全球养老金金融观察——2025年第二季度（英）

Global Pension Finance Watch–SecondQuarter 2025Results as ofJune30, 2025 MixedSecondQuarterIndex Results Pension index performance varied across regions this quarter, reflecting differences in asset returns anddiscount rate movements.The U.S. led with strong gainsreflectingrobust assetand modest liability growth,followed by solid improvements in Japan and Canada.The Eurozone saw a slight uptick as asset gainsoffset liability increases.In contrast, Switzerland, the U.K., and Brazil declined, with Brazil posting the largestdrop due to a sharp rise in liabilities from falling discount rates. 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that Global Pension Finance Watch captures results at the end of each quarter,we particularly want to highlight the point in time view of this publication in light ofrecentvolatility.WTWsupports the daily monitoring of pension funded status and other keypension financialmetrics for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-endmay 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 contact▪ George PantelidesinNew Yorkatgeorge.pantelides@wtwco.comor▪Frans 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 inherent in the plans and the levers available to managingrisk;•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; and•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, withslight negativeasset returns inSwitzerland.All other countriesexperiencedpositivereturns. Benchmarkdiscount ratesdecreasedinall countriesexceptCanada, Japan, and the U.S.over the quarter. *Discount rates for the benchmark plans were determined usingWTW’s RATE:Link methodology in those countrieswhere 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 valuesincreasedacross all countriesexceptCanada and Japan. Note: The liability growth factor reflects the net change in thebenchmark plan’sPBO due to interest accumulationand changes in financial assumptions. Brazil Bothequities and bonds showedpositivereturns.Overall, the benchmark portfolioincreased5.9%over the quarter. The nominal benchmark discount ratedecreased45basis points over the quarter.This changecombined with interest accumulation resulted in aliabilityincreaseof8.3%over thequarter. The combined asset and liability effect was a2.2%decreasein the pension index for the quarter. Canada Equities showed positive returns while domesticbonds showed negative returns.Overal