고령화대비금융상품의활용 - kif...about aon hewitt aon...

고령화대비금융상품의활용

Aon Hewitt I Sept 1, 2011

고령화대비금융상품의활용

About Aon Corporation

시카고에본사를둔 Aon Corporation은 Employee Benefit 및 Human Capital 컨설팅, 위기관리, 보험및재보험중개부문에서차별적인서비스를제공하고있음.

FY09 Revenue : $10.7 billionAon Corporation

Aon Benfield (Reinsurance)

FY09 Revenue: $1.6B

Aon Hewitt Aon Risk Solutions

FY09 Revenue: $4.8BFY09 Revenue: $4.3BAon RiskAon

H l h & B fi

Retail Brokerage Risk Assessment and

Analytics and Technical Services

~3,500 Colleagues~26,500 Colleagues~29,000 Colleagues

Aon Risk Solutions

45%

Aon Benfield

15%

Hewitt40%

Health & BenefitRetirementTalentBenefits Administration

s ssess e t a dAdvisoryClaims Advocacy and AdministrationCaptive ManagementAffinity Programs

Technical ServicesFacultative ReinsuranceInvestment BankingPractice Groups

15%

Combination creates industry-leading product portfolio High mix of recurring revenues

HR Business Process OutsourcingPoint Solutions

Affinity ProgramsPremium FinanceSelect Personal Lines

Client ServicesTreaty Reinsurance

Business lines focused on growth segments of the market

2

About Aon Hewitt

Aon Hewitt은약 5조매출과 29,000명직원을보유한 “세계최대의 Employee Benefit 및 Human Capital 컨설팅” 회사임.

전세계 90여개국에서최고의서비스를제공하고있음전세계 90여개국에서최고의서비스를제공하고있음.

Key Facts

“#1 human capital consulting and outsourcing firm in the world"“#1 human capital consulting and outsourcing firm in the world"• 29,000 employees• 90 countries• $4.3 billion combined revenue• Serving more than half of the Fortune 500

HR BPOConsulting Benefits Administration

g

• Core process mgmt: Workforce admin, payroll, customer service

• Talent: Performance, succession,

HR BPO

• Health & Benefits• Retirement & Financial Management

(RFM)• Communications

Consulting

• Defined Benefit • Defined Contribution • Health & Welfare

Benefits Administration

learning, recruiting• Reward: Compensation

administration• Measure and Manage: Workforce

analytics, supplier management

• Talent and Organizational Consulting (TOC)

• Compensation• Corporate Transactions• Global Benefits

Health & Welfare• Stand-alone Point Solutions• Absence Mgmt• Spending Accounts• Dependent Audit

3

Contents

< About Aon Hewitt >

I. Background

II Retirement Income OptionsII. Retirement Income Options

III. Conclusion

4

퇴직자가직면하게되면다양한위험(Retirees Have Complex Hedging Decision to Make)

Exposure Hedge?Benefit Downside

Inflation Decline in purchasing power Protect purchasing power

Few products offeredExpensive

L it Outlive assets Will not run out of mo Loss of liquidityLongevity Outlive assetsLive too conservatively

Will not run out of money

Loss of liquidity

Equity Asset declineDecline in standard of living

Eliminate portfolio volatility

Lower expected returnsg y

Interest Rates

Low RatesLow returnsHigh annuity costs

High Rates

Have medium term protection against declining interest rates

Could lose principal or returns

High RatesDecline in principal

Medical Expenses

Decline in purchasing power Protect purchasing power

Expensivep

Credit Concentration of assetsDecline in retirement benefits

Protect asset loss Expensive

5

Contents


I. Background


III. Conclusion

6

Retirement Income Options

Lump sum

AnnuityOptions

Non-Annuity Options

7

Contents


I. Background


A. Annuity

B. Non-Annuity Products

III. Conclusion

8

Annuity

• Annuity는보험회사에서판매되는상품의하나임. 이것은근로기간동안축적한연금자산등의일시금을, 퇴직이후의삶을위한정기적소득의흐름으로전환하는수단의일종.

