设计消费者需要的年金产品.ppt

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设计消费者需要的年金产品.ppt

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DesigningannuityproductsforconsumersneedsPresentedbyMikeWadsworth

Partner,WatsonWyattmike.wadswortMay2003

AgendaOptionsforgeneratinglifetimeincomeConsumerneedsInvestingforlifeManagingsurvivalAnewmodel

Idontwanttoachieveimmortalitythroughmywork-IwanttoachieveitbynotdyingWoodyAllen

Peoplewillsoonlivetwiceaslongastoday,andhavethepotentialtolivefor1200yearsJohnHarris,ScientistMemberofUKHumanGeneticsCommissionasreportedSundayTimes,25June2000

Funeralfirmhitby29%profitfallNotenoughpeoplearedyingintheUS,accordingtoServiceCorporationInternational,theworldslargestfuneralservicescompanyTimes,2October1999

Scaleofopportunities

Peopleover65Source:USBureauoftheCensus

AnnuityversusbondyieldIncometakenmonthlyinadvance;interestrate5%paAnnuityincomebrokendownintocapitalelementandthebalance(ieinterestelement)

Optionsforretirementincome100%PensionerInvestmentGuaranteesPensioner

Survival

GuaranteesTraditionalAnnuityLump

Sum??WatsonWyattPartners2000

0%0%

Traditionalannuities

SomeimportantquestionsHowmuchdotheguaranteescost?Howvaluablearetheytocustomers?earlyinretirement/laterinretirement?accordingtootherassets?Howwilllifestylesandneedschangeinretirement?Willcustomerschangetheirmindsovertime?

Keyissuesfordesign

ThePensionerChoice(investment)Flexibility(income)Protection(survival)Communication(tradeoffs)Failsafe

Alifetimeassetallocationmodel

TraditionalEitherlumpsumOrannuityRetireRetireOptimumreturn

(equities?)Optimumreturn

(equities?)CashBondsBonds?WatsonWyattPartners2000

Alifetimeassetallocationmodel

ProposedOptimumreturn

(equities?)Optimumreturn

(equities?)BondsRetire?WatsonWyattPartners2000

Effectofinvestmentgrowthon

supportableincome-malesBaseincomesupportablecalculatedat5%.

Incomemultiple=incomesupportableassumingextrainvestmentreturnresultingfromequityinv

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设计消费者需要的年金产品.ppt