1403-1221909 Building a better retirement FINAL2 Building a better retirement world Contents 01...
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1Insights for better outcomes in the global pension and retirement market
Building a better retirement worldInsights for better outcomes in the global pension and retirement market
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2 Building a better retirement world
Contents01 Introduction02 Executive summary03 About this report
04 Pension and retirement heat map06 Framing the right questions
07081012 Acceptance of a new level of regulation, supervision, governance and transparency 14 An increasing focus on operational excellence16 A recalibration of investment functions and investment management18 Find simplicity in complex systems20 Need to connect and become customer-centric
22 Policy reform globally — current status and future opportunities26 Global business opportunities for pension and retirement providers28 EY proposition30 Conclusion31 Overview of 18 pension and retirement markets globally
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Insights for better outcomes in the global pension and retirement market 1
IntroductionMost countries and stakeholders have been struggling to varying
1. Financial adequacy.
2. Financial sustainability.
3. Performance.
4.
5. Political aspects.
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2 Building a better retirement world
1.
2.
3.
4.
5.
6.
7.
leaders throughout the world.
Executive summary
Executive summary
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3
About the report
•
•
About the report
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United States
Mexico
Chile
Canada
Denmark
United Kingdom
Spain
Netherlands
4 Building a better retirement world
Figure 1
Source: EY
Legend of short- to medium- term business opportunities
Not assessed
Pension and retirement heat map
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Mainland China
JapanSouth Korea
Australia
Sweden
Singapore
Hong Kong
Switzerland
Germany
France
5
•
•
•
Pension and retirement heat mapwant to know how to grow new business
will require timely action and change in
market attractiveness methodologies.
Pension and retirement heat map
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6 Building a better retirement world
Aging and longevity have been debated
The tide has turned
environment has turned and to enable
Country context:
How do we build and
Sustainability: What diverse stakeholder needs and economic
sustainable and relevant solutions to
Professionalism: maintain and evolve adequate governance and management solutions that act
Informed decisions: How do we
Predictability: What measures do
Ease of approach: What solutions do we
outcomes: What decisions are
Framing the right questions
Framing the right questions
Figure 2
and retirement. retirement accounts.
Budget and liability focus make retirement a priority
Groups of retiring baby boomers make it real The GFC acted as a catalyst
Source: EY
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Building a better retirement world
one
and retirement systems. This will require
Common responses to current challenges include the following:
In the
liabilities.
Increase retirement age — Many
age to better align to longevity.
but countries like the UK may
Source: Pensions at a Glance 2013
Notes:
Figure 3
Belgium
Canad
aChile
Irelan
d
South Korea
New Zea
land
Norway
Sloven
ia UK US
Australi
a
Mandatory pensionsPension gap
of the plan sponsor or government is a key issue, not just the actual pension promise.” US pension industry executive
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Insights for better outcomes in the global pension and retirement market
Soft compulsion and automatic enrollment —in essentially voluntary systems reduces
automatically enrolled in a retirement
combines advantageous collective
smoothing and collective guarantees
“When it dawns on my students that they will have to pay the bill for current promises, many impulsively want to leave the country.”
Figure 4
age demands innovative solutions
need to work longer.
Working longer Demographics and politics Employment and labor relations
Source: EY
without adequately considering the time
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Building a better retirement world
twochallenge that assets are increasing
system growth in local markets. Within
• Capital market maturity and investment home bias:
bias can be an underlying reason
concentration risk and additional
• Multiple mechanisms to deliver
such as housing or social security
lead to unnecessary burden or
many governments and systems.
• retirement literacy vary by country:
retain member trust and encourage voluntary contributions.
need to evolve concurrently
“We need more agility and stress testing in pensions; the past decade demonstrated that vital assumptions can change more dramatically and quickly than we ever thought.” German industry executive
retirement systems requires
align concurrently. This works
in the local market need to evolve. This requires diverse
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11
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12 Building a better retirement world
threeinherent risk to social and economic
retirement industry is as large as the banking sector or annual gross domestic
in most countries still has a long way
comes at a cost.
“Governments need to pay closer attention to implementing policy and delivery.” Malaysian industry executive
•
•
Acceptance of a new level of regulation, supervision, governance and transparency
Pensions market in focus: 2013
Figure 5
Canad
a
Hong Kong
IndiaIre
land
Nether
lands
South Korea UK US
Australi
a
92%
15%
67%
6%
34%
49%
160%
26%
82%
114%
96%
75%
5%0% 0%
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13Insights for better outcomes in the global pension and retirement market
•
•
and banking
retirement market have evolved over
their governance. Many solutions are
to avoid contagion risks.
