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1、 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.International Pension Plan Survey 2023February International Pension Plans(IPPs)or International Savings Plans(ISPs)are vehicles often used by multinational employers to provide retirement and/or savings facilities for employees

2、unable to be retained in(home)country arrangements or for whom a more traditional(host)local solution is not appropriate or available.In the last 15 years,the IPP survey has evolved extensively,with a significantly increasing volume of plans surveyed from 60 plans in 2008 to 1,023 plans in 2023.As c

3、an be seen in the table below,there has been a clear shift from Defined Benefit(DB)to Defined Contribution(DC)plans to date,with average employee contribution rates remaining fairly consistent and employer contribution rates increasing slightly in the more recent years.Eligibility is no longer large

4、ly limited to expatriate populations,but extends to executive groups,locals in countries facing economic challenges,populations in countries where local plans do not exist or are of poor value or perhaps are not offered to foreigners.It has also become a“catch-all”solution for various other scenario

5、s,as described in the Case Study at the end of this report.2 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.Welcome to the 15th edition of the annual WTW International Pension Plan(IPP)SurveyThis report summarises the results of the 2023 IPP Survey,conducted by WTW in Q3 and Q

6、4 in 2022,analysing plan design elements and membership criteria.Despite the change in the report format this year,the survey questions are largely consistent with prior years for continuity and comparability purposes.As in prior years,the membership criteria(plan size and location),plan design(DC,D

7、B or hybrid),funding,vesting criteria,vehicle,contribution rates,investment funds and distribution options have been analysed.This survey includes an overview of key trends and developments observed in the past year,including Environmental,Social and Governance(ESG)investment considerations,the sove

8、reign debt crisis,the Ukraine war,Diversity,Equity and Inclusion(DEI)considerations and rampant inflation.Source:International Pension Plan Survey 2023200820152023Number of plans607211,023%DC(vs DB)63%91%(2%hybrid)94%(1%hybrid)Employer average contribution rates(DC)6-10%5-9%10-14%Employee average co

9、ntribution rates(DC)Typically non contributoryWhen applicable,6-10%Typically non contributoryWhen applicable,5-9%Typically non contributoryWhen applicable,5-9%3About the surveyThe latest 2023 survey covers 955 multinational companies sponsoring 1023 IPPs or ISPs.2023 WTW.Proprietary and confidential

10、.For WTW and WTW client use only.Source:International Pension Plan Survey 2023of the IPPs and ISPs surveyed were established in the last five years23%is the estimated total AUM for the IPPs and ISPs surveyed$19.3 billionhas the largest concentration sponsoring IPPs/ISPsBanking and Financeis the memb

11、ership range participating in IPPs/ISPs surveyed across the globe1 6000are the number of IPPs and ISPs covered in this years survey which are sponsored by 955 Executive Summary 2023 WTW.Proprietary and confidential.For WTW and WTW client use 5Executive Summary 2023 WTW.Proprietary and confidential.F

12、or WTW and WTW client use only.3 in 4 IPPs/ISPs offer immediate vesting.Where vesting rules do exist,the available options are typically between a phased or a flat vesting schedule.Plan VehicleIncreasing prevalenceEmployees savings protectionTrust-based vehicles continue to be the most popular way t

13、o segregate and protect member assets.Contract-based plans are also common due to historic cost of trust provision or general aversion to trusts in some regions.Vesting period1 in 8 plans are offered to local employees in countries operating in challenging political and economic circumstances.Provid

14、ers also allow early,partial,and/or hardship withdrawals in response to economic conditions.A significant shift in interest to set up new IPPs/ISPsfrom intergovernmental and non-governmental organisations.The number of plans that offer access to external fund managers continue to increase and is the

15、 most popular offering.Defined contribution(DC)plans remain the most prevalent design basis,with defined benefit(DB)plans still in operation but closed to new members.ESG considerationsLifestyle strategiesESG considerations is an emerging focus for these plans with 163 plans indicating that they rev

16、iewed the fund range in the past 12 months for ESG considerations(which includes DEI audits).1 in 3 plans offer more than one lifestyle option to provide for different membership demographics,risk profiles or currencies.Contribution design featuresSource:International Pension Plan Survey 2023Fund Su

