v3.26.1
Retirement Benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Retirement Benefits

Note 11 — Retirement Benefits

Defined Benefit Plans

WTW sponsors both qualified and non-qualified defined benefit pension plans throughout the world. The majority of our plan assets and obligations are in the U.S. and the U.K. We have also included disclosures related to defined benefit plans in certain other countries, including Canada, France, Germany, Switzerland and Ireland. Together, these disclosed funded and unfunded plans represent 98% of WTW’s pension obligations and are disclosed herein.

Components of Net Periodic Benefit Cost/(Credit) for Defined Benefit Pension Plans

The following tables set forth the components of net periodic benefit cost/(credit) for the Company’s defined benefit pension plans for the three and six months ended June 30, 2026 and 2025:

 

 

 

Three Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

 

U.S.

 

 

U.K.

 

 

Other

 

 

U.S.

 

 

U.K.

 

 

Other

 

Service cost

 

$

8

 

 

$

2

 

 

$

3

 

 

$

10

 

 

$

2

 

 

$

4

 

Interest cost

 

 

42

 

 

 

30

 

 

 

7

 

 

 

32

 

 

 

31

 

 

 

7

 

Expected return on plan assets

 

 

(63

)

 

 

(48

)

 

 

(12

)

 

 

(51

)

 

 

(45

)

 

 

(12

)

Settlements

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of net loss

 

 

18

 

 

 

16

 

 

 

—

 

 

 

7

 

 

 

16

 

 

 

—

 

Amortization of prior service credit

 

 

—

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

Net periodic benefit cost/(credit)

 

$

5

 

 

$

1

 

 

$

—

 

 

$

(2

)

 

$

3

 

 

$

(1

)

 

 

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

 

U.S.

 

 

U.K.

 

 

Other

 

 

U.S.

 

 

U.K.

 

 

Other

 

Service cost

 

$

17

 

 

$

3

 

 

$

6

 

 

$

20

 

 

$

3

 

 

$

7

 

Interest cost

 

 

83

 

 

 

60

 

 

 

14

 

 

 

68

 

 

 

60

 

 

 

13

 

Expected return on plan assets

 

 

(126

)

 

 

(95

)

 

 

(24

)

 

 

(106

)

 

 

(87

)

 

 

(22

)

Settlements

 

 

—

 

 

 

—

 

 

 

5

 

 

 

82

 

 

 

3

 

 

 

—

 

Amortization of net loss

 

 

36

 

 

 

32

 

 

 

—

 

 

 

16

 

 

 

31

 

 

 

—

 

Amortization of prior service credit

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

—

 

Net periodic benefit cost/(credit)

 

$

10

 

 

$

2

 

 

$

1

 

 

$

80

 

 

$

8

 

 

$

(2

)

 

Employer Contributions to Defined Benefit Pension Plans

The Company did not make any contributions to its U.S. plan during the six months ended June 30, 2026 and currently does not anticipate making contributions over the remainder of the fiscal year. The Company made contributions of $1 million to its U.K. plans for the six months ended June 30, 2026 and anticipates making additional contributions totaling $1 million for the remainder of the fiscal year. The Company made contributions of $1 million to its other plans for the six months ended June 30, 2026 and anticipates making additional contributions totaling $1 million for the remainder of the fiscal year.

Annuity Purchase

In February 2025, the Company’s Willis Towers Watson Pension Plan for U.S. Employees, a qualified pension plan (‘the Plan’), purchased a nonparticipating single premium group annuity contract from a third-party insurance company and irrevocably transferred to that insurance company approximately $423 million of the Plan’s defined benefit pension obligations and related plan assets, thereby reducing the pension obligations and assets of the Plan by this same amount. The group annuity contract was purchased using assets of the Plan and no additional funding contribution was required by the Company. As a result of this transaction, WTW recognized a one-time, non-cash pre-tax pension settlement charge of $82 million in the first quarter of 2025, attributable to the accelerated recognition of accumulated actuarial losses of the Plan.

Defined Contribution Plans

The Company had defined contribution plan expense of $42 million and $83 million during the three and six months ended June 30, 2026, respectively, and $41 million and $81 million during the three and six months ended June 30, 2025, respectively.