1. Cost of Saving for Retirement A perspective

2. Purpose of paper Stimulate debate Highlight global comparisons
Compare different saving vehicles
Excellent starting point
Commend efforts of Rob Rusconi

3. IRF Perspective Support efforts to streamline costs
The value of complexity is often questionable
Debate must be handled responsibly
Retirement provision to be encouraged – take care not to scare the consumer
Many findings are intuitive

4. Key Fundings Size matters/economies of scale
Individual arrangement more costly than bulk
DB funds more onerous than D C

5. Be Aware Of Costs Of: Regulation Taxation
Transfer of risks to members / state
Longevity risks overlooked (ultimate burden on the state)

6. Attention Needed: Simple low cost/low frill alternatives
Preservation fund complexities
Home Loan issues
Lump sum v.s annuity on retirement

7. Impact Of Costs Simple numeric example Only considers a lump sum
Ignores monthly contributions
Intention is to be a simple model

8. Conclusion IRF appreciates opportunity given by Parliament
Well done to Rob on stimulating such a debate
Media for allowing coverage