17、rvey Participants 2023 WTW.Proprietary and confidential.For WTW and WTW client use Banking and finance is the top industry followed by Oil and Gas7 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.#12Entertainment#13Hotel and Leisure#14Education#15Mining#16Construction and Prope

18、rty#17Insurance#18Logistics#19Chemical#20Health Care#21Medical Devices#22Other2%2%2%2%2%2%0%0%0%0%2%*Please note this is 0%due to roundingSource:International Pension Plan Survey 2023*#1Banking and Finance#2Oil and Gas#3Consumer Goods and Retail#4Food and Drink#5Industrials#6Transport and Travel#7Te

19、chnology#8Non-profit Organisation#9Engineering and Power#10Pharmaceuticals#11Telecoms26%9%7%7%6%6%6%6%6%4%3%Most common membership size includes between 0 to 9 members followed by 50 to 199 members8 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.Membership Size27%12%17%23%10%6

20、%5%0 to 910 1920 4950 199200 499500 9991,000 andaboveIPPs and ISPs serve any number of members:35 have only one active member3 have 5,000 or more total membersTotal number of plans:909Not disclosed:114Source:International Pension Plan Survey 2023No.of Over half of the plans reported assets under man

21、agement of less than US$5 million9 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.The total assets under management for IPPs and ISPs covered in our survey is estimated to be approximately US$19.3 billion,an increase of 5%from last yearAUM(In USD million)26%27%10%12%8%5%5%1%0%

22、6%Less than11 to 55 to 1010 to 2525 to 50 50 to 100100 to250250 to500Morethan 500UnfundedAssets under management*Please note this is 0%due to roundingTotal number of plans:778;Not disclosed:245Source:International Pension Plan Survey 2023*Benefits at retirement is the objective of most plans,though

23、1 in 3 also report a savings objective10 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.Total number of plans:953|Not disclosed:70Source:International Pension Plan Survey 202371%29%Retirement ObjectiveSavings Objective275 Plans678 PlansThe strategic intent of many IPPs and ISP

24、s is to provide a top-up or replacement benefit for international or expatriate employees who are no longer eligible for their home country plans or who face a shortfall or no benefit from host country plansObjectives of IPPs and ISPThe majority of plans are set up for expatriates who are not covere

25、d by any home country plans11 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.51%13%21%15%Expatriates These are employees who can no longer remain in their home country plans and/or could not or should not participate in a host country arrangementFor executives onlyThese are ty

26、pically top management enrolled in IPPs and ISPs either as nomads,or offered IPP and ISP membership as an incentive to take on a new role in another countryAll local employeesIPPs and ISPs are commonly used for local employees based in countries with inadequately developed savings or retirement plan

27、 markets but with a demand for efficient short-or long-term savings vehicles or retirement benefitsOther*This catch-all category encompasses other employer-defined criteriaMembership criteria*Other includes other employer defined criteria such as all members of a legacy DB arrangement or non-US empl

28、oyees who are transferred to another country and are not enrolled in another pension planSource:International Pension Plan Survey Twenty-six percent of the surveyed IPPs and ISPs covered EuropeMore than half of the plans are described as global12 2023 WTW.Proprietary and confidential.For WTW and WTW

29、 client use only.1%3%6%6%26%3%CaribbeanLatin AmericaAfricaMiddle EastAsiaEuropeIPPs and ISPs are more often offered where the local savings or retirement plan market is:UnderdevelopedOffering no or minimal tax advantagesRequiring investment in local instruments such as bonds(that are often at high r

30、isk of default)Offering restricted investment optionsHaving few local providers offering quality administration and communication services Global-55%Source:International Pension Plan Survey 1 in 8 plans are offered to local employees in countries operating in challenging political and economic circu

31、mstances13 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.IPPs and ISPs providing security for savings:At least 15 countries have defaulted on their government debt instruments in the last 2 years and at least a dozen are at risk of default in the near futureIPPs and ISPs can

32、safeguard employees savings and protect them from any local economic and political turbulence,including countries experiencing high levels of inflationEgyptVenezuelaArgentinaIraqLebanonLibyaSri LankaAngolaEcuadorZimbabweRussiaBelizeUkrainePuerto RicoTurkeySyriaUgandaSurinameZambia3231281615141413131

