Longevity risks in Pension Systems viewed from the pay-out phase in. Chile
|
|
- Coral Nelson
- 6 years ago
- Views:
Transcription
1 Longevity risks in Pension Systems viewed from the pay-out phase in Chile Guillermo Larrain R. Superintendente Superintendencia de Valores y Seguros Chile Sao Paulo, Mayo 2008
2 Agenda I. Hard facts: longevity is a world wide phenomena. II. Consequences: longevity affects all pension systems: DB/DC, PAYG/Capitalization, Closed/Open III. Looking for solutions in the Chilean DB payout phase
3 Ageing is affecting all. Chile is ageing relatively more Ageing, an international comparison Life expectancy at birth (both genders)
4 Mortality Tables for pensioners in Chile : 2004 vs ,70 0,60 Tablas de mortalidad rentistas hombres Q x 0,50 0,40 0,30 0,20 0,10 0, Años RV2004 H RV 85 H Tablas de mortalidad rentistas mujeres Q x 0,70 0,60 0,50 0,40 0,30 0,20 0,10 0, Años RV2004 M RV 85 M
5 Mortality Tables for beneficiaries in Chile: 2006 vs 1985 Tablas de mortalidad beneficiarios hombres Q x 0,70 0,60 0,50 0,40 0,30 0,20 0,10 0, Años B 2006 H B 85 H Tablas de mortalidad beneficiarios mujeres 0,70 0,60 0,50 Q x 0,40 0,30 0,20 0,10 B 2006 M B 85 M 0, Años
6 Mortality Tables for disabled persons in Chile: 2006 vs 1985 Tablas de mortalidad inválidos hombres Q x 0,70 0,60 0,50 0,40 0,30 0,20 0,10 0, Años MI 2006 H MI 85 H Tablas de mortalidad inválidos mujeres Q x 0,80 0,70 0,60 0,50 0,40 0,30 0,20 0,10 0, Años MI 2006 M MI 85 M
7 Life expectancy at each age in Chile: a gender issue appears Pensioners Edad Esperanza de vida según tabla de mortalidad Male Rentistas hombres Female Rentistas Mujeres RV-85 RV-2004 Diferencia RV-85 RV-2004 Diferencia 45 32,71 35,17 2,46 37,79 42,48 4, ,36 30,71 2,35 33,16 37,67 4, ,29 22,12 1,83 24,32 28,38 4, ,65 18,16 1,51 20,21 24,04 3, ,34 14,56 1,22 16,36 19,83 3,47 Beneficiaries Edad Esperanza de vida según tabla de mortalidad Male Beneficiarios Hombres Female Beneficiarios Mujeres B-85 B-2006 Diferencia B-85 B-2006 Diferencia 45 30,28 35,31 5,03 35,55 40,82 5, ,07 30,83 4,76 31,01 36,13 5, ,41 22,21 3,80 22,44 27,12 4, ,04 18,24 3,20 18,52 22,88 4, ,05 14,61 2,56 14,9 18,87 3,97 Disabled Edad Esperanza de vida según tabla de mortalidad Male Inválidos Hombres Female Inválidos Mujeres MI-85 MI-2006 Diferencia MI-85 MI-2006 Diferencia 45 23,79 25,04 1,25 29,25 31,83 2, ,18 21,97 0, ,51 2, ,97 16,72 0,75 19,52 21,84 2, ,43 14,3 0,87 16,34 18,48 2, ,96 11,88 0,92 13,22 15,15 1,93
8 Female Conclusions: Women on top Increase in life expectancy at age Pensioners Beneficiaries Disabled Age group (increasing) Male
9 Preliminary conclusions Ageing is universal It is more acute in countries like Chile It may have more impact in rich countries because they had developed more generous PAYG pension systems Two broad conclusions: Retirement age is critical in view of ageing populations Women appear to outpace men's ageing. Huge gender issue with vast implications (social, political, economic, etc )
10 Agenda I. Hard facts: longevity is a world wide phenomena. II. Consequences: longevity affects all pension systems: DB/DC, PAYG/Capitalization, Closed/Open III. Looking for solutions in the Chilean DB payout phase
11 Impact on Pay-as-you-go pension systems Dependency ratios 100% 45 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Old age Overall 0-14 years (% pop, right axis) Increasing dependency ratios require: Increasing state financing (to be financed by taxes or reducing other expenditures) Increasing personal contributions Source: SVS, based on INE Ageing progresses without clear bound and birth rates stall, hence The previous process is unbound: enormous fiscal pressure whose political economy is complex (tendency to delay decisions evident)
12 Impact on Capitalization pension systems Pensions are diminished (for any size of personal savings, it is necessary to finance more years of survival): the buffer becomes people s pensions instead of public finances or so it seems at first glance Interphase Phase I : accumulation Phase II : Payout Retirement age Lifetime This is a system. As such, the outcome depends on all of its parts
13 Impact on Capitalization pension systems Pension = Retirement age Net savings Life expectancy at retirement Personal contributions (size, frequency, starting age) Employers contributions (matching) State contributions (incentives) Financial returns in accumulation phase Financial returns in payout phase Costs Operational during accumulation phase Transactional in the interphase of acc/payout Operational during payout phase The ongoing pension reform in Chile took care of all of this elements plus a critical redefinition of the zero-first pillar
14 Estimated effects of ageing on programmed withdrawals in Chile (DC) Trayectoria de la pensión en Retiro Programado (fuente: SAFP) Líneas verticales expectativas de vida: --- RV85 y RV 2004
