Pension Systems in Asia. Rex Auyeung President Asia Principal Financial Group
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1 Pension Systems in Asia Rex Auyeung President Asia Principal Financial Group October 14 th,
2 Principal Financial Group Global Presence Chicago Principal Global Investors Asset Management Ireland Principal Global Investors (Ireland) Ltd Mutual Funds United Kingdom Principal Global Investors (Europe) LTD Asset Management Germany Principal Global Investors (Europe) LTD Asset Management China CCB-Principal Asset Mgt JV w/ China Construction Bank Representative Offices Pensions, Asset Management Mexico Principal AFORE Pensions Principal Seguros Life Insurance Principal Pensiones Annuities Principal Fondos de Inversión, S.A. de C.V (PFI) Mutual Funds PRINCIPAL FINANCIAL GROUP Headquarters Des Moines, Iowa New York Principal Global Investors Asset Management India Principal/AMC - JV with PNB/Vijaya Mutual Funds Japan Principal Global Investors (Japan) Ltd Asset Management Hong Kong SAR Principal Insurance Company Pensions, Asset Management, IAM Thailand CIMB-Principal Asset Mgt JV with Commerce Group Asset Management Singapore Principal Global Investors Asset Management 2 Chile Principal Vida Annuities / Pensions Principal Creditos Hipotecarios Residential Mortgages Principal AGF Mutual Funds Brazil BrasilPrev - JV with Banco do Brasil Pensions Malaysia CIMB-Principal Asset Mgt Berhad JV with Commerce Group Mutual Funds, Asset Management Indonesia Pt CIMB Principal Asset Mgt JV with Malaysia Mutual Funds, Asset Management Australia Principal Global Investors Asset Management
3 3 Basic Facts on Pension in Asia
4 Aging Population: A Worldwide Phenomenon 4 Source: Euromonitor
5 Pension Assets vs. Population 100% Pension Assets 3.2% Population 80% 40.0% Asia 60% 96.8% 40% 20% 60.0% Rest of the World 0% 2008E Source: Asia Pensions: An Emerging Opportunity, Cerulli Associates
6 Inadequate Retirement Income Pension experts generally recommend a replacement rate between 66-75% Asian pension systems are not providing an adequate retirement income Ratio of Retirement Income to Pre-Retirement Income 6 Source: OECD and World Bank 2008
7 Asia Pacific: Rapid Retirement Asset Growth Expected Till The size of the bubbles reflects the estimated asset volume in 2020
8 8 Overview of Asian Pension Systems
9 Pensions in Asia Most Common Three-pillar approach First pillar: A pay-as-you-go defined benefit (DB) financed by social security contributions or taxes Second pillar: a mandatory, privately run defined contribution (DC) with individual accounts Third pillar: voluntary savings 9
10 Pensions in Asia (cont.) Country Type of pension scheme Public Private China DB DC Hong Kong, China Indonesia DC DC Malaysia Philippines Singapore DC DB DC Chnese Taipei DC Thailand DB DC Vietnam DB India DB DC 10 DB = defined benefit. DC = defined contribution. Source: Principal compiled Pakistan Sri Lanka DB DC
11 Pensions in China Two Tier system: Basic pension and mandatory employee contribution A mandatory DB pay-as-you-go (PAYG) pillar fined by contributions from employees and emloyers(13 percent of wages) A funded voluntary 2 nd DC (Enterprise Annuity) pillar funded by employer and individual contributions (11% payroll tax) Normal retirement age is 60 for men and 55 for women 11
12 Pensions in Hong Kong: Mandatory Provident Fund (MPF) A mandatory, privately managed, DC system Targets all employees (aged 18-65) who are not covered by any retirement plans Monthly mandatory contribution from employee and employer (5% of wages each) 12
13 Pensions in Japan: 401(J) A Voluntary, DC system New options for corporate pensions (employee s pension, tax qualified pension plan) Portability No employee contribution allowed 13
14 14 Future Trends
15 Trends Pension system with high transparency Clear investment rules due to multiple investment choices Strong interlink with social security system High compliance demands on providers More communication amongst regulators due to global competition More privatization to relieve budget pressure Transition from DB to DC environment Working in Retirement 15
16 The Evolution of Private Pension Systems Throughout the World The year that countries moved from public pension to private pension systems: Chile 1981 Argentina 1994 Brazil 1997 Hong Kong 2000 China Australia 1992 Mexico 1997 Japan 2001 India
17 Transition from DB to DC Environment 17 The survey covers Australia, Canada, Japan, Netherlands, Switzerland, UK and US
18 18 Benefits of Private Pension
19 Benefits of Private Pension Separate roles of regulator and private service providers Regulator: Safeguard members interest Ensure compliance of law and level playing field Private Providers: Investment manager, administrator, trustee, custodian One-stop shop bundled services or offered separately 19
20 Benefits of Private Pension (cont.) Encourage competition Lower overall operating costs Better services Accessibility of product, investment information Enhance capital market Offer more flexible payout option 20
21 21
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