33、1877663321Source:International Pension Plan Survey 2023Plans offered in countries with challenging Operational structure 2023 WTW.Proprietary and confidential.For WTW and WTW client use Trust based vehicles are the most popular structure to establish plans 2023 WTW.Proprietary and confidential.For W

34、TW and WTW client use only.63%37%TrustContract Contract-based plans are also common,which may be due to the historic cost of trust provision as well as a general aversion to trusts in certain regions Contract based arrangements are also common where the sponsoring employer often needs to maintain co

35、ntrol over the underlying assets for e.g.,using IPPs and ISPs as funding vehicles for mandatory termination indemnities,gratuities or end of service benefits(ESBs)Pension assets held within plans are most commonly retained in trust vehicles in offshore locations Total number of plans:961Not disclose

36、d:62Source:International Pension Plan Survey 2023,End-of-Service Benefits in the Middle East 2022Plan Luxembourg and Isle of Man are the most common domiciles with 1 in 2 plans based there 16 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.27%25%22%21%3%1%0%0%0%1%LuxembourgIsle

37、 of ManGuernseyJerseyHong KongCaymanBermudaSingaporeUnited ArabEmiratesOther*Please note this is 0%due to roundingTotal number of plans:924;Not disclosed:99Source:International Pension Plan Survey 2023Most providers offering contract-based arrangements are domiciled in Luxembourg and therefore those

38、 plans will by default be contracted in this locationFor Trust-based arrangements set up in the last five years,the Isle of Man(65%)is the most popular choice of domicileDomicile of IPPs&ISPPlan design features17 2023 WTW.Proprietary and confidential.For WTW and WTW client use Pensionable salary is

39、most commonly defined as base salary only 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.All RemunerationOtherBase Salary+Bonus+AllowancesBase Salary+BonusBase Salary only58%23%4%1%14%A number of IPPs and ISPs include all remuneration(93 IPPs and ISPs),which may include commis

40、sions and benefits-in-kindNot applicable(Plan closed):9Total number of plans:684;Not disclosed:330Source:International Pension Plan Survey DC plans are the most common with DB plans typically closed to new members and falling in numbers19 2023 WTW.Proprietary and confidential.For WTW and WTW client

41、use only.DB PlansDC Plans94%In our survey,only five DB plans have been set up since 2012,and none in the past five years.DB plans were prevalent historically but now exist on a smaller scale1%The intersection represents the hybrid plans which are a combination of traditional DB and DC plans with an

42、individual retirement savings account to which both,employer and employee contributeThe vast majority(95%)of IPPs and ISPs are funded;with only 5%unfunded,according to our survey.72%of DB IPPs and ISPs are fundedFunded status5%Total number of plans:1012Not disclosed:11Source:International Pension Pl

43、an Survey When there are any waiting periods,they are typically one year or less3 in 4 Plans offer immediate access20 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.Total number of plans:909Not disclosed:114Source:International Pension Plan Survey 2023Vesting Period13%PhasedIn

44、 a phased vesting schedule,member gradually becomes entitled to employer contributions over a number of years 11%Flat/CliffIn a flat vesting schedule,the member receives employer contributions aftera specified number of years of participation76%ImmediateBenefit vests immediatelyVesting PeriodVesting

45、 PeriodVesting PEmployer contributions generally vest completely within three to five years of initial participation for organisations with vesting periods21 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.One yearTwo yearsThree yearsFour yearsFive yearsSix years10 yearsOther1%

46、7%25%10%25%6%7%19%Source:International Pension Plan Survey 2023Total number of plans:98Not disclosed:17Less than one yearOne yearTwo yearsThree yearsFour yearsFive yearsSix years10 yearsOther8%18%17%20%4%27%0%2%4%Total number of plans:96Not disclosed:7Phased vesting scheduleFlat vesting Defined Cont

47、ribution(DC)Plans22 2023 WTW.Proprietary and confidential.For WTW and WTW client use Contribution design(DC plans only)23 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.Newer DC plans are generally moving away from service and age-related scales and report either a flat rate f

