Download to read offline
Uploaded byWijzer in geldzaken
Breakout: Good Practises in encouraging retirement planning
The document discusses best practices for promoting retirement planning across different populations, featuring insights from various experts and countries. It highlights the importance of both system design and education in enhancing participation in retirement savings, as well as the impact of behavioral economics on consumer choices. Key strategies include simplifying processes, raising awareness, and utilizing engaging campaigns to motivate individuals to save for retirement.
More Related Content
Similar to Breakout: Good Practises in encouraging retirement planning
![[ARCHIVE] Aviva Working Lives report](https://cdn.slidesharecdn.com/ss_thumbnails/workinglives-120502024926-phpapp01-thumbnail.jpg?width=640&height=640&fit=bounds)
Breakout: Good Practises in encouraging retirement planning
- 1. BREAKOUT SESSION Good practicesin encouraging retirement planning across the population 20 April 2016
- 2. | Good practices inencouraging retirement planning across the population To change this text choose menu Insert > Header and Footer2 Moderator Olaf Simonse Head of Money Wise Platform, The Netherlands Will Sandbrook Executive Director of Strategy at NEST, United Kingdom Carlos Ramírez Fuentes Chairman of the National Commission for the Pensions System in Mexico Miles Larbey Senior Executive Leader, Financial Literacy, at the Australian Securities and Investments Commission (ASIC) Anne Seiersen Executive Director Danish Insurance Association Femke Kruiderink Supervision Officer at Netherlands Authority of Financial Markets Résalieke Vlieger Communications Manager at Stichting Pensioenregister, The Netherlands Panelists
- 3. | Which square isdarker, A or B? To change this text choose menu Insert > Header and Footer3 A B Equal
- 4. | Which square isdarker, A or B? To change this text choose menu Insert > Header and Footer4
- 5. | Hurdles en routeto a sound retirement To change this text choose menu Insert > Header and Footer5
- 6. | Snapshot of Australian retirementsystem Good practices in encouraging retirement planning across the population6 • Government pension plus retirement savings plus other savings • Compulsory retirement saving system for employees introduced 1992, concessional tax treatment • $2.046 trillion in superannuation • 265 superannuation funds • 568,943 self-managed superannuation funds • Average super balance age 60-64 – Men: $292,510 – Women: $138,154
- 7. | Recent reforms and currentissues Good practices in encouraging retirement planning across the population7 • Superannuation Guarantee increasing from 9% to 12% by 2025/26, currently 9.5% • Superannuation choice - first introduced 2005 • Strong Super reforms: – MySuper - default option – Product Dashboards for MySuper accounts – Portfolio holding disclosure – Registration of SMSF auditors • Financial System Inquiry • Retirement income streams • Objectives of superannuation
- 8. | Good practicesin encouraging retirement planning across the population8 High-level introduction UK system • Pre-2000s – strong ‘pillar 2’ system with predominantly defined benefit (DB) provision, but in decline: – defined benefit (DB) – defined contribution (DC) shift – declining participation – falling contribution levels • 2006 reforms - implemented from 2012 Auto enrolment • Employers must auto enrol eligible workers • Set up or choose a ‘qualifying workplace pension scheme’ NEST • One ‘qualifying scheme’ (DC) • Legal obligation to accept any employer and their workers
- 9. | Behavioural Economicsresearch9 https://www.youtube.com/watch?v=32_IL_D8LEA Mexican context … 122 million inhabitants 54.4 million accounts 55% of the population without social security 14.2% of GDP 20 million active workers 5.88% annual return Expected replacement rate: 30%
- 10. | What does theaudience think? To change this text choose menu Insert > Header and Footer10 For adequate pensions, product and system design are more important than education Agree (products > education) Disagree (education > products)
