INTERACTIVE

The P&I Willis Towers Watson 300: World’s largest retirement funds

Ranked by total assets, in millions. U.S. fund data are from the P&I 1,000, published Feb. 6, 2017; non-U.S. fund data are as of Dec. 31, 2016, unless otherwise noted.
RankFundCountryTotal
assets
Defined benefitDefined contribution
1Government Pension InvestmentJapan$1,237,636$1,237,636
2Government Pension FundNorway$893,088
3Federal Retirement ThriftU.S.$485,575$485,575
4National PensionSouth Korea$462,161$462,161
5ABPNetherlands$404,310$404,310
6National Social SecurityChina$348,662
7California Public EmployeesU.S.$306,633$305,199$1,434
8Canada Pension1Canada$235,790$235,790
9Central Provident FundSingapore$227,102$227,102
10PFZW1Netherlands$196,461$196,461
11California State TeachersU.S.$193,871$193,154$717
12New York State CommonU.S.$184,461$184,461
13Local Government OfficialsJapan$183,161$183,161
14New York City RetirementU.S.$171,574$171,574
15Employees Provident FundMalaysia$165,464$165,464
16Florida State BoardU.S.$153,942$144,672$9,270
17Texas TeachersU.S.$133,221$133,221
18Ontario TeachersCanada$130,642$130,642
19GEPF2South Africa$119,186$119,186
20ATPDenmark$113,160$113,160
21Employees' ProvidentIndia$110,348$110,348
22BoeingU.S.$107,380$59,058$48,322
23New York State TeachersU.S.$107,042$107,042
24IBMU.S.$101,577$54,007$47,570
25Wisconsin Investment BoardU.S.$101,209$96,962$4,247
26Pension Fund Association1Japan$100,123$100,123
27North CarolinaU.S.$99,453$89,824$9,629
28AT&TU.S.$96,262$54,058$42,204
29General MotorsU.S.$96,183$69,430$26,753
30National Federation of Mutual AidJapan$94,759
31Washington State BoardU.S.$92,348$76,758$15,590
32Future FundAustralia$92,046
33Ohio Public EmployeesU.S.$90,508$89,344$1,164
34AlectaSweden$83,998$83,998
35Labor Pension FundTaiwan$80,523$26,124$54,399
36AustralianSuperAustralia$78,135
37California UniversityU.S.$76,988$56,141$20,847
38New JerseyU.S.$75,728$72,038$3,690
39General ElectricU.S.$74,572$46,274$28,298
40Bayerische VersorgungskammerGermany$72,778$72,778
41Virginia RetirementU.S.$72,241$69,486$2,755
42Oregon Public EmployeesU.S.$71,763$69,967$1,796
43Metaal/tech. BedrijvenNetherlands$71,741$71,741
44Ohio State TeachersU.S.$71,361$70,095$1,266
45National Wealth Fund3Russia$70,836
46PFA PensionDenmark$70,707$70,707
47Michigan RetirementU.S.$68,677$61,611$7,066
48Royal Dutch Shell4Netherlands$67,833$67,833
49Georgia TeachersU.S.$66,981$66,981
50Lockheed MartinU.S.$65,938$32,051$33,887
51Minnesota State BoardU.S.$65,529$57,804$7,725
52National Public ServiceJapan$65,229$65,229
53Public Institute for Social Security1, 5Kuwait$65,046
54Ontario Municipal EmployeesCanada$63,516$63,516
55Massachusetts PRIMU.S.$63,264$63,264
56BT Group1U.K.$63,072$63,072
57Public Service Pension Plan2Canada$63,046
58BouwnijverheidNetherlands$61,950$61,950
59Universities Superannuation2U.K.$61,453$61,453
60Royal Bank of Scotland Group6U.K.$60,749$60,749
61Ford MotorU.S.$59,175$44,730$14,445
62Lloyds Banking Group6U.K.$56,243$56,243
63United Nations Joint StaffU.S.$54,827$54,827
64Healthcare of OntarioCanada$52,354$52,354
65United Parcel ServiceU.S.$52,279$32,306$19,973
66Tennessee ConsolidatedU.S.$50,191$44,405$5,786
