惠悦国际-人力资源咨询报告

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1、DesigningannuityproductsforconsumersneedsPresentedbyMikeWadsworthPartner,WatsonWyattmike.wadsworth@eu.watsonwyatt.comMay2003AgendaOptionsforgeneratinglifetimeincomeConsumerneedsInvestingforlifeManagingsurvivalAnewmodel"Idon'twanttoachieveimmortalitythroughmywork-Iwanttoachieve

2、itbynotdying"WoodyAllen"Peoplewillsoonlivetwiceaslongastoday,andhavethepotentialtolivefor1200years"JohnHarris,ScientistMemberofUKHumanGeneticsCommissionasreportedSundayTimes,25June2000Funeralfirmhitby29%profitfallNotenoughpeoplearedyingintheUS,accordingtoServiceCorporationInter

3、national,theworld'slargestfuneralservicescompanyTimes,2October1999ScaleofopportunitiesPeopleover65Source:USBureauoftheCensusAnnuityversusbondyieldIncometakenmonthlyinadvance;interestrate5%paAnnuityincomebrokendownintocapitalelementandthebalance(ieinterestelement)Optionsforreti

4、rementincome100%PensionerInvestmentGuaranteesPensionerSurvivalGuaranteesTraditionalAnnuityLumpSum?©WatsonWyattPartners20000%0%TraditionalannuitiesSomeimportantquestionsHowmuchdotheguaranteescost?Howvaluablearetheytocustomers?earlyinretirement/laterinretirement?accordingtoot

5、herassets?Howwilllifestylesandneedschangeinretirement?Willcustomerschangetheirmindsovertime?KeyissuesfordesignThePensionerChoice(investment)Flexibility(income)Protection(survival)Communication(tradeoffs)FailsafeAlifetimeassetallocationmodelTraditionalEitherlumpsumOrannuityRet

6、ireRetireOptimumreturn(equities?)Optimumreturn(equities?)CashBondsBonds©WatsonWyattPartners2000AlifetimeassetallocationmodelProposedOptimumreturn(equities?)Optimumreturn(equities?)BondsRetire©WatsonWyattPartners2000Effectofinvestmentgrowthonsupportableincome-malesBaseinco

7、mesupportablecalculatedat5%.Incomemultiple=incomesupportableassumingextrainvestmentreturnresultingfromequityinvestmentof1,2,3,4or5%paaftercharges,dividedbybaseincome.Mortalityaspreviously©WatsonWyattPartners2000PlanningretirementincomeTheconsumerproblemis.....HowlongwillIlive?

8、LifespanisadistributionnotanexpectationDistributionofd