15 Consequences for Life Insurance Companies (annuity providers, DB) Spreads are reduced inducing LICs to look for ways of compensation Potential increase in investment risks Incentive to reduce operational costs: potential market concentration Increase in capital and reserve requirements to face increased pension obligations Increased competition may induced commercial war with unintended consequences on undesired practices
16 Agenda I. Hard facts: longevity is a world wide phenomena. II. Consequences: longevity affects all pension systems: DB/DC, PAYG/Capitalization, Closed/Open III. Looking for more solutions in the Chilean DB payout phase
17 1. Promote voluntary savings: Individual (APV) Individual Voluntary Savings Scheme (APV) Tax incentive (suitable therefore only for income tax payers: upper middle class) More financial institutions allowed Attractive liquidity feature : unless mandatory savings, APV can be consumed before retirement. Taxes are paid when consumption takes place Mar-02 May-02 Jul-02 Sep-02 Nov-02 Ene-03 Mar-03 May-03 Jul-03 Sep-03 Number of accounts Nov-03 Ene-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Ene-05 Número de cuentas Mar-05 May-05 Jul-05 Sep-05 Nov-05 Ene-06 Mar-06 May-06 Jul-06 Sep-06 Saldo acumulado (MMUS$) Nov-06 Ene-07 Balances Mar-07 May-07 Jul-07 Sep-07 Nov
18 2. Promote voluntary savings: Collective (APVC) Colective Voluntary Savings Scheme (APVC, just introduced) Tax incentive with liquidity feature as in APV Financial institutions allowed as in APV New features Matching contribution from employer, tax deductible All APVC plans offered to employees are open to them: no discrimination permitted Worker has rights over her savings and earns the right over the matching contribution after some time. Possible use as an incentive device to promote permanence in the firm (hence, training, productivity ) Minimum number of workers within the firm must adhere to any savings plan to make the firm eligible for tax benefit: this grants access to lower middle classes
19 3. Tougher conditions for early retirement Tougher conditions for early retirement and use of excedent of free disposal. Early retirement. Before 2004: resulting pension should be 110% of minimum pension and greater than the 50% of the last 10 years income. After 2004: same criteria but new parameters 150% of minimum pension and 70% of last 10 years income.. Excedent of free disposal. Antes de 2004: Igual que retiro de ELD Ley Año 2004: Igual que retiro de ELD Gradually increase in legal retirement age, still a possibility for the future
20 4. The challenge of the interphase: The SCOMP system Diminish asymmetries of information, promote healthier competition reducing fees charged : the SCOMP system Objective: promote a clear and comparable market for annuities and other retirement products Electronic market for Life Insurance Companies, Pension Fund Administrators, Brokers Blind quotation mechanism: each LIC compete for providing the best possible annuity to an unknown client Client can iterate (even organizing an auction among providers) or postpone decision (except in case of auction) Joint supervision: SVS - SAFP Started 19 de agosto de 2004.
21 4. The challenge of the interphase: The SCOMP system 3. Diminish asymmetries of information, promote healthier competition reducing fees charged : the SCOMP system 7,00% 6,00% 5,00% 4,00% 3,00% 2,00% 1,00% 3,40% 3,62% 3,47% 4,67% 4,66% 5,58% 5,33% 5,45% 5,84% 5,91% 3,89% 2,67% 2,68% 2,47% 2,13% 2,13% 2,19% 2,16% 0,00% Feb 2008
22 4. Working of the SCOMP 7 Certificado de Ofertas Remate Inicio Trámite 9 Certificado Electrónico Saldo 1 2 SCOMP 3 Consultante Solicitud de Ofertas 2 Certificado Saldo AFP origen 8 Oferta Externa de RV Montos RP, Bono, Proyección 2 Solicitud de Ofertas + Certificado de Saldo 5 Ofertas 6 CSV n AFP o CSV o Corredor RV o Asesor Previsional Formulario Solicitud de Ofertas 4 AFP n
23 4. Working of the SCOMP AFP SISTEMA Envío Antecedentes del potencial pensionado Recepción Ofertas de Montos de Pensiones CIAS. SEGUROS Certificado de Ofertas de Montos de Pensiones AFP Compañía de Seguros Corredor, Asesor Previsional Solicita Oferta TRABAJADOR POTENCIAL PENSIONADO
24 5. New Investment Regime for Life Insurance Companies Better risk-adjusted returns on assets More flexible approach focused on financial and operational risks. It should allow investments on more variable income instruments looking for a better riskreturn profile Hedging instruments desirable Critical good governance of LICs Risk based capital requirements
25 6. Potential new pension products : Differed Annuity Differed Annuity. It allows to fix the terms of an annuity during the working life period. This annuity, coupled with other pension products will consist in the final pension. It transfers longevity risk to the insurer It allows future pensioners to take advantage of good market conditions for buying annuities. It requires significant financial advise.
