Population Ageing and the Role of the State. Affording Our Future Conference December, 2012
|
|
- Barbara Craig
- 8 years ago
- Views:
Transcription
1 Population Ageing and the Role of the State Affording Our Future Conference December, 2012
2 Entitlement Reform
3 Old and Broke: 1 Old International comparisons of demographic changes present challenges. Nonetheless, median ages are expected to rise: NZ, from 37 in 2012 to 44 by 2061 AU, from 37.1 in 2011 to 41.3 to 44.5 in 2050 UK, from 39.7 in 2010 to 42.2 in 2035 When looking at specific groups, key themes that emerge from the three countries are: A large increase in the population over 65 The populations over 65 grow significantly too The working age population (15 to 65) shrinks The old age dependency ratio increases The total dependency ratio will increase too
4 Old and Broke: 2 Broke International comparisons of long term fiscal projections provide even more challenges ( inconsistency multiplied by uncertainty ). But key themes emerge: Following short term falls, government spending will increase Tax burdens will increase Structural deficits will be a problem Growth in spending on health services will be significant, and health services will be increasingly consumed by the elderly Spending on pensions will increase Government debt will rise
5 The Australian Debate Retirement age for men 65, male and female ages being equalised and raised to 67 by 2030, compulsory pension contributions (Australian Superannuation Guarantee), meanstested (income and assets) age pension, incentives for private health insurance, 69% health spending public Decumulation growing focus on drawdown phase of retirement income system Long term care Living Longer Living Better care reform package, Aged Care Financing Authority (pricing and financing issues across sector), single, national information line Private health funding means-testing Private Health Insurance Rebate Longer working lives Australian Law Reform Commission consulting on Grey Areas, including restrictive regulation in superannuation
6 The UK Debate Retirement age for men 65, male and female ages being equalised and raised to 68 by 2046, auto-enrolment for private pensions, tax relief for pension savings, basic state pension linked to contribution history, no incentives for private health insurance, 83% health spending public Decumulation equity release and pensioner income choice (end of compulsory annuitisation but restrictions on drawdown remain) Debate on funding care with a cap model (Dilnot) on table Plans to increase retirement age and link future increases to longevity Little effort to bend down the health cost curve Proposal to introduce a singe tier state pension and autoenrolment being phased in Longer working lives default retirement age scrapped
7 The NZ Debate Retirement age 65 with no plans to increase, auto-enrolment and subsidies for (DC) private pensions (KiwiSaver), universal state pension, no incentives for private health insurance, 83% health spending public Accumulation impact of KiwiSaver on national savings and distribution of wealth ownership Universal New Zealand Superannuation means-testing a third rail Senior political opposition to introducing a timetable for state pension age increase Little debate on funding care Fast growing health spending with focus on inputs not outcomes Working lives extended since 1990s
8 Sources of Pensioner Incomes Often overlooked but fundamentally important dimension. Not particularly new (Beveridge Report, December 1942): social security must be achieved by co-operation between the State and the individual. The State in organising security should not stifle incentive, opportunity, responsibility; in establishing a national minimum, it should leave room and encouragement for voluntary action by each individual to provide more than that minimum for himself and his family. Highlights importance of all four pillars : basic state pension (I), private occupational pillar (II), voluntary individual savings (III), and post-retirement work (IV)
9 Sources of Pensioner Incomes Variations in the three countries: Public transfers are relatively important source of pensioner income in NZ (64.4%), c.f., OECD (59.6), UK (49.8) and AU (44.6). Although KiwiSaver has changed the situation in NZ Work accounts for a relatively low share in all three countries, especially in the UK (11.9), c.f., NZ (15.1), AU (19.4) and OECD (21.4) Pillars I and II under pressure given fiscal positions and economic conditions, Pillar III under pressure given decline in yield and Pillar IV growing in importance There is potential for drawdown of wealth (esp. housing wealth), esp. in the UK (65+ group own 29% of homes, 93% of these owned outright), but also in AU (28% of homes, 78% owned outright) and NZ (22% of homes, 65% owned outright)
