¹ Department for Work and Pensions, “Workplace pension participation and savings trends: 2009 to 2025”

² United States: Center for Retirement Research, “How much do people value annuities and their added features?”, Jan. 2, 2024. United Kingdom: FCA - Retirement Income Market Data 2024/25. Australia: Retirement phase of superannuation, Australian Treasury Discussion paper, Dec. 2023

³ While the term ”variable annuity” is sometimes confusingly used in the U.S. to refer to both longevity pooling solutions such as CREF and GLWBs, these are completely different products.

⁴ https://www.australianretirementtrust.com.au/retirement/lifetime-pensionOpens in a new window

⁵ As of July 2026

⁶ https://www.pensionsmyndigheten.se/ga-i-pension/planera-din-pension/premiepensionen-nar-du-gar-i-pensionOpens in a new window

⁷ https://www.nn.nl/EN-Particulier/Pensioen/Bijna-met-pensioen/Personal-Pension-Benefit/Variable-Personal-Pension-Benefit.htmlOpens in a new window

⁸ Bovenberg & Gradus, ”Reforming Dutch occupational pension schemes” Netspar Discussion Paper DP 05/2014-017

⁹ https://www.pwc.nl/nl/marktsectoren/pensioensector/documents/new-dutch-pensions-act.pdfOpens in a new window

¹⁰ https://www.ai-cio.com/news/royal-mail-finally-launches-britains-first-cdc-pension-plan/Opens in a new window

¹¹ https://www.gov.uk/government/consultations/retirement-collective-defined-contribution-pension-schemes/retirement-collective-defined-contribution-pension-schemesOpens in a new window

¹² The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025 – GOV.UK

¹³ https://www.mercer.com/en-gb/insights/pensions/defined-contribution-schemes/collective-defined-contribution-cdc-learning-from-dutch/Opens in a new window

¹⁴ This is a legal requirement for retirement plans in the U.S.