ImageVerifierCode 换一换
格式:PPT , 页数:38 ,大小:356.50KB ,
文档编号:5189185      下载积分:25 文币
快捷下载
登录下载
邮箱/手机:
温馨提示:
系统将以此处填写的邮箱或者手机号生成账号和密码,方便再次下载。 如填写123,账号和密码都是123。
支付方式: 支付宝    微信支付   
验证码:   换一换

优惠套餐
 

温馨提示:若手机下载失败,请复制以下地址【https://www.163wenku.com/d-5189185.html】到电脑浏览器->登陆(账号密码均为手机号或邮箱;不要扫码登陆)->重新下载(不再收费)。

已注册用户请登录:
账号:
密码:
验证码:   换一换
  忘记密码?
三方登录: 微信登录  
下载须知

1: 试题类文档的标题没说有答案,则无答案;主观题也可能无答案。PPT的音视频可能无法播放。 请谨慎下单,一旦售出,概不退换。
2: 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。
3: 本文为用户(晟晟文业)主动上传,所有收益归该用户。163文库仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对上载内容本身不做任何修改或编辑。 若此文所含内容侵犯了您的版权或隐私,请立即通知163文库(点击联系客服),我们立即给予删除!。
4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
5. 本站仅提供交流平台,并不能对任何下载内容负责。
6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。

版权提示 | 免责声明

1,本文(国际人力资源咨询报告课件.ppt)为本站会员(晟晟文业)主动上传,163文库仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对上载内容本身不做任何修改或编辑。
2,用户下载本文档,所消耗的文币(积分)将全额增加到上传者的账号。
3, 若此文所含内容侵犯了您的版权或隐私,请立即通知163文库(发送邮件至3464097650@qq.com或直接QQ联系客服),我们立即给予删除!

国际人力资源咨询报告课件.ppt

1、Designing annuity products for consumers needsPresented byMike WadsworthPartner,Watson WMay 2003AgendalOptions for generating lifetime incomelConsumer needslInvesting for lifelManaging survivallA new modelI dont want to achieve immortality through my work-I want to achieve it by not dyingWoody Allen

2、People will soon live twice as long as today,and have the potential to live for 1200 yearsJohn Harris,ScientistMember of UK Human Genetics Commissionas reported Sunday Times,25 June 2000 Funeral firm hit by 29%profit fallNot enough people are dying in the US,according to Service Corporation Internat

3、ional,the worlds largest funeral services companyTimes,2 October 1999Scale of opportunitiesPeople over 6505,000,00010,000,00015,000,00020,000,00025,000,00030,000,00035,000,00040,000,00045,000,000AustraliaFranceGermanySingaporeSpainUKUSA20002010Source:US Bureau of the CensusAnnuity versus bond yield0

4、510152050556065707580InterestCapitalBond yieldIncome taken monthly in advance;interest rate 5%paAnnuity income broken down into capital element and the balance(ie interest element)Options for retirement income100%Pensioner Investment Guarantees PensionerSurvivalGuaranteesTraditional AnnuityLumpSum?W

5、atson Wyatt Partners 20000%0%Traditional annuitiesSome important questionslHow much do the guarantees cost?lHow valuable are they to customers?early in retirement/later in retirement?according to other assets?lHow will lifestyles and needs change in retirement?lWill customers change their minds over

6、 time?Key issues for designThe PensionerlChoice(investment)lFlexibility(income)lProtection(survival)lCommunication(trade offs)lFail safe A lifetime asset allocation modelTraditionalEither lump sumOr annuityRetireRetireOptimum return(equities?)Optimum return(equities?)CashBondsBonds Watson Wyatt Part

7、ners 2000A lifetime asset allocation modelProposedOptimum return(equities?)Optimum return(equities?)BondsRetire Watson Wyatt Partners 2000Effect of investment growth onsupportable income-males11.11.21.31.41.560657075808590Entry ageIncome multiple1%2%3%4%5%Base income supportable calculated at 5%.Inc

8、ome multiple=income supportable assuming extra investment return resulting from equity investment of 1,2,3,4 or 5%pa after charges,divided by base income.Mortality as previously Watson Wyatt Partners 2000Planning retirement incomelThe consumer problem is.How long will I live?lLifespan is a distribut

9、ion not an expectationDistribution of deathsRetirement at age 600.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%6065707580859095100 105 110 115 120MaleFemaleMortality:PMA92/PFA92 Year of use 2001 Watson Wyatt Partners 2000Distribution of deaths by age now0.0%1.0%2.0%3.0%4.0%5.0%6.0%75 8085 9095 100 105

10、110 115 120MaleFemaleAge 75 now Watson Wyatt Partners 2000Mortality:PMA92/PFA92 Year of use 2001Distribution of deaths by age nowAge 90 now0.0%5.0%10.0%15.0%20.0%9095100105110115120MaleFemale Watson Wyatt Partners 2000Mortality:PMA92/PFA92 Year of use 2001Standard deviation of deaths,asa proportion

11、of life expectancy0%20%40%60%80%100%6065707580859095100Age at outsetMaleFemaleMortality:PMA92/PFA92 Year of use 2001 Watson Wyatt Partners 200002,0004,0006,0008,00010,00012,0006065707580859095100105110115120AgeAnnual income()7%pa0%paMethod of calculationNon-annuitised fundIncome each year defined as

