Chile and Brazil ranked in seventh and ninth spots respectively in a global pension index produced by consulting firm Mercer and the Australian Centre for Financial Studies, Mercer said in a press release.
The index compares pension systems worldwide and ranks them based on adequacy, sustainability and integrity.
The third Melbourne Mercer Global Pension Index is based on more than 40 indicators which reflect features that are desirable in 16 retirement savings and income systems around the world, which represent 50% of the world's population.
Chile scored 64.9 out of a maximum of 100, up from 59.5 in 2010 due primarily to a material increase in the sustainability sub-index arising from new OECD data which showed a much higher coverage than was previously used.
The Brazilian index fell slightly to 58.4 in 2011 from 59.8 in 2010 due to a decline in the household saving rate and a small fall in the sustainability sub-index related to several indicators, the report reads.
For the third year running the Netherlands was ranked as having the world's best retirement savings and income system with a score of 77.9.
Mercer is a unit of Marsh & McLennan (NYSE: MMC).
To read the full report, go to this link