10 Entitlement Reform Themes: Budget constraints (value for money) are only going to become more important. There are limits to which government debt is sustainable. Revenue cannot be increased indefinitely without shrinking tax base. Thus spending needs to be looked at (entitlement reform) You can t always get what you want, but if you try sometimes [ ] you can get what you need. Spending has an opportunity cost. Must be clear on goals (e.g., income smoothing or poverty reduction) Ring-fences make reforms weaker Funding the welfare state is not just the job of the government. The private pillar is important
11 Entitlement Reform General options include: Increase retirement age and link to longevity Increase flexibility for older working Means-test core state pension (New Zealand Super) Tighten supplementary benefits Tighten (reduce generosity of) indexation Cut subsidies and tax breaks Reform funding of and ration (around a core?) services like health and long term care Look to bring budgets together Important to have a coherent package and good process
12 Moving quickly helps This path is politically difficult: Frits Bolkestein, European Commissioner, February 2001: pay more, work longer, get less, is not an easy message to sell Even harder when you add sell your home Brian Lenihan, Irish Minister of Finance, December 2010: The job of the Government on behalf of the State is to ensure that the common good is served: that requires saying No at least as often as saying Yes But moving quickly helps: Reduces the fiscal costs of change Minimises disruption to families Sidesteps political barriers. By 2050 the share of voters 65+ will increase by 12.2 percentage points from 18.1% to 30.2%
13 Contact Details Thank you and please do feel free to get in
Principles and key features of required reform
3 Principles and key features of required reform Given the realities outlined in Chapters 1 and 2 the Pensions Commission believes that minor changes in policy, tinkering with the present system, will
More informationNew Zealand Superannuation and KiwiSaver
New Zealand Superannuation and KiwiSaver Dr Brian McCulloch Green Paper on Pensions Learning from International Experience Conference Dublin, May 29 th, 2008 The New Zealand policy framework is built
More informationHow To Understand The Economic And Social Costs Of Living In Australia
Australia s retirement provision: the decumulation challenge John Piggott Director CEPAR Outline of talk Introduction to Australian retirement policy Issues in Longevity Current retirement products in
More informationRetirement Income White Paper Insights Presentation
Retirement Income White Paper Insights Presentation Alun Stevens Jack Ding Nathan Bonarius Agenda Background Preliminary projections What are the risks? What are the possible solutions? Purpose of presentation
More informationLongevity Risk Management and the Development of a Life Annuity Market in Australia
www.business.unsw.edu.au The University of New South Wales Australian School of Business Australian School of Business Research Paper No. 2010ACTL01 Longevity Risk Management and the Development of a Life
More informationNEW ZEALAND S RETIREMENT INCOMES CHALLENGE MARCH 2012
SECURING SECURINGRETIREMENT RETIREMENTINCOMES INCOMES NEW ZEALAND S RETIREMENT INCOMES CHALLENGE MARCH 2012 CONTENTS 1 New Zealand s Retirement Incomes Challenge 2 Could NZ be the next Greece? Learning
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES AUSTRALIA
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions AUSTRALIA Australia: pension system in 2008
More informationAge 75 Annuities Consultation. Response from Dr. Ros Altmann 9 th September 2010
Age 75 Annuities Consultation Response from Dr. Ros Altmann 9 th September 2010 The Government has issued a consultation on its proposals to reform the Age 75 rules for mandatory annuity purchase from
More informationAustralia: Retirement Income and Annuities Markets. Contractual Savings Conference April 2008 Greg Brunner
Australia: Retirement Income and Annuities Markets Contractual Savings Conference April 2008 Greg Brunner Pension system Age pension in place since 1908, funded on a payas-you go basis Means testing. The
More informationDragan Savic. 12 August 2013
