惠悦国际 定制年金产品咨询报告3.pptVIP

W W W . W A T S O N W Y A T T . C O M Designing annuity products for consumers needs Presented by Mike Wadsworth Partner, Watson Wyatt mike.wadsworth@ 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 祢渠瑯搠楹杮 Woody Allen People will soon live twice as long as today, and have the potential to live for ㈱?礠慥獲 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 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000 A u s t r a l i a F r a n c e G e r m a n y S i n g a p o r e S p a i n U K U S A 2000 2010 Source: US Bureau of the Census Annuity versus bond yield 0 5 10 15 20 50 55 60 65 70 75 80 Interest Capital 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 100% Pensioner Investment Guarantees Pensioner Survival Guarantees Traditional Annuity Lump Sum ? ? Watson Wyatt Partners 2000 0% 0% 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 (investment) ? Flexibility (income) ? Protection (survival) ? Communication (trade offs) ? Fail safe A lifetime asset allocation model Traditional Either lump sum Or annuity Retire Retire Optimum return (equities?) Optimum return (equities?) Ca