funds accounted for 40.6% of all global pension assets, as estimated by TAI.
Industry Trends
The Thinking Ahead Institute notes that globally DC plans are growing in prominence in many markets, such as in the Netherlands, where the country is currently shifting from a DB to a DC system.
While DC plans are capturing growth, the report notes that the greater responsibility that plan structure puts on individual savers for retirement outcomes could present challenges for retirees.
“DC systems have become very effective at accumulating assets during working life, supported by scale, defaults, governance and institutional pricing,” the report said. “The weakness appears at retirement, when those benefits often fall away. As members move from saving to spending, they frequently transition from a structured institutional environment into a more individual and fragmented market, where decisions become more complex and support can be less consistent.”
World’s 20 Largest Pension Funds in 2025
| Rank | Fund | Market | Total Assets ($ millions) |
|---|---|---|---|
| 1 | Government Pension Fund | Norway | $2,109,484 |
| 2 | Government Pension Investment Fund | Japan | $1,872,068 |
| 3 | Federal Retirement Thrift | U.S. | $1,057,257 |
| 4 | National Pension | South Korea | $1,005,541 |
| 5 | ABP | Netherlands | $624,712 |
| 6 | Canada Pension Plan | Canada | $578,391 |
| 7 | California Public Employees | U.S. | $576,177 |
| 8 | Central Provident Fund | Singapore | $514,470 |
| 9 | National Social Security | China | $420,650 |
| 10 | California State Teachers | U.S. | $385,591 |
| 11 | Employees Provident Fund | Malaysia | $347,037 |
| 12 | New York City Retirement | U.S. | $306,317 |
| 13 | PFZW | Netherlands | $295,263 |
| 14 | New York State Common | U.S. | $291,451 |
| 15 | Local Government Officials | Japan | $263,770 |
| 16 | AustralianSuper | Australia | $259,778 |
| 17 | Labor Pension Fund | Taiwan | $242,759 |
| 18 | Florida State Board | U.S. | $240,525 |
| 19 | Australian Retirement Trust | Australia | $234,018 |
| 20 | Employees’ Provident | India | $230,289 |
Source: Thinking Ahead Institute Global Top 300 Pension Funds Report 2026.
* U.S. funds’ asset data are as of September 30, 2025. Non-U.S. funds’ asset data are as of December 31, 2025.