26 7. Potential new pension products : Bonds indexed to relevant inflation Inflation protection In Chile annuities are indexed to inflation measured by the Consumer Price Index Consumption bundle of retired persons eventually coincide with the average worker (relevant for CPI purposes) but it gradually moves significanly away from it as the person gets older The older the person, less relevant is CPI as relevant measure of inflation Challenge: Create a Pensioner Price Index Design a market for instruments linked to this: government, private companies (health institutions, ) including derivatives or outright subsidies
27 8. Potential new pension products Longevity Bonds A longevity bond promises a yearly payment indexed to a mortality index which replicated the behavior of the pensioners Pago del Bono (CLP bn) etc Años
28 8. Potential new pension products Longevity Bonds LICs would obtain an instrument to hedge against longevity risk. Indexation could consider size of payments or maturity of the instrument Hedge is adequate, even though not perfect as it relies on average mortality, not LIC specific Issuer Must have interest in exposing itself to this kind of risk Derivative market desirable Transfer longevity risk to a reinsurer. Calculation of official mortality tables critical: Which entity will do it? Public or private? How frequent?
29 Longevity risks in Pension Systems viewed from the pay-out phase in Chile Guillermo Larrain R. Superintendente Superintendencia de Valores y Seguros Chile Sao Paulo, Mayo 2008
Pension Payouts. Risks and Alternatives. Solange Berstein Superintendent of Pension Fund Administrators, Chile.
Pension Payouts. Risks and Alternatives Solange Berstein Superintendent of Pension Fund Administrators, Chile. Agenda Product design The Chilean Experience Why do people annuitize? Money worth ratios Intermediation
More informationPension Risk: From Accumulation to Retirement. Solange Berstein Pensions Supervisor, Chile Chair IOPS Technical Committee
Pension Risk: From Accumulation to Retirement Solange Berstein Pensions Supervisor, Chile Chair IOPS Technical Committee Mexico, June 8 2011 The Relevant Measure of Risk in a DC Pension System How to Measure
More informationDelivering Annuities in Developing Markets: the role of private providers
Delivering Annuities in Developing Markets: the role of private providers 6th Global Pension & Savings Conference April 2-3, 2014, Washington, D.C. Index Section 1 From 1994 to 2014: What has been done
More informationChilean pension reform: Refining the model after 25 years
Chilean pension reform: Refining the model after 25 years Guillermo Larrain Rios Vice President IOPS and AIOS Member of the Board, Expansiva Santiago, march 2005 Agenda 1. Workings of the Chilean model
More informationA longevity insurance to contribute to financing old-age pensions in the Individually-Funded Systems
PENSION NOTES No. 18 - JULY 2017 A longevity insurance to contribute to financing old-age pensions in the Individually-Funded Systems Executive Summary One of the risks faced by retirees in the defined
More informationLongevity Risk Hedging and the Stability of Retirement Systems
Longevity Risk Hedging and the Stability of Retirement Systems The Chilean Longevity Bond Case Longevity 7 Conference Frankfurt, September 8, 2011 Agenda A Longevity Bond for Chilean Life Insurers Lessons
More informationSummary of the Chilean Pension System
The International Centre for Pension Management (ICPM) is a global network of pension organizations that stimulates leading-edge thinking and practice about pension design and management. ICPM brings together
More informationChile s Next Generation Pension Reform
NOTE Chile s Next Generation Pension Reform by Barbara E. Kritzer The author is with the Division of Program Studies, Office of Research, Evaluation, and Statistics, Office of Retirement and Disability
More informationKeeping the Promise of Social Security in Latin America
Keeping the Promise of Social Security in Latin America Guillermo Perry Council of the Americas Conference October 27, 2004 Based on a book by Indermit Gill, Truman Packard and Juan Yermo, with Todd Pugatch
More informationPayout phase in DC pension funds policy option - Theoretical considerations and Albanian available options
Payout phase in DC pension funds policy option - Theoretical considerations and Albanian available options Abstract Enkeleda Shehi Albanian Financial Supervisory Authority The aim of this paper is to provide
More informationRecent UK pensions policy
Recent UK pensions policy Carl Emmerson Presentation at UCEA Annual Higher Education Pensions Conference, London, 13 June 2016 Currently seeing major pensions reform State pensions new flat-rate state
More informationPENSION NOTES. Analysis of the Chilean Pension Reform Bill of Law
PENSION NOTES No. 33 - January 2019 Analysis of the Chilean Pension Reform Bill of Law Executive Summary At the end of November 2018, the Chilean government submitted a pension reform bill of law, aimed
More informationBTG Pactual Conference June-14
BTG Pactual Conference June-14 Privado y Confidencial 1 ILC s Highlights ILC acquired 67% of the shares of Corp Group Vida Chile S.A. ILC sold 51% of Desarrollos Educacionales May 12 th 2014 ILC placed
More informationPensions and Replacement Rates Generated by the AFP System. Ricardo Paredes Professor, Department of Industrial Engineering and Systems, PUC, Chile.
