Delegates at the ILC-UK Retirement Income Summit, supported by Aviva and Partnership, were asked to vote on a series of policy related questions. The results were as follows
At the end of February 2012, ILC-UK, with the support of Partnership, published a report which explored the impact of the Retail Distribution Review (RDR) on people with small pension pots.
Whilst the report supported the principles of the RDR, it expressed worries about the creation of an ‘advice gap’ where the poorest and least well-off pensioners might fail to receive critical financial advice.
Since the publication of the report, Government, the FSA and HM Treasury have taken forward a number of positive policy initiatives, some of which addressed some of the issues in the ILC-UK report. The ABI has developed a new code of conduct for members which will support the consumer to take the open market option. The DWP has been developing “operation big pension pot”. And the FSA has published guidance on simplified advice.
However, the problems highlighted in the ILC-UK report are far from solved and there remain a number of immediate challenges. The combination of the end of compulsory annuitisation, the introduction of the RDR, the growth in the number of small pension pots and the introduction of auto enrolment will require further policy action in the short term, and certainly before 1 January 2013.
This summit was convened with a view of creating a policy consensus to tackle the challenges ahead. Following the Summit, ILC-UK will publish a report which sets out the recommendations which emerge from the event.
The Retirement Income Summit focused on three specific themes. Senior representatives from Government, industry and consumer organisations debated
Post RDR financial advice may be beyond the means of the average person. How can we fill the advice gap?
People with average sized pension pots are entitled to reasonable outcomes. How can we improve the pensions annuity process for the consumer and industry?
Good regulation protects the consumer but it must not inadvertently damage the potential of products and services to increase pensioner income? How can we ensure that the length and complexity of communications required by legislation does not damage communications?
The AgeWage solution provides consumers with a summary of their pension that includes the value, a comparison to benchmarks, and an overall AgeWage score. This guidance empowers consumers to consolidate pensions if needed. Over the next 5 years, AgeWage plans to analyze millions of pensions and assist in transferring over 100,000 pensions per year. AgeWage's revenue will come from fees paid by pension providers when consumers transfer funds.
National Partnership Manager at NOW: Pensions, Neill Ferguson's presents From default to design: why good governance matters at Reward Live - A practical guide to Auto Enrolment on the 11th of July 2013.
Aviva is improving its annuity offering as part of its calls to industry within the Rethinking Retirement Report 2013, by extending its guarantees and offering an increased value protection period.
Aviva first published Rethinking Retirement in the UK in 2011 to highlight the financial challenges facing retirees and set out a series of changes it believed were vital to help them. These included a call for the industry to publish annuity rates. Since the report’s launch, the industry has taken note and we have seen it take great strides forward through new developments such as the Association of British Insurers’ (ABI) Code of Conduct.
Why pensions might just change your lifeHenry Tapper
This document discusses the challenges Jill faces in managing her multiple pensions and getting answers to her questions. It provides tips to help Jill understand pensions and ensure she gets value from her savings. The document notes that while pensions can be complex, there are simple steps Jill can take to stay on top of her state pension, private pensions, track her various pots, and find help when she needs it. The overall message is that pensions are an important way for Jill and others to save for retirement, but many people find them overwhelming and would benefit from easy-to-use tools and guidance.
A great presentation from Cesira Urzì Brancati, that asks some searching questions and comes to an interesting conclusion - about our financial capabilities!
At the end of February 2012, ILC-UK, with the support of Partnership, published a report which explored the impact of the Retail Distribution Review (RDR) on people with small pension pots.
Whilst the report supported the principles of the RDR, it expressed worries about the creation of an ‘advice gap’ where the poorest and least well-off pensioners might fail to receive critical financial advice.
Since the publication of the report, Government, the FSA and HM Treasury have taken forward a number of positive policy initiatives, some of which addressed some of the issues in the ILC-UK report. The ABI has developed a new code of conduct for members which will support the consumer to take the open market option. The DWP has been developing “operation big pension pot”. And the FSA has published guidance on simplified advice.