FSC Deloitte Future Leaders Award 2013 Australia s ageing population What existing policy settings could be changed, or new polices implemented, to better insulate Australia from the future economic impacts
More informationHOME EQUITY RELEASE THE FOURTH PILLAR OF RETIREMENT FUNDING. Christine Brownfield
HOME EQUITY RELEASE THE FOURTH PILLAR OF RETIREMENT FUNDING Christine Brownfield 20 th November 2014 Our Retirement Income System The Age Pension Compulsory Superannuation Voluntary Superannuation + Other
More informationLive Long and Prosper? Demographic Change and Europe s Pensions Crisis
10 November 2015, Brussels Live Long and Prosper? Demographic Change and Europe s Pensions Crisis Key Note Speech Dr. Jochen Pimpertz Head of Research Unit Public Finance, Social Security, Income and Wealth
More informationSpeakers: Rudi Smith, Towers Watson Susan Thorp, University of Technology, Sydney Phil Simmance, Towers Watson
Plenary 3: Auto-enrolment and how the regime in the UK compares to international systems Phil Simmance, Towers Watson Rudi Smith, Towers Watson Susan Thorp, University of Technology, Sydney 5-7 June 2013
More informationThe Cypriot Pension System: Adequacy and Sustainability
Cyprus Economic Policy Review, Vol. 6, No. 2, pp. 49-58 (2012) 1450-4561 49 The Cypriot Pension System: Adequacy and Sustainability Philippos Mannaris Aon Hewitt Abstract The fundamental objective of pension
More informationFunding retirement. Carsten Murawski
10 Funding retirement Carsten Murawski A few years ago, a survey asked several hundred Americans what they feared more: death, or running out of money during retirement. Three out of five respondents stated
More informationDevelopments in Pension and Annuity Markets. Ian Tonks
Developments in Pension and Annuity Markets Ian Tonks Outline Pensions policy and annuity markets in an ageing world DC pensions: auto-enrolment in UK from 2012 Structure of annuity markets in UK Types
More informationInsuring long-term care needs. Christophe Courbage
Insuring long-term care needs Christophe Courbage Introduction Low public coverage and increasing budgetary constraints prompt a move towards developing insurance solutions to cover LTC. Market evolution
More informationThe Irish Pension System - A Successful Retirement Plan
A UNIVERSAL PENSION FOR IRELAND POLICY AND IMPLEMENTATION ISSUES BASED ON INTERNATIONAL BEST PRACTICE 30/09/14 THIS DOCUMENT WAS PREPARED FOR INSURANCE IRELAND BY TOR FINANCIAL CONSULTING About this Report
More informationSOCIAL CARE FUNDING: STATEMENT OF INTENT
SOCIAL CARE FUNDING: STATEMENT OF INTENT The Department of Health ( the Department ) and the Association of British Insurers on behalf of the insurance industry ( the industry ) both want to help people
More informationFor many Australians, their main form of savings over their lifetime is their home. Directing savings towards a home provides two benefits:-
1. Executive Summary For many Australians, their main form of savings over their lifetime is their home. Directing savings towards a home provides two benefits:- Ø A place to live, with security of tenure.
More informationPension schemes are integral parts of China s social protection system
Dewen Wang World Bank March 26-27, 2014, Incheon, Republic of Korea Pension schemes are integral parts of China s social protection system SP programs Social Insurance Social Assistance Social Welfare
More informationPENSIONS POLICY INSTITUTE. Appendices: How might the UK pensions landscape evolve to support more flexible retirements?
Appendices: How might the UK pensions landscape evolve to support more flexible retirements? How might the UK pensions landscape evolve to support more flexible retirements?, is the latest report in the
More informationPPI. Current and Future Trends in Retirement Income Provision. Niki Cleal, Director Pensions Policy Institute. 24 February 2011
Current and Future Trends in Retirement Income Provision Niki Cleal, Director Pensions Policy Institute 24 February 2011 www.pensionspolicyinstitute.org.uk Coalition Government policies - pensions and
More informationRisk management for long-term guaranteed annuity products. Investment risk. Keywords: longevity risk, ageing, retirement, annuity, regulation.
Keywords: longevity risk, ageing, retirement, annuity, regulation. THE DEVELOPMENT OF A LIFE ANNUITY MARKET IN AUSTRALIA: AN ANALYSIS OF SUPPLIER RISKS AND THEIR MITIGATION The significant accumulation
More informationPension reforms in the UK: what can be learned from other countries?