• Standard Annuity와 Non Standard Annuity등다양한형태가존재함• Standard Annuity와 Non-Standard Annuity 등다양한형태가존재함• 영국, 아일랜드, 네덜란드등은매우발달한 private annuity market을가지고있으며, 반면미국이나호주등은발달하지못했음

• 미국의경우 1999년약 120조원의 Annuity 상품의판매가이루어졌음. 그러나대부분의경우는 Variable yAnnuity이며이러한 Variable Annuity는 Accumulation의단계의목적으로활용되는것이일반적임 (Brown et al., 2001)

• 2004년의조사를보면약 ¾의퇴직연금(DB + DC)자산이 Annuity의형태가아닌일시금으로전환되고있음(McGill et al 2004)(McGill et al., 2004)

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Underdevelopment of Annuity Market –역선택 (Adverse selection)

역선택 (Adverse selection)의문제는평균적인 annuity의가격을상승시킬수있으며, 이러한문제는 annuity market의발달을막는중요한요소중하나로인식되고있음

Entire Population

Market Annuity

P iTheoretically

Insurance

PriceHealthySick

Actual Population

Theoretically

companyp

Higher Annuity Actually

Healthy

yPrice

Actually

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Source: Development of Research Group The World Bank

Underdevelopment of Annuity Market ― Different Reasons

역선택 (Adverse selection) 이외에 annuity market의발전을저해하는다른요소는다음과같음:

• Perceptions - Lump sum 보다 annuity를통해손해 (poor value for money)를본다는인식• Products -소비자의니즈를반영한유연한상품의부족• Processes -효율적마케팅또는판매전략의부재• Liquidity and Flexibility –긴급상황(장기입원/질병등)에대처할수있는유동성의필요

B t M ti 조기사망시상속의니즈• Bequest Motives -조기사망시상속의니즈• Competition –공적연금등 annuity를의무화하여지급하는다른연금제도가있는경우, annuitization에대한수요가적어짐

• Tax – annuity를통해얻는세제상큰편익의부재y 통 상

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Source: Development of Research Group The World Bank

Annuity conversion – Voluntary vs. Compulsory

각나라별로 Annuity대한의무와선택을보여주고있음. 한국의경우현재개인의선택에의존함.

호주 칠레 아일랜드 일본

선택 선택 의무 선택선택 선택 의무 선택

네덜란드 영국 미국 한국

의무 의무 선택 선택

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<US Case> Annuitization was denied by DOD

• Warner and Pleeter (2001)의미국국방부(Department of Defense: DOD)에대한연구• 1992년약 65000명의장교와사병들이 DOD에서실시한감원프로그램의적용을받았음퇴직을신청한장 와사병 하나의형태 퇴직 여 지 받을수있었• 퇴직을신청한장교와사병들은 annuity 또는 lumpsum 중하나의형태를퇴직급여로지급받을수있었음

• Annuity를통한 IRR(Internal Rate of Return)은약 17.5% ~ 19.8%인것으로추정되었음; 당시미국에서국채의수익률은 약 7%의수준이었음

• 따라서많은전문가들은상당수의장교들과사병들이 Annuity를선택할것으로예상했음따라서많은전문가들은상당수의장교들과사병들이 Annuity를선택할것으로예상했음• 그러나 52%의장교와 92%의사병들은 lump sum을선택했음• 결과적으로, 미국국방부의직원들은 lump sum을선택하여약 1조7천억원 ($1,7 billion)의가치만큼손실을입었음

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Contents


I. Background


A. Annuity Options

B. Non-Annuity Options

III. Conclusion

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퇴직이후에필요한소득수준의변화 (Income Requirement vs. Retirement Duration)

< Pensioner income requirement >

IncomePh I P t Ti R ti t Income RequirementPhase I. Part Time Retirement

• Transition Period between full time work and retirement

• Pensioners likely to take par time jobs,

E th i f ti t ti iti th t i• Enthusiasm for new retirement activities that requires higher retirement income

