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Understanding Retirement Savings: Strategies for Effective Long-Term Provision

This document explores the intricacies of retirement savings adequacy, emphasizing the need to understand and meet diverse needs through six models of long-term provision. It outlines two broad approaches to enhance system effectiveness: expanding formal-sector systems and facilitating savings in the informal employment sector. Government plays a crucial role in ensuring coherence in policies and delivery mechanisms, promoting access to financial services, and designing incentives that encourage participation. The focus is on creating a sustainable and inclusive retirement savings framework.

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Understanding Retirement Savings: Strategies for Effective Long-Term Provision

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Presentation Transcript

  1. Retirement Savings Adequacy Contributions & coverage

  2. Understanding and meeting needs • Six models of long-term provision • Two broad approaches to improved system effectiveness • Expand the formal-sector system • Facilitating saving in the informal employment sector • The role for government

  3. Preface: the need for coherence Delivery mechanisms Access to financial services Tier II supervision Social security State facilitation System design & co-ordination State coercion Demand-side research Regulation & supervision Flexibility for innovation Regulatory restraint Reaching communities Formal pension & insurance vehicles Provision to the informal sector Re-defining groups

  4. Understanding and meeting needs • Six models of long-term provision • Social security • Occupational pension funds • Mandatory individual accounts • Voluntary supplementary provision • Facilitated additional provision • Unsupported informal provision

  5. Two broad approaches • Expanding the formal system • Push the mandate to participate • Improve the incentives • Flexibility of contribution • Flexibility of access • Financial incentives • Design incentives • Establish a culture of participation • Learn from the examples

  6. Two broad approaches • Facilitating savings by the informally employed • The government role is spread across functional areas • Long-term saving is not always rational • Communities have other ways of meeting goals • Government support must rest on two pillars • Coherence of policy • A deep understanding of customer need

  7. Refrain: the need for coherence Delivery mechanisms Access to financial services Tier II supervision Social security State facilitation System design & co-ordination State coercion Demand-side research Regulation & supervision Flexibility for innovation Regulatory restraint Reaching communities Formal pension & insurance vehicles Provision to the informal sector Re-defining groups

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