However, the problems highlighted in the ILC-UK report are far from solved and there remain a number of immediate challenges. The combination of the end of compulsory annuitisation, the introduction of the RDR, the growth in the number of small pension pots and the introduction of auto enrolment will require further policy action in the short term, and certainly before 1 January 2013.
This summit was convened with a view of creating a policy consensus to tackle the challenges ahead. Following the Summit, ILC-UK will publish a report which sets out the recommendations which emerge from the event.
The Retirement Income Summit focused on three specific themes. Senior representatives from Government, industry and consumer organisations debated
Post RDR financial advice may be beyond the means of the average person. How can we fill the advice gap?
People with average sized pension pots are entitled to reasonable outcomes. How can we improve the pensions annuity process for the consumer and industry?
Good regulation protects the consumer but it must not inadvertently damage the potential of products and services to increase pensioner income? How can we ensure that the length and complexity of communications required by legislation does not damage communications?
The AgeWage solution provides consumers with a summary of their pension that includes the value, a comparison to benchmarks, and an overall AgeWage score. This guidance empowers consumers to consolidate pensions if needed. Over the next 5 years, AgeWage plans to analyze millions of pensions and assist in transferring over 100,000 pensions per year. AgeWage's revenue will come from fees paid by pension providers when consumers transfer funds.
National Partnership Manager at NOW: Pensions, Neill Ferguson's presents From default to design: why good governance matters at Reward Live - A practical guide to Auto Enrolment on the 11th of July 2013.
Aviva is improving its annuity offering as part of its calls to industry within the Rethinking Retirement Report 2013, by extending its guarantees and offering an increased value protection period.
Aviva first published Rethinking Retirement in the UK in 2011 to highlight the financial challenges facing retirees and set out a series of changes it believed were vital to help them. These included a call for the industry to publish annuity rates. Since the report’s launch, the industry has taken note and we have seen it take great strides forward through new developments such as the Association of British Insurers’ (ABI) Code of Conduct.
Why pensions might just change your lifeHenry Tapper
This document discusses the challenges Jill faces in managing her multiple pensions and getting answers to her questions. It provides tips to help Jill understand pensions and ensure she gets value from her savings. The document notes that while pensions can be complex, there are simple steps Jill can take to stay on top of her state pension, private pensions, track her various pots, and find help when she needs it. The overall message is that pensions are an important way for Jill and others to save for retirement, but many people find them overwhelming and would benefit from easy-to-use tools and guidance.
A great presentation from Cesira Urzì Brancati, that asks some searching questions and comes to an interesting conclusion - about our financial capabilities!
The document discusses new regulations in the UK requiring pension funds to consider climate-related financial risks and opportunities when setting investment strategies. Trustees will need to publish disclosures on their approach by 2022. Climate change poses far-reaching financial risks to investments from physical impacts and the transition to a low-carbon economy. Pension schemes can be affected through impacts on asset values and sponsoring companies. The Pensions Regulator will review whether schemes are properly considering climate change risks in line with their duties.
This document contains summaries of presentations given by Dr. Nigel Wilson, the CEO of Legal & General Group. It discusses the success of the UK's auto-enrollment pension system and proposes next steps to improve it. It also outlines Legal & General's investments in areas like housing, infrastructure, and healthcare and argues these investments provide long-term returns while creating social benefits. Finally, it proposes expanding auto-enrollment to include income protection insurance in order to provide greater financial security.
The document summarizes a study examining the stewardship activities of the "Big Three" index funds - BlackRock, Vanguard, and State Street Global Advisors. The study finds that while index funds have the potential to be effective stewards due to their large ownership stakes, their stewardship efforts are limited by agency problems. Specifically, the Big Three devote minimal resources to stewardship and engage with a small minority of portfolio companies. Their focus on governance principles over performance and director qualifications may not be optimal for investors. Overall, the evidence is consistent with index fund stewardship being influenced by incentives to under-invest in stewardship and defer excessively to corporate managers.