Agenda Advancing economics in business Pension reforms in the UK: what can be learned from other countries? Reforms in the UK pensions market announced by the Chancellor of the Exchequer, George Osborne,
More informationCOMPARISON OF THE NEW ZEALAND AND AUSTRALIAN RETIREMENT INCOME SYSTEMS
COMPARISON OF THE NEW ZEALAND AND AUSTRALIAN RETIREMENT INCOME SYSTEMS Background paper prepared for the 2013 review of retirement income policy by the Commission for Financial Literacy and Retirement
More informationA condensed history of public and private provision for retirement income in New Zealand - 1975-2008
A condensed history of public and private provision for retirement income in New Zealand - 1975-2008 RPRC PensionBriefing 05/2008 -------------------------------------------------------------------------------------------------------
More informationReform of the UK s decumulation market
Reform of the UK s decumulation market Background note for Decumulating Retirement Savings Forum, Auckland, 21 November Research Note 2014/2 December 2014 Author: Patrick Nolan The New Zealand Productivity
More informationRetirement Saving in Australia
Garry Barrett UNSW Yi-Ping Tseng University of Melbourne November 2006 Overview Outline of Presentation 1 Introduction 2 Social Security in Australia 3 Voluntary private retirement saving 4 Mandated private
More informationSTATEMENT FROM THE NATIONAL REFORM SUMMIT
STATEMENT FROM THE NATIONAL REFORM SUMMIT Australia is a wealthy country that can have an even more prosperous future shared by everyone. We believe in sustainable economic growth and the creation of high-quality
More informationWHOLE OF LIFE SUPERANNUATION
WHOLE OF LIFE SUPERANNUATION Challenging the status quo NOVEMBER 2012 INTRODUCTION There is no question that Australia is one of the most mature Defined Contribution markets in the world. But while Australia
More informationKiwiSaver: New Zealand s New Subsidized Retirement Savings Plans
NOTES KiwiSaver: New Zealand s New Subsidized Retirement Savings Plans by Barbara E. Kritzer The author is with the Division of Program Studies, Office of Research, Evaluation, and Statistics, Office of
More informationBuilding super on a fair foundation: Reform of the taxation of superannuation contributions
Building super on a fair foundation: Reform of the taxation of superannuation contributions ACOSS Paper 185 February 2012 CONTACT Australian Council of Social Service Locked Bag 4777, Strawberry Hills,
More information1. INTRODUCTION 2. EXECUTIVE SUMMARY 3. SUBMISSIONS. Loretta DeSourdy Head of Regulatory Affairs Westpac New Zealand Limited PO Box 691 Wellington
BT FUNDS MANAGEMENT (NZ) LIMITED AND WESTPAC NEW ZEALAND LIMITED Submission to the Commission for Financial Literacy and Retirement Income on the 2013 Review of Retirement Income Policy 10 June 2013 Mariëtte
More informationDemographics issues and Pension systems. Najat El Mekkaoui de Freitas najat.el-mekkaoui@dauphine.fr. Université Paris Dauphine.