Phase II. Full Time Retirement

• Retirement income entirely depend upon the decumulation vehicles or from means tested poverty relief that are

available

• Reduction in spending as pensioners get older

RetirementAt retirement

p g p g

Phase III. Later years and care needs

• High level of dependency for their care needs whilst life is Retirement Duration

At retirementHigh level of dependency for their care needs whilst life is extended

• Outside help and assistance becomes more necessary which requires higher retirement income Phase I Phase II Phase III

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Income Drawdown

Income Drawdown의상품들은퇴직자들의니즈에따라개발되어졌음

1 Annuity를받기전에현금일시금을받을수있음

2 연금가입자가점진적인퇴직을원한다며그러한니즈에걸맞는지급방식을선택할수있음

3 일정수준 (이상)의지급액을준수함으로써세제상불이익을받지않을수있음

4 사망시에는퇴직금을상속할수있음

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Reference: Income Drawdown vs. Traditional Annuity

Income Drawdown Traditional AnnuityIncome Drawdown Traditional Annuity

INVESTMENTCHOICE

YES

; 가입자의선호와니즈에따라투자에대한

NO

선택을제공함

FLEXIBILITY YES; 일정한제약조건 (maximum limit)하에서필요한만큼을지급받을수있음

NO; 일단 Aunnuity로선택하면변경할수없음

만큼을지급받을수있음

GUARANTEED NO; 투자의기간동안지급되는 Income Drawdwon은투자의수익등에따라변동하는자산의가치에

YES; 일단확정되면연금액이보장됨

투자의수익등에따라변동하는자산의가치에따라변동됨

REVIEWED YES; 최대한도의지급액과펀드의성과는정기적으로검토되어짐

NO; 일단확정되면검토될사항은없음

검토되어짐

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<Example 1> Scheduled withdrawals

칠레의새로운연금제도에서소개되었고, 아르헨티나, 엘살바도, 멕시코그리고페루에서도볼수있음연금으로전환할의무가없음

신연 과비 해서아래와같 이점 이있종신연금과비교해서아래와같은이점들이있음, – 조기사망시, 연금잔액이배우자나자녀에게상속할수있음– 보험회사에서제공하는수익율보다더높은수익율을퇴직연금펀드를통해서얻을수있음

축적

Scheduled Withdrawals차감Retirement

Fund

Withdrawal amount

Pension fund balance

Annuity amount

퇴직일 사망입사일

18

or 연금종료

< Example 2> Fixed income drawdown with annuity at age x

일반적으로퇴직금펀드를 managed fund로전환함마치연금에서와같이일정한금액을퇴직금잔액에서인출함

연 자산 의성패에따라연 전환하기이전에퇴직 잔액이 갈될수있연금자산운용의성패에따라연금으로전환하기이전에퇴직금잔액이고갈될수있음

특정한연령에서남은잔액을연금으로전환해야함

축적

연금수급기간Income

D d

차감RetirementFund

Drawdown Withdrawal amount


Annuity amount

퇴직일 사망or

연금전환일 (age x)입사일

종신정액연금 (선택)

19

or 연금종료

< Example 3> Flexible income drawdown with deferred annuity

퇴직과동시에거치연금(deferred annuity)을구입함퇴직금펀드를 managed fund로전환함

에서 자수익이발생함 자에따 위험을감수해야함managed fund에서 투자수익이발생함; 투자에따른위험을감수해야함일부퇴직자산의수준에대한위험이있지만, 이미거치연금을구입하였으므로퇴직금잔액이고갈될위험은없음.

