This document summarizes the pension system and challenges in Europe. It discusses the three pillars of pension systems: social security, employer pensions, and personal pensions. It then focuses on defined contribution pensions in the UK, including typical plan designs, contributions, taxation, and investment options. The document notes challenges like lack of financial literacy and planning. It proposes solutions such as personal retirement planning, lifecycle investment strategies, and education initiatives to increase participation and knowledge.

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欧洲养老概况与展望

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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

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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

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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

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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

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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

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如何解决这些问题?
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

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如何解决这些问题?
2. 投资理念——不同阶段的投资策略
前期 中期 后期

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如何解决这些问题?
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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如何解决这些问题?
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%

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如何解决这些问题?
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

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如何解决这些问题?
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
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Contacts
Disclaimer
Recent Awards
Steven Yang Yu 于扬
Head of ALM & Investment Strategy
电话: +44 (0) 203 326 7118
steven.yangyu@redington.co.uk
Muqiu Liu 刘沐秋
Director of ALM & Investment Strategy
电话: +44 (0) 203 326 7109
muqiu.liu@redington.co.uk