Global Pension Finance Watch – Second Quarter 2025

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.

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 our WTW experts.