WTW-全球养老金金融观察-2025年第三季度 Global Pension Finance Watch – Third Quarter 2025

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

Page1of13

GlobalPensionFinanceWatch-ThirdQuarter2025

ResultsasofSeptember30,2025

PositiveThirdQuarterIndexResults

Allmajorregionssawincreasesinthepensionindexoverthethirdquarter,drivenbymostlypositive

investmentreturnsglobally,combinedwithdecreasesinliabilitiesinsomeregions.TheU.K.wastheonlyregiontoshowslightlynegativeassetreturnsoverthequarter,andliabilityvaluesdecreasedacrossall

regionsexceptCanada,SwitzerlandandtheU.S.

WhileitisalwaysthecasethattheGlobalPensionFinanceWatchcapturesresultsattheendofeach

quarter,weparticularlywanttohighlightthe“pointintime”viewofthispublicationinlightofrecentvolatility.WTWsupportsthedailymonitoringofpensionfundedstatusandotherkeypensionfinancialmetricsfor

thoseorganizationswishingtoinformkeybusinessdecisions.

ChangeinWTWPensionindex

Q32025

Last12

Months

Brazil

5.2%

10.3%

Canada

1.9%

5.6%

Eurozone

4.4%

10.7%

Japan

6.4%

16.3%

Switzerland

0.2%

2.7%

U.K.

1.9%

3.8%

U.S.

0.8%

9.6%

TheWTWPensionIndexistheratioofthemarketvalueofassetstotheprojectedbenefitobligation(PBO)forahypotheticalbenchmarkplan.

Aboutthisreport

GlobalPensionFinanceWatch,publishedquarterly,reviewshowcapitalmarket

performanceaffectsdefinedbenefitpensionplanfinancinginmajorretirement

marketsworldwide,withafocusonlinkedasset/liabilityresults.WecoverdefinedbenefitpensionplansinBrazil,Canada,theEurozone,Japan,Switzerland,the

U.K.andtheU.S.Specificplanresultswillvary,oftensubstantially,basedon

liabilitycharacteristics,contributionpolicy,portfoliocompositionandmanagementstrategyamongotherfactors.Thepassageoftimesincequarter-endmayalso

haveasignificantimpactonpensionplanfinancing.

Theimpactofcapitalmarketsonthesepensionplansistwofold:

Investmentperformanceonfundassets

Changesineconomicassumptionsonplanliabilities

(asmeasuredunderinternationalaccountingstandards)

Ifyouhavequestionsorcommentsaboutthisreport,pleasecontact

GeorgePantelidesinNewYorkatgeorge.pantelides@or

FransBadenhorstinLondonatfrans.badenhorst@

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

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Roleofmonitoringaspartofsuccessfulglobalpensionriskmanagement

Thoseorganizationsthatmonitortheirglobalpensionplansarepreparedtoactquicklywhenmarket

conditionsevolveandhavebeenmostsuccessfulinachievingtheircostandriskmanagementobjectives.

Monitoringforsuchconditionsismosteffectivewhendoneinreal-time,tailoredtothespecificcharacteristicsofeachretirementplanandsupportingassets.

TheGlobalPensionFinanceWatchcapturesresultsforbenchmarkplansattheendofeachquarterandcanbeausefulguide.Forthoseorganizationswishingtoinformkeybusinessdecisionsfortheirownplans,

WTWsupportsthedailymonitoringoffundedstatusandotherkeypensionfinancialmetricsviathe

Costand

RiskManagementChannel

.

Broaderriskmanagementperspective

Benefitsp。rtf。。nlinewith

optimizethefinancingcostofbenefitsby

allocatingcostsandrisksefficiently.

Data-driveninsights

organization'sobectives,marketnormsandemployeeneedsandvalues.

forinformed

decisionmaking.

Financing:

costandriskefficiencies

Mastering

pensionrisks

globally

Efficientlyadminister

benefitsbyleveraging

technologyandallocatingorganizationresources.

Engageemployeesintheirbenefitswiththeabilitytomakeinformeddecisionstomaximize

valueandappreciation.

Beyondfinancialmonitoring,weobservemultinationalswiththegreatestsuccessinmanagingtheirdefinedbenefit

pensionrisksexhibitanumberofconsistentcharacteristics.

They:

•Takethetimetounderstandthecomplexrisksinherentintheplansandtheleversavailabletomanagingrisk;

•Establishaclear,centralleveloftolerableriskandstrategytomanagingwithinthosemetrics;

•Employasystematic,multi-localapproachtoevaluatinganddeployingriskmanagementactions;and

•Monitorfinancialmarkets,changingpractices,legislation,andtrends.

