全球养老金金融观察——2026年第一季度（英）2026

Global Pension Finance Watch–FirstQuarter 2026Results as ofMarch31, 2026 MixedFirstQuarterIndexMovements Most regions saw an increasein the pension index during Q1, asnegativeinvestmentreturnswere generallyoffsetby decreases in liabilities.Switzerland was an outlier, withthe largestdecrease in the index,as higher 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 for 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 on The impact of capital markets on these pension plans is twofold:▪Investment performance on fund assets▪Changes in economic assumptions on plan liabilities If you have questions or comments about this report, please contact▪George PantelidesinNew Yorkatgeorge.pantelides@wtwco.comor▪ 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. 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, Beyond financial monitoring, we observe multinationals withthe greatest success in managing their defined benefit 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 For more insights onthecommon techniquesmultinational organizationshave deployed to managepension risk, we encourage Investmentreturns andliabilitygrowth Returns werenegativethis quarteracrossall countriesexceptBrazil and Canada. Benchmarkdiscount ratesincreasedinall countriesexceptSwitzerlandover the quarter. Brazil Bothequities and bonds showedpositivereturns.Overall, the benchmark portfolioincreasedby4.4% The nominal benchmark discount rateincreased8basis points over the quarter.This change, The combined asset and liability effect was a2.4% International equitiesshowednegativereturnswhile domesticequityshowedpositivereturns.Domestic bonds showed a 0% return over the The benchmark discount rateincreased by11basis points over the quarter, whichtaken The combined effect of the asset and liabilitymovementsled toa0.5% increasein the pension Both equities and bonds showednegativereturns.Overall, the benchmark portfoliodecreased0.7% The benchmark discount rateincreased by18basis points over the quarter, whichcombined The combined effect of the asset and liabilitymovements was0.8%increase in the pension Japan Domestic equitiesandInternationalbondsshowedpositivereturns whileinternationalequities and domesticbonds showed negative The benchmark discount rateincreased by22basis pointsover the quarter.Overall, The combined effect of the asset and liabilitymovementsresulted in a1.6%increasein the Switzerland Domesticbondsshowed positive returns whiledomesticequitiesshowed negative returns.Overall, the benchmark portfoliodecreased The benchmark discount ratedecreasedby11basis points over thequarter.This change, The combined effect of the asset and liabilitymovements was a3.9%decrease in the Domestic equitiesshowed positive returns whileinternational equities anddomestic bondsshowed negative returns.Overall, the The benchmark discount rateincreased58basispointsover thequarter.Overall, this change The combined effect of the asset and liabilitymovements wasa3.7%increasein the pension United States Equitiesshowednegativereturns, while bondsshowed positive returns.Overall, the benchmark The benchmark discount rateincreasedby16basis pointsfor the quarter.This change The combined effect of the asset and liabilitymovements was a1.1%decreasein the pension Generalcomments In order to obtain a general indication of pension plan performance in various countries, we defined abenchmark pension plan that is intended to be representative of the pension liabilities and plan assets(including asset mix) that are typically found ineach global market.Note that certain simplifying Li