67Pennsylvania School Empl.U.S.$49,807$49,807
68AMF PensionSweden$49,507$49,507
69PreviBrazil$49,376$49,376
70Bank of AmericaU.S.$49,000$18,600$30,400
71Los Angeles County Empl.U.S.$48,924$48,924
72QSuperAustralia$48,870
73Organization for WorkersJapan$48,584$48,584
74Quebec Government & PublicCanada$47,565$47,565
75Colorado EmployeesU.S.$47,282$43,684$3,598
76AFP HabitatChile$47,131$47,131
77PMENetherlands$46,905$46,905
78KevaFinland$46,718$46,718
79Northrop GrummanU.S.$46,478$25,725$20,753
80Maryland State RetirementU.S.$46,285$46,285
81Quebec PensionCanada$46,276$46,276
82Illinois TeachersU.S.$45,698$45,698
83United TechnologiesU.S.$45,504$24,791$20,713
84AFP ProvidaChile$45,410$45,410
85KaiserU.S.$45,351$27,068$18,283
86VarmaFinland$45,068$45,068
87Wells FargoU.S.$45,005$10,565$34,440
88VerizonU.S.$44,453$15,472$28,981
89Electricity Supply Pension1, 5U.K.$42,858
90First State SuperAustralia$42,743$42,743
91Public School EmployeesJapan$42,368$42,368
92UniSuperAustralia$39,788
93Barclays Bank U.K.U.K.$39,266$39,266
94IlmarinenFinland$39,138$39,138
95Missouri Schools & EducationU.S.$38,735$38,735
96FedExU.S.$37,998$23,828$14,170
97FRRFrance$37,861
98Teamsters, Western Conf.U.S.$37,241$37,241
99Bundes PensionskasseSwitzerland$37,129
100SampensionDenmark$36,811
101AP Fonden 3Sweden$36,516
102AP Fonden 4Sweden$36,245
103Alabama RetirementU.S.$36,009$33,960$2,049
104Illinois MunicipalU.S.$35,821$35,821
105Nevada Public EmployeesU.S.$35,803$35,803
106J.P. Morgan ChaseU.S.$35,758$14,239$21,519
107Private Schools EmployeesJapan$35,638$35,638
108 Alcatel-LucentU.S.$35,510$27,818$7,692
109AFP CuprumChile$35,391$35,391
110AP Fonden 2Sweden$35,235
111RaytheonU.S.$34,809$19,208$15,601
112Exxon MobilU.S.$34,550$13,580$20,970
113B.C. MunicipalCanada$34,526$34,526
114Arizona State RetirementU.S.$34,521$34,521
115South Carolina Public Empl.U.S.$34,120$28,645$5,475
116AFP CapitalChile$33,832$33,832
117AP Fonden 7Sweden$33,607
118Utah State RetirementU.S.$33,579$28,778$4,801
119HSBC BankU.K.$33,442$33,442
120AP Fonden 1Sweden$33,149
121State FarmU.S.$33,000$22,000$11,000
122Afore XXI Banorte7Mexico$32,784$32,784
123National Pension Association5Japan$32,511$32,511
124Railways PensionsU.K.$31,523
125RESTAustralia$31,499$31,499
126HoneywellU.S.$31,374$17,920$13,454
127PensionDanmarkDenmark$30,955$30,955
128 Johnson & JohnsonU.S.$30,704$16,214$14,490
129Indiana Public RetirementU.S.$30,690$25,560$5,130
130Pennsylvania EmployeesU.S.$30,664$27,483$3,181
131BPU.K.$30,180$30,180
132Connecticut RetirementU.S.$30,144$30,144
133State SuperAustralia$30,057
134BVK des Kantons ZurichSwitzerland$29,993$29,993
135British AirwaysU.K.$29,594$29,141$453
136ChevronU.S.$29,447$11,187$18,260
137Alaska RetirementU.S.$29,181$23,841$5,340
138Iowa Public EmployeesU.S.$29,050$29,050
139 ING PensioenfondsNetherlands$29,046$29,046
140SunsuperAustralia$28,544
141CSCAustralia$28,327$28,327
142Texas EmployeesU.S.$28,163$25,499$2,664
143Local Authorities Pension BoardCanada$28,070$28,070
144BVVGermany$27,973$27,973
145HESTAAustralia$27,967$27,967
146RabobankNetherlands$27,899$631$27,268
147Retirement Fund-KWAPMalaysia$27,863$27,863
148ABN AMRO PensioenfondsNetherlands$27,614$27,614
149Delta Air LinesU.S.$27,500$10,500$17,000