The document discusses how to help people make good financial decisions through engaging, educating, and empowering them. It presents the "three E's" approach of first engaging people through face-to-face interactions. Once engaged, the next step is to educate people using clear, simple explanations. The final step is to empower people by providing helpful guidance to take action. Specific examples are provided of how to educate people about minimizing taxes when drawing from a pension and how to use a "tax muppetometer" tool to help people decide how best to withdraw funds from their pension pot. The overall goal is to give people the confidence and ability to make good financial choices.
The document provides information about Wealth Today, a financial planning company based in Australia. It discusses Wealth Today's services and credentials, the current state of household finances and debt in Australia, and introduces the LIFT program which aims to help clients terminate their mortgages while building wealth and securing their financial future and retirement lifestyle. The document promotes the benefits of Wealth Today's holistic advice approach over traditional broker models that focus only on loans and debt.
This document summarizes 6 pension issues that should be concerning:
1) Inflation and its impact on current and future pensioners.
2) The case for retail collective defined contribution pensions.
3) Creating a value for money measure the public can understand.
4) Where additional voluntary contributions still make sense in the Local Government Pension Scheme.
5) The 655,000 economically inactive older workers.
6) Whether Russia has undermined environmental, social, and governance investing.
Henry Tapper, Ruston Smith, David Slater and Vincent Franklin discuss the ways we can support staff as they move from a workplace pension into a post retirement world
The document discusses issues with the UK's pension system, including problems with pension taxation rules. It outlines three options the government could take to address taxation issues: tweaking the current rules, moving to a flat-rate system, or adopting an ISA-style system. It also discusses using technology to help people better manage pensions, such as consolidating pots, choosing investments, and creating retirement plans. The document raises questions about whether taxation issues can be solved, whether savers can be taught to invest, whether people really want pension freedoms, and whether technology can help restore confidence in pensions.
Con Keating's presentation on CDC - August 25th 2021Henry Tapper
This document discusses Collective Defined Contribution (CDC) pension schemes. It explains that CDC schemes offer pensions like defined benefit schemes but are not guaranteed, relying on their own resources. Risk is pooled across members through longevity and investment horizon pooling. Fairness is prioritized through equal cuts if needed. Contributions are allocated like defined benefit to provide mutual insurance. Decumulation flexibility is desirable. Valuations assess viability and earned surpluses to determine if cuts are required based on contractual accrual rates and risk-sharing rules minimize volatility and sequencing risk. Simulations show cuts occur infrequently and are small under 5% of current pensions.
PPI the uk-pensions-framework-showcase-slidesHenry Tapper
PPI - UK Pensions Framework
It's the Pension Policy Institute's's 20th birthday this year and it has marked that achievement with the creation of a new pension framework. This is how the PPI publicises it.
Purpose
The PPI’s UK Pensions Framework aims to support the development of the future of
pensions policy by allowing stakeholders a coordinated and holistic view of changes across
the system for the first time. The Framework also goes beyond a one-dimensional view of
changes by showing how policy reforms are affecting key parties, what secondary effects
may occur and where trade-offs might exist.
Measures - adequacy, sustainability and fairness
The framework analysis is structured around three interdependent objectives, each of
which is integral to the overall goal of the pension system - helping people to achieve
financial security in later life. They are adequacy, sustainability and fairness.
Design Principles
This publication sets out the design principles of the framework and the process by which
it was constructed. The process included consultation with over 70 key pensions policy
stakeholders. Next year, the PPI will publish the first edition of the UK Pensions
Framework, setting out full analysis of how the UK pension system is working to support
retirement outcomes that are adequate, sustainable and fair.
Use
From thereon, the framework will be a dynamic instrument, tracking changes each year
and simulating the effect of potential shifts or reforms on the system. The analysis will
provide policy-makers a comprehensive understanding of how each potential change might affect other elements of the system, and ultimately the experiences that people in the UK have in later life.”
