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GlobalPensionAssetsStudy2016©2016WillisTowersWatson.Allrightsreserved.©2016WillisTowersWatson.Allrightsreserved.ProprietaryandConfidential.ForWillisTowersWatsonandWillisTowersWatsonclientuseonly.2ExecutiveSummaryGlobalPensionAssetsStudy2016GlobalPensionAssetsStudy20163SurveyCoverage§Thestudycovers19majorpensionmarkets,whichtotalUSD35,438billioninpensionassetsandaccountfor80.3%oftheGDPoftheseeconomies.Chile,IndiaandSpainwereaddedtothisyear’sstudy.Weusetheshorthand‘P19’todenotethem.§Weperformadeeperanalysisforsevenofthesemarkets(Australia,Canada,Japan,Netherlands,Switzerland,UKandUS)andusetheshorthand‘P7’todenotethem.TheP7countriescomprise92.9%oftotalassets.§Theanalysisisorganisedinfoursections:§Assetsize,includinggrowthstatisticsandcomparisonofassetsizewithGDP(P19)§Assetallocation(P7)§DBandDCshareofpensionassets(P7)§Thefacesofchange©2016WillisTowersWatson.Allrightsreserved.ProprietaryandConfidential.ForWillisTowersWatsonandWillisTowersWatsonclientuseonly.UKCanadaFranceGermanyHKIrelandJapanNetherlandsSwitzerlandAustraliaBrazilSouthAfricaCanadaNetherlandsSwitzerlandUKUSAustraliaMalaysiaMexicoSouthKoreaUSIndiaSpainChileJapanP19P7GlobalPensionAssetsStudy20164KeyFindingsP19pensionassetsattheendof2015§Attheendof2015,totalpensionassetswereestimatedatUSD35,438billion,whichrepresentsadecreaseof0.5%comparedtoUSD35,620billionattheendof2014.§PensionassetsrelativetoGDPreached80.3%in2015,whichrepresentsadecreaseof3.9%fromthe2014ratioof84.2%.§ThelargestpensionmarketsaretheUS,UKandJapanwith61.5%,9.0%and7.7%oftotalpensionassetsinthestudy,respectively.§InUSDterms,thepensionassetsgrowthrateofthesethreelargestmarketsin2015were0.3%,-2.1%and2.0%respectively.§ItisimportanttocaveattheimpactofthecurrencyexchangerateswhenmeasuringthegrowthofpensionassetsinUSD,asinmanycases,theresultsvarysignificantlywiththoseinlocalcurrencyterms.©2016WillisTowersWatson.Allrightsreserved.ProprietaryandConfidential.ForWillisTowersWatsonandWillisTowersWatsonclientuseonly.GlobalPensionAssetsStudy20165KeyFindingsP7assetallocationattheendof2015§Attheendof2015,theaverageglobalassetallocationofthesevenlargestmarketswas44%equities,29%bonds,24%otherassets(includingrealestateandotheralternatives)and3%cash.§Theassetallocationpatternhaschangedsince1996.Allocationtootherassetshaveincreasedwhileallocationtoequitiesandbondshavedecreased.§US,AustraliaandtheUKhavehigherallocationstoequitiesthantherestoftheP7markets.Switzerland,JapanandtheNetherlandshavemoreconservativeinvestmentstrategies–higherallocationtobonds.©2016WillisTowersWatson.Allrightsreserved.ProprietaryandConfidential.ForWillisTowersWatsonandWillisTowersWatsonclientuseonly.P7DB/DCallocationattheendof20151§Duringthelast10years,DCassetshavegrownatarateof7.1%pawhileDBassetshavegrownataslowerpaceof3.4%pa.§DCassetsrepresent48.4%oftotalP7pensionassets,inlinewiththeestablishedtrendtowardsthegrowingdominanceofDCplans.§DCisdominantinAustraliaandtheUS.JapanandCanada,bothpredominantlyonlyDB,arenowshowingsignsofashifttoDC.1DCassetsinSwitzerlandarecashbalanceplansandareexcludedfromthisanalysis.GlobalPensionAssetsStudy20166Keyfindings-FiguresCountryTotalAssets2015(USDbillion)Assets/GDPratio(%)6Australia1,484119.6%Brazil118010.0%Canada1,52597.0%Chile282117.5%France1516.2%Germany242712.7%HongKong12339.9%India944.3%Ireland12856.1%Japan32,74666.7%Malaysia19060.6%Mexico17715.2%Netherlands1,378183.6%SouthAfrica18157.2%SouthKorea54539.1%Spain413.3%Switzerland4804118.7%UK3,204111.9%US521,779121.2%Total35,43880.3%©2016WillisTowersWatson.Allrightsreserved.ProprietaryandConfidential.ForWillisTowersWatsonandWillisTowersWatsonclientuseonly.1Onlyincludepensionassetsfromclosedentities.2Onlyincludepensionassetsforcompanypensionschemes.3Doesnotcontaintheunfundedbenefitobligationofcorporatepensionplans(accountreceivables).4Onlyincludesautonomouspensionfunds.Doesnotconsiderinsurancecompaniesassets.5IncludesIRAs.6Assets/GDPratioforindividualmarketsarecalculatedinlocalcurrencyterms,andtotalAssets/GDPratioiscalculatedinUSD.Source:WillisTowersWatsonandsecondarysources52%40%68%95%96%95%13%48%60%32%5%4%5%87%DBDCGlobalPensionAssetsStudy20167Keyfindings-Figures©2016WillisTowersWatson.Allrightsreserved.ProprietaryandConfidential.ForWillisTowersWatsonandWillisTowersWatsonclientuseonly.DB/DCSplit20151Assetallocation2015Source:WillisTowersWatsonandsecondarysources1InSwitzerlandDCstandsforcashbalance,wheretheplansponsorsharestheinvestmentriskandallassetsarepooled.TherearealmostnopureDCassetswheremembersmakeaninvestmentchoiceandreceivemarketreturnsontheirfunds.Therefore,Switzerlandisexcludedfromthisanalysis..44%47%43%29%33%31%39%48%29%23%37%35%52%57%31%14%24%27%18%29%15%9%27%21%3%2%3%7%3%2%17%P7USUKSwitzerlandNetherlandsJapanCanadaAustraliaEquityBondsOtherCashRelativeproportionoftop300pensionfunds8©2016WillisTowersWatson.Allrightsreserved.ProprietaryandConfidential.ForWillisTowersWatsonandWillisTowersWatsonclientuseonly.19%19%18%17%17%47%47%47%44%43%0%5%10%15%20%25%30%35%40%45%50%20102011201220132014Top20fundsas%ofGlobalPensionAssets300biggestfundsas%o