Pensions and Replacement Rates Generated by the AFP System Ricardo Paredes Professor, Department of Industrial Engineering and Systems, PUC, Chile. Index Motivation Purpose Technical Data Methodology Context
More informationCompany Presentation March-15
Estrictamente Company Presentation March-15 1 ILC s Highlights ILC sold 51% of ILC placed the Desarrollos largest IPO in Chile Educacionales (US$ 468 million) 2012 June 1 st 2013 June 18 th 2013 Habitat
More informationsome answers) about the pension system in Argentina
w w w. I C A 2 0 1 4. o r g Too many questions (and some answers) about the pension system in Argentina Carlos Grushka Social Security (SS) in Argentina What do we know about it? How did SS coverage expand?
More informationState Pensions and National Pensions Policy. Orlaigh Quinn Irish Institute of Pensions Management 27 April 2011
State Pensions and National Pensions Policy Orlaigh Quinn Irish Institute of Pensions Management 27 April 2011 Department of Social Protection 87 million payments made each year 2.1 million people in receipt
More informationPension Fund Coverage and the Informal Sector in Latin America. Gonzalo Reyes Head of Studies Division Pensions Supervisory Authority Chile
Pension Fund Coverage and the Informal Sector in Latin America Gonzalo Reyes Head of Studies Division Pensions Supervisory Authority Chile Global Forum on Private Pensions Mombasa, Kenya. October 2008
More informationDEMOGRAPHICS AND MACROECONOMICS
1 MEXICO DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 12 078 GDP per capita (USD) 10 183 Population (000s) 106 683 Labour force (000s) 45 111 Employment rate 96.5 Population over 65 (%) 5.6 Dependency
More informationDeutsche Bank Conference
Deutsche Bank Conference May-13 Privado y Confidencial 1 Ownership and stock price Estrictamente Privado y Confidencial Ownership structure (Dec-12) May 5 th 2013 Mutual Funds & other institutional 6.1%
More informationFacing up to Low Old Age Pension Coverage. Carmen Pagés Inter-American Development Bank January 2012 Washington DC
Facing up to Low Old Age Pension Coverage Carmen Pagés Inter-American Development Bank January 2012 Washington DC Road Map Coverage a (the?) main problem of pension systems in LAC (public and private)
More informationXXIV meeting of IIFA Chile Oct CHILE COUNTRY REPORT
XXIV meeting of IIFA Chile Oct. 2010 CHILE COUNTRY REPORT 1. Economic and Financial Background The economy showed a twelve month contraction of 4% as of June 2009 and a 3,2% in March 2010 according to
More informationEXECUTIVE SUMMARY - Study on the performance and adequacy of pension decumulation practices in four EU countries
EXECUTIVE SUMMARY - Study on the performance and adequacy of pension decumulation practices in four EU countries mmmll DISCLAIMER The information and views set out in this study are those of the authors
More informationWho bears the risks in the pay out stage?
OECD/IOPS CONFERENCE ON PENSIONS IN LATIN AMERICA Who bears the risks in the pay out stage? Santiago de Chile 30 March 2006 Agustín Vidal-Aragón de Olives Director of Pensions and Insurance, America 1
More informationThe impact of the demographic bonus in the pension systems of social security ACT. DANIELA ALEJANDRA GONZÁLEZ RAMÍREZ ACT. CARLOS CONTRERAS CRUZ
The impact of the demographic bonus in the pension systems of social security ACT. DANIELA ALEJANDRA GONZÁLEZ RAMÍREZ ACT. CARLOS CONTRERAS CRUZ INTRODUCTION Nowadays Mexico faces one of the biggest demographic
More informationIOPS COUNTRY PROFILE: MEXICO
1 IOPS COUNTRY PROFILE: MEXICO DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (MXN bn) 19 540 GDP per capita (USD) 7 720 Population (000s) 122 746 Labour force (000s) 54 035 Employment rate 96.5 Population
More informationTOPICS. About Chile Chilean Mixed Pension System: Three Pillars. Performance Challenges
TOPICS About Chile Chilean Mixed Pension System: Three Pillars. Performance Challenges ABOUT CHILE ABOUT CHILE Market-oriented economy High level Foreign Trade Macro Stability: Fiscal Balance Rule and
More informationContents. xix 1 RETHINKING SOCIAL SECURITY PRIORITIES IN LATIN AMERICA 1
Contents Foreword Acknowledgments xvii xix 1 RETHINKING SOCIAL SECURITY PRIORITIES IN LATIN AMERICA 1 PART I. RETROSPECTIVE: FISCAL, FINANCIAL, AND SOCIAL BENEFITS FROM PENSION REFORM 17 2 STRUCTURAL REFORMS
More informationPension Reform in Chile
Pension Reform in Chile DAVID BRAVO, P.Universidad Católica de Chile (david.bravo@uc.cl) International Workshop on Pension Reform: Global Trends and China s Experiences The Institute of Population and
More informationFebruary 27, The purpose of the annual actuarial valuation of the City of Auburn Hills Employee Pension Plan as of December 31, 2014, is to:
