introduction and outlook of eu pension system

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欧洲养老概况与展望


欧洲养老体系概况

养老体系三大支柱

第一支柱第二支柱第三支柱

名称社会基本养老保险企业补充养老保险个人商业养老保险

目标保障最低生活保障生活质量保障其他需求

资金来源税收/收入企业与个人投入个人存款

管理方式公共管理私下管理私下管理

投资选择低自由度相对自由高自由度


英国企业DC养老计划

固定缴费型计划DC

运行模式 • 信托

加入方式 • 自动加入(取决于是否符合基本条件)

缴纳方式• 总体按照员工收入的百分比缴纳（有上限限制）• 在缴纳的百分比中，公司缴纳基本费用 e.g. 5%。如果个人愿意缴纳更多，公司一般会在一定额

度内匹配其支付（e.g. 个人愿意再支付1%，公司也会再支付1%，总缴纳额度为7%）

税收 • 在一定的限额内缴纳的费用以及投资回报均免税，提取时收税

提取方式

• 三种主要提取方式:

1. 购买年金2. 现金提取3. 分期提取（Income drawdown）

投资选择• 公司需要为其参与DC的员工设定默认的投资策略• 平台上还会有各种不同的基金产品（包括债券，股票等等）供员工自由选择


英国企业DC养老计划——现金流

-£50,000

£0

£50,000

£100,000

£150,000

£200,000

35 40 45 50 55 60 65 70 75 80 85

现金

流量

年龄

现金流


目前存在的问题和挑战

缺乏个人养老规划

缺乏有效的沟通与员工

的参与

缺乏金融与投资理财的专业知识


如何解决这些问题?

1. 个人养老规划

65

初始养老金额度

25 30 35 40 45 50 55 60

影响最终养老金总额的三大因素:

投资回报率

投资累积期限

年缴费额度

年龄

确立最终目标

退休后，每年需要多少收入才能满足体面的生活质量？

e.g. 每年3万英镑的支出需要65万英镑的养老金存款

1. 每年缴费额度 2. 投资回报率 3. 累积期限



1. 个人养老规划

基准情景情景1 情景2 情景 3

年投资收益率 7% 8% 7% 7%

每年缴纳额度 (% 年工资) 15% 15% 20% 15%

缴纳期限（年） 30 30 30 35

退休后每年可获得养老金 £37,000 £48,000 £49,000 £59,000

假设一个目前收入为3万英镑的35岁男士，退休年龄为65岁



2. 投资理念——不同阶段的投资策略

前期中期后期



2. 投资理念——基于生命周期的投资策略

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

48 43 38 33 28 23 18 13 8 3 -2 -7

资产配置

距离退休时间（年）

新兴市场股票

防守型（低风险）股票

发达国家股票

多元资产基金

长期企业债券

短期公司债

国债

货币基金

默认投资策略案例

前期中期后期

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2. 投资理念——提高风险调节后回报

高风险低风险

扩大可投资产品类别，优化投资组合，提高风险调节后投资回报

1

2

3

4

5

6

7

1

2

3

4

5

6

7

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

年化超额收益

年化振幅

Redington投资策略

传统投资策略

1 2 3 4 5 6 7

Equity (35% UK, 35%

DM ex UK, 30% EM)10% 20% 30% 40% 50% 60% 70%

RV DGF 30% 30% 30% 30% 30% 30% 30%

Corp Bonds 60% 50% 40% 30% 20% 10% 0%

Return 1.95% 2.14% 2.33% 2.52% 2.71% 2.90% 3.09%

Volatility 5.09% 5.70% 6.91% 8.46% 10.19% 12.04% 13.94%

Additional Fees 0.28% 0.28% 0.29% 0.29% 0.30% 0.31% 0.31%



3. 鼓励员工参与——交流与沟通

对于不同的人采用不同的交流方式可以让交流效果更好

把握不同人的不同关注点，了解员工真正的需求可以提升交流影响力



3. 鼓励员工参与——教育与培训

430

培训时间

37

合作学校

34

合伙企业

1,600

参与学生人数

愿景: 2025年以前，培训100万青少年如何理财，投资和养老规划

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2-6 Austin Friars, London EC2N 2HD Telephone : +44 (0) 20 7250 3331 www.redington.co.uk

13

For professional investors only. Not suitable for privatecustomers.

The information herein was obtained from various sources.We do not guarantee every aspect of its accuracy. Theinformation is for your private information and is fordiscussion purposes only. A variety of market factors andassumptions may affect this analysis, and this analysis doesnot reflect all possible loss scenarios. There is no certaintythat the parameters and assumptions used in this analysiscan be duplicated with actual trades. Any historical exchangerates, interest rates or other reference rates or prices whichappear above are not necessarily indicative of futureexchange rates, interest rates, or other reference rates or

prices. Neither the information, recommendations oropinions expressed herein constitutes an offer to buy or sellany securities, futures, options, or investment products onyour behalf. Unless otherwise stated, any pricing informationin this message is indicative only, is subject to change and isnot an offer to transact. Where relevant, the price quoted isexclusive of tax and delivery costs. Any reference to theterms of executed transactions should be treated aspreliminary and subject to further due diligence .

Please note, the accurate calculation of the liability profileused as the basis for implementing any capital marketstransactions is the sole responsibility of the Trustees'actuarial advisors. Redington Ltd will estimate the liabilities if

required but will not be held responsible for any loss ordamage howsoever sustained as a result of inaccuracies inthat estimation. Additionally, the client recognizes thatRedington Ltd does not owe any party a duty of care in thisrespect.

Redington Ltd are investment consultants regulated by theFinancial Conduct Authority. We do not advise on allimplications of the transactions described herein. Thisinformation is for discussion purposes and prior toundertaking any trade, you should also discuss with yourprofessional tax, accounting and / or other relevant advisershow such particular trade(s) affect you. All analysis (whetherin respect of tax, accounting, law or of any other nature),

should be treated as illustrative only and not relied upon asaccurate.

©Redington Limited 2014. All rights reserved. Noreproduction, copy, transmission or translation in whole orin part of this presentation may be made withoutpermission. Application for permission should be made toRedington Limited at the address below.

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Steven Yang Yu 于扬Head of ALM & Investment Strategy

电话: +44 (0) 203 326 7118

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Muqiu Liu 刘沐秋Director of ALM & Investment Strategy

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introduction and outlook of eu pension system

Economy & Finance