The MENA Pension Conference 2016

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1 The MENA Pension Conference 2016 Corporate Pensions, the 2 nd Tier of Retirement Security (Luc Métivier CEO, Takaud Savings and Pensions) A member of the KIPCO Group

2 Corporate Pensions, the 2 nd Tier of Retirement Security 5 questions are embedded in the session s abstract 1. Who is really responsible for individuals pension plans? 2. How can Defined Contribution (DC) plans empower individuals to take control of their own pensions? 3. Does DC improve schemes, communications and contributions to deliver acceptable outcomes? 4. What are international best practices for employer-based private pensions? 5. What are the tools and possibilities today?

3 Corporate Pensions, the 2 nd Tier of Retirement Security 4 Key Words show the matter is Security Responsible Control Empower

4 Corporate Pension, the 2 nd Tier of Retirement Security Pensions are indeed a matter of Security, for Social Peace Economies People Families Capital Markets States

5 1. Who is really responsible for individuals pension plans? % of investors that believe they should fund their own retirement: over 75% GRI Rank * * GRI: 2016 Natixis Global Retirement Index 3 Natixis Global Asset Management, Global Survey of Individual Investors conducted by CoreData Research, February March Survey included 7,100 investors in 22 countries.

6 1. Who is really responsible for individuals pension plans? The answer is clear: Individuals believe it is THEIR responsibility This is the result of wide Media communication on stressed State Pensions Citizens feel they will get less Pension benefits and will retire much later They know they have to count much more on themselves But believe the assistance of their Employer can be essential

7 1. Who is really responsible for individuals pension plans? Whether they save thanks to an Individual Retirement Plan or Via their Employer s Plan Individuals/Employees feel not only Responsible, but They want POWER over their Savings. Moreover, they want CONTROL. And in many ways.

8 2. How can Defined Contribution (DC) plans empower individuals to take control of their own pensions? Our survey shows informed Individuals want to ensure control at 9 levels: 1. Choosing how their savings will be invested (asset allocation, risk, return, etc.) 2. Deciding if they want to change the asset allocation from time to time as they get older or face changes 3. Increasing and decreasing savings as and when they like 4. Ensuring their plan holds liquid assets

9 2. How can Defined Contribution (DC) plans empower individuals to take control of their own pensions? Control at 9 levels: 5. Withdrawing money, whenever they face a financial issue 6. Online and mobile access to their plan so they can perform checks and follow up 7. Ownership of the assets (not the service provider)

10 2. How can Defined Contribution (DC) plans empower individuals to take control of their own pensions? Control at 9 levels: 8. Deciding the benefits at retirement age: Capital amount Part in capital and part in instalments Instalments to be like life annuities or a number of annuities, or a % of holdings Currency 9. Segregation of duties between: Administrator of the Plan (account administration, execution of investments, reporting, customer service, online access) Asset Management (no conflict of interest between admin and AM) Custodian of the Assets (Custodian Bank)

11 3. Does DC improve schemes, communications and contributions to deliver acceptable outcomes? If the 9 levels of controls required by individual employees are offered by modern, advanced, customer-centric DC Plans Then they will per definition deliver acceptable outcomes This requires Employers and Providers of Pension Solutions to understand and respond to the psyche of the saver/future pensioner The psyche of someone who is AFRAID of the future; this person is focused on: Financial Situation Health Family 11

12 4. What are international best practices for employerbased private pensions? Strict segregation of duties between: Administrator of the Plan (account administration, execution of investments, reporting, customer servicing, online access, etc.) Asset Management Custodian of the Assets The GCC/MENA region will benefit from other countries experiences, establishing their regulation to support the 2 nd Pillar, the future Pensioners, their capital Markets and Economies

13 4. What are international best practices for employerbased private pensions? Global Pension Assets Best practice is first when the formula is successful: Amounts reached Number of Individuals benefiting from a Pension System USD tn Source: Towers Watson Global Pensions Assets Study 2015

14 4. What are international best practices for employerbased private pensions? Australia, 68,904 USD per head of population Switzerland, 98,216 Netherlands, 85,808 U.S., 68,237 U.K., 50,821 Canada, 42,054 Countries with larger Assets per Head believe that it is their personal responsibility to save for their future Japan, 22,656 Ireland, 28,002 South Korea, 10,118 Hong Kong, 16,335 Germany, 6,445 France, 2,644 Brazil, 1,279 South Africa, 4,256 Malaysia, 6,666 Mexico, 1,477 Source: Towers Watson Global Pensions Assets Study 2015 United Nations, Department of Economic and Social Affairs, Population Division. World Population Prospects: The 2015 Revision. (Medium-fertility variant).

15 4. What are international best practices for employerbased private pensions? Pension Reform Parametric or Systemic Most countries that have reformed their systems, have gone via either parametric or systemic reform Parametric involves changing the parameters to ensure financial stability, such as retirement age or mandatory contribution rates. Systemic involves the introduction of multiple pension tiers; a retirement income that is guaranteed by public pension funds, often supplemented with a benefit provided by privately administered funds.

16 4. What are international best practices for employerbased private pensions? Many developing countries need a model of pension that embeds the 3 tiers in the individual public funds already being administered Objectives: Tier 1 to provide a minimum standard of living in retirement. Often phrased as maintaining dignity in retirement Tiers 2 & 3 to provide a more comfortable and enjoyable standard of living in retirement Historically Tier 2 schemes had been mainly defined-benefit in nature. However, most new schemes are defined-contribution, with more predictable costs for the employer

17 4. What are international best practices for employerbased private pensions? The solution is developing Tiers 2 & 3 These have a number of advantages: Charges kept low due to larger volumes Employer and employee contributions Employer contribution limits can be set as required Vesting rules can be applied Employer and Employee contributions can be invested differently Simplified investment solutions can be provided Simple to administer for employers

18 4. What are international best practices for employerbased private pensions? Lessons Learned in the MENA region From working with a number of stakeholders, we see two areas to be addressed to develop the 2 nd and 3 rd Pillars: 1. Simplified but first quality Investment Choice 2. Web-based, friendly Administration Systems The primary concerns for Employers and Employees is how the money is invested. They want simple but high quality solutions, easy for employees to understand. Besides, they want schemes to be simple to set up and administer, secure, with online/mobile access.

19 5. What are the tools and possibilities today? Savers understand they need 6 tools or means to achieve their expectations Webinars Tutorials, Etc. Reliable, high-quality Reporting 6. Learning 5. Information & Dashboards 3. Product design 2. Asset Management 1. Plan/Account Administration 24/7-365 Web & Mobile Call Center Transactional Individual & Corporate Access Flexible product design And pricing Easy Fund selection Fund monitoring Investment Strategies (Asset allocation models) NAV calculation Etc. User friendly and flexible individual and corporate account holding Fund administration Currencies Trades and reconciliations Custodian Reporting Customer Servicing Etc. 4. Customer Services

20 Conclusion As economies develop and as state pension systems face huge stress, citizens are moving towards Private Savings and Pensions Savings for Pensions in their Organization (employer) is fine if they keep full control Employers shall consider Pensions benefit scheme, not only as Pension, but also as an HR retention system (saving costs)

21 Conclusion Most Employees are young, connected, modern, fast, mobile, They have different expectations than what existing providers can think about These Employees are the future Retirees will receive their benefits in 30, 35, 40 years? How can professionals simply build solutions that are flexible enough to support varying life stages and lifestyles over a 35- to 40-year period?

22 Thank You

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