“Protecting and appropriately compensating pension and retirement members from provider or sponsor insolvency,
identity theft or cyber-crime is underdeveloped globally — in spite of rapid asset growth and automation.” US pension industry executive
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14 Building a better retirement world
fourand enhancing risk management. Such initiatives come at a substantial cost.
Operational context
Many stakeholders collect and allocate
only two key avenues enable sustainable
retirement “products”
•
•
•
•
“We need to industrialize the pension industry globally to deliver better retirement outcomes.” Swiss pension industry executive
Economies of scale
systems in many countries is very
1. investment returns and substantial
2. have concluded that delivery
management.
3. retirement system delivery
assets under management. This assumes that delivery costs grow
including onboarding members and
delivering statements or assessing
But the dominant global way to
An increasing focus on operational excellence
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15Insights for better outcomes in the global pension and retirement market
Transparency
rare in most countries. This limited
“Operational equity between members from large versus small employers: they pay the same fees, but attract different levels of processing costs.” Chinese industry executive
•
•
•
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16 Building a better retirement world
Risk management
A recalibration of investment functions and investment management
• Aligning risk management to the
the investment management industry and investment instruments used
•
•
and solutions
Another unresolved question is how to include members in investment risk
are increasingly required to run their
risk management solutions that better address member needs. Outsourcing investment decisions to members
Investment operations
global and asset classes within one
“Double-digit returns can make you take your eyes off the ball internally.” US pension industry executive
“Pension funds and asset managers need closer cooperation to resolve big challenges such as decumulation.” US industry executive
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17Insights for better outcomes in the global pension and retirement market
to recalibrate the investment
solutions need to align to the
retirement assets. Only with
be restored.
Decumulation
are wrestling to varying degrees with
but solvency requirements and lower “Most investment principles and answers have existed for years, but are poorly followed by many entities.” Canadian industry executive
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Building a better retirement world
sixand retirement systems are
willingness to contribute voluntarily or
actively manage those dimensions.
through other measures leads to lower
members is vital.
• and social security services
•
• incentives
•
clauses
• abuses
Find simplicity in complex systems
•
• Increase voluntary contributions
• retirement
These three levers require member
contributions less likely. This directly
•
• other choices.
•
“Consumers want engagement when they want it, not when providers have traditionally provided it.” Australian industry executive
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Building a better retirement world
sevenincrease voluntary retirement savings
they want it. Through better customer
needs received little attention or
communication channels were rarely
Need to connect and become customer-centric
across the globe.
similar challenges in retaining members
or understanding.
Interviewees highlight three key
1. Customer strategy:
delivering customers what they want has been a key to success in other industries. This includes
Interviewees noted that making such changes in the historically
2. Customer experience: Members
“A vicious circle: poor member and employer experience adds to disengagement, which adds to higher cost and less money to improve experience.” UK industry executive
“Opt-out and auto-enrollment only address symptoms, but most members want empowerment to make informed decisions: themselves.” UK industry executive
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media and digital solutions are
such tools build connectivity
with stakeholders on demand.
may need to consider the same
that the banking industry
it commenced systematically
3. Communication: Most interviewees
engagement and connectivity.
engagement and how much investment is warranted to increase
“… trying to enhance electronic engagement with members, but coming from a fair way back. We feel this is just the tip of the iceberg of what is really needed.” Australian industry executive
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22 Building a better retirement world
transitional measures to rebalance their
Policy reform globally
Policy reform globally
Figure 6
Adequacy
Sustainability
Investment management
Canad
aChile
Mainlan
d China
Hong Kong
Nether
lands
South Korea
Sweden UK US
Australi
a
High Medium Low
Legend
Source: EY
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23Insights for better outcomes in the global pension and retirement market
Policy reform globally
Figure 7
Two ends of the spectrum
Long-term investment expectations/discount rates
“Politics is about balance, not winning.” US pension fund senior executive
markets and economies means that
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24 Building a better retirement world
United Kingdom• •
• • •
United States• •
•
•
a. b.
c.
