Building a better retirement world. Insights for better outcomes in the global pension and retirement market
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1 Building a better retirement world Insights for better outcomes in the global pension and retirement market Insights for better outcomes in the global pension and retirement market 1
2 Contents 01 Introduction 02 Executive summary 03 About this report 04 Pension and retirement heat map 06 Framing the right questions Acceptance of a new level of regulation, supervision, governance and transparency 14 An increasing focus on operational excellence 16 A recalibration of investment functions and investment management 18 Find simplicity in complex systems 20 Need to connect and become customer-centric 22 Policy reform globally current status and future opportunities 26 Global business opportunities for pension and retirement providers 28 EY proposition 30 Conclusion 31 Overview of 18 pension and retirement markets globally 2 Building a better retirement world
3 Introduction Most countries and stakeholders have been struggling to varying 1. Financial adequacy. 2. Financial sustainability. 3. Performance Political aspects. Insights for better outcomes in the global pension and retirement market 1
4 Executive summary Executive summary leaders throughout the world. 2 Building a better retirement world
5 About the report About the report 3
6 Pension and retirement heat map Figure 1 Source: EY Denmark Netherlands Canada United Kingdom United States Spain Mexico Chile Legend of short- to mediumterm business opportunities Not assessed 4 Building a better retirement world
7 Pension and retirement heat map Sweden Germany South Korea Japan Switzerland Mainland China France Hong Kong Pension and retirement heat map want to know how to grow new business will require timely action and change in Singapore Australia market attractiveness methodologies. 5
8 Framing the right questions Framing the right questions Aging and longevity have been debated The tide has turned environment has turned and to enable Country context: How do we build and Sustainability: What diverse stakeholder needs and economic sustainable and relevant solutions to Professionalism: maintain and evolve adequate governance and management solutions that act Informed decisions: How do we Predictability: What measures do Ease of approach: What solutions do we outcomes: What decisions are Figure 2 Budget and liability focus make retirement a priority and retirement. Groups of retiring baby boomers make it real retirement accounts. The GFC acted as a catalyst Source: EY 6 Building a better retirement world
9 7
10 one of the plan sponsor or government is a key issue, not just the actual pension promise. US pension industry executive and retirement systems. This will require Common responses to current challenges include the following: In the liabilities. Increase retirement age Many age to better align to longevity. but countries like the UK may Figure 3 Mandatory pensions Pension gap Notes: Source: Pensions at a Glance 2013 Australia Belgium Canada Chile Ireland South Korea New Zealand Norway Slovenia UK US Building a better retirement world
11 When it dawns on my students that they will have to pay the bill for current promises, many impulsively want to leave the country. Figure 4 Working longer Demographics and politics Employment and labor relations age demands innovative solutions need to work longer. Source: EY Soft compulsion and automatic enrollment in essentially voluntary systems reduces automatically enrolled in a retirement combines advantageous collective smoothing and collective guarantees without adequately considering the time Insights for better outcomes in the global pension and retirement market
12 two need to evolve concurrently challenge that assets are increasing system growth in local markets. Within Capital market maturity and investment home bias: bias can be an underlying reason concentration risk and additional Multiple mechanisms to deliver such as housing or social security lead to unnecessary burden or many governments and systems. retirement literacy vary by country: retain member trust and encourage voluntary contributions. retirement systems requires align concurrently. This works in the local market need to evolve. This requires diverse We need more agility and stress testing in pensions; the past decade demonstrated that vital assumptions can change more dramatically and quickly than we ever thought. German industry executive Building a better retirement world
13 11
14 three Acceptance of a new level of regulation, supervision, governance and transparency Governments need to pay closer attention to implementing policy and delivery. Malaysian industry executive inherent risk to social and economic retirement industry is as large as the banking sector or annual gross domestic in most countries still has a long way comes at a cost. Figure 5 160% 114% 92% 67% 82% 96% 75% 49% 34% 26% 15% 6% 0% 0% 5% Pensions market in focus: 2013 Australia Canada Hong Kong India Ireland Netherlands South Korea UK US 12 Building a better retirement world
