영국의 100대 기업중 절반 이상이 10년 안에 기업의 DB자산에서 퇴직자에게 지급하던 연금을 외부로 이전(Pension Buy-out)할 것으로 예상된다.

우리나라를 제외한 대다수 국가에서 DB제도는 근로자가 퇴직시에도 국민연금처럼 기업이 종신연금을 퇴직자에게 주는 제도이다.
그러나 영국의 경우 2009년부터 2018년 까지 기간동안 세전이익이 57조파운드에서 134조파운드로 두배 넘게 늘어났지만 DB에 투입하는 보충부담금은 감소한 것으로 나타났다.

기업이 발생한 이익을 어떻게 배분하느냐에 따라 주주배당과 연기금 보충부담금이 결정되는데, 이러한 추세는 당분간 계속될 것으로 보인다.
기업이 장수리스크를 헷지 등을 위해 이런 의사결정을 하고 있는 것으로 보이는데, 영국의 감독원(TPR)은 이러한 추세를 예의주시하고 있다.

출처 : https://www.theactuary.com/news/2019/06/half-of-ftse-100-db-pension-schemes-could-buyout-by-2028/?fbclid=IwAR13194peih6yysXoRvbrFZWmMxuZb_OQoLMi-7rJnnrXICv76MLHZhnsXo

Half of FTSE 100 DB pension schemes could buyout by 2028

More than half of the UK’s 100 largest listed companies will be able to buyout their defined benefit (DB) pension scheme within 10 years, research by Barnett Waddingham has found.

01 JULY 2019 | CHRIS SEEKINGS

DB deficit contributions fall as profits rise ©Shutterstock

The consultancy firm estimates that 20% of FTSE 100 companies will be in a position to buyout their DB scheme within five years, and that 55% will be by 2028.

This comes after post-tax profits for these firms more than doubled from £57bn to £134bn between 2009 and 2018. However, DB deficit contributions fell during that time.

Barnett Waddingham said that diverting an extra 6% of profits into companies’ pensions would allow 70% of FTSE 100 DB schemes to buyout within the next 10 years.

“The DB endgame is increasingly a realistic short-term focus for many companies, and the dividend versus deficit contribution balance is a key lever,” partner, Nick Griggs, said.

The findings show that payments to shareholders increased by 171% to £120bn between 2009 and 2018, while contributions to DB schemes fell 10% to £8.3bn per year.

However, the researchers estimated that doubling annual pension contributions to £16.6bn would allow 30% of FTSE 100 firms to buyout their DB liabilities within five years.

And if current deficit contributions increased by five times, then 60% of FTSE 100 schemes would be in a position to buyout in the next five years.

Barnett Waddingham said that companies would still pay out three times as much to shareholders as they do to pension schemes by taking this more radical approach.

But it warned that political instability and economic uncertainty could disrupt pension deficits, and that The Pensions Regulator (TPR) is likely to be increasingly interventionist.

“Having a robust, coherent plan in place for the DB endgame journey will be the best defence against any intervention from TPR as it will take comfort from the framework that has been put in place,” Griggs added.

미국 확정급여형 퇴직연금의 적립비율이 떨어지고 있다고 합니다.
S&P1500 회사들을 상대로 Mercer가 추계해봤는데 2월말보다 1%p 떨어져서 3월말기준으로 87%까지 낮아졌다고 하네요.

2월 자본시장에서 수익률이 낮아지는 통에 연금부채에 적용하는 할인율을 5bp낮춘 3.92%를 적용하는 통에 적립부족액이 2월 $262bill(약 287조원)에서 $286bill(약 304조원)으로 늘었답니다.

출처 : http://www.pionline.com/article/20180405/ONLINE/180409897/us-corporate-pension-funding-ratios-dip-in-march-8211-4-reports

U.S. corporate pension funding ratios dip in March – 4 reports

By James Comtois · April 5, 2018 4:13 pm · Updated 6:10 pm

U.S. corporate pension funding ratios dipped slightly to about 86% in March, according to reports from Mercer, Wilshire Consulting, Conning, and Aon Hewitt.

According to Mercer, the estimated aggregate funding ratio of defined benefit plans sponsored by S&P 1500 companies was 87% as of March 31, down 1 percentage point from February on the back of negative equity market returns.

Discount rates decreased by 5 basis points in March to 3.92%. The S&P 500 and MSCI EAFE indexes decreased 2.7% and 2.2%, respectively.

The estimated aggregate deficit of pension fund assets of S&P 1500 companies totaled $286 billion as of March 31, up $24 billion from the $262 billion measured at the end of February.

"March snapped a streak of funded status gains dating back to August 2017, as it fell back slightly," said Matt McDaniel, a partner in Mercer's wealth business, in a news release on the results. "During this period, interest rates and equity valuations have both risen markedly. Plan sponsors should look to see if their pension policies are aligned for current market conditions. While the drop in funded status for March was small, history has shown us it is a question of 'when' — not 'if' — funded status volatility will return."

According to Wilshire, the aggregate estimated funding ratio for U.S. corporate pension plans sponsored by S&P 500 companies decreased by 1.6 percentage points to end March at 86.8%, yet remains up 3.6 percentage points over the trailing 12 months.

The monthly change in funding resulted from the combination of a 1.1% increase in liability values and a 0.8% decrease in asset values. Despite March's decline, the aggregate funded ratio is up 2.2 and 3.6 percentage points, respectively, year-to-date and over the trailing 12 months.

"March was the second consecutive month that saw funded ratios driven lower by negative total asset returns," said Ned McGuire, managing director and a member of the pension risk solutions group at Wilshire Consulting, in a news release on the results. "March's 1.6-percentage-point decrease in funding was the largest drop in 21 months. The retracement in funding was led by a decline in global equities and a rise in liability values that resulted from a nearly 10-basis-points decrease in the bond yields used to value pension liabilities."

Meanwhile, Conning's pension funded status tracker model that follows the funding of the average corporate pension plan in the Russell 3000 universe found the funding ratio of the average Russell 3000 pension plan fell by 1 percentage point to 85% in March from 86% in February. This was mainly driven by a fall in global equity markets by around 2% due to global trade war concerns.

The average plan's liability also increased marginally as the effective discount rate fell by 10 basis points to 3.8% over March.

Year-to-date, the funded status is still up by 2 percentage points.

According to the Aon Pension Risk Tracker, the aggregate funding ratio for U.S. pension plans in the S&P 500 decreased to 86.5% in March from 87.7% at the end of February. Pension fund assets saw a -0.4% average return in March, according to Aon Hewitt.

Year-to-date through March 31, the funded status improved to 86.5% from 85.6% at the end of 2017. The funding deficit decreased by $31 billion this year, which was driven by a decrease in liabilities of $79 billion, offset by an asset decrease of $48 billion year-to-date.