全球养老金金融观察——2025年第三季度（英）2025

Global Pension Finance Watch–ThirdQuarter 2025Results as ofSeptember30, 2025 Positive ThirdQuarterIndex Results All major regionssawincreases in thepension indexoverthe thirdquarter,driven bymostlypositiveinvestment returnsglobally,combined with decreases in liabilities in some regions.The U.K. was the onlyregion to show slightly negative asset returns over the quarter,andliability valuesdecreasedacross allregionsexceptCanada, Switzerland and the U.S. While it is always the case thattheGlobal Pension Finance Watch captures results at the end of eachquarter, 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 forthose organizations 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 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 inherentin the plans and the levers available to managing risk;•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 weremostly positivethis quarter, withonly the U.K. showing a slight decrease.All other countriesexperiencedpositivereturns. Benchmarkdiscount ratesincreasedinall countriesexceptCanada,Switzerland, and the U.S.over thequarter. *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 valuesdecreasedover the quarteracross all countriesexceptCanada,Switzerlandand the U.S. 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 portfolioincreased4.1%over the quarter. The nominal benchmark discount rateincreased30basis points over the quarter.This change,combined with interest accumulation,resulted in aliabilitydecreaseof1.0%over thequarter. The combined asset and liability effect was a5.2%increasein the pension index for the quarter. Canada Both equities and bonds showed positivereturns.Overall, the benchmark portfolioincreased4.9%over the quarter. The benchmark discount ratedecreased by13basis points over the quar