15 and banking retirement market have evolved over their governance. Many solutions are to avoid contagion risks. Protecting and appropriately compensating pension and retirement members from provider or sponsor insolvency, identity theft or cyber-crime is underdeveloped globally in spite of rapid asset growth and automation. US pension industry executive Insights for better outcomes in the global pension and retirement market 13
16 four An increasing focus on operational excellence and enhancing risk management. Such initiatives come at a substantial cost. Operational context Many stakeholders collect and allocate only two key avenues enable sustainable retirement products We need to industrialize the pension industry globally to deliver better retirement outcomes. Swiss pension industry executive Economies of scale systems in many countries is very 1. investment returns and substantial 2. have concluded that delivery management. 3. retirement system delivery assets under management. This assumes that delivery costs grow including onboarding members and delivering statements or assessing But the dominant global way to 14 Building a better retirement world
17 Transparency rare in most countries. This limited Operational equity between members from large versus small employers: they pay the same fees, but attract different levels of processing costs. Chinese industry executive Insights for better outcomes in the global pension and retirement market 15
18 A recalibration of investment functions and investment management Risk management Aligning risk management to the the investment management industry and investment instruments used and solutions Another unresolved question is how to include members in investment risk are increasingly required to run their risk management solutions that better address member needs. Outsourcing investment decisions to members Investment operations global and asset classes within one Double-digit returns can make you take your eyes off the ball internally. US pension industry executive Pension funds and asset managers need closer cooperation to resolve big challenges such as decumulation. US industry executive 16 Building a better retirement world
19 Decumulation are wrestling to varying degrees with but solvency requirements and lower to recalibrate the investment solutions need to align to the retirement assets. Only with be restored. Most investment principles and answers have existed for years, but are poorly followed by many entities. Canadian industry executive Insights for better outcomes in the global pension and retirement market 17
20 six Find simplicity in complex systems and retirement systems are willingness to contribute voluntarily or actively manage those dimensions. through other measures leads to lower members is vital. Increase voluntary contributions retirement These three levers require member contributions less likely. This directly other choices. Consumers want engagement when they want it, not when providers have traditionally provided it. Australian industry executive and social security services incentives clauses abuses Building a better retirement world
21
22 seven Need to connect and become customer-centric increase voluntary retirement savings they want it. Through better customer needs received little attention or communication channels were rarely across the globe. similar challenges in retaining members or understanding. Interviewees highlight three key 1. Customer strategy: delivering customers what they want has been a key to success in other industries. This includes Interviewees noted that making such changes in the historically 2. Customer experience: Members A vicious circle: poor member and employer experience adds to disengagement, which adds to higher cost and less money to improve experience. UK industry executive Opt-out and auto-enrollment only address symptoms, but most members want empowerment to make informed decisions: themselves. UK industry executive Building a better retirement world
23 3. Communication: Most interviewees engagement and connectivity. engagement and how much investment is warranted to increase media and digital solutions are such tools build connectivity with stakeholders on demand. may need to consider the same that the banking industry it commenced systematically trying to enhance electronic engagement with members, but coming from a fair way back. We feel this is just the tip of the iceberg of what is really needed. Australian industry executive
24 Policy reform globally Policy reform globally transitional measures to rebalance their Figure 6 Adequacy Sustainability Investment management Australia Canada Chile Mainland China Hong Kong Netherlands South Korea Sweden UK US Legend High Medium Low Source: EY 22 Building a better retirement world
25 Policy reform globally markets and economies means that Politics is about balance, not winning. US pension fund senior executive Figure 7 Long-term investment expectations/discount rates Two ends of the spectrum Insights for better outcomes in the global pension and retirement market 23
