WTW-全球养老金金融观察——2025年第二季度（英）

Global Pension Finance Watch: Second Quarter 2025. Copyright © 2025 WTW. All rights reserved. wtwco.com Page 1 of 13 Mixed Second Quarter Index Results Pension index performance varied across regions this quarter, reflecting differences in asset returns and discount rate movements. The U.S. led with strong gains reflecting robust asset and modest liability growth, followed by solid improvements in Japan and Canada. The Eurozone saw a slight uptick as asset gains offset liability increases. In contrast, Switzerland, the U.K., and Brazil declined, with Brazil posting the largest drop 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that Global Pension Finance Watch captures results at the end of each quarter, we particularly want to highlight the point in time view of this publication in light of recent volatility. WTW supports the daily monitoring of pension funded status and other key pension financial metrics for those organizations wishing to inform key business decisions. About this report Global Pension Finance Watch, published quarterly, reviews how capital market performance affects defined benefit pension plan financing in major retirement markets worldwide, with a focus on linked asset/liability results. We cover defined benefit pension plans in Brazil, Canada, the Eurozone, Japan, Switzerland, the U.K. and the U.S. Specific plan results will vary, often substantially, based on liability characteristics, contribution policy, portfolio composition and management strategy among other factors. The passage of time since quarter-end may also have 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 Pantelides in New York at george.pantelides@wtwco.com or ▪ Frans Badenhorst in London at frans.badenhorst@wtwco.com Change in WTW Pension Index Q2 2025 Last 12 Months Brazil -2.2% 5.9% Canada 2.7% 4.9% Eurozone 0.4% 5.6% Japan 4.7% 5.2% Switzerland -1.1% -0.5% U.K. -1.4% 2.5% U.S. 6.1% 7.2% The WTW Pension Index is the ratio of the market value of assets to the projected benefit obligation (PBO) for a hypothetical benchmark plan. Global Pension Finance Watch – Second Quarter 2025 Results as of June 30, 2025 Global Pension Finance Watch: Second Quarter 2025. Copyright © 2025 WTW. All rights reserved. wtwco.com Page 2 of 13 Role of monitoring as part of successful global pension risk management Those organizations that monitor their global pension plans are prepared to act quickly when market conditions evolve and have been most successful in achieving their cost and risk management objectives. Monitoring for such conditions is most effective when done in real-time, tail