惠悦国际定制年金产品咨询报告.pptx

Designing annuity products for consumers needs;Agenda;I dont want to achieve immortality through my work - I want to achieve it by not dying Woody Allen ;People will soon live twice as long as today, and have the potential to live for 1200 years John Harris, Scientist Member of UK Human Genetics Commission as reported Sunday Times, 25 June 2000 ;Funeral firm hit by 29% profit fall Not enough people are dying in the US, according to Service Corporation International, the worlds largest funeral services company Times, 2 October 1999;Scale of opportunitiesPeople over 65;Annuity versus bond yield;Options for retirement income;Traditional annuitiesSome important questions;Key issues for designThe Pensioner;A lifetime asset allocation modelTraditional;A lifetime asset allocation modelProposed;Effect of investment growth onsupportable income - males;Planning retirement income;Distribution of deathsRetirement at age 60;Distribution of deaths by age now;Distribution of deaths by age now;Standard deviation of deaths, asa proportion of life expectancy;Method of calculation Non-annuitised fund Income each year defined as:Fund value / annuity factor Annuity factor calculated at assumed investment return of 0% or 7% pa (excluding expenses) Investment return achieved equal to 7% pa (excluding expenses);Progression of income - annuitised fund versusnon-annuitised fund ;Supplier view of mortality guarantees;Mortality drift -uncertain future improvements;Excess survivors -PMA92 compared with PMA80;New model;Lifetime income model -benefit statement;Equivalent additional fundgrowth resulting from mortalitycross-subsidy;Equivalent additional fund growth;Flexible annuity review cycle;Flexible incomeThe corridor;Communication of benefitsIncome projections - income takeninitially = income supportable at 7% pa;Income projections - income takeninitially = 1.1 x income supportableat 7% pa;Income projections - income takeninitially = 0.9 x income supportableat 7% pa;Inco