26 Policy reform globally Figure 8 Source: EY Canada required to systems Mexico United States a. b. c. United Kingdom Spain Chile sectors and contribution increases 24 Building a better retirement world
27 Policy reform globally The Netherlands France Low retirement age Sweden Switzerland Mainland China announced a new voluntary Singapore Hong Kong Japan contribution and retirement age South Korea Australia Mandatory contribution increases Insights for better outcomes in the global pension and retirement market 25
28 Global business opportunities for pension and retirement providers Global business opportunities for pension and retirement providers Figure We see banks and exploring capital market solutions to funding as well as pension buyouts or pension runoff businesses like in insurance. US pension industry executive Do all stakeholders long-term horizon and discipline to truly appreciate that the necessary upfront investment to win employers and members and build adequate infrastructure takes a decade to pay off and create a stable annuity income? Malaysian industry executive 26 Building a better retirement world
29 Global business opportunities for pension and retirement providers Figure 10 blue ocean business Mature markets with modest Innovate market service reach servicing or outsourcing are common System or the South Korean Individual international market entrants. How can We need pensions, but we do not need pension funds. US pension industry executive We need a reasonable amount cost, maintain infrastructure and service capital. Hong Kong pension industry executive Insights for better outcomes in the global pension and retirement market 27
30 EY proposition EY proposition We understand the issues Our teams have been involved in all countries. While asking the right We can align policy, reform and commercial perspectives We combine insight with experience Building a better retirement world
31 EY proposition Figure 11 Our services for governments, as well as public and private sector pension funds We understand the issues Pension and retirement policy, strategic delivery and industry supervision: we support, design, review and evolve and evolution Assessing and delivery Strategic context for your pension and retirement business: we compare and contrast, as well as design, evolve and adjust regulatory Delivery of outcomes for your pension and retirement business: we assess, review, design, improve and implement Investment management and business members and management management Enabling areas for your pension and retirement business: we assess, review, design, improve and implement change Technology and data management management Traditional EY services Audit and assurance Transactions and valuations Insights for better outcomes in the global pension and retirement market
32 Conclusion Conclusion Building a better retirement world
33 Overview of 18 pension and retirement markets globally Sources: 31
34 Australia Statistics Dependency ratio Number of pension funds Pension fund assets as % of GDP Note: Private pension system is referred to as superannuation. Market structure Mandatory savings through Additional voluntary Pension and Retirement Business Opportunity score Note: Major reform law in 2008 addressing policy issues such as worker coverage, pension adequacy and administrative fees Recently implemented Pillars 2 and 3 Recently implemented/in progress Selected sources: Department of Human Services website; Department of Families, Housing, Community Services & Indigenous Affairs website; Stronger Super website; Minister for Financial Services & Superannuation, Press Release: Super bills pass Parliament and mark completion of reform agenda, 25 June 2013; ASFA, Status of Stronger Super reforms, July 2013; ICAA, Key legislative contribution changes, update as at 1 August 2013; Australian Government Treasury/Charter Group, A super charter: fewer changes, better outcomes, July Building a better retirement world
35 Canada Statistics Dependency ratio Number of pension funds 34.4 Pension fund assets as % of GDP Market structure investment returns Annual contribution limits Pension and Retirement Business Opportunity score Recently implemented/in progress Recently implemented 2011; Service Canada website; Regie du rentes Quebec website; OECD, Pensions at a glance, 2009 and Private pensions outlook, 2008; Social Security Administration (US), International update, May 2013 and January
36 Chile Statistics Dependency ratio Number of pension funds 17.6 Pension fund assets as % of GDP Market structure those over 65 who have contributed with Solidarity Contribution Additional contributions to mandatory account Pension and Retirement Business Opportunity score Note: Major reform law in 2008 addressing policy issues such as worker coverage, pension adequacy and administrative fees Recently implemented In discussion Recently implemented on monthly contributions In discussion to increase retirement sums Recently implemented In discussion savings schemes and incentives Superintendencia de Pensiones website; ISSA, Good practices in Social Security: the pension reform in Chile, 2010; Social Security Administration, International update, January 2012 and May 2011; Social Security Bulletin, Next generation of individual account pension reforms, 14 February Building a better retirement world