There is a detailed report as to how their Pension Franework came into being which you can download from here.
I'm proud to have been one of 70 people who the PPI called on for input in this over 2021, I look forward to seeing it in use next year and will be relying on it for future blogs.
Happy 20th anniversary PPI!
The document discusses performing a life insurance audit for clients. It notes that a client's life insurance needs may change over time due to various life events and circumstances. An audit allows an advisor to review a client's current policies and coverage to ensure it still meets their needs, and identify any opportunities to improve the policy or consider alternatives. The audit demonstrates the advisor's commitment to clients and can help strengthen the client relationship and potentially lead to referrals. It discusses common triggers for a policy review and how audits have benefited clients in various case studies by eliminating premiums, guaranteeing coverage, and improving health ratings.
The document discusses the upcoming pension reforms in the UK and their anticipated impact. It explores why reforms are needed due to an aging population, lack of retirement savings, and other factors. It then analyzes the potential challenges to the success of the reforms, such as younger generations prioritizing other expenses, rising personal debt levels, and affordability issues. While the reforms aim to encourage more retirement savings, changing perceptions and building trust in pensions will be important for their long-term effectiveness.
For Those Who Want to Prosper & Thrive in Retirementfreddysaamy
http://ekinsurance.com/financial/retirement/
Our core capital should be designed to outlive us. In fact, it’s important for you to start thinking about your money in terms of it outliving you, not the other way around. You don’t want to outlive your money.
Australia has a three-pillar retirement system consisting of a universal age pension, compulsory employer superannuation contributions, and voluntary contributions. The superannuation system is large at over $1.8 trillion AUD but most assets are in defined contribution accounts that may provide an inadequate level of retirement income. The system has wide coverage due to mandatory contributions but faces challenges in providing sufficient retirement incomes and transitioning to post-retirement financial products. Improving outcomes will require cooperation between the government, regulators, and pension industry.
This document discusses challenges with traditional defined benefit (DB) and defined contribution (CAP) pension plans and options for reforming retirement systems in Canada and Britain. It addresses:
1. Issues transferring risk from plan sponsors in de-risking corporate pensions and democratizing pension ownership.
2. Challenges Canadian private sector, public sector, and multi-employer plans face and legislative responses regarding funding, plan terminations, and innovation hurdles.
3. Reforms in Britain including pension freedoms and the state's role in guidance, insolvency protection, auto-enrollment, and regulation compared to directions for Canadian workplace plans and state plans like CPP and ORPP enhancements.
This document introduces indexed universal life insurance as a potential retirement vehicle. It notes problems with current retirement programs like Social Security's long-term deficit and declining pension plan availability. Indexed universal life offers safety, liquidity, flexibility, tax benefits, growth potential, unlimited contributions, death benefits, and living benefits. However, earnings are limited to 15.25% annually and contributions are required. Overall, the document promotes indexed universal life insurance as a retirement solution with a guarantee not to lose your principal.
Infrastructure Social Housing & Property Investment Redington
Robert Gardner gave a presentation on integrating social housing investments into pension fund liability driven investment (LDI) strategies. Social housing, which includes housing provided by non-profit organizations, offers inflation-linked rental income that can match pension liabilities. Pension funds can invest in social housing through pooled funds holding a variety of illiquid assets including social housing, infrastructure, and commercial real estate debt. While social housing provides benefits like matching inflation-linked cash flows, regulatory changes around inflation indexing of rents and government support present risks to consider.
