惠悦国际定制年金产品咨询报告.ppt

W W W . W A T S O N W Y A T T . C O M Designing annuity products for consumers needs 第一页，共三十九页。 Agenda Options for generating lifetime income Consumer needs Investing for life Managing survival A new model 第二页，共三十九页。 I dont want to achieve immortality through my work - I want to achieve it by not dying Woody Allen 第三页，共三十九页。 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 第四页，共三十九页。 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 第五页，共三十九页。 Scale of opportunitiesPeople over 65 Source: US Bureau of the Census 第六页，共三十九页。 Annuity versus bond yield Income taken monthly in advance; interest rate 5% pa Annuity income broken down into capital element and the balance (ie interest element) 第七页，共三十九页。 Options for retirement income 100% Pensioner Investment Guarantees PensionerSurvivalGuarantees Traditional Annuity LumpSum ? ? Watson Wyatt Partners 2000 0% 0% 第八页，共三十九页。 Traditional annuitiesSome important questions How much do the guarantees cost? How valuable are they to customers? early in retirement/later in retirement? according to other assets? How will lifestyles and needs change in retirement? Will customers change their minds over time? 第九页，共三十九页。 Key issues for designThe Pensioner Choice (investment) Flexibility (income) Protection (survival) Communication (trade offs) Fail safe 第十页，共三十九页。 A lifetime asset allocation modelTraditional Either lump sum Or annuity Retire Retire Optimum return(equities?) Optimum return(equities?) Cash Bonds Bonds ? Watson Wyatt Partners 2000 第十一页，共三十九页。 A lifetime asset allocation modelProposed Optimum return(equities?) Optimum return(equities?) Bonds Retire ? Watson Wyatt Partners 2000 第十二页，共三十九页。 Effect of investment growth onsupporta