February 27, 2015 The Board of Trustees Employee Pension Plan Auburn Hills, Michigan 48326-2753 Dear Board Members: The purpose of the annual actuarial valuation of the Employee Pension Plan as of December
More informationKEY PRINCIPLES OF PENSION REGULATION AND SUPERVISION: INSIGHTS FROM THE CHILEAN EXPERIENCE
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized KEY PRINCIPLES OF PENSION REGULATION AND SUPERVISION: INSIGHTS FROM THE CHILEAN EXPERIENCE SOLANGE BERSTEIN J. INTER-AMERICAN
More informationURUGUAY: A mixed reform. Rodolfo Saldain
URUGUAY: A mixed reform Rodolfo Saldain Basic Country Information Population 3.300.000 Economically Active Population 1.240.000 Unemployment Rate 13% Age Group 65 or older 13,5% Age Group 15 65 years 63,0%
More informationTHE IMPLICATIONS OF LONGEVITY FOR RISK-SHARING IN PUBLIC AND PRIVATE PENSION SCHEMES
THE IMPLICATIONS OF LONGEVITY FOR RISK-SHARING IN PUBLIC AND PRIVATE PENSION SCHEMES Chris Daykin, UK Government Actuary Chairman, PBSS Section of IAA Helsinki, 21 May 2007 POPULATION AGEING Expectation
More informationPersonalized Information as a Tool to Improve Pension Savings
Personalized Information as a Tool to Improve Pension Savings Results from a Randomized Control Trial in Chile Olga Fuentes (SP) Jeanne Lafortune (PUC) Julio Riutort (UAI) José Tessada (PUC) Félix Villatoro
More informationPPI PENSIONS POLICY INSTITUTE. Pension Facts May 2017
PPI Pension Facts May 2017 The PPI has collected this data from a variety of sources, reflecting the latest available information. The PPI cannot confirm the accuracy of primary source data. Pension Facts
More informationSocial Security and Your Retirement
Social Security and Your Retirement January 2013 ACI-1111-3702 American Century Investment Services, Inc. Distributor 2013 American Century Investments Proprietary Holdings, Inc. All rights reserved. Social
More informationNew York Life Insurance and Annuity Corporation NYL Guaranteed Lifetime Income Annuity II - Joint Life
Annuitant & Policy Information New York Life Insurance and Annuity Corporation Summary Primary Name: John Example Type of Funds: Non-Qualified Date of Birth: 02/01/1940 Payment Frequency: Annual Sex: Male
More informationPENSIONS AT A GLANCE 2009: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES AUSTRALIA
PENSIONS AT A GLANCE 29: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions AUSTRALIA Australia: pension system in 26 Australia
More informationTOWN OF LANTANA POLICE RELIEF AND PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014
TOWN OF LANTANA POLICE RELIEF AND PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2016 TABLE OF CONTENTS Section Title
More informationPension Payouts in Chile: Past, Present, and Future Prospects
University of Pennsylvania ScholarlyCommons PARC Working Paper Series Population Aging Research Center 8-2009 Pension Payouts in Chile: Past, Present, and Future Prospects Olivia S. Mitchell The Wharton
More informationORLANDO UTILITIES COMMISSION PENSION PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
ORLANDO UTILITIES COMMISSION PENSION PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2018 TABLE OF CONTENTS Section Title
More informationMedicaid Insurance and Redistribution in Old Age
Medicaid Insurance and Redistribution in Old Age Mariacristina De Nardi Federal Reserve Bank of Chicago and NBER, Eric French Federal Reserve Bank of Chicago and John Bailey Jones University at Albany,
More informationCosta Rica. Migrant domestic workers
Legislation Labour Code and reforms (original text: 1943). (Law 2) Constitutive Law of the Costa Rican Social Insurance Fund (1943). (Law 17) ILO Convention 102 (1972, in force). Code of Children and Adolescents
More informationIIFA 2016 Annual Conference Osaka, Japan
1. Economic and Financial Background During the fourth quarter of 215, the Board of the Central Bank estimated that in order to reach the target inflation it is necessary to increase the Monetary Policy
More informationReforming Public Service Pensions
elete this text box to isplay the color squar; you ay also insert an image or lient logo in this space. o delete the text box, click within ext, hit the Esc key and then the elete key 4 December 2008 Reforming
More informationAdverse selection in annuity markets
Adverse selection in annuity markets Eduardo Fajnzylber 1, Matías Pizarro, Manuel Willington 1, June 15, 2015 Retirement income around the world is increasingly dependent on private savings, creating an
More informationSantander Conference
Santander Conference January, 2013 Privado y Confidencial 1 Disclaimer This presentation may include market outlooks and forward-looking statements, which are based on the beliefs and assumptions of ILC
More informationAn Analysis of Money's Worth Ratios in Chile
Universidad Diego Portales From the SelectedWorks of Marco Morales 2007 An Analysis of Money's Worth Ratios in Chile Marco Morales, Universidad Diego Portales Roberto Rocha, World Bank Craig Thorburn,