Spain• • • •
Canada•
• required to systems
•
Mexico• •
Chile• •
sectors and contribution increases
Policy reform globally
Figure 8
Source: EY
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25Insights for better outcomes in the global pension and retirement market
France•
• Low retirement age
Sweden• • •
Switzerland• •
• Hong Kong•
•
Singapore•
•
Japan•
• •
contribution and retirement age
South Korea•
•
Australia•
• Mandatory contribution increases
•
Mainland China•
•
•
• announced a new voluntary
The Netherlands• •
•
Policy reform globally
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26 Building a better retirement world
Global business opportunities for pension and retirement providers
Global business opportunities for pension and retirement providers
Figure 9
“We see banks and
exploring capital market solutions to funding as well as pension buyouts or pension runoff businesses like in insurance.” US pension industry executive
“Do all stakeholders
long-term horizon and discipline to truly appreciate that the necessary upfront investment to win employers and members and build adequate infrastructure takes a decade to pay off — and create a stable annuity income?” Malaysian industry executive
20302014
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27Insights for better outcomes in the global pension and retirement market
Global business opportunities for pension and retirement providers
Figure 10
“We need a reasonable amount
cost, maintain infrastructure and service capital.”Hong Kong pension industry executive
“We need pensions, but we do not need pension funds.” US pension industry executive
blue ocean business
market
service reach
InnovateMature markets with modest
servicing or outsourcing are common System or the South Korean Individual
international market entrants. How can
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Building a better retirement world
We understand the issuesOur teams have been involved in all
EY proposition
EY proposition
countries. While asking the right
We can align policy, reform and commercial perspectives
We combine insight with experience
Building a better retirement world
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Insights for better outcomes in the global pension and retirement market
Figure 11
Pension and retirement policy, strategic delivery and industry supervision: we support, design, review and evolve
•
and evolution• Assessing
•
and delivery
Enabling areas for your pension and retirement business: we assess, review, design, improve and implement
•
change• Technology
and data•
management•
management
•
•
“Traditional” EY services
• Audit and assurance
• • Transactions
and valuations
Strategic context for your pension and retirement business: we compare and contrast, as well as design, evolve and adjust
• regulatory
•
•
Delivery of outcomes for your pension and retirement business: we assess, review, design, improve and implement
• Investment management
•
and business
• members and
•
• management
• management
Our services for governments, as well as public and private sector pension funds
EY proposition
We understand the issues
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Building a better retirement world
Conclusion
Conclusion
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31
Overview of 18 pension and retirement markets globally
Sources:
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32 Building a better retirement world
Statistics Dependency ratio
Number of pension funds 325
23.2 Pension fund assets as % of GDP
• • • •
• Mandatory savings through
• •
• • •
•
• Additional voluntary
•
• •
Recently implemented•
Recently implemented/in progress•
• • • • •
•
•
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillars 2 and 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: Department of Human Services website; Department of Families, Housing, Community Services & Indigenous Affairs website; Stronger Super website; Minister for Financial Services & Superannuation, Press Release: Super bills pass Parliament and mark completion of reform agenda, 25 June 2013; ASFA, Status of Stronger Super reforms, July 2013; ICAA, Key legislative contribution changes, update as at 1 August 2013; Australian Government Treasury/Charter Group, A super charter: fewer changes, better outcomes, July 2013
Note: Private pension system is referred to as “superannuation.”
Note: Major reform law in 2008 addressing policy issues such as worker coverage, pension adequacy and administrative fees
Australia
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33
• • • • • •
•
•
•
• • • •
investment returns
•
•
• • •
•
• • Annual contribution limits•
Canada
Recently implemented/in progress•
•
•
Recently implemented•
•
•
Statistics Dependency ratio
Number of pension funds
34.4 Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
2011; Service Canada website; Regie du rentes Quebec website; OECD, Pensions at a glance, 2009 and Private pensions outlook, 2008; Social Security Administration (US), International update, May 2013 and January 2012
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34 Building a better retirement world
Statistics Dependency ratio
Number of pension funds
17.6 Pension fund assets as % of GDP
•
•
•
those over 65 who have contributed
with Solidarity Contribution
•
•
•
•
•
•
•
• •
• Additional contributions to mandatory account
•
•
•
Recently implemented•
In discussion•
•
Recently implemented•
•
•
•
on monthly contributions
•
In discussion•
to increase retirement sums
Recently implemented•
In discussion•
savings schemes and incentives
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Superintendencia de Pensiones website; ISSA, Good practices in Social Security: the pension reform in Chile, 2010; Social Security Administration, International update, January 2012 and May 2011; Social Security Bulletin, Next generation of individual account pension reforms, 14 February 2011
Note: Major reform law in 2008 addressing policy issues such as worker coverage, pension adequacy and administrative fees
Chile
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•
•
•
•
•
to individual accounts •
•
• • •
• allowed to manage and administer
•
•
•
Recently implemented•
•
income urban residents
•
Recently implemented•
investments in wealth management
In discussion•
may take some years to resolve
In progress•
insurance scheme has received the
•
Statistics Dependency ratio
Number of pension funds
Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: China Ministry of Human Resources & Social Security website; Asia Insurance Review, China: Foreign insurers to be allowed to take part in pilot runs of national tax-deferred pension plan, 18 July 2013; ADB, Pension systems in East and Southeast Asia - promoting fairness and sustainability, 2012; International Social Security
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36 Building a better retirement world
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• •
• •
• •
•
In progress•
Recently implemented•
•
• Age at which early retirement can be
•
•
•
•
Statistics Dependency ratio
315 Number of pension funds
5.6 Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Sources: ISSA, 2013, ATP, borger.dk, Forsikring & Pension (Danish Insurance & Pension Association)
Pension and Retirement Business Opportunity score
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37
•
•
•
•
•
•
•
based on collective agreements •
•
• •
•
•
•
•
• •
•
Pensions Services Act 2013.
