THE SWEDEISH PREMIUM PENSION SYSTEM Workshop on Private Pension Provisions, Tallin 6-7 September 2007 Daniel Barr, Chief Economist Premium Pension Authority.

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Presentation transcript:

THE SWEDEISH PREMIUM PENSION SYSTEM Workshop on Private Pension Provisions, Tallin 6-7 September 2007 Daniel Barr, Chief Economist Premium Pension Authority

Work shop on private pension 2 DISPOSITION From DB-land to DC-country Activity Performance Annuities Costs

Work shop on private pension 3 FROM DB TO DC

Work shop on private pension 4 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

Work shop on private pension 5 PREMIUM PENSION Individuals can choose maximum 5 mutual funds Default fund invest on behalf of passive individuals

Work shop on private pension 6 ”The Clearinghouse Model” Fund Fund manager PPM Approx. 5,7 million pension savers

Work shop on private pension 7 OPEN ARCHITECTURE Meet the requirements in the UCITS- directive (85/611/EEG) 767 funds 84 fund companies

Work shop on private pension 8 ACTIVITY

Work shop on private pension 9 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 %1,7% * Delayd information campaign

Work shop on private pension 10 Active members share stabilise

Work shop on private pension 11 FUND SWITCHES

Work shop on private pension 12 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%

Work shop on private pension 13 VALSITUATIONEN

Work shop on private pension 14 PERFORMANCE

Work shop on private pension 15 Asset Allocation

Work shop on private pension 16 Performance since 1995

Work shop on private pension 17 Dispersion

Work shop on private pension 18 ANNUITIES

Work shop on private pension 19 PPM´s insurance products at retirement  not before age 61  lifelong annuity, or  joint life lifelong annuity  chose pension level: 25%,50%,75%,100%

Work shop on private pension 20 both “variable annuity” and “with profit annuities” “Variable annuity” alternative: –pension recalculated each year fund value expected remaining life time PPM´s insurance products

Work shop on private pension 21 PPM´s insurance products With profit annuities – guaranteed yearly amounts – 0 % nominal – possible future bonus

Work shop on private pension 22 COST

Work shop on private pension 23 IMPORTANCE OF COSTS CostReduction of pension 0,05 %2 % 0,15 %5 % 0,25 %8 % 0,50 %15 % 0,75 %22 % 1,00 %28 % 1,50 %39 %

Work shop on private pension 24 COSTS PPM’s fee –Covers collection of contributions, payments, record keeping, trading, information etc. Asset management fees –Drawn by fund managers –PPM requires discount to compensate for distribution costs

Work shop on private pension 25 COST OVER TIME

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