WTW-2023设定受益计划会计假设全球调查（英）-2023.7-8页_1mb

Executive Summary of 2023 Global Survey of Accounting Assumptions for Defined Benefit Plans

Key Findings

• Bond Yields Increase: WTW observed a continued rise in corporate and government bond yields globally since late 2021. In 2022, government bond yields rose in 39 of 42 covered countries, with Eurozone yields increasing by over 250 basis points.

• Stock Market Volatility: High volatility in 2022 led to stock market losses, but discount rate increases outweighed equity declines, resulting in improved funding levels across most countries due to reduced liabilities.

• Expected Return Assumptions: Year-on-year expected rates of return rose in all seven analyzed economies, driven by long-term interest rate stability expectations. There was a positive correlation with higher equity asset holdings.

• Inflation Impact: Long-term inflation assumptions began reflecting global inflation surge, influenced by economic factors like salary and pension increases. Inflation curves are often used in advanced economies to derive assumptions.

• Discount Rates: Based on AA-rated bonds under ASC 715; IAS 19 uses government bonds without risk premium in markets with insufficient corporate bond depth. Average discount rates increased slightly in major countries from 2022 to 2023.

• Asset Allocation: Minor changes in asset allocation across economies, with Australia, Hong Kong, and New Zealand favoring higher equity. Regulatory restrictions in some countries limit asset mixes.

• Mortality and Funding: Assumed life expectancy at age 60 ranges from 21 to 29 years, affecting pension payments. The projected benefit security ratio improved in six major economies, with most countries seeing a rise due to liability decreases from higher discount rates.

Note

This summary covers data from Canada, Germany, Japan, the Netherlands, Switzerland, the United Kingdom, and the United States, based on the 2023 survey.