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New Delhi, Nov 14 Australia faces the least need to reform its pension system followed by Hong Kong and Taiwan, while reforms are most needed in India and China, according to Allianz Pension Reform Pressure Gauge for Asian countries.

“Reform pressure differs considerably from country to country. Australia is the country with the smallest necessity to reform its pension system, followed by Hong Kong and Taiwan. These countries have managed to establish comprehensive pension systems with a strongly-funded pillar.

Reforms are most needed in India and China, as overall pension coverage in both countries is still poor,” points out the study, which is part of a comprehensive report titled “Asia-Pacific Pensions 2007: Systems and Markets”.

The study illustrates the ability of pension systems across Asia-Pacific to cope with demographic changes. “The economies that have implemented reforms and are best placed to cope with demographic changes are Australia and Hong Kong.

Overall, India is under the most pressure to reform, and while Japan, South Korea and China have already introduced reform, they still have some way to go in order to achieve sustainable pensions for their ageing populations,” Ms Brigitte Miksa, Head of International Pensions at Allianz Global Investors AG, said.

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