Formoreinsightsonthe

commontechniques

multinationalorganizations

havedeployedtomanage

pensionrisk,weencourageyoutoreadourarticleon

MasteringDBRisksGlobally

.

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

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Investmentreturnsandliabilitygrowth

Returnsweremostlypositivethisquarter,withonlytheU.K.showingaslightdecrease.Allothercountriesexperiencedpositivereturns.

Investmentreturns

Q32025

Last12

Months

Brazil

4.1%

10.6%

Canada

4.9%

9.2%

Eurozone

1.5%

4.7%

Japan

2.7%

3.3%

Switzerland

2.5%

3.4%

U.K.

-0.2%

-4.1%

U.S.

5.4%

10.9%

Note:Allregionalfinancialresultsarestatedonalocalcurrencybasis.

BenchmarkdiscountratesincreasedinallcountriesexceptCanada,Switzerland,andtheU.S.overthequarter.

Benchmark

discountrate*

Plan

Duration

Sep.

2025

Jun.

2025

Mar.

2025

Brazil

12.3

11.54%

11.24%

11.69%

Canada

14.0

4.75%

4.88%

4.70%

Eurozone

15.3

3.99%

3.75%

3.81%

Japan

14.5

3.30%

3.00%

2.77%

Switzerland

15.9

1.05%

1.17%

1.20%

U.K.

15.2

5.85%

5.61%

5.74%

U.S.

13.8

5.45%

5.71%

5.65%

*DiscountratesforthebenchmarkplansweredeterminedusingWTW’sRATE:Linkmethodologyinthosecountrieswhereitisavailable.Thereisgenerallymorethanoneacceptableapproachfordeterminingthediscountratein

eachcountry.Theapproachusedforindexpurposesisoneofseveralpossibleapproaches;otheracceptablemethodologiesmayresultinhigherorlowerdiscountrates.

LiabilityvaluesdecreasedoverthequarteracrossallcountriesexceptCanada,SwitzerlandandtheU.S.

Liability

growthfactor

Q32025

Last12

Months

Brazil

-1.0%

0.3%

Canada

3.0%

3.4%

Eurozone

-2.8%

-5.4%

Japan

-3.5%

-11.2%

Switzerland

2.3%

0.6%

U.K.

-2.1%

-7.6%

U.S.

4.5%

1.2%

Note:Theliabilitygrowthfactorreflectsthenetchangeinthebenchmarkplan’sPBOduetointerestaccumulationandchangesinfinancialassumptions.

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

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Brazil

WTWPension,ndex-Brazil

120

116.4asof9/30/2025

110

100

90

80

70

60

Investmentreturns

Q32025

Last12

Months

Domesticequity

4.3%

10.2%

Internationalequity

NA

NA

Domesticfixedincome

4.0%

10.6%

Internationalfixedincome

NA

NA

Benchmarkportfolio

4.1%

10.6%

Bothequitiesandbondsshowedpositivereturns.Overall,thebenchmarkportfolioincreased4.1%overthequarter.

Thenominalbenchmarkdiscountrateincreased30basispointsoverthequarter.Thischange,

Thecombinedassetandliabilityeffectwasa5.2%increaseinthepensionindexforthequarter.

combinedwithinterestaccumulation,resultedinaliabilitydecreaseof1.0%overthequarter.

Interestrates

Sep.

2025

Jun.

2025

Mar.

2025

30-yeargovt.bond(real)

7.25%

6.96%

7.39%

10-yeargovt.bond(real)

7.78%

7.30%

7.71%

Three-monthgovt.bond(nominal)

14.90%

14.93%

14.53%

Long-termAA-ratedcorporatebond

NA

NA

NA

Benchmarkdiscountrate(nominal)

11.54%

11.24%

11.69%

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

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Canada

WTWPension,ndex-canada

100

89.1asof9/30/2025

90

80

70

60

50

40

Q3

2025

Last12Months

Investmentreturns

Domesticequity

12.5%

28.6%

Internationalequity

8.8%

19.9%

Domesticfixedincome

1.2%

-0.2%

Internationalfixedincome

NA

NA

Benchmarkportfolio

4.9%

9.2%

Bothequitiesandbondsshowedpositivereturns.Overall,thebenchmarkportfolioincreased4.9%overthequarter.

Thebenchmarkdiscountratedecreasedby

13basispointsoverthequarter,whichtaken

togetherwithinterestaccumulation,increasedtheliabilityby3.0%overthequarter.

