Global equity markets continued to post double-digit gains in 2013, as the S&P 500 rose 29.60% (13.41% in 2012) and the S&P Global BMI Ex-U.S.
S&P has released their annual S&P 500 Pension report. The short bottom line is that, in aggregate, pensions and OPEBs have become an acceptable and manageable expense for S&P 500 issues with respect to their underlying assets, earnings and cash-flow. For individuals, the additional responsibility has been shifted from corporations to them for pensions, and is already well underway for OPEBs, with the government, directly or indirectly, the ‘insurer’ of last resort – and individuals, directly or indirectly, the ‘insurer’ of the government.
Some of the findings of the report are:
Global equity markets continued to post double-digit gains in 2013, as the S&P 500 rose 29.60% (13.41% in 2012) and the S&P Global BMI Ex-U.S. posted a gain of 13.39% (14.05% in 2012). These gains, while significantly adding to assets, were insufficient to counter the increase in liabilities due to artificially low interest rates.
The authors is Senior Index Analyst, S&P Dow Jones Indices
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