37 Statistics Dependency ratio Number of pension funds Pension fund assets as % of GDP Market structure to individual accounts allowed to manage and administer Pension and Retirement Business Opportunity score Recently implemented income urban residents Recently implemented investments in wealth management In discussion may take some years to resolve In progress insurance scheme has received the Selected sources: China Ministry of Human Resources & Social Security website; Asia Insurance Review, China: Foreign insurers to be allowed to take part in pilot runs of national tax-deferred pension plan, 18 July 2013; ADB, Pension systems in East and Southeast Asia - promoting fairness and sustainability, 2012; International Social Security 35
38 Statistics Dependency ratio 315 Number of pension funds 5.6 Pension fund assets as % of GDP Market structure Pension and Retirement Business Opportunity score In progress Recently implemented Age at which early retirement can be Sources: ISSA, 2013, ATP, borger.dk, Forsikring & Pension (Danish Insurance & Pension Association) 36 Building a better retirement world
39 Statistics Dependency ratio Number of pension funds Pension fund assets as % of GDP Market structure Note: Two-tier system public pension () + supplementary mandatory occupational schemes (), based on points system based on collective agreements Pension and Retirement Business Opportunity score Pensions Services Act Recently implemented/in progress Minimum retirement age In discussion 2011; European Social Observatory, Current outcomes and output,
40 Statistics Dependency ratio Number of pension funds Pension fund assets as % of GDP Market structure government subsidies; contribution Pension and Retirement Business Opportunity score Recently implemented In progress Recently implemented In discussion In discussion a threat to insurance carriers due to their heavy investment in bonds and to remove these guarantees 2011; Occupational Pensions Association (ABA), 2013; Association of German Insurers (GDV), 2013 Building a better retirement world
41 Hong Kong Statistics Dependency ratio 274 Number of pension funds 7.3 Pension fund assets as % of GDP Market structure Social Security Allowance Scheme Contributions covered by government additional voluntary contributions on scheme regulation Voluntary retirement savings Pension and Retirement Business Opportunity score Recently implemented their mandatory contributions and In discussion considering various measures to 2011; MPF Schemes Authority website; HK Social Welfare Department website; MPFA, Press release: MPF Employee Choice Arrangement to commence tomorrow, 31 October 2012
42 Statistics Dependency ratio Number of pension funds Pension fund assets as % of GDP Market structure In addition monthly salary and bonus businesses Pension and Retirement Business Opportunity score Recently implemented In progress In discussion Recently implemented In discussion Selected sources: OECD, Pensions at a glance 2011; IMF, The future of occupational pensions in Japan, January 2013; IMF, Social security pension schemes and the issues, January 2013; Social Security Bulletin, The Evolution of Japanese employer-sponsored retirement plans, Vol 67, No 3 (2007) Building a better retirement world
43 Statistics Dependency ratio Number of pension funds Pension fund assets as % of GDP Market structure accounts are below a certain threshold Based on minimum wage contributes subsidy to accounts mandatory vs voluntary systems Voluntary retirement accounts Pension and Retirement Business Opportunity score In discussion available to those who are members In discussion Selected sources: OECD, Pensions at a glance, 2011; Administration (US), International update, Nov 2012 and December 2011; CONSAR, Mexico s pension system: a growing funding source for long term and productive projects, 2013; BBVA, Pension reforms in Latin America: balance and challenges ahead,
44 Netherlands Statistics Dependency ratio Number of pension funds Pension fund assets as % of GDP Market structure Social assistance is available to those with a total income less than Annuities or endowment insurance Pension and Retirement Business Opportunity score In discussion Accelerating the rise in retirement age to In progress In progress line with the changes in retirement age and Selected sources: OECD Pensions outlook, 2012 and Pensions at a glance, 2011; Dutch Association of Industry-wide Pension Funds, The Dutch pension system; Social Security Administration (US), International update, April Building a better retirement world
45 Statistics Dependency ratio 277 Number of pension funds 5.2 Pension fund assets as % of GDP Market structure Combination of Pillars 1 and 2 setting aside more retirement savings Individual accounts with various account holder Combination of Pillars 1 and 2 Pension and Retirement Business Opportunity score Recently implemented Recently implemented Selected sources: OECD, Pensions at a glance: Asia on initiatives relating to CPF; Singapore Government News, The CPF (Amendment) Bill 2012 Second Reading, 10 September 2012; Ministry of Finance website; Singapore Ministry of Health website; Ministry of Manpower, Retirement and Re-employment Act webpage 43