12、:Fund value/annuity factorAnnuity factor calculated at assumed investment return of 0%or 7%pa(excluding expenses)Investment return achieved equal to 7%pa(excluding expenses)Investment return assumed:(excl expenses)Investment return achieved:7%pa (excl expenses)Mortality:PMA92 Year of use 2001Initial

13、 fund 100,000 Male aged 60 at outset Watson Wyatt Partners 2000Progression of income:spreading fund over future life expectationProgression of income-annuitised fund versusnon-annuitised fund01,0002,0003,0004,0005,0006,0007,0008,0009,0006065707580859095100105110115120AgeAnnual income()AnnuitisedNon-

14、annuitisedMortality:PMA92 Year of use 2001Male aged 60 at outset Watson Wyatt Partners 2000Supplier view of mortality guaranteeslMortality improvinglHow fast1%pa?2%pa?3%pa?lIn future?lScope to review?lGuarantees are(too)expensive?Mortality drift-uncertain future improvements0.0%1.0%2.0%3.0%4.0%5.0%6

15、065707580859095100PMA80PMA92Both charts show expected distribution of deaths for male aged 60 in 1992,allowing for future improvements.PMA92 represents the more recent estimateCross-subsidy operates across either distribution,and longevity protection is largely retained even if mortality is reviewed

16、 Drift in anticipated distribution allowing for newer evidence Watson Wyatt Partners 2000Excess survivors-PMA92 compared with PMA800204060801006065707580859095100%surviving to stated age0%+5%+10%+15%+20%+25%+30%+35%+40%increase in survivors%surviving:PMA80%surviving:PMA92%increase in survivorsCost t

17、o annuity provider of not reviewing mortality relates to payments made to those survivors who were not expected to live so long-the red zone Watson Wyatt Partners 2000New modelInvestment fund+Insurance against survivalLifetime income model-benefit statement UnitsUnit PriceValue Start of Year10,00010

18、.00100,000Annuity Payments(975)(10,000)Survival Bonus2953,000Effect of Changes in Unit Price4,860End of Year9,32010.5097,860Target Incomefor Next Year10,000 Watson Wyatt Partners 2000Equivalent additional fundgrowth resulting from mortalitycross-subsidy02468101214606570758085AgeEquivalent additional

19、 growth(%)MaleFemaleMortality:PMA92/PFA92 Calendar Year 2001 Watson Wyatt Partners 2000Equivalent additional fund growth M F%pa%pa754.12.88513.1 8.49533.2 21.2NB:Partial survival protection possibleFlexible annuity review cycleInitial max/min income calcdAnnuitant selects income between max and min

20、to next reviewPayments deducted according to annuitant requirements/survival credits/investment returns addedFund balance determined at reviewMax/min income to next review calcd Watson Wyatt Partners 2000Flexible incomeThe corridor020406080100120140160051015Income levelchosen by the annuitantannual

21、maximum annual minimum Watson Wyatt Partners 200102,0004,0006,0008,00010,00012,00014,00016,00018,000051015202530Duration(years)Annual income()5%7%9%Communication of benefitsIncome projections-income takeninitially=income supportable at 7%pa Watson Wyatt Partners 200002,0004,0006,0008,00010,00012,000

22、14,000051015202530Duration(years)Annual income()5%7%9%Initial income supportableIncome projections-income takeninitially=1.1 x income supportableat 7%pa Watson Wyatt Partners 200005,00010,00015,00020,00025,000051015202530Duration(years)Annual income()5%7%9%Initial income supportableIncome projection

23、s-income takeninitially=0.9 x income supportableat 7%pa Watson Wyatt Partners 2000010,00020,00030,00040,00050,00060,000051015202530Duration(years)Annual income()median95th percentile5th percentileIncome projections-variable investment model Watson Wyatt Partners 2000Fail safelDefault investment stra

24、tegies,egequities bonds over lifetimelProgrammed switching to guarantee at high agelProgrammed switching to guarantee on sustained market fall,eg Japan scenariolVoluntary switching NB:More features better systems Annuity developments-unbundling dynamicMore impaired life/enhanced annuitiesOther gteed

25、 annuities more expensive/less profitableMore equity based annuitiesWeaker longevity guarantees Watson Wyatt Partners 2002Effect of LTC rider on income020406080100120140160180200Income as%of incomesupportable with no LTC riderBefore LTC claimAfter LTC claimThe product is a variable annuity prior to

26、claim,then a fixed LTC annuity after claim,plus a continuing variable annuity(which could convert to a conventional annuity).The level of benefit is chosen by the insured.CLAIMIncome supportable with no LTC rider(normal income)LTC income=50%of income pre-claimIncome=96.5%of normalLTC income=100%of i

27、ncome pre-claimIncome=92.5%of normalAdvantages of lifetime income modellPensionersnatural extension to DC pension vehiclechoose and vary asset allocationflexibility of incomeoptimise income relative to risklInsurers/fund managerslongevity risk manageablepotential segmentation of risksnot restricted by available bond(or other)investmentsglobal multi market applicationlAlso financial planners/bond suppliersDesigning annuity products for consumer needsPresented byMike WadsworthPartner,Watson WMay 2002

侵权处理QQ:3464097650--上传资料QQ:3464097650

【声明】本站为“文档C2C交易模式”,即用户上传的文档直接卖给(下载)用户,本站只是网络空间服务平台,本站所有原创文档下载所得归上传人所有,如您发现上传作品侵犯了您的版权,请立刻联系我们并提供证据,我们将在3个工作日内予以改正。


163文库-Www.163Wenku.Com |网站地图|