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Five-Year Analysis

Promoting transparency for better pension outcomes

The Global Pension Transparency Benchmark (GPTB) was launched in 2021 to bring attention to, and drive change in, the transparency of pension fund disclosures. Five years later and the results reveal the clear role the benchmark has played in improving public reporting by pension funds, raising the standards of transparency and clarity of information available to stakeholders.

By evaluating the transparency of public disclosures across the high-impact, value-driving factors of cost, governance, performance, and responsible investing, the benchmark has helped bring transparency and accountability to the forefront of the global conversation.

Improved transparency and effective communication are two critically important success factors for pension funds. They help build trust, improve strategic focus, enhance stakeholder relationships and increase engagement to ultimately drive better outcomes.

In the past five years it is clear the GPTB has helped pension funds around the world take meaningful steps to increase transparency, enhance trust, and improve reporting practices.

Highlights over the past five years include:

  • All 15 countries in 2025 achieved better scores than they did five years ago.
  • 18 funds in 2025 outperformed the top fund from 2021.
  • 92 per cent of funds improved their total transparency scores.
  • The top 20 funds in 2025 improved their scores by 19 points on average in the past four years.
  • Norway’s Government Pension Fund Global earned a perfect score of 100, two years in a row.

Country overall results year on year

Funds overall results year on year

Country factors overall results year on year

wdt_ID Country Overall 2021 2022 2023 2024 2025 Cost 2021 2022 2023 2024 2025 Governance 2021 2022 2023 2024 2025 Performance 2021 2022 2023 2024 2025 Responsible Investing 2021 2022 2023 2024 2025
1 Australia 65 64 74 82 84 67 53 65 77 77 72 86 93 95 95 76 71 77 81 83 46 55 68 79 83
2 Brazil 43 40 48 50 51 57 49 52 39 38 43 51 60 69 72 51 43 59 54 54 19 23 28 38 42
3 Canada 74 75 83 91 92 69 64 71 81 84 86 94 98 99 99 84 81 89 89 92 58 70 85 96 96
4 Chile 38 45 47 47 45 39 56 54 36 17 51 60 64 65 70 59 55 50 47 49 6 11 26 40 46
5 Denmark 59 60 61 70 71 51 45 39 49 51 63 78 83 86 86 61 56 54 60 62 61 68 76 84 86
6 Finland 53 55 59 64 65 28 27 26 27 29 57 73 76 81 82 69 62 63 64 65 58 67 79 83 85
7 Japan 39 39 46 48 49 38 36 40 33 34 28 46 49 48 47 69 56 67 69 76 20 23 34 41 41
8 Mexico 25 26 30 35 38 23 10 15 14 14 17 34 45 53 55 55 53 32 32 32 2 12 32 40 51
9 Netherlands 70 69 75 81 84 83 77 80 89 90 56 66 73 77 79 69 65 66 67 74 71 77 89 92 94
10 Norway 51 55 59 66 68 42 44 45 50 50 48 65 71 76 79 67 58 62 64 64 47 59 69 76 78
11 South Africa 53 56 55 55 59 46 42 46 41 39 60 68 76 75 75 66 62 64 61 66 40 47 33 44 55
12 Sweden 69 68 72 77 79 57 54 58 52 57 70 81 87 93 91 77 71 68 74 76 73 76 82 89 90
13 Switzerland 52 53 58 54 58 65 65 60 37 42 42 54 60 60 61 70 61 61 56 60 29 40 60 65 70
14 United Kingdom 58 59 64 61 62 56 53 57 46 46 63 73 79 79 79 66 57 59 47 48 47 60 71 73 76
15 United States 52 54 62 69 70 41 43 56 62 65 47 54 56 59 61 87 84 87 89 89 35 43 55 65 64
For the detailed individual annual results across countries, funds and factors please click on the years below
2021
2022
2023
2024
2025

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