150ERAFP8France$27,239
151PorvenirColombia$27,233$27,233
152Mississippi EmployeesU.S.$26,977$25,358$1,619
153CbusAustralia$26,670$26,670
154VervoerNetherlands$26,633$26,633
155BAE SystemsU.K.$26,401$26,401
156FCA USU.S.$25,940$20,379$5,561
157Texas County & DistrictU.S.$25,644$25,644
158PfizerU.S.$25,306$12,066$13,240
159Grafische BedrijvenNetherlands$25,291$25,291
160Greater ManchesterU.K.$25,167$25,167
161Afore Banamex7Mexico$25,138$25,138
162National RailroadU.S.$25,095$25,090$5
163British Coal Pension Schemes9U.K.$24,733$24,733
164Mitsubishi UFJ Financial1Japan$24,565
165 DuPontU.S.$24,414$14,201$10,213
166 CitigroupU.S.$24,378$12,826$11,552
167ExelonU.S.$24,279$17,341$6,938
168Texas Municipal RetirementU.S.$24,278$24,278
169Dow ChemicalU.S.$24,191$15,051$9,140
170UBSSwitzerland$24,159$24,159
171Shell OilU.S.$24,094$13,443$10,651
172American AirlinesU.S.$24,039$10,121$13,918
173San Francisco City & CountyU.S.$23,909$20,996$2,913
174Labor Insurance Fund5Taiwan$23,904$23,904
175VBL5Germany$23,846$23,846
1763MU.S.$23,463$14,864$8,599
177ZilverfondBelgium$23,422
178Strathclyde Pension FundU.K.$23,257$23,257
179AvivaU.K.$23,203$23,203
180Elo Mutual Pension InsuranceFinland$22,619$22,619
181Nestle6Switzerland$22,587$22,587
182Wal-Mart StoresU.S.$22,373$22,373
183Unilever6U.K.$22,278$22,278
184General DynamicsU.S.$22,170$9,171$12,999
185Social Insurance FundsVietnam$21,970
186ProtecciónColombia$21,899$21,899
187Migros-Genossenschafts-BundSwitzerland$21,791
188Ireland Strategic InvestmentIreland$21,770
189Industriens PensionDenmark$21,723$21,723
190Federal Reserve EmployeesU.S.$21,531$13,846$7,685
191Procter & GambleU.S.$21,492$1,829$19,663
192DaimlerGermany$21,365$21,365
193PG&EU.S.$21,316$15,277$6,039
194Afore Sura7Mexico$21,256$21,256
195Government Pension9Thailand$21,256$21,256
196Government Service InsurancePhilippines$21,228
197Public Service Pension Fund5Taiwan$20,908$20,908
198CaterpillarU.S.$20,769$12,135$8,634
199PepsiCoU.S.$20,500$12,100$8,400
200 Prudential FinancialU.S.$20,455$12,820$7,635
201PetrosBrazil$20,408$20,408
202State PensionFinland$19,737$19,737
203Illinois State BoardU.S.$19,606$15,609$3,997
204Los Angeles Fire & PoliceU.S.$19,568$19,568
205B.C. Public Service2Canada$19,556$19,556
206HPU.S.$19,442$11,414$8,028
207MerckU.S.$19,430$10,709$8,721
208New Zealand Superannuation10New Zealand$19,397
209ENPAMItaly$19,382
210National ElectricU.S.$19,355$12,939$6,416
211Afore Profuturo GNP7Mexico$19,155$19,155
212National Grid1U.K.$19,113$19,113
213United Continental HoldingsU.S.$19,100$3,400$15,700
214B.C. TeachersCanada$18,996$18,996
215Illinois State UniversitiesU.S.$18,982$17,172$1,810
216Mizuho Financial Group1Japan$18,597
217New York State Def. Comp.U.S.$18,578$18,578
218Louisiana TeachersU.S.$18,552$16,696$1,856
219World BankU.S.$18,478$18,478
220ESSSuperAustralia$18,452
221Fujitsu1, 6Japan$18,386
222Wespath (UMC)U.S.$18,247$7,860$10,387
223Nippon Telegraph & Telephone1Japan$18,158
224Ontario Pension BoardCanada$18,142$18,142
225Kansas Public EmployeesU.S.$18,088$17,428$660
226Sygeplejersker og LaegesekretaererDenmark$17,865
227FUNCEFBrazil$17,378$17,378
228CenturyLinkU.S.$17,293$11,796$5,497
229Kentucky TeachersU.S.$17,279$17,279