축적

연금수급기간Income

Drawdown


Drawdown Withdrawal amount


Annuity amount

D f d it

퇴직일 사망or


연금확정일

종신정액연금 (선택)Deferred annuity purchase price

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or 연금종료

연금확정일

< Example 4> Annuity + Life Insurance + Long-term care

조기에사망하는경우손해를볼것이라고생각하는가입자들(loss-averse)을위해 Annuity와생명보험그리고Long-term care를혼합한형태의상품

의 제가심각하지않게됨Adverse Selection 등의문제가심각하지않게됨

축적

생명보험연금수급기간


or 장기요양비용

종신정액연금

Life insurance or critical illness payment

Annuity amount

퇴직일 사망or

사망or

입사일

21

or 연금종료

or중대한질병

<US Case Study> TIAA-CREF

TIAA-CREF (Teachers Insurance and Annuity Association-College Retirement Equities Fund) 는비영리법인이며미국에서가장큰민간퇴직연금기금중하나임. 가입자들은몇가지의지급방식중하나이상을선택할수있음.

이외에 을 년 터허 하기시작했Life-annuity options이외에 non-annuity options을 1989년부터허용하기시작했음:

<Flexible Income <Fixed Income<Flexible Income

Interest Payment R i O i

Minimum Di ib i

Systematic Wi hd l d

<Flexible Income Drawdown>

<Fixed Income Drawdown>

<Flexible Income Drawdown>

Retirement Option (IPRO)

Distribution Option (MDO)

Withdrawals and Transfers (SWAT)

1989 1991 1996

22

<US Case Study> TIAA-CREF ― IPRO

연금전환에앞서서 “Wait and See” 태도를보임 (한번연금으로전환하면변경할수없음)55~69.5세의퇴직자들은그동안축적된퇴직금액에대해이자를받을수있음퇴직 액의원 되며 향 에 신연 전환되어야하며 퇴직 액을인출할수있퇴직금액의원금은보존되며, 향후에종신연금, MDO로전환되어야하며, 또는퇴직금액을인출할수있음

축적

연금수급기간

차감RetirementFund Interest Credited


Interest Earned


Annuity amount

퇴직일 사망or



23

or 연금종료

Expiration DateDate

Possible option date

<US Case Study> TIAA-CREF ― MDO

축적된퇴직금에서세제의불이익을보지않기위한최소한의금액을매년인출함

대부분, MDO 이후의퇴직잔액을연금으로전환함, 그러나연금으로전환을하지않고잔액이고갈될때까지매년세제의불이익을보지않기위한금액을인출할수도있음세제의불이익을보지않기위한금액을인출할수도있음

10,000 당연간 382불이상을인출할수있음 – Life Annuity에비해서약 50~60%에해당하는금액

축적

연금수급기간


Distribution


Withdrawal amount


Annuity amount

퇴직일 사망or



24

or 연금종료

Contents


I. Background


III. Conclusion

25

Lessons

• Products –고령화사회를대비해서퇴직연금제도가도입되어운영되고있음. 퇴직연금제도는 Annuityoption을허용하고있으나현재의환경하에서활성화기쉽지않을것임; 그러나 Lump sum형태의Decumulation은결코대안이될수없음Decumulation은결 대안이될수없음

• Regulation - Non Annuity Option과같은다양한상품들이활성화되기위한관련법령/세제/규제등의정비가필요함

• Flexibility - Decumulation과관련된상품들은변화하고있는노동시장과연금수급자들의니즈에따라다양한지급방식등을제시해야할것임

• Faster Decumulation-현재보다더높은수준의연금을초기에지급받을수있게하는상품의개발이필요함

• Education and Understanding-다양한종류의교육/컨설팅등을통해, 소비자들이본인에게적합한Retirement Solution을찾을수있게해야함

Be f n and e citing to operate and control 본인의상황에따라맞춤형연금지급방식을선택할수• Be fun and exciting to operate and control-본인의상황에따라맞춤형연금지급방식을선택할수있도록하여주인의식을유도함

• Provide safety and security- Decumulation 상품들의발달은결국많은근로자들이퇴직이후의삶에

26

y y필요한안전장치의역할을할것임

End of Document

For more information, please contact Aon Hewitt Seoul Office.

Austin Kweon (권오성전무)[email protected], +82 (0) 2 399-3611

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