What you will get from this report:
- An understanding of what people expect their quality of life to be in retirement
- An understanding of how prepared individuals believe they are for retirement versus their projected outcome
- An analysis of what should be done to mitigate these risks
The significant shift from defined benefit (DB) to defined contribution (DC) arrangements means that employers are increasingly transferring retirement risk to employees unknowingly. This transfer of responsibility coupled with an ageing population led three actuarial associations (the Actuaries Institute of Australia, the Institute and Faculty of Actuaries in the United Kingdom, and the American Academy of Actuaries) to conduct a joint survey to see how prepared citizens in each country are for retirement.
The three associations determined that longevity risk was a major issue in each of their countries and prepared a White Paper, The Challenge of Longevity Risk, to alert the public and policymakers to our concerns. The Retirement Readiness Report summarises the results of the joint survey that we subsequently commissioned to investigate adequacy, the first of the five principles we identified in our report as necessary to addressing longevity risk.
By using this approach, we could see if and how different cultural and historical practices and policies produced different preparations for and perceptions of retirement. This enabled us to identify those policies and practices that result in better or worse retirement planning.
Although our survey found that respondents are best prepared with respect to saving and acquiring information, respondents are least prepared with respect to:
- Knowing how much they will need when they retire
- Knowing how long their money will last
- Preparing for longevity risk and social care
Based on these results, we have identified a number of recommendations to help citizens better prepare for retirement and determine what constitutes as adequate for their plans. These recommendations include:
- More targeted financial education
- More default options, including for both accumulation and decumulation
- Improving State Pensions adequacy and sustainability
- 11 October 2017
Policy Briefing: Retirement Readiness Survey Report from Australia, the United Kingdom & the United States11 October 2017
- 22 October 2015
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There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia. The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.
This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.
This presenter / panel workshop hybrid will be anchored by two presentations examining the socioeconomic, medical and technological factors that will have a significant impact on mortality and our pricing over the next 20 years and beyond. It will also discuss whether significant mortality improvement will continue in Asia or whether varying experience of low improvements or deterioration.
16.00-17.00 (GMT+8) | 09.00-10.00 (BST)
This presentation explores some liability-aware investment solutions to address local regulatory changes faced by insurance companies in Asia.
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16.00-17.00 (GMT+8) | 09.00-10.00 (BST)
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Delivered by the IFRS 17 Contractual Service Margin working party.
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