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Explore retirement savings systems in various regions, including Australia, Asia, Europe, and the lessons they offer for the United States. Delve into pension assets, voluntary enrollment, taxation incentives, aging populations, pension reforms, economic austerity, and the role of social cohesion in maintaining sustainable pension systems. Learn from experiences in Germany, Ireland, France, the UK, the Netherlands, and Switzerland, examining different approaches towards defined contribution schemes, auto-enrollment, collective solutions, and the need for taxation incentives. Gain insights from political agendas, regulatory frameworks, coverage considerations, default solutions, and the importance of addressing the decline of defined benefit schemes. Discover the challenges and opportunities for creating robust retirement savings plans in an era of economic uncertainty and demographic shifts.
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Retirement Savings in Australia, Asia and Beyond: What are the Lessons for the United States? Outlook for European Pension & Defined Contribution Assets Washington DC September 17th 2013: 1:30 – 4:00 PM
Voluntary Enrolment/Taxation Incentives • Germany • Rapid Ageing of the Population • Generous PAYG 1st Pillar • Review of Occupational Pension Approaches • Riester Reforms – Tax Incentives • Capital Guaranteed Investment Solutions • Ireland • Economic Austerity • Uneven coverage and contribution rates • Sharp Decline in DB – Waterford Crystal Case • OECD Report – Mandation vs AE • Response by Government to the OECD Report • Chronic Need for Sustainable Reforms • Social Cohesion • France • Generous PAYG 1st Pillar • Decline in Occupational DB – Economic austerity • PERCO – first tentative steps towards collective • Wider pension reforms, ageing, economic austerity and industrial unrest
Auto-Enrolment • United Kingdom • Modest PAYG 1st Pillar Pension • Embracement of Auto-Enrolment Experiences – Lessons from the United States • Development of NEST and Mastertrusts/Corporate Platforms • Target Dated Fund Growth • Price Capping • 4% employee, 3% employer and 1% by the government • Re-Enrolment after 3 years • The Netherlands • Generous PAYG 1st Pillar • Decline of Defined Benefit Schemes • Sharp growth in defined contribution with underlying investment guarantee and AE • Collective DC Solutions • Pension Premium Institution (PPI) – Cross Border
Mandation • Switzerland • PAYG – First Pillar • Referendum to move towards mandation in the first half of the 1980s • Equal co-contributions from employers and employees – increasing as you age 7% and 18% • Guaranteed rate of return/Domestic Investments • Prescribed Investment Approaches • National Consensus
Europe: Total Pension Asset Projections In Millions of $USD Actual Forecast Tor Financial Consulting Limited Projections (2013)
Europe: Total Pension Asset Projections Actual Forecast Tor Financial Consulting Limited Projections (2013)
Europe: Total DC Asset Projections In Millions of $USD Actual Forecast Tor Financial Consulting Limited Projections (2013)
Europe: Total DC Asset Projections Actual Forecast Tor Financial Consulting Limited Projections (2013)
Lessons for Europe - Australia • Political agenda • Sharp DB Decline • Regulatory Approaches • Coverage and Contribution Considerations • Administration and Plethora of Accounts • Default Solutions • Need for Taxation Incentives