Demographics issues and Pension systems Najat El Mekkaoui de Freitas najat.el-mekkaoui@dauphine.fr Université Paris Dauphine May, 2009 The demographic and economic challenges Over the next decades many
More information2 Voluntary retirement module specification
2 Voluntary retirement module specification As part of its research on Superannuation Policy for Post-Retirement the Commission has developed a model referred to as the Productivity Commission Retirement
More informationMEETING THE RETIREMENT INCOME CHALLENGE APRIL 2013
MEETING THE RETIREMENT INCOME CHALLENGE APRIL 2013 INTRODUCTION The Australian retirement system is generally regarded globally as being well advanced, ranking third in the 2012 Mercer Melbourne Global
More informationATTACHMENT 10 STATEMENT OF REFORM PRIORITIES, CHALLENGER SUBMISSION TO TAX FORUM, OCTOBER 2011
ATTACHMENT 10 STATEMENT OF REFORM PRIORITIES, CHALLENGER SUBMISSION TO TAX FORUM, OCTOBER 2011 Ik A tax plan for our future Stronger. Fairer.Simpler TAX FORD 4-5 October 2011 -qq STATEMENT OF REFORM PRIORITIES
More informationTAX STRATEGY GROUP PENSION TAXATION ISSUES
TSG 13/07 TAX STRATEGY GROUP PENSION TAXATION ISSUES Introduction 1. Last year s TSG paper on pension taxation issues (reference TSG 12/21) set out the various changes made in the incentive regime for
More informationFEDERAL BUDGET 2009 SUMMARY
FEDERAL BUDGET 2009 SUMMARY 13 May 2009 As widely expected, last nightʼs Federal Budget contained a number of proposals that will affect clients. Importantly, the proposals will require passage of legislation
More informationContributing the Family Home to Super
Contributing the Family Home to Super An innovative proposal designed to assist with the accommodation and income needs of older Australians wishing to remain in their own homes. Abstract There has been
More informationSubmission to the Tax White Paper Taskforce review of Australia s retirement income system
24 July 2015 Submission to the Tax White Paper Taskforce review of Australia s retirement income system About the NWRN The NWRN is the peak body for community legal services which provide legal advice
More informationEXECUTIVE SUMMARY. SUBMISSION 12 March 2014 Final www.industrysuperaustralia.com 2
EXECUTIVE SUMMARY ISA welcomes the opportunity to comment on the Government s Commission of Audit. Australia s superannuation system, which is a key pillar of our retirement income architecture, serves
More informationPhilip S. Shier, FSAI. Actuaries and Defined Contribution Pension Plans
Philip S. Shier, FSAI Actuaries and Defined Contribution Pension Plans The old mantra DB good DC bad The problems of Defined Plans around the world are well known Can actuaries help to make Defined Contribution
More informationThe Institute of Public Accountants. Review of retirement income stream regulation
The Institute of Public Accountants Review of retirement income stream regulation 5 September 2014 Introduction Benefits and Regulation Unit - Personal and Retirement Income Division The Treasury Langton
More informationExploring Home Equity Release Options for Retirees Opportunities for optimising Retirement Income.
Exploring Home Equity Release Options for Retirees Opportunities for optimising Retirement Income. Dr Ashton de Silva, Dr Stuart Thomas, Dr Farzad Alavi Fard and Dr Sarah Sinclair. The Challenge: An aging
More informationPENSIONS POLICY INSTITUTE. Comparison of pension outcomes under EET and TEE tax treatment
Comparison of pension outcomes under EET and TEE tax treatment Comparison of pension outcomes under EET and TEE tax treatment Executive Summary 1 Introduction 4 1. Impact of tax treatment on a single
More informationDelivering for Seniors
1 Delivering for Seniors DELIVERING FOR SENIORS Federal Labor s Delivering for Seniors package will support and encourage older Australians in the workforce, tackle age discrimination, support grandparent
More informationHow to achieve quality retirement outcomes for your members
How to achieve quality retirement outcomes for your members Speakers Andrew Pennie, Marketing Director, Intelligent Pensions Steve Patterson, Managing Director, Intelligent Pensions Chair John Moret, Chairman,
More informationHome Equity Release Andrew Ford
Home Equity Release Andrew Ford Annual Meeting 1 November 2013 Page 1 Page 1 Heartland at a glance Heritage Heartland Bank s roots stretch back to 1875 Listed Diversified Principal activities Credit rating
More informationAge Pension & Retirement Incomes. Catherine Nance PricewaterhouseCoopers 2008
Age Pension & Retirement Incomes Catherine Nance PricewaterhouseCoopers 2008 Age Pension & Retirement Incomes Where do we want to be Where are we now Solutions Policy options Capital market options Australia
More informationYou re a long time retired:
11 You re a long time retired: making the most of financial and housing assets at retirement Dr Patrick Nolan Chief economist, Reform Decumulation is a process where assets that have been built up earlier
More informationEnglish Summary. Chapter I: Economic outlook. Denmark USA Euro area
English Summary The report contains three chapters: Chapter I gives an economic outlook for the Danish economy, Chapter II contains a long term projection for the Danish economy focusing on the development
More informationNew Zealand s long-term care arrangements, and a cross-country comparison
New Zealand s long-term care arrangements, and a cross-country comparison From RPRC s Working Paper 2012-2: Financing of Long-term Care and Long-term Care Insurance for the Aged: A Comparison of Seven
More informationRetirement Policies, Annuities and Longevity Insurance in
Retirement Policies, Annuities and Longevity Insurance in Australia John Piggott Centre for Pensions and Superannuation Australian Institute of Population Ageing Research University of New South Wales
More informationIntroduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years...