- 11. | What does theaudience think? To change this text choose menu Insert > Header and Footer11 Having more choices will ensure that people more interested in their pension Agree Disagree
- 12. | What does theaudience think? To change this text choose menu Insert > Header and Footer12 People are not rational when it comes to pensions, so education does not work Agree Disagree
- 13. | Behavioural Economicsresearch13 https://www.youtube.com/watch?v=32_IL_D8LEA From barriers to solutions…
- 14. |14 1,629 Rural 1,872 Urban 873 Urban 232 Urban Automatic savings online More than 4,600 new points for voluntary savings Make it easy… Convenience stores
- 15. | Strong callto action15 https://www.youtube.com/watch?v=32_IL_D8LEA Make it simple… Key features of the campaign: • Simple message • Easy goal (€ 1) • Catchy song • Popular group • It´s easy to save: 4,600 convenience stores and webpage Consumers intention to save CONSAR Survey
- 16. |16 Make it clearand repetitive... Voluntary contributions increased 33% (2014-2016)
- 17. | Consumer behaviour To changethis text choose menu Insert > Header and Footer17 Step 1 Awareness of a need Engage with the system Step 2 Identify the functional requirements Recognise and define the specific need Step 3 Choose an appropriate type of product- /solution Match the need to a type of product/- solution Step 4 Evaluate specific products/solutions Select appropriate product/solution Step 5 Post- commitment evaluation Continual assessment of decision
- 18. | To changethis text choose menu Insert > Header and Footer18
- 19. | To changethis text choose menu Insert > Header and Footer19
- 20. | To changethis text choose menu Insert > Header and Footer20
- 21. | Mijnpensioenoverzicht.nl The Dutch pensiontracking service The Dutch Pension Tracking Service: Mijnpensioenoverzicht.nl21 from overview - to insight - to action
- 22. | Using the ‘mentalmodel’ for design The Dutch Pension Tracking Service: Mijnpensioenoverzicht.nl22 2. Information presented in layers 3. Using icons obligated throughout the sector 1. Personal timeline with ages and net amounts per month
- 23. | The DutchPension Tracking Service: Mijnpensioenoverzicht.nl23 STARTERS 20-30 years old Just have a look – it’s easy BUILDERS 30-50 years old Take care of your financials now – for later ENJOYERS 50-60 years old Check now if you want to know about your later income. • Radio • Advertising on demand • Outdoor • Facebook Weekly amounts of visitors Visits to pension providers • Checking your later income is easy • Its easier than a lot of your daily habits • Surprising, recognisable and personal Our national campaign
- 24. | The DutchPension Tracking Service: Mijnpensioenoverzicht.nl24 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000 2011 2012 2013 2014 2015 Totaal Cumulatief Totaal 0 5000 10000 15000 20000 25000 30000 Leeftijd 20 25 30 35 40 45 50 55 60 65 70 75 10 juli - 9 aug 2015 10 aug - 9 sept 2015 10 sept - 9 okt 2015 10 okt - 9 nov 2015 More new unique visitors More young people Next steps Focus on users Voor pensioenuitvoerders om zelf risicogroepen t Waarom spreekt I love pensioen vrouwen aan onlijke dering Vrouwelijke pensioen- experts Sluit aan bij levens- gebeurtenissen Gebruik van beeldtaal v Quote deelnemer Vrouwen zijn een risicogroep. 70% is pensioen- onbewust Vrouwen bouwen 40% minder pensioen op Voor pe om zel i Waarom spreekt I love pensioen vrouwen aan Vrouwelijke pensioen- experts Sluit aan bij levens- gebeurtenissen Women as a risk group 40% less pension 70% not interested Key to succes: Communication and co-operation
- 25. | Example of interactivetools Impartial and trusted financial guidance Good practices in encouraging retirement planning across the population25
- 26. | Example of targetedresources Good practices in encouraging retirement planning across the population26
- 27. | Opting out ofNEST Good practices in encouraging retirement planning across the population27
- 28. | Opting out ofNEST Good practices in encouraging retirement planning across the population28