SINGAPORE - Singapore's Central Provident Fund (CPF) is among the more mature pension systems in the world, even as it is still being refined.

This was among the findings from a report on global pension and retirement market that was released by global professional services firm EY on Friday.

Mr Brian Thung, EY's financial services partner, pointed out that pension systems present "significant business opportunities" in many countries, including Singapore.

"In Singapore, pension product providers will increasingly be expected to back up their offerings with customer communication and education that explain clearly what the products do and how, if at all, they are different from what the CPF would offer."

The report singled out five components that are necessary for a more robust pension and retirement system across the globe: financial adequacy, financial stability, performance, efficiency and effectiveness, and political aspects.

It also identified seven key areas that present opportunities for pension and retirement providers to help deliver social policy around pensions, such as by having local financial markets evolve concurrently with the growth in pension assets, as well as improving customer engagement.