2023-05-05-WTW-全球养老金金融观察_2023年第一季度_13页_291kb

报告摘要

Overall Performance: The first quarter of 2023 was more stable than the previous four quarters, despite headwinds from the banking industry. Asset performance was modestly positive but limited by inflationary pressures that began subsiding, resulting in a modest positive pension index for most countries, except Japan and the U.S., which saw declines.
Primary Drivers: The index changes were driven by a combination of investment returns and changes in benchmark discount rates. Asset growth was generally modest positive, while liability growth, influenced by interest accumulation and economic assumptions, varied by region. Discount rates decreased for most countries, contributing to liability increases.

Brazil: Pension index increased by 1.2%. Investment returns of 3.0% combined with liability growth factor of 1.7% due to a 7 bp rise in the discount rate.
Canada: Pension index increased by 1.0%. Positive investment returns of 5.4% offset a liability growth of 4.4% from a 23 bp discount rate decrease.
Eurozone: Pension index increased by 3.6%. Asset returns of 4.7% contributed to the gain, with liability growth of 1.1% from a small discount rate reduction.
Japan: Pension index decreased by 1.1%. Asset returns of 4.5% were partially offset by liability growth of 5.6%, due to a 30 bp discount rate drop.
Switzerland: Pension index increased by 0.5%. Investment returns of 2.8% supported the gain, with liability growth of 2.3% from a 14 bp discount rate decrease.
U.K.: Pension index increased by 1.9%. Asset returns of 3.0% helped, despite liability growth of 1.1%, with a slight discount rate increase.
U.S.: Pension index decreased by 0.7%. Asset returns of 5.3% were undermined by liability growth of 6.0%, associated with a 38 bp discount rate fall.

Investment returns were positive across all regions in Q1 2023.
Liability values increased for all regions, driven by interest accumulation and changes in financial assumptions.
Currency effects and local regulatory requirements can impact results, though the report focuses on international accounting standards.

Daily monitoring of funded status is recommended for proactive pension management.
Effective risk management involves understanding retirement plan risks, tolerating clear limits, and adapting to market changes, as emphasized for multinational organizations.
The summary highlights that factors such as portfolio composition and management strategies influence plan performance, beyond the benchmark data provided.

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