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United Kingdom - PowerPoint PPT Presentation


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United Kingdom. Country Summary. Basics. Low flat-rate Basic State Pension (20% national average earnings) Supplementary Earnings Related Second State Pension - contracting out allowed and normal Long history of Occupational Funded Schemes Insured and Self Administered Plans co-exist happily.

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united kingdom

United Kingdom

Country Summary

basics
Basics
  • Low flat-rate Basic State Pension (20% national average earnings)
  • Supplementary Earnings Related Second State Pension - contracting out allowed and normal
  • Long history of Occupational Funded Schemes
  • Insured and Self Administered Plans co-exist happily
investment
Investment
  • Strong Equity Culture (around 90% of Pension Assets in Global Equities)
  • Pension Funds own around 30% of UK Equity market
  • Prudent Man Approach
  • Investment Management separate from Administration of Benefits
structure
Structure
  • Usually single employer schemes, although there are a number of industry-wide funds
  • To date no open funds have existed, although they will be introduced in 2001 called Stakeholder Pensions
  • All plans are voluntary to employees
  • Insurers have had opportunity to sell third pillar “personal pensions” since 1988.
issues
Issues
  • Mis-selling of personal pensions
  • Introduction of Stakeholder Pensions
  • Corporate Governance
  • Minimum Funding Requirement
  • Global Diversification - multinational indices