New Retirement Preparedness Indicator highlights financial and economic factors influencing retirement readiness in Singapore

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1 For Immediate Release 14 November 2012 New Retirement Preparedness Indicator highlights financial and economic factors influencing retirement readiness in Singapore Research reveals Singapore has favourable conditions for retirement funding based on the combination of its government-mandated pension plan and initiatives to encourage individuals to set aside assets for their old age Singapore - Manulife Asset Management this week issued a report that introduces its Retirement Preparedness Indicator, which highlights the financial and economic conditions influencing the ability of individual economies to provision for their aging populations. The report finds that Singapore has many factors working in its favour in terms of providing financially for its retirees, but that there is a need for individuals to shoulder some of the responsibility for retirement saving. The report, entitled Funding the golden years: The financial and economic factors shaping retirement provision for Asia s rapidly aging populations, is part of Manulife Asset Management s Aging Asia research series and builds on the findings of its June 2012 publication: Saving up: The changing shape of retirement funding in a greying ASEAN. The previous publication revealed how ASEAN countries once considered to be among the most youthful in Asia are actually aging more rapidly than most realise. The new report divides the subject countries and territories into three broad categories of retirement preparedness. Those deemed to be facing the most favourable conditions are Taiwan, Hong Kong and Japan; those judged to have favourable conditions are Singapore, China, Malaysia and Thailand and those considered to be facing challenging conditions are Indonesia, South Korea, Vietnam and the Philippines. Jill Smith, senior managing director at Manulife Asset Management Singapore, explained the factors that place Singapore in the group facing favourable conditions rather than most favourable conditions : Singapore is one of the most aged economies among the 11 we considered 32% of its population is expected to be over 65 by 2050 versus just 9% in 2010 meaning that it will be among the first to face the challenges of supporting a rapidly aging population. With high levels of accumulated wealth, a well-entrenched culture of savings, a highly developed financial system and a reasonably strong coverage ratio, our report shows that in many ways Singapore is in good shape to provide for its retirees. The main hurdle keeping the country out of the most favourable conditions category is the provision that allows citizens to divert government-mandated pension savings for housing or medical purposes. Amid Singapore s ongoing property boom, this has resulted in significant levels of real estate wealth and the challenge now facing Singaporeans is how to channel these riches into long-term retirement savings Oscar Gonzalez, economist at Manulife Asset Management, expanded on Smith s comment, pointing out that: Singapore s government-mandated pension plan covers 45% of its population, which is shy of the level provided by plans in countries and territories in the most favourable conditions category but is above the average for the 11 economies we analysed. However, the diversion of government-mandated pension savings has left it with net pension wealth of just 2.2 times average annual incomes. Thus, Singaporeans will increasingly need to mobilise their impressive individual wealth to supplement the state pension plan in preparation for retirement.

2 Michael Dommermuth, president of Manulife Asset Management Asia, commented on the report s conclusions: Asia as a whole is aging much more rapidly than most realise and individual countries and territories face varying conditions that affect their abilities to provide for their growing retired populations. The report reveals that most public retirement schemes in the region will need to be supplemented and that the ability to do so hinges on the availability of secure savings vehicles that unlock the potential to grow personal savings. This is strongly influenced by government policy support for enhancing financial market depth and the level of private sector interest in alternative savings mechanisms such as mutual funds and investment-linked insurance products. The report points out that Asia is likely to experience an increased shift in responsibility for retirement funding from the state to the individual, and that Singapore is no exception to this trend. As this shift takes place, Dommermuth anticipates a growing need for investment products such as asset allocation funds that help build pension pots and, ultimately, income generating products that generate steady cash flow in retirement. Dommermuth concluded: Manulife Asset Management has considerable experience building multi-asset solutions designed to meet specific client objectives and constraints. Our dedicated asset management unit, the Portfolio Solutions Group, has investment professionals across the U.S., Canada and Asia managing more than US$90 billion in asset allocation funds, making us one of the world s leading asset management firms. Based on market knowledge gleaned from our footprint across 10 countries and territories in Asia, we know how to provide customised investment solutions that meet local market needs for retirement funding. This is why Manulife recently launched the second in a series of investment-linked products designed to provide a regular income stream in retirement." - end -

3 Note to editors: 1) How is the Manulife Asset Management Retirement Preparedness Indicator calculated? The Manulife Asset Management Retirement Preparedness Indicator is composed of financial and macroeconomic components that together describe the environment facing pensioners within 11 countries and territories in Asia. The financial component (70% of the overall indicator) looks at vital factors such as a country or territory s financial wealth, coverage ratio, average income, sovereign bond default rate and net pension wealth. It seeks to quantify the conditions that affect both a state s ability to provide for its prospective pensioners and an individual s ability to bear some of the responsibility for their own pension provision. The macroeconomic component (30% of the overall indicator) quantifies the bigger picture factors which will weigh on both states and individuals in the years to come, but which are largely beyond the influence of private citizens. These include support ratios (i.e., the proportion of working age people relative to retirees), gross national savings and forecasted GDP per capita growth rates. 2) Net pension wealth is defined as the size of the lump sum that would be needed to buy the flow of pension payments, net of personal taxes and social security contributions, promised by the pension system in an economy. (Source: OECD Asia/Pacific 2011) 3) What percentage of the populations of the 11 countries and territories analysed are covered by governmentmandated pension plans? Coverage ratio Japan 75% Taiwan 70% Hong Kong 56% Singapore 45% Korea 40% Malaysia 33% Thailand 21% China 17% Philippines 14% Indonesia 11% Vietnam 11% Note: Coverage ratio = percentage of population covered by mandatory plan Source: OECD Pensions at a Glance, Asia/Pacific Edition (Taiwan data is from 2009 report.) 4) What are the historical gross national savings rates of the 11 countries and territories analysed? Gross national savings* China 47% Singapore 42% Malaysia 35% Vietnam 32% Korea 32% Hong Kong 31% Taiwan 29% Thailand 29% Indonesia 28% Japan 25% Philippines 22% Note: * Average gross national savings as a % of GDP Source: National Statistics Offices & Global Insight.

4 About Manulife Asset Management Manulife Asset Management is the global asset management arm of Manulife Financial. Manulife Asset Management provides comprehensive asset management solutions for institutional investors and investment funds in key markets around the world. Manulife Asset Management also provides investment management services to affiliates retail clients through product offerings of Manulife and John Hancock. This investment expertise extends across a broad range of asset classes including equity, fixed income and alternative investments such as real estate, timber, farmland, as well as asset allocation strategies. Manulife Asset Management has investment presence in the United States, Canada, the United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia and the Philippines. In addition, it has a joint venture asset management business in China, Manulife TEDA. It also has operations in Australia, New Zealand, Brazil and Uruguay. John Hancock Asset Management, Hancock Natural Resource Group and Declaration Management and Research are units of Manulife Asset Management. PRESS RELEASE Manulife Asset Management was named Best Asian Bond House for 2011 by Asia Asset Management. As at 30 September 2012, assets under management were US$228 billion. Additional information about Manulife Asset Management can be found at ManulifeAM.com.

5 About Manulife Financial Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. In 2012, we celebrate 125 years of providing clients strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$514 billion (US$504 billion) as at 30 June The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States. Media contact (Asia): Ginie Lam Manulife Asset Management (Asia) Tel: Ginie_YN_Lam@manulifeam.com Media contact (Singapore): John Lim Reputation Management Associates (RMA) Tel: jlim@reputation.com.sg

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