More informationREPUBLIC OF BULGARIA. Country fiche on pension projections
REPUBLIC OF BULGARIA Country fiche on pension projections Sofia, November 2017 Contents 1 Overview of the pension system... 3 1.1 Description... 3 1.1.1 The public system of mandatory pension insurance
More informationCompany Presentation
Company Presentation September-15 1 1 Company Overview 1H15 Insurance Sector Revenues Net Income % Ownership Supplemental health insurance US$91.3 M US$-7.2 M 99.9% Life Insurance Company (Annuities) US$524.1
More informationDISABILITY AND SURVIVORSHIP INSURANCE: THE CASE OF CHILE
DISABILITY AND SURVIVORSHIP INSURANCE: THE CASE OF CHILE gonzalo reyes 1 1 Head of the Research Division, Superintendence of Pensions, Chile. 313 We shall be discussing the case of the Chilean reform within
More informationThe BCS in Chile s stock exchange market and its upcoming challenges ACSDA Seminar. José Antonio Martínez Zugarramurdi General Manager
The BCS in Chile s stock exchange market and its upcoming challenges ACSDA Seminar José Antonio Martínez Zugarramurdi General Manager Contents Santiago Stock Exchange (BCS, in its Spanish acronym) BCS
More informationThe Role of Annuities in Retirement Plans
The Role of Annuities in Retirement Plans Professor Jon Forman University of Oklahoma College of Law for the National Association of Insurance Commissioners (NAIC) Center for Insurance Policy and Research
More informationAnnuities: Why they are so important and why they are so difficult to provide
Annuities: Why they are so important and why they are so difficult to provide Professor David Blake Director Pensions Institute Cass Business School d.blake@city.ac.uk June 2011 Agenda The critical role
More informationSocial Insurance and Informality in Latin America
Social Insurance and Informality in Latin America Tokyo Fiscal Forum 2016 Santiago Levy, IDB* * Author s opinions do not necessarily coincide with those of the institution he is affiliated with. Motivation
More informationTOWN OF LANTANA POLICE RELIEF AND PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
TOWN OF LANTANA POLICE RELIEF AND PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2018 TABLE OF CONTENTS Section Title
More informationMORTALITY ASSUMPTIONS AND LONGEVITY RISK. Challenges in assessing expected longevity risk
MORTALITY ASSUMPTIONS AND LONGEVITY RISK Challenges in assessing expected longevity risk Jessica Mosher Longevity 11, Lyon 8 September 2015 OECD Publication December 2014 Contents 1. Mortality assumptions
More informationComparative Annuity Reports Your guide to comparing data about Single Premium Immediate Annuity programs
Comparative Annuity Reports Your guide to comparing data about Single Premium Immediate Annuity programs January 2016 1-800-872-6684 www.immediateannuities.com/comparativeannuityreports/ Volume 37 Issue
More informationIOPS COUNTRY PROFILE: ESTONIA
IOPS COUNTRY PROFILE: ESTONIA DEMOGRAPHICS AND MACROECONOMICS GDP per capita (USD) 19 000 Population (000s) 1 282 Labour force (000s) 688 Employment rate 82.5 Population over 65 (%) 17.7 Dependency ratio
More informationRipley Corp. May st Quarter 2016 Results
Ripley Corp May 2016 1st Quarter 2016 Results 1Q16 HIGHLIGHTS Ripley Colombia: Closing of operations progressing according to plan Increase in Inmobiliaria Mall Viña del Mar share: Real estate assets at
More informationPension System Analysis: Tatyana Bogomolova World Bank, HDNSP
Pension System Analysis: Basic Concepts and Identities Tatyana Bogomolova World Bank, HDNSP Outline General framework for quantitative analysis of pension systems Key factors: demographic, economic, pension
More informationChapter 2 Executive Summary: More work past age 60 and later claims for Social Security benefits
LATER RETIREMENT, INEQUALITY IN OLD AGE, AND THE GROWING GAP IN LONGEVITY BETWEEN RICH AND POOR Barry Bosworth, Gary Burtless, Kan Zhang Chapter 2 Executive Summary: More work past age 6 and later claims
More informationCOMPARISON OF VARIABLE ANNUITIES BETWEEN THE NETHERLANDS AND DENMARK
COMPARISON OF VARIABLE ANNUITIES BETWEEN THE NETHERLANDS AND DENMARK ANNE G. BALTER MALENE KALLESTRUP-LAMB TILBURG UNIVERSITY AARHUS UNIVERSITY COPENHAGEN BUSINESS SCHOOL FINANCIAL SUPPORT FROM NETSPAR
More informationCorporate Presentation. As of December 31, Banco de Chile
Corporate Presentation As of December 31, 2014 Banco de Chile I. Introduction to Banco de Chile Introduction to Banco de Chile: Leading Financial Institution in Profitability and Soundness As of December
More informationStudy and application of an Asset Sufficiency Test and an Asset-Liability Management model for life insurance products
Study and application of an Asset Sufficiency Test and an Asset-Liability Management model for life insurance products Proposal presentation February 16, 2016 Francisco González-Piedrahíta Sebastián Rincón-Montoya