Table of Contents Introduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years... 2 3 4 Statutory/Mandatory Programs... 5... 5 Retirement Benefits... 6 Death Benefits...
More informationLITHUANIAN PENSION SCHEMES
LITHUANIAN PENSION SCHEMES Audrius Bitinas Vice-minister Ministry of Social protection and labour I. STATUTORY MANDATORY SOCIAL INSURANCE P-A-Y-G PENSION SCHEME (DB) About 96 % of the employed population
More informationAustralian superannuation: an equitable and sustainable arrangement in a post crisis world?
The Association of Superannuation Funds of Australia Limited ABN 29 002 786 290 ASFA Secretariat PO Box 1485, Sydney NSW 2001 p: 02 9264 9300 (1800 812 798 outside Sydney) f: 1300 926 484 w: www.superannuation.asn.au
More informationLong Term Care Insurance in Australia a survey of insurer attitudes
w w w. I C A 2 0 1 4. o r g Long Term Care Insurance in Australia a survey of insurer attitudes Bridget Browne Targetted Approach Covered here: Introduction Online survey 26 responses Not covered here:
More informationThe self-employed and pensions
BRIEFING The self-employed and pensions Conor D Arcy May 2015 resolutionfoundation.org info@resolutionfoundation.org +44 (0)203 372 2960 The self-employed and pensions 2 The UK s self-employed populace
More informationNEST The Future of Retirement
NEST The Future of Retirement Submission from J.P. Morgan Asset Management Consultation questions 1. How will the trend for changing retirement patterns and provision affect what: a. members need, and
More information7 Reasons Why Property
7 Reasons Why Property Investment can t be ignored. Know your options before it s too late. What is in this report? This report is a must read for anyone looking to improve their lifestyle and enjoy greater
More informationAn update on the level and distribution of retirement savings
ASFA Research and Resource Centre An update on the level and distribution of retirement savings Ross Clare Director of Research March 2014 The Association of Superannuation Funds of Australia Limited (ASFA)
More informationDecumulation phase some information and preliminary analysis for the work of OPSG DC sub-group. Matti Leppälä OPSG 19.5.2014
Decumulation phase some information and preliminary analysis for the work of OPSG DC sub-group Matti Leppälä OPSG 19.5.2014 Definitions Decumulation or payout phase is the period during which assets accrued
More informationA New Pension Settlement for the Twenty-First Century The Second Report of the Pensions Commission
A New Pension Settlement for the Twenty-First Century The Second Report of the Pensions Commission Copies of this report and accompanying documents are available at: www.pensionscommission.org.uk or from
More informationRetirement Policy & Research Centre Symposium Spending the Savings: Decumulation & Middle-income Retirement 30 Nov 2012
Retirement Policy & Research Centre Symposium Spending the Savings: Decumulation & Middle-income Retirement 30 Nov 2012 The Future of Home Equity Release Products The Role of Property as a Decumulation
More informationAustralian Superannuation Transfer Guide
Australian Superannuation Transfer Guide Contents Page Making an informed decision 3 How do I know if I have Super in Australia? 3 How do I know if my Australian Super can be transferred? 4 Why should
More informationTHE PENSION SYSTEM IN ROMANIA
THE PENSION SYSTEM IN ROMANIA 1. THE PENSION SYSTEM MAIN FEATURES The pension system in Romania has undergone numerous reforms over the recent years, aimed at improving the sustainability of the system
More informationAffordability and attractiveness of private long-term care insurance for residential care in England
Affordability and attractiveness of private long-term care insurance for residential care in England Ruth Hancock Marcello Morciano Health Economics Group University of East Anglia, UK Joint with colleagues
More informationTax discussion paper submission. May 2015 The Association of Superannuation Funds of Australia (ASFA)
Tax discussion paper submission May 2015 The Association of Superannuation Funds of Australia (ASFA) Contents Executive summary 3 Key findings 6 Recommendations 7 Objectives of superannuation 8 - Primary
More informationTowards sustainable Dutch occupational pensions
Towards sustainable Dutch occupational pensions Ilja Boelaars, Lans Bovenberg, Dirk Broeders, Peter Gortzak, Sacha van Hoogdalem, Theo Kocken, Marcel Lever, Theo Nijman and Jan Tamerus 1 November, 14,