48、or all employees or different flat rates for different groups of employees.In this years survey,68%of IPPs set up in the past five years reported a flat rate,and about 52%of these do not offer employer matching.Where matching is offered,1:1 is the most commonService related(95 IPPs)Age related(76 IP

49、Ps)Flat(420 IPPs)1:1 Matching5%1:2 Matching0%*No Matching6%Other0%*1:1 Matching1%1:2 Matching0%*No Matching8%Other0%*1:1 Matching11%1:2 Matching1%No Matching33%Other6%Employer funded0%*Closed18%Other10%11%9%51%Total number of plans:825;Not disclosed:125*Please note this is 0%due to rounding.Matching

50、 ratios shown above are Employee to EmployerSource:International Pension Plan Survey 2023Age-related is becoming less popular with employers due to discrimination Contribution design(DC plans only)24 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.There are 150 IPPs and ISPs th

51、at are closed to new members,the majority of which are historic plans that were set up for UK executives.The Other category includes IPPs and ISPs which have discretionary contributions either annually or at different times(such as a top-up for an executive with another local pension plan).Total num

52、ber of plans:825;Not disclosed:125*Please note this is 0%due to rounding.Matching ratios shown above are Employee to EmployerSource:International Pension Plan Survey 2023Service related(95 IPPs)Age related(76 IPPs)Flat(420 IPPs)1:1 Matching5%1:2 Matching0%*No Matching6%Other0%*1:1 Matching1%1:2 Matc

53、hing0%*No Matching8%Other0%*1:1 Matching11%1:2 Matching1%No Matching33%Other6%Employer funded0%*Closed18%Other10%Employer contributions(DC plans)are typically between 10%-14%25 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.27%22%32%13%2%1%3%7%33%25%19%10%1%5%8%33%43%7%3%6%Nil

54、 5%5%-9%10%-14%15%-19%20%or moreOther5%5%-9%10%-14%15%-19%20%or moreNo maximumOther5%5%-9%10%-14%15%-19%20%or moreOtherSource:International Pension Plan Survey 2023Total plans-512Non-contributory plans-40Closed plans-150Not disclosed plans-248Total plans-482Non-contributory plans-40Closed plans-150N

55、ot disclosed plans-278Total plans-181Non-contributory plans-40Closed plans-150Not disclosed plans-579MinimumMaximumAEmployee contributions(DC Plans)are largely voluntary,otherwise typically between 5%-9%26 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.48%28%21%2%1%9%31%13%10%

56、16%10%11%27%44%15%3%8%3%Source:International Pension Plan Survey 2023Total plans-431Non-contributory plans-148Closed plans-142Not disclosed plans-229Total plans-365Non-contributory plans-149Closed plans-146Not disclosed plans-290Total plans-115Non-contributory plans-153Closed plans-139Not disclosed

57、plans-5435%5%-9%10%-14%15%-19%20%or moreOther5%5%-9%10%-14%15%-19%20%or moreNo maximumOtherNil 5%5%-9%10%or moreOtherMinimumMaximumAInvestment Options27 2023 WTW.Proprietary and confidential.For WTW and WTW client use The majority of IPPs/ISPs offer access to external fund managers28 2023 WTW.Propri

58、etary and confidential.For WTW and WTW client use only.Asset classes include global/regional equity,global bonds,emerging markets,diversified,commercial property,ESG,commodities,Shariah and cash70%Offering external funds29%Offering internal funds1%Offering both external&internal fundsIPPs and ISPs o

59、ffer a large range of investment funds,often from guided or open architecture investment platforms or gateways through specialist providersThe funds available are often best of breed,being drawn from the wide universe of investment funds and investment managers available in the offshore marketFund m

60、anagementNot applicable(including funded):21Total number of plans:882;Not disclosed:120Source:International Pension Plan Survey Fund management29 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.Sustainable funds,which use ESG criteria to evaluate investments,have gained popular

61、ity.This year,163 plans indicated they reviewed the fund range in the past 12 months for ESG considerations.Additionally,6 out of 10 providers reported increased interest in a broader fund range which not only focuses on carbon reduction but also other ESG criteria,including clean water,healthcare,a