Slides from a presentation given by Will Lovegrove at the CIPP / AAT event (3rd March 2016) on "automatic enrolment for agents". It summarises the tactics and strategies currently employed by successful payroll agents to efficiently administer AE for their clients. Including:
- Service Design
- Service Pricing
- Choosing a pension scheme
- Choosing software
Public service and demographic change: an ILC-UK/Actuarial Profession joint d...ILC- UK
Full details of the event are available here: http://www.ilcuk.org.uk/index.php/events/ilc_uk_and_the_actuarial_profession_debate_public_service_and_demographic_c
The live blog for this event is available here: http://blog.ilcuk.org.uk/2013/04/23/live-blog-public-service-and-demographic-change/
'How can we support older workers?' an ILC-UK European policy debate, support...ILC- UK
Tuesday 3rd September, M&G, Governor’s House, Laurence Pountney Hill, London, EC4R 0HH, 16:00 for a 16:30 start – 18:30
Featuring Steve Webb MP (Minister for Pensions); Christopher Brooks (Age UK) and David Sinclair (ILC-UK), presenting findings from a new policy review of European innovations in supporting longer working lives. Chaired by Baroness Greengross, CEO, ILC-UK and cross-bench peer
Europe needs older workers. Its long-term ageing population and recent economic hardships are creating huge fiscal and demographic pressures - pressures which could be greatly relieved if it can encourage its workers to remain in work for longer.
How is this to be achieved?
The European Union recently launched its Europe 2020 strategy which set employment targets of 75% for workers aged 20-64. However, with the old-age dependency ratio for the EU28 predicted to climb over 50% by 2050, much more still needs to be done.
In this event we will hear UK and EU perspectives on how older workers can be supported, with contributions from Steve Webb MP, the UK Minister for Pensions; and Christopher Brooks (Age UK)
To inform this debate, ILC-UK launched a report at the event, supported by Prudential, which shares key policy approaches being taken across to support older workers.
The document discusses new regulations in the UK requiring pension funds to consider climate-related financial risks and opportunities when setting investment strategies. Trustees will need to publish disclosures on their approach by 2022. Climate change poses far-reaching financial risks to investments from physical impacts and the transition to a low-carbon economy. Pension schemes can be affected through impacts on asset values and sponsoring companies. The Pensions Regulator will review whether schemes are properly considering climate change risks in line with their duties.
This document contains summaries of presentations given by Dr. Nigel Wilson, the CEO of Legal & General Group. It discusses the success of the UK's auto-enrollment pension system and proposes next steps to improve it. It also outlines Legal & General's investments in areas like housing, infrastructure, and healthcare and argues these investments provide long-term returns while creating social benefits. Finally, it proposes expanding auto-enrollment to include income protection insurance in order to provide greater financial security.
The document summarizes a study examining the stewardship activities of the "Big Three" index funds - BlackRock, Vanguard, and State Street Global Advisors. The study finds that while index funds have the potential to be effective stewards due to their large ownership stakes, their stewardship efforts are limited by agency problems. Specifically, the Big Three devote minimal resources to stewardship and engage with a small minority of portfolio companies. Their focus on governance principles over performance and director qualifications may not be optimal for investors. Overall, the evidence is consistent with index fund stewardship being influenced by incentives to under-invest in stewardship and defer excessively to corporate managers.
The document discusses how to help people make good financial decisions through engaging, educating, and empowering them. It presents the "three E's" approach of first engaging people through face-to-face interactions. Once engaged, the next step is to educate people using clear, simple explanations. The final step is to empower people by providing helpful guidance to take action. Specific examples are provided of how to educate people about minimizing taxes when drawing from a pension and how to use a "tax muppetometer" tool to help people decide how best to withdraw funds from their pension pot. The overall goal is to give people the confidence and ability to make good financial choices.
The document provides information about Wealth Today, a financial planning company based in Australia. It discusses Wealth Today's services and credentials, the current state of household finances and debt in Australia, and introduces the LIFT program which aims to help clients terminate their mortgages while building wealth and securing their financial future and retirement lifestyle. The document promotes the benefits of Wealth Today's holistic advice approach over traditional broker models that focus only on loans and debt.
This document summarizes 6 pension issues that should be concerning:
1) Inflation and its impact on current and future pensioners.
2) The case for retail collective defined contribution pensions.
3) Creating a value for money measure the public can understand.
