全球养老金金融观察——2025年第一季度（英）

Global Pension Finance Watch–FirstQuarter 2025Resultsas of March 31, 2025 MixedFirstQuarterIndex Results Pension index performance varied across regions this quarter, shaped by differing asset returns anddiscount rate movements. The Eurozone saw the strongest improvement, driven by rising discount rates andpositive equity returns. Switzerland and the UK also posted solid gains, as reductions in liabilities outweighedweaker asset performance. Brazil and Canada experienced more modest increases, supported by broadlypositive asset returns. In contrast, the U.S. saw the largest decline, with falling discount rates driving upliabilities despite mixed asset performance.Japan also recorded a slight drop in the index, reflectingnegative asset returns partially offset by lower liabilities. While it is always the case that Global Pension Finance Watch captures results at the end of each quarter,we particularly want to highlight the point in time view of this publication in light ofrecentvolatility.WTWsupports the daily monitoring of pension funded status and other keypension financialmetrics for thoseorganizations wishing to inform key business decisions. The WTW Pension Indexis the ratio of the marketvalue of assets to the projected benefit obligation(PBO) for a hypothetical benchmark plan. Aboutthisreport GlobalPension Finance Watch,published quarterly, reviews how capital marketperformance affects defined benefit pension plan financing in major retirementmarkets worldwide, with a focus on linked asset/liability results. We cover definedbenefit pension plans in Brazil, Canada, theEurozone, Japan,Switzerland,theU.K. and the U.S. Specific plan results will vary, often substantially,based onliability characteristics, contribution policy, portfolio composition and managementstrategyamong other factors.The passage of time since quarter end, may alsohave a significant impact on pension plan financing. The impact of capital markets on these pension plans is twofold:▪ Investment performance on fund assets▪Changes in economic assumptions on plan liabilities(as measured under international accounting standards) If you have questions or comments about this report, please contactGeorge PantelidesinNew Yorkatgeorge.pantelides@wtwco.comorFrans Badenhorstin London atfrans.badenhorst@wtwco.com Role of monitoring as part of successful global pension risk management Those organizationsthat monitortheir global pension plansare prepared to act quickly when marketconditions evolveandhave been most successful in achieving their cost and risk management objectives.Monitoring for such conditions is most effective when done in real-time, tailored to the specific characteristicsof each retirement plan and supporting assets. The Global Pension Finance Watch captures results for benchmark plans at the end of each quarter and canbe a useful guide. For those organizations wishing to inform key business decisionsfor their own plans,WTWsupports the daily monitoring of funded status and other key pension financial metricsvia theCost andRisk Management Channel. Broader risk management perspective Beyond financial monitoring, we observe multinationals withthe greatest success in managing their defined benefitpension risks exhibit a number of consistent characteristics.They: •Take the time to understand the complex risks inherentin the plans and the levers available to managing thatrisk•Establish a clear, central level of tolerable risk andstrategy to managing within those metrics•Employ a systematic, multi-local approach to evaluatingand deploying risk management actions•Monitor financial markets, changing practices,legislation, and trends. For more insights onthecommon techniquesmultinational organizationshave deployed to managepension risk, we encourageyou to read our article onMastering DB Risks Globally. Investmentreturns andliabilitygrowth Returns were mixed this quarter, with positive asset returns inBrazil, Canadaand the Eurozone.All othercountries experienced negative returns. Benchmarkdiscount ratesincreasedinall countriesexceptBrazil and the U.S.over the quarter. *Discount rates for the benchmark plans were determined usingWTW’RATE:k md l gycwhere it is available.Thereisgenerallymore than one acceptableapproachfordetermining the discount rateineach country.The approach usedfor index purposes isone of several possible approaches; otheracceptablemethodologies may result in higher or lower discount rates. Liability valuesdecreasedacross all countriesexceptBrazil, Canada and the U.S. Note: The liability growth factor reflects the net change in theb c m k pl’PBO due to interest accumulationand changes in financial assumptions. Brazil Bothequities and bonds showedpositivereturns.Overall, the benchmark portfolioincreased5.6%over the quarter. The nominal benchmark discount ratedecreased7basis points over the quarter. This changecombined with interest accumulation resulted in aliabilityincreaseof3.5%over thequarter. The co