New Zealand Society of Actuaries Conference Retirement Provision in the UK A Curate’s Egg Tom Ross President of the Faculty of Actuaries.

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Presentation transcript:

New Zealand Society of Actuaries Conference Retirement Provision in the UK A Curate’s Egg Tom Ross President of the Faculty of Actuaries

Number aged 65 and over as a percentage of those aged 20-64

UK State Pensions Basic Pension SERPS/State Second Pension Rights Paid from 65 (men) and 60, rising to 65 (women) Minimum Income Guarantee Pensions Credit Housing Benefit Means Tested

Private Pensions Occupational Schemes Personal Pensions Stakeholder Pensions

The Issues State Pensions are inadequate but affordable, and fiendishly complex. Savings disincentives. Defined benefit schemes are under financial pressure and are being cut back. Lack of trust in personal pensions providers. Stakeholder is not taking off.

The Transition from DB to DC Where are the risks? Financial projections. Actuaries should be doing more analysis and should be more innovative. There is a discontinuance time bomb within many DB schemes.

What’s Being Done? Not enough! Sandler Review - simpler more transparent products. Pickering Review - simplifying occupational scheme regulatory framework. Inland Revenue Tax Simplification Review - don’t know yet but rumours abound. Government Green Paper - ditto

What needs to be addressed? The State’s role - universal provider or means tested gap-filler? Extending working lives. Raising State pension age. Radical simplification. Decent tax incentives, without being too generous to the rich. Consumer education and awareness.