More informationFor Immediate Release Contact: María Paz Yañez Planning & Control Manager Phone: (56-2) Fax: (56-2)
For Immediate Release Contact: María Paz Yañez Planning & Control Manager Phone: (56-2) 351-1209 Fax: (56-2) 679-2320 E-mail: myanezm@bbvaprovida.cl Santiago, Chile February 27, 2009 AFP PROVIDA (NYSE:
More informationCommunicating Longevity Risk to the Public An Overview of the Actuaries Longevity Illustrator
Communicating Longevity Risk to the Public An Overview of the Actuaries Longevity Illustrator 1 William Flick Fornia, FSA, MAAA, EA, FCA President, Pension Trustee Advisors Member, Society of Actuaries
More informationRetirement Security: Public Perceptions and Misperceptions
Retirement Security: Public Perceptions and Misperceptions Anna M. Rappaport, MAAA, EA, FSA Chairperson, Committee on Post-Retirement Risks and Needs, Society of Actuaries Mathew Greenwald President, Mathew
More informationACTUARIAL VALUATION REPORT AS OF OCTOBER 1, City of Plantation Police Officers Retirement System
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014 City of Plantation Police Officers Retirement System ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE FISCAL YEAR ENDING SEPTEMBER 30,
More informationCity of Clearwater Employees Pension Plan Actuarial Valuation Report as of January 1, 2018 Annual Employer Contribution for the Fiscal Year Ending
City of Clearwater Employees Pension Plan Actuarial Valuation Report as of January 1, 2018 Annual Employer Contribution for the Fiscal Year Ending September 30, 2019 TABLE OF CONTENTS Section Title
More informationActuarial Valuation Report as at December 31, 2017
Actuarial Valuation Report as at December 31, 2017 Lutheran Church - Canada Pension Plan ASP Registration No. 00355610 CRA Registration No. 00355610 March, 2018 TABLE OF CONTENTS Page 1. Actuaries Opinion...
More informationSocial Security: Is a Key Foundation of Economic Security Working for Women?
Committee on Finance United States Senate Hearing on Social Security: Is a Key Foundation of Economic Security Working for Women? Statement of Janet Barr, MAAA, ASA, EA on behalf of the American Academy
More informationCITY OF HOLLYWOOD GENERAL EMPLOYEES RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2012
CITY OF HOLLYWOOD GENERAL EMPLOYEES RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2012 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2014 TABLE OF CONTENTS Section
More informationMajor Trends in Pension Reforms. Ambrogio Rinaldi Director, COVIP, Italy Chair, OECD Working Party on Private Pensions
Major Trends in Pension Reforms Ambrogio Rinaldi Director, COVIP, Italy Chair, OECD Working Party on Private Pensions 6th Global Pension & Savings Conference the World Bank - Washington, DC April 2-3,
More informationApril 25, Readers of the RP-2000 Mortality Tables Report. Julie Rogers, Research Assistant
SOCIETY OF ACTUARIES 475 N. MARTINGALE RD., SUITE 800, SCHAUMBURG, IL 60173-2226 847/706-3556 847/706-3599 FAX Julie C. Rogers E-mail: jrogers@soa.org Research Assistant Date: April 25, 2001 To: From:
More informationPension Switch Report. Drawdown Provider Comparison
Pension Switch Report Drawdown Provider Comparison Client Name: Rachel Jones Client Ref: RP000912 Adviser Name: Fred Bloggs Report Print Date: 24/07/2017 _ This report has been based on the following information.
More informationIndex. Cambridge University Press Annuity Markets and Pension Reform George A. (Sandy) Mackenzie. Index.
actuarial fairness, 31, 201, 202 adverse selection, 41, 142, 190, 191, 219 aging, 6, 8, 145, 225 30 allocated annuities (Australia), 26 annuities guarantees on, see guarantees history of, 1 group purchases,
More informationPension System Reform in Georgia
PERSPECTIVE Pension System Reform in Georgia Comments and Alternatives MARTIN HUTSEBAUT December 2017 On 31 October 2017, the Government of Georgia publicly presented her reform plan for the country s
More informationPension Systems: Alternative Designs in Latin America By Solange Berstein Jáuregui and Alejandro Puente Gómez
0 Foreword By Álvaro Clarke De la Cerda 1 Pension Systems: Alternative Designs in Latin America By Solange Berstein Jáuregui and Alejandro Puente Gómez 2 Pension Plans: History and Perspectives By Vicente
More informationTestimony. on Behalf of Aon Hewitt. By Alison T. Borland, FSA. Vice President Retirement Solutions & Strategies. Before. U.S. Senate HELP Committee
Testimony on Behalf of Aon Hewitt By Alison T. Borland, FSA Vice President Retirement Solutions & Strategies Before U.S. Senate HELP Committee Can We Do More to Keep Savings in the Retirement System? March
More informationCompute the City s recommended contribution rate for the Fiscal Year beginning December 1, 2015.