More informationUK longevity risk transfer market implications for Asia
UK longevity risk transfer market implications for Asia David O Brien FSA MAAA FIA SCOR Global Life 1 Longevity 1 Global trends in longevity 2 UK Market developments 3 Applications for Asia Pacific markets
More informationInvestment Association response to the FCA s Retirement income market study: Interim Report
Investment Association response to the FCA s Retirement income market study: Interim Report 30 th January 2015 General comments 1. The Investment Association 1 is a long-standing supporter of greater flexibility
More informationPrincipal Members. February 1, 2007. Review of Australia s Consumer Policy Framework Productivity Commission PO Box 1428 Canberra ACT 2616
February 1, 2007 Principal Members Review of Australia s Consumer Policy Framework Productivity Commission PO Box 1428 Canberra ACT 2616 Via email: consumer@pc.gov.au The Australasian Compliance Institute
More informationEnsuring that health financing policy supports universal health coverage efforts
National Conference on Ensuring that health financing policy supports universal health coverage efforts Matthew Jowett PhD Senior Health Financing Specialist WHO Geneva What is universal health coverage?
More informationOECD/EU PROJECT ON TAXATION, FINANCIAL INCENTIVES AND. Pablo Antolin OECD DAF/FIN Pension Unit RETIREMENT SAVINGS
OECD/EU PROJECT ON TAXATION, FINANCIAL INCENTIVES AND Pablo Antolin OECD DAF/FIN Pension Unit RETIREMENT SAVINGS OECD objectives and EC White Paper Developing complementary private/ funded retirement savings
More informationSocial Housing in NSW
Social Housing in NSW Submission February 2015 AGED & COMMUNITY SERVICES NSW & ACT PO Box 3124 Rhodes NSW 2138 (02) 8754 0400 mail@acs.asn.au www.acs.asn.au ABN 13 737 853 254 ACN 124 322 916 ABOUT ACS
More information10. STUDENT LOANS IN EUROPE: AN OVERVIEW 1
90 10. STUDENT LOANS IN EUROPE: AN OVERVIEW 1 Marianne Guille Education is expensive. In 1995 the average global effort in favour of education represented 6.7% of GDP in OECD countries, and this effort
More informationIT S MORTGAGE REVERSE A SIGN OF THE TIMES
IT S A SIGN OF THE TIMES REVERSE MORTGAGE UNLOCK THE EQUITY IN YOUR HOME If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us.
More informationThe Policy Implications of Decumulation in Retirement in New Zealand
The Policy Implications of Decumulation in Retirement in New Zealand A background paper setting out the issues prepared for the Retirement Commission July 2006 Retirement Policy and Research Centre Dr
More informationIT S LIFETIME LOAN A SIGN OF THE TIMES AUSTRALIAN SENIORS FINANCE. The Home Equity Release Specialist
IT S A SIGN OF THE TIMES LIFETIME LOAN AUSTRALIAN SENIORS FINANCE The Home Equity Release Specialist UNLOCK THE IN YOUR EQUITY HOME If you want the financial freedom to spend your retirement how you choose,
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES GERMANY
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions GERMANY Germany: pension system in 2008 The
More informationCan Equity Release Mechanisms fund long term care costs? Desmond Le Grys
2001 Health Care Conference Can Equity Release Mechanisms fund long term care costs? Desmond Le Grys 1 Introduction 1.1 Scope This paper attempts to explain why equity release products have rarely been
More informationBANK OF PAPUA NEW GUINEA SUBMISSION TO THE TAX REVIEW COMMITTEE ON TAXATION IN SUPERANNUATION AND LIFE INSURANCE
BANK OF PAPUA NEW GUINEA SUBMISSION TO THE TAX REVIEW COMMITTEE ON TAXATION IN 9 MAY 2014 1) INTRODUCTION This paper aims to bring to the attention of the Taxation Review Committee (TRC) issues relating
More informationPAYGO systems and their problems
A Global Perspective on Old Age Security Systems by Estelle James forthcoming in Encyclopedia of Global Studies, ed. H. Anheier, V. Faessel, M. Juergensmeyer. New York : Sage Publications, 2012 In pre-industrialized
More informationDEMOGRAPHICS AND MACROECONOMICS
1 IRELAND DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 181 815 GDP per capita (USD) 59 944 Population (000s) 4 422 Labour force (000s) 2 224 Employment rate 94.82 Population over 65 (%) 10.9 Dependency
More informationCan New Zealand and Australia Get Closer On Retirement Income Policy?