Interestrates

Sep.

2025

Jun.

2025

Mar.

2025

30-yeargovt.bond

3.61%

3.56%

3.23%

10-yeargovt.bond

3.17%

3.28%

2.97%

Three-monthgovt.bond

2.43%

2.66%

2.63%

Long-termAA-ratedcorporatebond

4.31%

4.36%

4.10%

Benchmarkdiscountrate

4.75%

4.88%

4.70%

Thecombinedeffectoftheassetandliability

movementsledtoa1.9%increaseinthepensionindexoverthequarter.

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

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Eurozone

WTWPension,ndex-Eurozone

110

107.0asof9/30/2025

100

90

80

70

60

50

Bothequitiesandbondsshowedpositivereturns.Overall,thebenchmarkportfolioincreased1.5%overthequarter.

Thebenchmarkdiscountrateincreasedby

24basispointsoverthequarter,whichcombinedwithinterestaccumulation,decreasedtheliabilityby2.8%overthequarter.

Thecombinedeffectoftheassetandliabilitymovementswas4.4%increaseinthepensionindexoverthequarter.

Q3

2025

Last12Months

Investmentreturns

3.6%

NA

0.2%

NA

10.0%

NA

1.1%

NA

Domesticequity

Internationalequity

Domesticfixedincome

Internationalfixedincome

Benchmarkportfolio

1.5%

4.7%

Interestrates

Sep.

2025

Jun.

2025

Mar.

2025

30-yeargovt.bond

3.28%

3.10%

3.09%

10-yeargovt.bond

2.71%

2.61%

2.74%

Three-monthgovt.bond

N/A

N/A

N/A

Long-termAA-ratedcorporatebond

3.72%

3.70%

3.72%

Benchmarkdiscountrate

3.99%

3.75%

3.81%

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

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Japan

WTWPension,ndex-Japan

140

130

120

110

133.0asof9/30/2025

100

90

80

70

60

50

40

Equitiesandinternationalbondsshowedpositivereturnswhiledomesticbondsshowednegative

returns.Thisresultedina2.7%increaseintheoverallbenchmarkportfoliooverthequarter.

Thebenchmarkdiscountrateincreasedby

30basispointsoverthequarter.Overall,

combiningwithinterestaccumulation,theliabilitydecreasedby3.5%overthequarter.

Thecombinedeffectoftheassetandliabilitymovementsresultedina6.4%increaseinthepensionindexoverthequarter.

Investmentreturns

Domesticequity

Internationalequity

Q32025

11.0%

9.8%

Last12

Months

21.0%

21.6%

-1.7%2.1%

-6.7%3.8%

Domesticfixedincome

Internationalfixedincome

Benchmarkportfolio

2.7%

3.3%

Interestrates

Sep.

2025

Jun.

2025

Mar.

2025

30-yeargovt.bond

3.40%

3.08%

2.64%

10-yeargovt.bond

1.70%

1.49%

1.52%

Three-monthgovt.bond

0.48%

0.45%

0.38%

Long-termAA-ratedcorporatebond

NA

NA

NA

Benchmarkdiscountrate

3.30%

3.00%

2.77%

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

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Switzerland

WTWPension,ndex-switzerland

140

130

120

124.4asof9/30/2025

110

100

90

80

Bothequitiesandbondsshowedpositivereturns.Overall,thebenchmarkportfolioincreased2.5%overthequarter.

Thebenchmarkdiscountratedecreasedby

12basispointsoverthequarter.Thischange,combinedwithinterestaccumulation,increasedliabilitiesby2.3%overthequarter.

Thecombinedeffectoftheassetandliability

movementswasa0.2%increaseinthepensionindexoverthequarter.

Q3

2025

Last12Months

Investmentreturns

1.3%

NA

1.2%

NA

3.1%

NA

1.9%

NA

Domesticequity

Internationalequity

Domesticfixedincome

Internationalfixedincome

Benchmarkportfolio

2.5%

3.4%

Interestrates

Sep.

2025

Jun.

2025

Mar.

2025

30-yeargovt.bond

0.39%

0.65%

0.69%

10-yeargovt.bond

0.23%

0.44%

0.56%

Three-monthgovt.bond

NA

NA

NA

Long-termAA-ratedcorporatebond

NA

NA

NA

Benchmarkdiscountrate

1.05%

1.17%

1.20%

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

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UnitedKingdom

WTWPension,ndex-unitedkingdom

110

83.7asof9/30/2025

100

90

80

70

60

Equitiesshowedpositivereturnswhiledomesticbondsshowednegativereturns.Overall,the

benchmarkportfoliodecreased0.2%overthequarter.