46 South Korea Statistics Dependency ratio Number of pension funds Pension fund assets as % of GDP Market structure National basic livelihood security scheme retirement insurance retirement trust Pension and Retirement Business Opportunity score In progress In discussion Recently implemented Recently implemented to encourage saving Selected sources: National Pension Research Institute, Pension reform options in Korea, 2013; Asian Development Bank Institute, Demographic changes and pension reform in the Republic of Korea, 2009; OECD, Pensions at a glance, 2009; Korea Capital Market Institute, The revision of the Employee Retirement 44 Building a better retirement world
47 Statistics Dependency ratio Number of pension funds 46.4 Pension fund assets as % of GDP Market structure These schemes must be but no deductions available Pension and Retirement Business Opportunity score Recently implemented/in progress discourage early retirement In discussion In discussion Selected sources: OECD, Private pensions outlook, Security Administration (US), International update, January 2013; Insurance Europe, Income tax treatment of 2nd pillar pension products (as of December 2012) 45
48 Sweden Statistics Dependency ratio Number of pension funds Pension fund assets as % of GDP Market structure Three tiers contributions invested in investment sector; central government and local Pension and Retirement Business Opportunity score In discussion Ways to encourage older workers to continue working Selected sources: OECD, Private pensions outlook, 2008; Swedish Pension Agency, Annual report 2012; Swedish Investment Fund Association, Facts and myths about the premium pension, January 2013; Nordic Region Pensions & Investment News, Country Focus: Sweden Set up of probe into occupational fund regulation signals a ministry u-turn, 1 April 2013; Esmerk Swedish News, Sweden: 26 February 2013; Social Security Administration (US), International update, May Building a better retirement world
49 Statistics Dependency ratio 663 Number of pension funds Pension fund assets as % of GDP Market structure government also contributes contributions increase with age limits and withdrawal restrictions no contribution limits and can be withdrawn at any time Pension and Retirement Business Opportunity score In discussion Recently implemented In discussion including a gradual reduction in Selected sources: Pensions & Development Network, Country database: Switzerland; Federal Administration website; EURACS, Pension summary: Switzerland, 2013; European Pensions, Staying strong, February
50 United Kingdom Statistics Dependency ratio Number of pension funds 62.6 Pension fund assets as % of GDP Market structure In transition In transition, major between 2013 and 2018 must meet certain minimum standards career average scheme bought an annuity; wide asset choice Pension and Retirement Business Opportunity score Pensions Services Act Recently implemented beyond age 65 In progress Recently implemented/in progress Mandated total minimum contributions In discussion as more alternatives to annuities Selected sources: The Pensions Regulator website; Pensions Policy Institute website; National Employment Savings Trust (NEST) website; IMA, Asset management in the UK : the IMA annual survey, 2013 Building a better retirement world
51 United States Statistics Dependency ratio Number of pension funds Pension fund assets as % of GDP Market structure retirement accounts Allows rollovers and contributions Note: Special employer-sponsored IRAs available for smaller businesses and sole proprietors under, e.g., Savings Incentive Match Plan (SIMPLE), operate in a similar way to options Pension and Retirement Business Opportunity score In progress Increasing retirement age to 67 by In discussion Recently implemented In discussion Recently implemented reform may put pressure on tax incentives under Pillars 2 and 3 Selected sources: OECD Private pensions outlook, 2008 and Pensions at a glance, 2009; IOPS, USA: pension system overview, 2009; Social Security in the United States an introduction, update as at quarter 2013, June 2013
52 Contacts Graeme McKenzie Global Pension Leader Uschi Schreiber Global Markets Leader, Global Government and Public Sector Leader Josef Pilger Michael E. Pattillo US Government and Public Sector Pension Co-Leader US Government and Public Sector Pension Co-Leader Christopher Raham US Pension Leader, Financial Services European Pension Leader Building a better retirement world
53 Insights for better outcomes in the global pension and retirement market 51
54 EY About EY advisory services. The insights and quality services we EY s Global Wealth & Asset Management Center can help your business The global wealth and asset management sector has evolving regulatory environment and changing client base. Management Center brings together a worldwide team ey.com/wealthassetmgmt
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