Note: Two-tier system — public pension (Pillar 1) + supplementary mandatory occupational schemes (Pillar 2), based on points system
Recently implemented/in progress• Minimum retirement age
•
•
In discussion•
•
• •
Statistics Dependency ratio
Number of pension funds
Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
2011; European Social Observatory, Current
outcomes and output, 2010
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Building a better retirement world
•
• government subsidies; contribution
•
•
•
•
•
•
•
•
• •
•
•
•
•
•
Recently implemented•
In progress•
Recently implemented•
•
In discussion•
In discussion•
a threat to insurance carriers due to their heavy investment in bonds and
to remove these guarantees
Statistics Dependency ratio
Number of pension funds
Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
2011; Occupational Pensions Association (ABA), 2013; Association of German Insurers (GDV), 2013
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Statistics Dependency ratio
274 Number of pension funds
7.3 Pension fund assets as % of GDP
• Social Security Allowance Scheme •
•
• •
• Contributions covered by government
• •
• •
• additional voluntary contributions
• •
• • •
on scheme regulation
• Voluntary retirement savings•
•
•
Hong Kong
• Recently implemented•
their mandatory contributions and
In discussion•
considering various measures to
•
•
• •
•
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
2011; MPF Schemes Authority website; HK Social Welfare Department website; MPFA, Press release: MPF Employee Choice Arrangement to commence tomorrow, 31 October 2012
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Building a better retirement world
Statistics Dependency ratio
Number of pension funds
Pension fund assets as % of GDP
• • • •
• In addition• •
•
•
monthly salary and bonus• •
• •
•
• businesses
•
•
•
• •
• •
Recently implemented•
In progress•
•
•
In discussion•
•
Recently implemented•
In discussion•
•
•
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: OECD, Pensions at a glance 2011; IMF, The future of occupational pensions in Japan, January 2013; IMF, Social security pension schemes
and the issues, January 2013; Social Security Bulle-tin, The Evolution of Japanese employer-sponsored retirement plans, Vol 67, No 3 (2007)
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41
•
accounts are below a certain threshold
• Based on minimum wage
•
•
• •
•
contributes subsidy to accounts•
•
•
•
•
• mandatory vs voluntary systems
•
• Voluntary retirement accounts
•
In discussion•
•
available to those who are members
• •
•
•
• •
•
In discussion•
Statistics Dependency ratio
Number of pension funds
117.4 Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: OECD, Pensions at a glance, 2011;
Administration (US), International update, Nov 2012 and December 2011; CONSAR, Mexico s pension system: a growing funding source for long term and productive projects, 2013; BBVA, Pension reforms in Latin America: balance and challenges ahead, 2010
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42 Building a better retirement world
•
•
•
•
• Social assistance is available to those with a total income less than
•
•
•
•
•
•
•
• Annuities or endowment insurance
•
•
Netherlands
In discussion• Accelerating the rise in retirement age to
In progress•
•
•
•
• •
In progress•
line with the changes in retirement age and
Statistics Dependency ratio
Number of pension funds
Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: OECD Pensions outlook, 2012 and Pensions at a glance, 2011; Dutch Association of Industry-wide Pension Funds, The Dutch pension system; Social Security Administration (US), International update, April 2012
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43
•
•
•
•
•
•
•
•
setting aside more retirement savings
•
• Individual accounts with various
• account holder
•
Recently implemented•
•
•
•
•
Recently implemented•
Statistics Dependency ratio
277 Number of pension funds
5.2 Pension fund assets as % of GDP
Market structure
Combination of Pillars 1 and 2
Combination of Pillars 1 and 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: OECD, Pensions at a glance: Asia
on initiatives relating to CPF; Singapore Government News, The CPF (Amendment) Bill 2012 Second Reading, 10 September 2012; Ministry of Finance website; Singapore Ministry of Health website; Ministry of Manpower, Retirement and Re-employment Act webpage
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44 Building a better retirement world
• • •
• •
• •
• National basic livelihood security scheme •
•
• •
•
• •
• •
•
•
• •
retirement insurance •
retirement trust•
South Korea
In progress•
•
In discussion•
Recently implemented•
•
•
•
•
Recently implemented•
to encourage saving
•
Statistics Dependency ratio
Number of pension funds
Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: National Pension Research Institute, Pension reform options in Korea, 2013; Asian Development Bank Institute, Demographic changes and pension reform in the Republic of Korea, 2009; OECD, Pensions at a glance, 2009; Korea Capital Market Institute, The revision of the Employee Retirement
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45
•
•
•
•
•
•
•
•
• •
• These schemes must be
•
•
•
• but no deductions available
•
• •
•
•
Recently implemented/in progress•
•
•
discourage early retirement
In discussion•
•
In discussion•
•
Statistics Dependency ratio
Number of pension funds
46.4 Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: OECD, Private pensions outlook,
Security Administration (US), International update, January 2013; Insurance Europe, Income tax treatment of 2nd pillar pension products (as of December 2012)
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46 Building a better retirement world
•
• Three tiers•
•
•
contributions invested in investment
•
•
•
sector; central government and local
•
•
•
• • •
•
• • •
•
In discussion•
• Ways to encourage older workers to continue working
•
• •
Statistics Dependency ratio
Number of pension funds
Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: OECD, Private pensions outlook, 2008; Swedish Pension Agency, Annual report 2012; Swedish Investment Fund Association, Facts and myths about the premium pension, January 2013; Nordic Region Pensions & Investment News, Country Focus: Sweden — Set up of probe into occupational fund regulation signals a ministry u-turn, 1 April 2013; Esmerk Swedish News, Sweden:
26 February 2013; Social Security Administration (US), International update, May 2013
Sweden
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47
•
•
•
government also contributes
•
•
•
contributions increase with age
•
•
•
•
•
•
• •
limits and withdrawal restrictions•
no contribution limits and can be withdrawn at any time
•
In discussion•
•
•
Recently implemented•
In discussion•
including a gradual reduction in
•
Statistics Dependency ratio
663 Number of pension funds
Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: Pensions & Development Network, Country database: Switzerland; Federal
Administration website; EURACS, Pension summary: Switzerland, 2013; European Pensions, Staying strong, February 2013
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Building a better retirement world
•
•
•
•
•
• •
must meet certain minimum standards•
•
•
•
• career average scheme
•
•
•
•
bought an annuity; wide asset choice
•
United Kingdom
Pensions Services Act 2013.
Recently implemented•
beyond age 65
•
•
•
In progress•
•
•
Recently implemented/in progress•
•
•
• Mandated total minimum contributions
•
•
In discussion•
•
•
as more alternatives to annuities
Statistics Dependency ratio
Number of pension funds
62.6 Pension fund assets as % of GDP
Market structure
Pillar 1In transition
Pillar 1
Pillar 2In transition, major between 2013 and 2018
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: The Pensions Regulator website; Pensions Policy Institute website; National Employment Savings Trust (NEST) website; IMA, Asset management in the UK 2012–2013: the IMA annual survey, 2013
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•
•
•
•
•
•
•
•
•
•
•
• •
retirement accounts•
•
•
• Allows rollovers and contributions
• •
•
•
Note: Special employer-sponsored IRAs available for smaller businesses and sole proprietors under Pillar 2, e.g., Savings Incentive Match Plan (SIMPLE),
operate in a similar way to Pillar 2 options
In progress• Increasing retirement age to 67 by
In discussion•
•
•
•
•
•
Recently implemented•
In discussion•
Recently implemented•
reform may put pressure on tax incentives under Pillars 2 and 3
Statistics Dependency ratio
Number of pension funds
315.2 Pension fund assets as % of GDP
Market structure
Pillar 1
Pillar 1
Pillar 2
Pillar 2
Pillar 3
Pillar 3
Pension and Retirement Business Opportunity score
Selected sources: OECD Private pensions outlook, 2008 and Pensions at a glance, 2009; IOPS, USA: pension system overview, 2009; Social Security
in the United States — an introduction, update as at
quarter 2013, June 2013
United States
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Building a better retirement world
Contacts
Graeme McKenzieGlobal Pension Leader
Uschi SchreiberGlobal Markets Leader, Global Government and Public Sector Leader
Josef Pilger
Michael E. PattilloUS Government and Public Sector Pension Co-Leader
US Government and Public Sector Pension Co-Leader
+1 732 516 4225
Christopher RahamUS Pension Leader, Financial Services
European Pension Leader
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51Insights for better outcomes in the global pension and retirement market
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EY |
About EY
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