March 2, 2015 The Board of Trustees Employees Retirement System Livonia, Michigan 48154 Dear Board Members: The purpose of the annual actuarial valuation of the Employees Retirement System as of November
More informationREPORT OF THE ANNUAL ACTUARIAL VALUATION AND GAIN/LOSS ANALYSIS
A R K A N S A S S T A T E P O L I C E R E T I R E M E N T S Y S T E M ANNUAL ACTUARIAL VALU A T I O N A N D T H E GAIN/LOSS ANALYSIS O F E X P E R I E N C E JUNE 30, 2016 REPORT OF THE ANNUAL ACTUARIAL
More informationGeneral information on PPF Factors GENERAL PRINCIPLES
General information on PPF Factors GENERAL PRINCIPLES General information on PPF Factors General principles Types of PPF Factor There are six types of factor needed to administer the PPF, as well as for
More informationGuaranteeing an Income for Life: An Immediate Fixed Income Annuity Review
Guaranteeing an Income for Life: An Immediate Fixed Income Annuity Review The biggest financial risk that anyone faces during retirement is the risk that savings will be depleted...the risk that income
More informationRemoving the Legal Impediments to Offering Lifetime Annuities in Pension Plans
Removing the Legal Impediments to Offering Lifetime Annuities in Pension Plans Professor Jon Forman University of Oklahoma College of Law for Achieving Better Retirement Outcomes: Solutions for a Modern
More informationMeeting the Global Retirement Challenge
Meeting the Global Retirement Challenge 2018 OECD/IOPS Global Forum on Private Pensions Beijing, China Sean McLaughlin Executive Vice President, Chief Strategy Officer Prudential of Korea Life Insurance
More informationCorporate Presentation. As of December 31, Banco de Chile
Corporate Presentation As of December 31, 2015 Banco de Chile Chile: Macro Environment and Financial System Economic Highlights Solid economic fundamentals Output (YoY%) 6 Labor Market (% and YoY%, respectively)
More informationCroatia Country fiche on pension projections
REPUBLIC OF CROATIA MINISTRY OF LABOUR AND PENSION SYSTEM Croatian Pension Insurance Institute Croatia Country fiche on pension projections Prepared for the 2018 round of EPC AWG projections v. 06.12.2017.
More informationIsabel Scheuch and Mariela Iturriaga 1
Implementation of International Financial Reporting Standards for nonfinancial companies and their impact on financial stability monitoring at the Central Bank of Chile Isabel Scheuch and Mariela Iturriaga
More informationNDC Schemes and Heterogeneity in Longevity: Proposals for Re-design
NDC Schemes and Heterogeneity in Longevity: Proposals for Re-design Robert Holzmann, Jennifer Alonso-García, Héloïse Labit-Hardy, Andrés Villegas CEPAR, UNSW Business School, Australia 26th Colloquium
More informationIOPS Member country or territory pension system profile: PANAMA
IOPS Member country or territory pension system profile: PANAMA Report 1 issued on December 2011, validated by the Sistema de Ahorro y Capitalizacion de Pensiones de los Servidores Publicos (SIACAP) 1
More informationActuarial Section. Actuarial Section THE BOTTOM LINE. The average MSEP retirement benefit is $15,609 per year.
Actuarial Section THE BOTTOM LINE The average MSEP retirement benefit is $15,609 per year. Actuarial Section Actuarial Section 89 Actuary s Certification Letter 91 Summary of Actuarial Assumptions 97 Actuarial
More informationGuaranteeing an Income for Life: An Immediate Income Annuity Review
Guaranteeing an Income for Life: An Immediate Income Annuity Review The biggest financial risk that anyone faces during retirement is the risk that savings will be depleted...the risk that income will
More informationActuarial & Finance. Around the World. Sam Gutterman, FSA, FCAS, MAAA, HonFIA Andrew H. Dalton, FSA, MAAA. Moderated by Robert Eaton, FSA, MAAA
Actuarial & Finance Long-Term Care Around the World Sam Gutterman, FSA, FCAS, MAAA, HonFIA Andrew H. Dalton, FSA, MAAA Moderated by Robert Eaton, FSA, MAAA Introductions Population Issues Working Group
More informationPension projections Denmark (AWG)
Pension projections Denmark (AWG) November 12 th, 2014 Part I: Overview of the Pension System The Danish pension system can be divided into three pillars: 1. The first pillar consists primarily of the
More informationACTUARIAL VALUATION REPORT AS OF OCTOBER 1, City of Plantation General Employees Retirement System
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014 City of Plantation General Employees Retirement System ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE FISCAL YEAR ENDING SEPTEMBER
More informationCypriot Mortality and Pension Benefits
Cyprus Economic Policy Review, Vol. 6, No. 2, pp. 59-66 (2012) 1450-4561 59 Cypriot Mortality and Pension Benefits Andreas Milidonis Department of Public and Business Administration, University of Cyprus
More informationSession 098 PD - Latin American Update: Insurance & Pension Regulatory Topics. Moderator: Edward L. Robbins, FSA, MAAA
Session 098 PD - Latin American Update: Insurance & Pension Regulatory Topics Moderator: Edward L. Robbins, FSA, MAAA Presenters: Marcela Abraham Carlos Arocha, FSA Ramon D. Galanes, ASA, MAAA SOA Antitrust
More informationCITY OF HOMESTEAD POLICE OFFICERS RETIREMENT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2015
CITY OF HOMESTEAD POLICE OFFICERS RETIREMENT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2015 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 30, 2017 TABLE
More informationRoadshow Presentation
Roadshow Presentation Secondary Offering Selling Shareholder: LQ Inversiones Financieras S.A. January 2014 Statements made in this presentation written or oral that relate to BCH s future performance or
More information