惠悦国际-定制年金产品咨询报告.pdf

Designing annuity products for consumers needs W W W . W A T S O N W Y A T T . C O M Presented by Mike Wadsworth Partner, Watson Wyatt May 2003 Agenda  Options for generating lifetime income  Consumer needs  Investing for life  Managing survival  A new model I dont want to achieve immortality through my work - I want to achieve it by not dying Woody Allen People will soon live twice as long as today, and have the potential to live for 1200 years John Harris, Scientist Member of UK Human Genetics Commission as reported Sunday Times, 25 June 2000 Funeral firm hit by 29% profit fall Not enough people are dying in the US, according to Service Corporation International, the worlds largest funeral services company Times, 2 October 1999 Scale of opportunities People over 65 Source: US Bureau of the Census Annuity versus bond yield Income taken monthly in advance; interest rate 5% pa Annuity income broken down into capital element and the balance (ie interest element) Options for retirement income 0% Lump Sum Pensioner Survival ? Guarantees Traditional Annuity 100% 0% Pensioner Investment Guarantees © Watson Wyatt Partners 2000 Traditional annuities Some important questions  How much do the guarantees cost?  How valuable are they to customers? early in retirement/later in retirement? according to other assets?  How will lifestyles and needs change in retirement?  Will customers change their minds over time? Key issues for design The Pensioner  Choice (i