4) Where additional voluntary contributions still make sense in the Local Government Pension Scheme.
5) The 655,000 economically inactive older workers.
6) Whether Russia has undermined environmental, social, and governance investing.
Henry Tapper, Ruston Smith, David Slater and Vincent Franklin discuss the ways we can support staff as they move from a workplace pension into a post retirement world
The document discusses issues with the UK's pension system, including problems with pension taxation rules. It outlines three options the government could take to address taxation issues: tweaking the current rules, moving to a flat-rate system, or adopting an ISA-style system. It also discusses using technology to help people better manage pensions, such as consolidating pots, choosing investments, and creating retirement plans. The document raises questions about whether taxation issues can be solved, whether savers can be taught to invest, whether people really want pension freedoms, and whether technology can help restore confidence in pensions.
Con Keating's presentation on CDC - August 25th 2021Henry Tapper
This document discusses Collective Defined Contribution (CDC) pension schemes. It explains that CDC schemes offer pensions like defined benefit schemes but are not guaranteed, relying on their own resources. Risk is pooled across members through longevity and investment horizon pooling. Fairness is prioritized through equal cuts if needed. Contributions are allocated like defined benefit to provide mutual insurance. Decumulation flexibility is desirable. Valuations assess viability and earned surpluses to determine if cuts are required based on contractual accrual rates and risk-sharing rules minimize volatility and sequencing risk. Simulations show cuts occur infrequently and are small under 5% of current pensions.
PPI the uk-pensions-framework-showcase-slidesHenry Tapper
PPI - UK Pensions Framework
It's the Pension Policy Institute's's 20th birthday this year and it has marked that achievement with the creation of a new pension framework. This is how the PPI publicises it.
Purpose
The PPI’s UK Pensions Framework aims to support the development of the future of
pensions policy by allowing stakeholders a coordinated and holistic view of changes across
the system for the first time. The Framework also goes beyond a one-dimensional view of
changes by showing how policy reforms are affecting key parties, what secondary effects
may occur and where trade-offs might exist.
Measures - adequacy, sustainability and fairness
The framework analysis is structured around three interdependent objectives, each of
which is integral to the overall goal of the pension system - helping people to achieve
financial security in later life. They are adequacy, sustainability and fairness.
Design Principles
This publication sets out the design principles of the framework and the process by which
it was constructed. The process included consultation with over 70 key pensions policy
stakeholders. Next year, the PPI will publish the first edition of the UK Pensions
Framework, setting out full analysis of how the UK pension system is working to support
retirement outcomes that are adequate, sustainable and fair.
Use
From thereon, the framework will be a dynamic instrument, tracking changes each year
and simulating the effect of potential shifts or reforms on the system. The analysis will
provide policy-makers a comprehensive understanding of how each potential change might affect other elements of the system, and ultimately the experiences that people in the UK have in later life.”
There is a detailed report as to how their Pension Franework came into being which you can download from here.
I'm proud to have been one of 70 people who the PPI called on for input in this over 2021, I look forward to seeing it in use next year and will be relying on it for future blogs.
Happy 20th anniversary PPI!
The document discusses performing a life insurance audit for clients. It notes that a client's life insurance needs may change over time due to various life events and circumstances. An audit allows an advisor to review a client's current policies and coverage to ensure it still meets their needs, and identify any opportunities to improve the policy or consider alternatives. The audit demonstrates the advisor's commitment to clients and can help strengthen the client relationship and potentially lead to referrals. It discusses common triggers for a policy review and how audits have benefited clients in various case studies by eliminating premiums, guaranteeing coverage, and improving health ratings.
The document discusses the upcoming pension reforms in the UK and their anticipated impact. It explores why reforms are needed due to an aging population, lack of retirement savings, and other factors. It then analyzes the potential challenges to the success of the reforms, such as younger generations prioritizing other expenses, rising personal debt levels, and affordability issues. While the reforms aim to encourage more retirement savings, changing perceptions and building trust in pensions will be important for their long-term effectiveness.