230BBC1, 5U.K.$17,247$17,247
231Canada PostCanada$17,226$17,226
232GESBAustralia$17,083$17,083
233Hydro-QuebecCanada$17,066$17,066
234Laegernes PensionskasseDenmark$17,065
235SBB PensionskasseSwitzerland$16,903$16,903
236Walt DisneyU.S.$16,880$10,365$6,515
237Super SAAustralia$16,867$16,867
238British Steel Pension Scheme2U.K.$16,827$16,827
239New York City Def. Comp.U.S.$16,805$16,805
240DeereU.S.$16,788$11,137$5,651
241Panasonic1Japan$16,746
242Consolidated EdisonU.S.$16,505$13,046$3,459
243AkzoNobel6U.K.$16,481$16,481
244Rolls-RoyceU.K.$16,474$16,474
245Integra11Peru$16,449$16,449
246National Rural ElectricU.S.$16,436$7,713$8,723
247Fonds de Comp./Securite SocialeLuxembourg$16,376
248Magistrenes PensionskasseDenmark$16,328$16,328
249SpoorwegpensioenfondsNetherlands$16,292$16,292
250Tesco6, 12U.K.$16,284$16,284
251Siemens9Germany$16,065$16,065
252International PaperU.S.$15,972$10,825$5,147
253 MetLifeU.S.$15,960$9,045$6,915
254 Southern Co.U.S.$15,931$10,135$5,796
255HOSTPLUSAustralia$15,858$15,858
256Fondo de Reserva SeguridadSpain$15,796
257IntelU.S.$15,777$824$14,953
258City of ZurichSwitzerland$15,726
259Credit SuisseSwitzerland$15,697
260 GlaxoSmithKlineU.K.$15,527$15,527
261PK PostSwitzerland$15,526
262Teamsters, Central StatesU.S.$15,508$15,508
263BP AmericaU.S.$15,483$8,065$7,418
264Idaho Public EmployeesU.S.$15,406$14,667$739
265Quebec Construction IndustryCanada$15,398
266Bell CanadaCanada$15,301$15,301
267MicrosoftU.S.$15,250$15,250
268Duke EnergyU.S.$15,203$7,611$7,592
269Operating Eng. InternationalU.S.$15,159$15,159
270FEFSSPortugal$14,983
271Hawaii EmployeesU.S.$14,978$14,978
272New Mexico Public Empl.U.S.$14,975$14,459$516
273Los Angeles City EmployeesU.S.$14,954$14,954
274Georgia EmployeesU.S.$14,926$13,580$1,346
275 Ernst & YoungU.S.$14,902$7,209$7,693
276Allianz6Germany$14,774$14,774
277Government Employees PensionSouth Korea$14,611$14,611
278HCA HoldingsU.S.$14,596$515$14,081
279Liberty MutualU.S.$14,537$7,396$7,141
280Air CanadaCanada$14,464$14,464
281Arkansas TeachersU.S.$14,406$14,406
282Ohio Police & FireU.S.$14,405$14,405
283West Midlands Metropolitan2U.K.$14,389$14,389
284Oklahoma TeachersU.S.$14,359$14,179$180
285DeloitteU.S.$14,254$4,596$9,658
286OPSEUCanada$14,171$14,171
287 FMRU.S.$14,112$14,112
288Zenkoku Shinyo Kinko1Japan$14,085$14,085
289Hitachi1Japan$14,048
290Baden-WurttembergischeGermany$13,986$13,986
291West Yorkshire2U.K.$13,834$13,834
292Banco Santander (U.K.)U.K.$13,796$13,796
293RWEGermany$13,705$13,705
294Eli LillyU.S.$13,633$7,452$6,181
295Siemens USAU.S.$13,630$3,492$10,138
296West Virginia InvestmentU.S.$13,575$13,575
297Teachers' PensionSouth Korea$13,544$13,544
298AetnaU.S.$13,395$6,102$7,293
299 Nebraska Investment CouncilU.S.$13,373$12,351$1,022
300Telstra SuperAustralia$13,335
Total$15,734,821$9,735,220$3,322,872
Notes: 1 As of March 31, 2017; 2 As of March 31, 2016; 3 As of Jan. 1, 2017; 4 Global figure (ex-U.S.); 5 Estimate; 6 Global figure; 7 As of May 31, 2017; 8 As of Jan. 31, 2017; 9 As of Sept. 30, 2016; 10 As of June 30, 2016; 11 As of April 30, 2017; 12 As of Feb. 25, 2017
Note: The defined benefit and defined contribution breakouts were not available or applicable to all non-U.S. funds.