Thebenchmarkdiscountrateincreased24basispointsoverthequarter.Overall,thischange

combinedwithinterestaccumulation,decreasedtheliabilityby2.1%overthequarter.

Thecombinedeffectoftheassetandliability

movementswasa1.9%increaseinthepensionindexoverthequarter.

Q3

2025

Last12Months

Investmentreturns

Domesticequity

7.4%

17.2%

Internationalequity

9.8%

17.4%

Domesticfixedincome

-2.4%

-9.0%

Internationalfixedincome

NA

NA

Benchmarkportfolio

-0.2%

-4.1%

Interestrates

Sep.

2025

Jun.

2025

Mar.

2025

30-yeargovt.bond

5.51%

5.28%

5.28%

10-yeargovt.bond

4.70%

4.49%

4.68%

Three-monthgovt.bond

4.04%

4.20%

4.50%

Long-termAA-ratedcorporatebond

5.82%

5.60%

5.74%

Benchmarkdiscountrate

5.85%

5.61%

5.74%

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

Page10of13

UnitedStates

WTWPension,ndex-unitedstates

140

130

120

110

126.4asof9/30/2025

100

90

80

70

60

50

Bothequitiesandbondsshowedpositivereturns.Overall,thebenchmarkportfolioincreased5.4%overthequarter.

Thebenchmarkdiscountratedecreasedby

26basispointsforthequarter.Thischange

combinedwithinterestaccumulationincreasedtheliabilityby4.5%overthequarter.

Thecombinedeffectoftheassetandliability

movementswasa0.8%increaseinthepensionindexforthequarter.

Q3

2025

8.3%

Last12Months

16.1%

Investmentreturns

Domesticequity

4.8%

1.9%

15.0%

3.1%

Internationalequity

Domesticfixedincome

Benchmarkportfolio

5.4%

10.9%

Interestrates

Sep.

2025

Jun.

2025

Mar.

2025

30-yeargovt.bond

4.73%

4.78%

4.59%

10-yeargovt.bond

4.16%

4.24%

4.23%

Three-monthgovt.bond

4.02%

4.41%

4.32%

Long-termAA-ratedcorporatebond

5.23%

5.40%

5.34%

Benchmarkdiscountrate

5.45%

5.71%

5.65%

GlobalPensionFinanceWatch:ThirdQuarter2025.Copyright©2025WTW.Allrightsreserved.

Page11of13

Generalcomments

Inordertoobtainageneralindicationofpensionplanperformanceinvariouscountries,wedefineda

benchmarkpensionplanthatisintendedtoberepresentativeofthepensionliabilitiesandplanassets(includingassetmix)thataretypicallyfoundineachglobalmarket.Notethatcertainsimplifying

assumptionsaremadeaboutcashcontributionsmadetothebenchmarkplanandothercharacteristics.

Liabilitymeasurement

Pensionplanliabilitiesundermanycommonlyusedinternationalaccountingstandards(includingASC715,CICA3461,CVM371,FRS17andIAS19)aremeasuredusingadiscountratethatissetbasedonyieldsavailableonhigh-qualitycorporatebondsasofthedatethatliabilitiesaremeasured.

Whilethediscountrateisthemostcommonlyquotedassumption,liabilityandexpensecalculationsdependonanumberofadditionalassumptions,botheconomic(suchasexpectedsalaryincreasesandexpected

benefitincreases)anddemographic.Otherfinancialassumptionsareadjustedsoastoremainconsistentwithchangesinthediscountrate.

Assetsmoothing

yearinvestmentperformance.Plansusingtheseapproacheswillseetheeffectofinvestmentreturnexperiencespreadoveraperiodofyears.

Currencyeffects

Theresultspresentedinthisdocumentareinlocalcurrency.Changesinrelativecurrencyvalues

mayhaveasignificantimpactonassetandliabilitymeasurements.Theeffectofcurrency

movementsdependsonthecompany’sreporting

ASC715andCICA3461allowplansponsorstousesmoothingmechanismstobuffertheeffectsofyear-to-

Exchangerates

(currencyperUS$1)

Sep.

2025

Jun.

2025

Mar.2025

Brazil

5.33

5.48

5.76

Canada

1.39

1.37

1.43

Eurozone

0.85

0.85

0.92

Japan

148.71

144.62

149.78

Switzerland

0.80

0.80

0.88

U.K.

