Global Pension Transparency Benchmark shows Canadian funds maintain top rankings, transparency scores rise
Norway’s Government Pension Fund Global has achieved a perfect score of 100 in the 2025 Global Pension Transparency Benchmark (GPTB), with Canada’s CPP Investments following closely at 97, marking the fifth consecutive year that Canadian funds have led global rankings for pension fund transparency, according to the latest GPTB results.
As reported by the GPTB, the benchmark evaluates public disclosures from 75 pension funds across 15 countries, focusing on governance and organisation, performance, costs, and responsible investing. Each category is measured for clarity, completeness, comparability, and overall information value.
The 2025 edition highlights that Canadian funds continue to set the global standard, with all five of the country’s largest funds ranking in the top 12 worldwide.
According to the GPTB, the average fund score rose to 65 out of 100 in 2025, up from 63 in 2024 and 60 in 2023.
The top 20 funds improved their scores by an average of 19 points over the past four years.
Eighteen funds in 2025 outperformed the top fund from 2021, and all 15 countries reviewed showed improvement over the five-year period.
The GPTB, as described by Top1000funds.com and CEM Benchmarking, reframes transparency from a narrow focus on costs to a broader evaluation that includes governance, strategy, value generation, and sustainability.
The benchmark’s methodology has evolved to include an appeals process and ongoing adjustments to reflect industry best practices.
Performance reporting at the fund level is generally comprehensive, though asset class-level disclosures remain inconsistent.
Reporting on responsible investing is increasing in detail, with more funds quantifying progress on carbon footprint and sustainability goals.
Cost disclosures, however, continue to vary significantly by country and are closely tied to domestic standards.
The GPTB’s five-year analysis demonstrates that scrutiny of public disclosures is driving measurable improvements in transparency and reporting practices among global pension funds
