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

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. Basic Pension SERPS/State Second Pension. Rights. Minimum Income Guarantee

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

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

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

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

  4. Private Pensions • Occupational Schemes • Personal Pensions • Stakeholder Pensions

  5. 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.

  6. 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.

  7. 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

  8. 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.

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