Can New Zealand and Australia Get Closer On Retirement Income Policy? Peter Neilson, Chief Executive Financial Services Council Presentation to ANZIIF Life Insurance Conference 2013 3.15pm, Thursday 23
More informationHow To Calculate A Life Insurance Premium
IMF Seminar on Ageing, Financial Risk Management and Financial Stability The views expressed in this paper are those of the author(s) only, and the presence of them, or of links to them, on the IMF website
More informationAnnuities in Denmark: Risk-Sharing in Accumulation and Payout Phases
Annuities in Denmark: Risk-Sharing in Accumulation and Payout Phases Peter Skjødt Executive Director, Msc Econ. Agenda The Danish pension system background information Risk Sharing active workers and pensioners,
More informationThe Future of Australia - An Accounting Analysis
What is an intergenerational report? An intergenerational report assesses the long term sustainability of Commonwealth finances. It examines the impact of current policies and trends, including population
More informationFEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY
Wealth Management Federal Budget 2009 FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY The Government has delivered what it says is one of the most difficult Budgets since the great depression, with many winners
More informationFISCAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2015
FISCAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2015 The OECD argues in favour of complementary private pension savings to boost overall saving for retirement. Financial incentives may be
More informationThe Japanese economy?
The Japanese economy? Franz Waldenberger Japan Center and Munich School of Management --University Munich LMU waldenberger@bwl.lmu.de 1 Outline 2 1. GDP economic recovery 2. GDP per head two lost decades
More informationIssue Brief. Lessons for Private Sector Retirement Security from Australia, Canada, and the Netherlands
Issue Brief Lessons for Private Sector Retirement Security from Australia, Canada, and the Netherlands By John A. Turner, PhD and Nari Rhee, PhD August 2013 about the authors John A. Turner, PhD, is Director
More informationRetirement Readiness. OECD/IOPS GLOBAL FORUM ON PRIVATE PENSIONS - Sydney Nov 2-3
Retirement Readiness OECD/IOPS GLOBAL FORUM ON PRIVATE PENSIONS - Sydney Nov 2-3 Brigitte Miksa, Head of International Pensions, Allianz Global Investors AG November 2010 New funded pension schemes shape
More informationOECD PROJECT ON FINANCIAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2016
OECD PROJECT ON FINANCIAL INCENTIVES AND RETIREMENT SAVINGS Project Outline 2014-2016 The OECD argues in favour of complementary private pension savings to boost overall saving for retirement. Financial
More informationEffects on pensioners from leaving the EU
Effects on pensioners from leaving the EU Summary 1.1 HM Treasury s short-term document presented two scenarios for the immediate impact of leaving the EU on the UK economy: the shock scenario and severe
More informationChanges announced in last year s Budget have removed some of the
The Australian Journal of Financial Planning 71 Reverse mortgages and pension planning By Benedict Davies Technical Services Manager, Over Fifty Group Changes announced in last year s Budget have removed
More informationCHAPTER 04 maintaining income adequacy in retirement
CHAPTER 04 Maintaining Income Adequacy in Retirement 36 Introduction 4.1 Pensioners living standards are supported by the pensions system, through Social Welfare pensions and tax-supported supplementary
More information