Exhibit 7

U.S. vs. European Pension Assets and Populations
(End-1994)


Country
Population
(Millions)
% of Labor Force Covered by Occupational Pension Schemes
% of Pop. Over 65
Pension Assets
Pension Assets 
($ Billions)
per capita ($000)
Pension Assets 
as % of GDP
Belgium

Denmark

Finland

France

Germany

Ireland

Italy

Netherlands

Portugal

Spain

Switzerland

U.K.

U.S.
10.1

5.2

5.1

58.1

81.2

3.6

57.0

15.4

9.9

39.2

7.1

58.3

261.0
5

NA

NA

80

65

NA

5

82

NA

3

92

55

55
15

16

14

15

15

11

11

13

13

15

15

16

13
17

105

28

NA

285

15

50(a)

380

5

10(a)

187

775

3,760
1.7

20.2

5.5

NA

3.5

4.2

0.9

24.7

0.5

0.3

12.3

3.3

14.4
8

72

29

NA

14

28

5

116

6

2

73

76

56

    Sources: William Mercer;
                   EBRI, World Bank, EIU Limited 1995, InterSec and Euromoney;
                   E.P. Davis, Pension Funds (New York: Oxford University Press, 1995);
                   World Bank, Averting The Old Age Crisis (Washington, D.C.: World Bank, 1994).