UK Visit Feb 2006 1 THE SWEDISH PREMIUM PENSION SYSTEM Daniel Barr, Chief Economist.

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Presentation transcript:

UK Visit Feb THE SWEDISH PREMIUM PENSION SYSTEM Daniel Barr, Chief Economist

UK Visit Feb DISPOSITION From DB-land to DC-country Activity Performance

UK Visit Feb FROM DB TO DC

UK Visit Feb FORMER STRUCTURE First PillarSecond PillarThird Pillar Occupational schemes (DB, 90% coverage) Tax efficient individual pensions (incl. mutual funds, unit linked) AFP (flat rate pension) ATP DB PAYG (related to 15 best income years)

UK Visit Feb REFORMED NATIONAL PENSION SYSTEM Premium pension (DC,funded) 2,5% Income pension (NDC, PAYG) 16 % Guaranteed pension (filling up)

UK Visit Feb INCOME PENSION PAYG ”Notional DC” Contribution 16 percent of capped income. Paid into individual notional accounts and indexed to average earnings

UK Visit Feb THE SWEDISH PENSION SYSTEM First PillarSecond PillarThird Pillar Tax efficient individual pensions (incl. mutual funds, unit linked) Occupational schemes (90% coverage, to a larger extent DC) Income Pension (PAYG) Premium Pension (DC, funded) Guaranteed Pension (filling up) Members choice

UK Visit Feb PREMIUM PENSION Individuals can choose maximum 5 mutual funds Default fund invest on behalf of passive individuals

UK Visit Feb ”The Clearinghouse Model” Fund Fund manager PPM Approx. 5,7 million pension savers

UK Visit Feb OPEN ARCHITECTURE Meet the requirements in the UCITS- directive (85/611/EEG) 780 funds 83 fund companies

UK Visit Feb ACTIVITY

UK Visit Feb NEW COMERS Proportion of new members that made an active choice Year Active67,0%27,6 %14,1%8,3%9,4 %8,0%7,4 %

UK Visit Feb SAME TREND IN OCCUPATIONAL SCHEMES 60% 33% 24% 23% 22% 17% 31% 29,7% 27,70% 23,90% 17,60% 14,10% 8,40% 9,40% 64% 36% 34% 61,5% 65,10% 0% 10% 20% 30% 40% 50% 60% 70% SAF/LO PFA-98 Premiepension PA03

UK Visit Feb Active members share increases

UK Visit Feb ACTIVITY IN 401k-PLANS

UK Visit Feb FUND SWITCHES

UK Visit Feb Top ten funds 2006 (2000) FundMarket ValueMarket Share 1 (1)Premiesparfonden (Default) ,5% 2 (5)AMF Pensions Aktiefond - Sverige ,4% 3 (3)AMF Pensions Aktiefond - Världen ,0% 4 (6)Didner & Gerge Aktiefond ,6% 5 (4)Robur Aktiefond Pension ,6% 6 (9)SPP Generation 60-tal ,9% 7 (8)SPP Generation 50-tal ,7% 8 (75)HQ Rysslandsfond ,5% 9 (2)Robur Contura ,5% 10 (11)AMF Pensions Balansfond ,3%

UK Visit Feb VALSITUATIONEN

UK Visit Feb PERFORMANCE

UK Visit Feb Performance since 1995

UK Visit Feb Asset Allocation

UK Visit Feb Dispersion

UK Visit Feb ACTIVE RETURN BY INDIVIDUALS