2022-08-10-WTW-2022年固定收益计划会计假设全球调查（英）_7页_6mb

2022 Global Survey of Accounting Assumptions for Defined Benefit Plans Summary

Overview

This 33rd annual WTW survey analyzes accounting assumptions, primarily economic ones, for defined benefit (DB) plans across 49 countries, based on data from 1,420 companies at or near the end of 2021. The report highlights trends in four key assumptions: discount rates, inflation, expected rates of return on plan assets, and mortality/life expectancy.

Key Findings

Discount Rates

• Global Trend: Government bond yields rose in most countries, leading to higher discount rates, except Japan and Switzerland. Fourteen countries saw increases of over 30 basis points.
• Standard Differences: Under IAS 19, average discount rates are typically lower (by 4-98 bps) than under ASC 715 due to stricter bond market depth requirements in IAS 19.
• Market Adaptation: Many countries now use yield curve modeling for discount rates instead of relying solely on AA-rated corporate bonds.

Inflation

• Increased Expectations: Inflation has risen significantly, particularly in developed countries. Some companies in developing countries adjusted inflation assumptions on a real basis.
• Geographic Variation: High inflation expectations complicate funding calculations, with the EU and U.K. experiencing notable spikes.

Expected Rates of Return on Plan Assets

• Modest Declines: Overall expected rates of return decreased slightly but remain high in asset-rich countries like the U.S. (5.45%) and the U.K. (3.55%).
• Asset Allocation: Plan sponsors increased equity allocations (weighted average rise in equities from 35% to 38%) as a primary driver for desired returns. High uncertainty in equity and fixed-income markets tempered optimism.

Mortality/Life Expectancy

• Stable Assumptions: Life expectancy at age 60 for a male born in 2022 is between 24.51 and 28.79 years across surveyed countries.
• Impact on Liabilities: Changes in life expectancy impact plan liabilities and solvency ratios, with variations affecting funded status.

Projected Benefit Security Ratio (Funded Ratio)

• Improvement: The funded ratio improved significantly in most countries, aided by higher discount rates and strong equity market performance.
• Cross-Country Variation: Improvements ranged widely, with countries like the U.S., Canada, and Japan seeing gains over 10 basis points.

Conclusion

The 2022 survey indicates a global shift toward higher discount rates and inflation expectations, coupled with cautious asset allocation decisions. Uncertainty in markets remains a key challenge, requiring careful management of assumptions to reflect evolving economic conditions and regulatory changes.