0.74

0.73

0.77

currencyanditsglobalallocationofassetsandliabilities.TheaccompanyingtableshowsthevalueofforeigncurrencythatequatestooneU.S.Dollaratvariousmeasurementdates.

Localregulatoryrequirements

Thisupdatereviewsfinancialresultsforpensionplansbasedonmeasurementsdefinedbyinternationalaccountingstandards.Localaccountingorfundingrequirementsmaybebasedonsignificantlydifferenttypesofassetorliabilitymeasuresinsomelocations.

Eurozonebenchmarkplan

TheresultsshownfortheEurozonearebasedontypicalfundedplansfoundinBelgiumandtheNetherlands.

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Page12of13

Definitionofterms

Bondyields

Governmentbondyieldsarebasedonpublishedinformation.GovernmentbondyieldsfortheEurozonearebasedonGerman

governmentbonds.Duetothelackofmarketablesecurities,Braziliangovernmentbondyieldsarerealrates,exceptforthethree-monthgovernmentbondyield,whichisanominalrate(i.e.,includesinflation).

CorporatebondyieldsreflecttheFTSETMXCorporateBondIndexforCanada,iBoxxEUROCorporatesAA10+fortheEurozone,iBoxx15+AACorporateBondIndexfortheU.K.andML10+High-QualityIndexintheU.S.

Benchmarkdiscountratesaredeterminedfortheaverageplanbasedonyieldsavailableonhigh-qualitycorporatebondsasofthedatethatliabilitiesaremeasured.DiscountratesforCanada,theEurozone,Japan,Switzerland,theU.K.andtheU.S.arebased

onourRATE:Linkmethodology.DiscountratesforBrazilareaproxyfortheyieldoncorporatebonds,developedfromtherealyieldon30-yeargovernmentbondswithanadjustmenttoaccountforliquiditycharacteristicsandtheadditionofalong-terminflation

assumption.Higherorlowerdiscountratesmightbeappropriateforotherplans.

Benchmarkinvestmentreturns

Benchmarkinvestmentreturnsreflectthecombinedeffectofpricechangesandinterestordividendincome.Thiswilltypicallydifferfromthedailyresultspublishedinfinancialjournals,whicharebasedsolelyonpricechanges.

Investmentreturnshavebeenbasedoncommonlyquotedlocalbenchmarks,asdetailedbelow:

ForBrazil,domesticequityreturnsarebasedontheFTSEAll-WorldBrazilindex,anddomesticfixedincomereturnsontheiBoxxGEMXBrazilindex.

ForCanada,domesticequityreturnsarebasedontheS&P/TSXComposite,internationalequityreturnson10%S&P500(in

Canadiandollars),20%S&PTSXComposite(inCanadiandollars),10%MSCIEAFETotalReturnIndexNetDividends(inCanadiandollars)anddomesticfixedincomereturnson60%FTSETMXLongBondTotalReturn.

FortheEurozone,domesticequityreturnsarebasedontheMSCIEurozonemarketindex,internationalequityreturnsontheMSCIWorldex-EMUtotalreturnindexanddomesticfixedincomereturnsontheiBoxxEUROverallindex.

ForJapan,domesticequityreturnsarebasedontheFTSEAll-WorldJapanindex,internationalequityreturnsontheMSCI

World(ex-Japan)Indexwithnetdividendsreinvested,domesticfixed-incomereturnsontheFTSEJapanGovernmentTotalindexandinternationalfixed-incomereturnsontheFTSEGlobalGovernmentBondindex.

ForSwitzerland,portfolioreturnsarebasedonthePictetIndex2005BVG-40+index.

FortheU.K.,domesticequityreturnsarebasedontheFTSEAllShare,internationalequityreturnsontheFTSEAll-Worldex-U.K.anddomesticfixedincomereturnsontheFTSEOver15YearsGilts.

FortheU.S.,domesticequityreturnsarebasedon80%S&P500Indexand20%Russell2500,internationalequityreturnsontheMSCIEAFEIndex,anddomesticfixedincomereturnson87.5%BarclaysCapitalAggregateBondIndexand12.5%three-monthT-bills.

Benchmarkportfolioreturnshavebeenbasedonatypicaldiversifiedportfolioineachcountrythathasnotyetbeensecuredviaaninsurancepolicy.Benchmarkportfolioreturnsforthisquarterhavebeenbasedonthefollowingassetallocations:

Brazil:10%domesticequityand90%domesticfixedincome

Canada:40%equity(20%domestic,20%international)and60%domesticfixedincome

Japan:30