2025 Global Survey of Accounting Assumptions for Defined Benefit Plans

The 2025 Global Survey of Accounting Assumptions for Defined Benefit Plans is the 36th annual WTW survey of assumptions selected by major corporations for their defined benefit (DB) plans around the world.

Key findings

Our full report, which represents 1,160 companies with data from 48 countries and regions, includes the following key findings:

• Overall, we observed a general increase in both corporate and government bond yields around the world since the end of 2023. Throughout 2024, government bond yields increased for 33 of the 43 countries listed
• Long term inflation assumptions generally declined or remained relatively stable over 2024
• As 2024 unfolded, major stock markets remained resilient amid global uncertainty, holding slightly above 2023 levels
• For ASC 715 reporters, year-on-year changes in expected rates of return assumptions remained fairly stable, ranging from –46 bps to +64 bps
• Among the 31 countries with funded plans included in the report, 16 showed an overfunded status in 2024. Compared to the previous year, nine recorded a lower average projected benefit security ratio, while 22 experienced an increase — six of which improved by 10 basis points or more

The executive summary can be downloaded by the filling out the form on the right.

For further information on our Global Survey of Accounting Assumptions for Defined Benefit Plans, please contact your regional WTW consultant.