For Those Who Want to Prosper & Thrive in Retirementfreddysaamy
http://ekinsurance.com/financial/retirement/
Our core capital should be designed to outlive us. In fact, it’s important for you to start thinking about your money in terms of it outliving you, not the other way around. You don’t want to outlive your money.
Australia has a three-pillar retirement system consisting of a universal age pension, compulsory employer superannuation contributions, and voluntary contributions. The superannuation system is large at over $1.8 trillion AUD but most assets are in defined contribution accounts that may provide an inadequate level of retirement income. The system has wide coverage due to mandatory contributions but faces challenges in providing sufficient retirement incomes and transitioning to post-retirement financial products. Improving outcomes will require cooperation between the government, regulators, and pension industry.
This document discusses challenges with traditional defined benefit (DB) and defined contribution (CAP) pension plans and options for reforming retirement systems in Canada and Britain. It addresses:
1. Issues transferring risk from plan sponsors in de-risking corporate pensions and democratizing pension ownership.
2. Challenges Canadian private sector, public sector, and multi-employer plans face and legislative responses regarding funding, plan terminations, and innovation hurdles.
3. Reforms in Britain including pension freedoms and the state's role in guidance, insolvency protection, auto-enrollment, and regulation compared to directions for Canadian workplace plans and state plans like CPP and ORPP enhancements.
This document introduces indexed universal life insurance as a potential retirement vehicle. It notes problems with current retirement programs like Social Security's long-term deficit and declining pension plan availability. Indexed universal life offers safety, liquidity, flexibility, tax benefits, growth potential, unlimited contributions, death benefits, and living benefits. However, earnings are limited to 15.25% annually and contributions are required. Overall, the document promotes indexed universal life insurance as a retirement solution with a guarantee not to lose your principal.
Infrastructure Social Housing & Property Investment Redington
Robert Gardner gave a presentation on integrating social housing investments into pension fund liability driven investment (LDI) strategies. Social housing, which includes housing provided by non-profit organizations, offers inflation-linked rental income that can match pension liabilities. Pension funds can invest in social housing through pooled funds holding a variety of illiquid assets including social housing, infrastructure, and commercial real estate debt. While social housing provides benefits like matching inflation-linked cash flows, regulatory changes around inflation indexing of rents and government support present risks to consider.
Slides from a presentation given by Will Lovegrove at the CIPP / AAT event (3rd March 2016) on "automatic enrolment for agents". It summarises the tactics and strategies currently employed by successful payroll agents to efficiently administer AE for their clients. Including:
- Service Design
- Service Pricing
- Choosing a pension scheme
- Choosing software
Public service and demographic change: an ILC-UK/Actuarial Profession joint d...ILC- UK
Full details of the event are available here: http://www.ilcuk.org.uk/index.php/events/ilc_uk_and_the_actuarial_profession_debate_public_service_and_demographic_c
The live blog for this event is available here: http://blog.ilcuk.org.uk/2013/04/23/live-blog-public-service-and-demographic-change/
'How can we support older workers?' an ILC-UK European policy debate, support...ILC- UK
Tuesday 3rd September, M&G, Governor’s House, Laurence Pountney Hill, London, EC4R 0HH, 16:00 for a 16:30 start – 18:30
Featuring Steve Webb MP (Minister for Pensions); Christopher Brooks (Age UK) and David Sinclair (ILC-UK), presenting findings from a new policy review of European innovations in supporting longer working lives. Chaired by Baroness Greengross, CEO, ILC-UK and cross-bench peer
Europe needs older workers. Its long-term ageing population and recent economic hardships are creating huge fiscal and demographic pressures - pressures which could be greatly relieved if it can encourage its workers to remain in work for longer.
How is this to be achieved?
The European Union recently launched its Europe 2020 strategy which set employment targets of 75% for workers aged 20-64. However, with the old-age dependency ratio for the EU28 predicted to climb over 50% by 2050, much more still needs to be done.