62、nd Shariah.Many fiduciaries of IPPs and ISPs are also focusing on ensuring their investment funds offer sufficient protection against inflation and there is a growing interest in broader equity funds,commodities,properties and certain bonds that provide inflation protection.The fund range in the off

63、shore market includes both actively and passively managed funds,with several IPPs and ISPs offering both active and passive alternatives in core asset classes,such as global equity and global bonds.Source:International Pension Plan Survey 2023Management StyleRising InflationEnvironmental,Social&Gove

64、rnance(ESG)Half of the IPPs/ISPs offer one or more lifestyle strategy(ies)30 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.012345 or more17%49%14%1%15%4%34%of the IPPs and ISPs offer more than one lifestyle option to different memberships with different demographics,risk prof

65、iles and currencies.There are also US-style target-date funds being offered on some provider platforms that aim to achieve similar de-risking objectives as lifestyle strategiesSource:International Pension Plan Survey 2023Number of Lifestyle Almost half of IPPs/ISPs in our survey offer up to 10 inves

66、tment funds for members to choose from31 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.0%*30%15%9%10%18%17%1%06-101-511-1516-20More than 4021-40Cash onlyNumber of Investment Funds*Please note this is 0%due to roundingTotal number of plans:933;Not disclosed:90Source:Internatio

67、nal Pension Plan Survey 20233 in 5 plans set up in the past five years offer up to 10 funds,which suggests the trend is to offer a narrower range of funds to 1 in 5 IPPs and ISPs indicate having an Investment Governance Committee32 2023 WTW.Proprietary and confidential.For WTW and WTW client use onl

68、y.Total number of plans:749Not disclosed:274Source:International Pension Plan Survey 2023Unlike in the US and UK,where DC is highly developed and Investment/Governance/Management Committees are very commonly used to maintain regular and on-going oversight,the same level of governance and oversight d

69、oes not seem to be provided to the IPP or ISP market currently and its overall presence is relatively lowGiven the average size of IPPs and ISPs being circa 50 members or less(more than 50%in the survey have fewer than 50 members),sponsors may view the plan as being immaterial for DC oversight,and t

70、his may be a reason for the inconsistencyDo you report to an Investment Governance Committee?High investment market volatility in last few years has had a significant impact on values of accumulated funds,which has highlighted the need to have appropriate governance structures in place.ESG,inflation

71、 protection and other key current themes may result in more governance and oversight introduced around IPPs and ISPsYes21%Lump sum cash distribution is the most prevalent distribution option,though drawdown options are becoming more common33 2023 WTW.Proprietary and confidential.For WTW and WTW clie

72、nt use only.55%Lump sum only38%Lump sum and drawdown4%Lump sum and annuity2%Annuity only1%OtherDistribution optionsTotal number of plans:981Not disclosed:42Source:International Pension Plan Survey Provider capabilities34 2023 WTW.Proprietary and confidential.For WTW and WTW client use Providers are

73、showing continued interest in developing financial well-being tools35 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.100%80%70%60%20%40%30%Attitude to risk assessment toolOnline budgeting/projection toolFinancial education workshopsCommunication campaignsFinancial advisors and

74、 plannersMobile appOnline chatFinancial wellbeing toolsTechnological tools7 out of 9 providers have an In-house team for delivering financial wellbeing offerings to plan members*Note these are percentage of providers responding to the questionSource:International Pension Plan Survey Most providers h

75、ave adopted a gender-neutral design for the plans offered36 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.Member communication about plans and their options,to enable informed decision makingAdopt gender neutral design for the plans offeredEngage with sponsors/clients to unde

76、rstand their DEI philosophy and objectivesUndertake periodic DEI audit of funds offered to members Arrange DEI training for members100%86%86%57%29%Actions that promote Diversity,Equity and Inclusion(DEI)*Note these are percentage of providers responding to the questionSource:International Pension Pl

77、an Survey Almost all providers educate members on the impact of exiting from their plans at the wrong time37 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.Educate members on the impact of exiting from plan at wrong timeAllow early/hardship withdrawalsRebalance portfolio to in

