What are the 20 largest pension funds in the world?
Updated:
6 OCT, 2025
The world's top 300 pension funds reached a record 24.4 trillion dollars in assets under management at the end of 2025. Which ones are the largest ones?
How was the ranking prepared?
The information comes from the Global Top 300 Pension Funds report prepared by the Thinking Ahead Institute of WTW, in collaboration with Pensions & Investments.
This figure represents a new milestone for the sector, surpassing the previous record set in 2021 (23.6 trillion) before the market correction of 2022, and consolidating the recovery of pension assets in recent years. Even so, the growth rate moderated: assets increased by 7.8% in 2024, compared with the 10% rise recorded in 2023.
The report also highlights increasing concentration in the sector. For the first time, the 20 largest pension funds jointly manage more than 10.3 trillion dollars, representing 42.4% of the total assets of the Top 300. This subgroup grew 8.5% year-on-year, outpacing the growth rate of the overall ranking.
The 20 largest pension funds (in millions of dollars)
| Position | Pension Fund | Market | Total Assets |
|---|---|---|---|
| 1 | Government Pension Fund | Norway | 1,767,951 |
| 2 | Government Pension Investment Fund | Japan | 1,645,550 |
| 3 | Federal Retirement Savings Fund | USA | 954,255 |
| 4 | National Pension Fund | South Korea | 820,799 |
| 5 | ABP | Netherlands | 560,056 |
| 6 | California Public Employees' Pension Fund | USA | 541,965 |
| 7 | Canada Pension Fund | Canada | 496,935 |
| 8 | Central Provident Fund | Singapore | 446,248 |
| 9 | National Social Security Fund | China | 366,747 |
| 10 | California State Teachers' Pension Fund | USA | 354,170 |
| 11 | New York City Retirement System | USA | 285,522 |
| 12 | Employees Provident Fund | Malaysia | 279,435 |
| 13 | New York State Common Retirement Fund | USA | 274,682 |
| 14 | PFZW | Netherlands | 267,714 |
| 15 | Local Government Officials Pension Fund | Japan | 232,587 |
| 16 | Florida State Board of Administration Pension | USA | 223,480 |
| 17 | AustralianSuper | Australia | 212,376 |
| 18 | Texas Teachers Pension Fund | USA | 211,611 |
| 19 | Employees' Provident Fund | India | 199,447 |
| 20 | Labor Pension Fund | Taiwan | 197,205 |
At the top of the ranking there was a major shift: Norway’s Government Pension Fund overtook Japan’s Government Pension Investment Fund (GPIF) after more than two decades as the largest pension fund in the world. The Norwegian fund now manages 1.77 trillion dollars, making it 6.9% larger than the former leader.
The report also notes that large pension funds are increasingly focusing on technology and artificial intelligence, with several institutions strengthening their expertise in AI and adopting technological solutions in portfolio management. At the same time, market volatility, geopolitical uncertainty and inflation remain among the main concerns shaping the outlook for pension investors.
In terms of structure, defined benefit (DB) schemes remain the dominant model, accounting for 59.4% of total disclosed assets, although their share has fallen below 60% for the first time. Meanwhile, defined contribution (DC) plans grew faster in 2024, increasing 14.3% year-on-year and representing 27.7% of total assets.
This article is for informational purposes only and does not constitute financial advice.
