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市場調查報告書
英國個人帳戶制度：年金的未來
Personal Accounts: The Future of Pension Provision
| 出版商 |
Datamonitor |
| 出版日期 |
2009年10月 |
商品編碼 |
101280 |
| 內容資訊 |
英文 30 pages |
| 價格 |
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英國個人帳戶制度：年金的未來 是由出版商Datamonitor在2009年10月所出版的。
這份英文市場調查報告書包含30 pages 價格從美金4495起跳。
本報告書內容包括：英國年金改革現況及限制退休後存款的因素、個人帳戶制度執行對勞保年金及個人年金產業產生的影響、提供企業及年金產業促進年金存款的方法調查分析。內容綱要摘記如下：
第1章 概要
第2章 實施概要
第3章 英國年金改革的背景
- 個人年金存款成為沈重負擔
- 就人口動態來看年金存款不可或缺
- 基礎年金（basic state pension）是年金的基礎
- 政府方針計畫支援最貧窮的年金接受者
- 英國國家年金與許多歐洲國家相較較少
- 關注償還負債更甚於年金存款
- 短期商品的超值感成為年金存款的阻礙
- 市場不景氣的期間仍未做好選擇高額年金存款的準備
- 消費者根據短期預測做存款或投資決策
- 政府推動自2012年起開始的勞保年金（workplace pension）改革
- Pension Act 2008的自動加入成為勞保年金改革的對象
- 民間的年金改革討論速度慢，有可能無法促進年金存款增加
- 自動加入制度被設計用來克服人們不存款的惰性
- 自動加入制度被視為克服人們不關心年金問題的好方法
- 自動加入制度的對象雖為22歲以上的受雇者，但政府應建議他們提早開始存款
- 政策面重點應放在加強對年輕人的金融教育
第4章 個人帳戶制度：實施及影響
- 個人帳戶制度被期望能吸引不關心年金的人加入
- 雇主成本高影響加入比率
- 雇主加入個人帳戶制度的比率若下降，年金制度預期將惡化
- 雇主希望將個人帳戶制度成本降到最低的可能性
- 為防止現行年金制度衰弱而規定捐獻金額上限
- 個人帳戶制度必須確保能抵抗家計調查的影響
- 投資策略應將重點放在確保退休後的收入上
- 未履行的基金應反映個人帳戶制度加入者的特色
- 個人帳戶制度加入者最主要的投資目的為退休後的收入
- 個人帳戶制度的實行並不是個人年金制度的最終目標
- 個人帳戶制度的有效性不明確
- 提供企業因低成本的SIPP掌握新事業的可能性
- 提供企業獲得教育消費者的機會的可能性
- 提供企業或顧問公司應支援人們負起自我管理的責任
- 提供企業或主要企業應分別教育年金基金管理及領域年金收入的概念
- 人們逐漸能自行建立退休後的計畫並理解相關風險
- 個人年金產業應致力於對目標市場・行銷更甚於開發新商品
附錄
Abstract
Introduction
This report provides a comprehensive analysis of the impact the introduction
of personal accounts will have on workplace pensions and on the private
pensions industry. The report also focuses on how providers and the pensions
industry as a whole can boost pension savings amid the government' s discussion
of personal accounts in the workplace.
Scope of this research
- Examines the current state of UK pension reforms and explores factors that
are currently limiting individuals from saving for retirement.
- Provides a comprehensive analysis of the impact of personal accounts on
the UK pensions market.
- Assesses strategies to combat key barriers to save for pension provision
with particular focus on market conditions and demographics.
Research and analysis highlights
A great deal of uncertainty surrounds the future of personal pensions and much
of its progression will depend on the effects of the government' s plans for
personal accounts in potentially drawing investors away from these pension
products.
Key reasons to purchase this research
- Provides detailed analysis of developments in personal accounts as part of
the UK pensions reforms.
- Identifies the biggest impacts of personal accounts on employers prior to
and after their introduction in 2012.
- Highlights implications for the private pensions industry and the future
of private pension products.
Table of Contents
OVERVIEW
EXECUTIVE SUMMARY
BACKGROUND TO PENSIONS REFORM IN THE UK
- Individuals' saving obligations to obtain significant pension income face
bigger burdens
- Demographic trends are making pension savings a necessity
- The basic state pension forms the foundation of pension provision
- Government policy is aimed at supporting the poorest of pensioners
- The UK' s state pension is relatively meager in comparison to its
European peers
- Currently, individuals are less concerned by saving into a pension but
more interested in clearing debt
- Affordability coupled with short-term preferences act as further
barriers to pension savings
- People are not prepared to take on higher pension savings during a
market downturn but instead turn to clearing debt
- Consumers have a short-term outlook when making saving and investment
decisions
- The Government is reforming workplace pension provision from 2012 to make
saving for retirement the norm
- Automatic enrolment under the Pensions Act 2008 hopes to reform
workplace pension provision
- However, public-sector pension reform is a slow and controversial
process and may not boost pension savings
- Automatic enrolment is designed to overcome the inertia preventing many
people from saving
- Automatic enrolment is seen positively as a way of overcoming people' s
apathy towards pensions
- Employees aged over 22 are eligible for automatic enrolment but policy
should encourage people to start saving early
- Policy must also place emphasis on financial education among young
people to increase financial responsibility
PERSONAL ACCOUNTS: IMPLEMENTATION AND IMPLICATIONS
- Personal accounts hope to engage people with making minimum contributions
towards pension savings
- Substantial cost implications for employers will detrimentally affect
levels of contribution
- For some, leveling down employers' contribution through the Personal
Accounts scheme will make pension provision worse
- Employers may be tempted to minimize costs of Personal Accounts through
lower employee salaries
- However, a contributions ceiling has been set to prevent the weakening
of existing pensions provision
- Personal accounts should still ensure that it pays to save against the
impact of means-testing
- The investment strategy must focus on achieving good retirement income for
members
- The default fund must reflect the characteristics of members in the
personal accounts scheme
- Retirement incomes of personal accounts members should be at the
forefront of Trustees' minds when choosing an Investment objective
- Personal accounts do not represent an end to private pension schemes
- The effectiveness of Personal Accounts is uncertain
- Providers can win new business in the market with low-cost SIPPs
- Providers can seize opportunities to educate consumers where the
government has failed
- Providers and advisors should support people to exercise personal
responsibility
- Providers and key industry players must help people to separate the
concepts of building up a pension fund and receiving pension income
- Individuals are increasingly on their own in planning for retirement and
need to understand the risks that they will shoulder
- For the private pensions industry, targeted marketing rather than new
product development, must be the focus
APPENDIX
- Definitions
- Single premium policy
- Regular premium
- Wrap accounts
- Product definitions
- Life-based savings products
- Life Assurance
- Single premium life
- With-profit bond
- Unit-linked bond
- Income and growth bonds
- Guaranteed equity bonds
- Distribution bonds
- Purchased life annuities
- Other bonds
- ISAs
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
FIGURES
- Figure: Pressure on the working age population is increasing as more
people begin to retire
- Figure: The basic state pension forms the foundation of pension provision
- Figure: Affordability is the main challenge for individuals preventing
them from saving into a pension
- Figure: The UK Pensions Reform is a slow moving process
- Figure: Ten million people are assumed to participate in the personal
accounts scheme in 2012
- Figure: The future pensions market is one of helping individuals exercise
personal responsibility
- Figure: Individuals will face 5 key risks that employers have previously
shouldered with their final salary schemes
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