78、crease investment in equity or other real assets90%80%38%Actions in response to high inflation*Note these are percentage of providers responding to the questionSource:International Pension Plan Survey 5 out of 8 providers have educated members on the impact of exiting from plan at wrong time38 2023

79、WTW.Proprietary and confidential.For WTW and WTW client use only.63%Member communication on investment portfolio impact(due to sanctions)63%Educate members on the impact of exiting from plan at wrong timeNote these are percentage of providers responding to the questionSource:International Pension Pl

80、an Survey 2023Actions as a result of the Ukraine war with respect to investments in Russia,Belarus or UCase Study39 2023 WTW.Proprietary and confidential.For WTW and WTW client use In the last few years,the world has been impacted by a global pandemic,hyper inflation and political unrest in various

81、parts of the world.These events have shone a light on humanity,resulting in an increased awareness of diversity,equity and inclusion.In addition,the pandemic has validated that workforce globalisation is a possibility which leads to the question of how employers may provide benefits for an increasin

82、gly remote workforce.Case Study40 2023 WTW.Proprietary and confidential.For WTW and WTW client use only.Source:International Pension Plan Survey 2023Global IPP plan as a solutionEfficient,secure&cost effectivePaternalismSolution for mobile and international workforceAddresses ESG(including DE&I)conc

83、ernsProtection against economic challengesCountries with no or poor value plansMinimum plan standardsInvestment ranges and choicesDefault considerationsNeed for DE&I auditsEliminates the need for multiple plans in different countries for employers with a mobile workforceEquity in contributions to em

84、ployees regardless of home countryIPP can be used as a tool to balance out plusses and minuses in social security systems around the worldCountries that have defaulted on government debt(Argentina,Ecuador,Lebanon,Sri Lanka,Suriname,Zambia)Countries at risk of default(Belarus,Egypt,Tunisia,Ukraine)Hy

85、per inflation(Argentina,Ethiopia,Turkey,Venezuela,Zimbabwe)Navigating sanctions challengesGlobal nomads,international assignees,TCNs,secondees,foreigners on local contracts with varying:NationalitiesCurrenciesLanguagesInvestment plansFunding vehicle for End of Service benefits with added bonus of po

86、tential to earn investment return(Middle East)Low prevalence for supplementary DC retirement plans(Central Eastern Europe,Africa,Asia,LATAM)No supplementary systems(Central Eastern Europe,Africa,Asia,LATAM)Various industriesCase Study Developing Trends41 2023 WTW.Proprietary and confidential.For WTW

87、 and WTW client use only.Expected Results:Approach:Background:Leading multi-national companies employ thousands of employees across the world.To support their attraction and retention plans and increase efficiencies,a solution is developing to provide employees globally with a cost-effective long-te

88、rm savings and pension plan,into which contributions can be paid on a monthly basis by either the employees voluntarily or the company on a discretionary basis or both.Local pension plans are retained in countries where quality of pension plans is sufficientIn countries where local pension plans do

89、not exist or are below the standards of the company,employees can enrol on a voluntary basis into an IPP/ISPDepending on the requirements and objectives of the sponsor company,there may be a single IPP/ISP or indeed duplicate IPP/ISP to allow for different categories of members,with varying contribu

90、tion levels.Categories of members may include,but is not limited to:Expatriate populationsForeigners on local contracts based in Asia Pacific and/or the Middle EastExecutivesLocals in certain countries(defaulted or at risk)Country specificTop up vehicleEmployees can be given access to a low cost,ada

91、ptable,secure plan in a hard currency Employers can even highlight that they offer access to pension facilities to all staff globallyAll employees have access to fair,diverse benefits with options to invest in funds that include ESG optionsSource:International Pension Plan Survey 2023About WTWAt WTW

92、(NASDAQ:WTW),we provide data-driven,insight-led solutions in the areas of people,risk and capital.Leveraging the global view and local expertise of our colleagues serving 140 countries and markets,we help you sharpen your strategy,enhance organizational resilience,motivate your workforce and maximise performance.Working shoulder to shoulder with you,we uncover opportunities for sustainable success and provide perspective that moves you.Learn more at 2023 WTW_88150 WTW.All rights