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Investor Presentaiton

Net replacement rates for full-career workers are similar to the OECD average at the average-wage level Future net replacement rate at the average-wage level, % 100 90 80 70 60 50 40 30 20 10 0 Source: Figure 1.16 Ireland (68) Japan (65) Mexico (65) United Kingdom (68) Poland (65) Lithuania (65) Chile (65) Australia (67) Korea (65) New Zealand (65) Switzerland (65) Norway (67) Germany (67) Estonia (71) Canada (65) Greece (62) United States (67) Sweden (65) Latvia (65) Slovenia (62) Israel (67) Czech Republic (65) Note: Future normal retirement age in brackets. The calculations show the pension benefits of a worker who enters the labour market in 2018 at age 22 and retires after a full career. OECD (66.1) Finland (68) Slovak Republic (64) Belgium (67) Iceland (67) Denmark (74) France (66) Netherlands (71) Spain (65) Hungary (65) Portugal (68) Austria (65) Italy (71) Luxembourg (62) Turkey (62) 7
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