In this event we will hear UK and EU perspectives on how older workers can be supported, with contributions from Steve Webb MP, the UK Minister for Pensions; and Christopher Brooks (Age UK)
To inform this debate, ILC-UK launched a report at the event, supported by Prudential, which shares key policy approaches being taken across to support older workers.
- Retirement planning has become more complicated due to numerous policy changes, falling incomes, low investment returns, and rising life expectancy.
- A new Pensions Commission is needed to rebuild consensus through broad consultation and tackle the challenge of inadequate retirement incomes.
- The proposed new Pensions Commission would focus on defining savings and work targets, monitoring progress, deciding if new reforms are needed, and setting individual, employer, and government responsibilities for long-term retirement adequacy.
Demographic change means that more people will live past the point where they require care. As the increase in life expectancy looks set to continue, we need to develop enterprising and innovative ways to help people save and plan for this eventuality and bring new money into the care system. If people are to save for their future, especially people who are on lower incomes or are less wealthy, it is essential that they have opportunities to do so in a way that is simple, attractive, engaging, and safe, and which provides them with more choice about the care and support they would like. Equally, they must not be penalised for having done so through means tested support. This is what Personal Care Savings Bonds are intended to be all about.
Debt and problem debt among older people 4june13 - presentationILC- UK
Debt is commonly assumed to be a problem of the young and not of the old. New research carried out by ILC-UK and supported by Age UK examines the validity of this assumption and sets out the extent to which debt impacts on the lives of older people.
Over recent years, older people, in common with other age groups, have faced significant financial challenges. For older people, lower than expected returns on savings and decreases in annuity rates have reduced the income many retirees were expecting in later life. Increases in energy and food costs are also hitting older people on fixed incomes hard, while older workers are faced with unprecedented job and income insecurity. Could these new challenges have influenced the attitudes and behaviours of older people towards credit usage? And just how accurate are cosy depictions of older people as ‘squirreling savers shunning credit’ compared to the reality?
This new research explores the way in which attitudes towards borrowing vary by age before presenting new findings on levels of problem debt among older people. The characteristics associated with entering problem debt are explored in this research, as well as the outcomes of living with problem debt on the lives of older people.
Dr Dylan Kneale, Head of Research at ILC-UK, presented the findings of the research. Dr Stella Creasy MP, known for her parliamentary work around the field of debt, was a keynote speaker, while Sally West, Income and Poverty Strategy Adviser at Age UK, provided insight into the organisation’s work in providing debt counselling and advice for older people. Tom Wright, Chief Executive of Age UK, and Baroness Sally Greengross, Chief executive of ILC-UK, co-chaired the event and all took part in a panel debate after presentations.
David John, Senior Senior Strategic Policy Adviser at AARP’s Public Policy In...ILC- UK
In July 2015, the Government began a consultation on changing how the UK incentivises private pension saving, and the Chancellor is expected to respond to this consultation in the Government’s annual Budget in March 2016.
The Future of Private Pension Saving, kindly supported by Age UK, brought together Parliamentarians, business, academics and industry experts to discuss how best the UK Government can incentivise private pension saving.
The debate was opened by initial remarks from Angela Rayner MP (Shadow Pensions Minister), Jackie Wells (Head of Policy and Research, Pensions and Lifetime Savings Association), Sarah Luheshi (Deputy Director, Pensions Policy Institute), and Yvonne Braun (Director, Long-Term Savings Policy, Association of British Insurers).
On Wednesday 27th January, David John, Senior Strategic Policy Adviser at AARP’s Public Policy Institute, and Deputy Director of the Retirement Security Project at the Brookings institute delivered a presentation on tax incentives for pension saving in the US context at an informal reception hosted by Age UK.
Discussions from this event contributed to a formal representation to the HM Treasury regarding Government policy on pensions tax relief and private pension saving.
Professor Les Mayhew's presentation, given on Thursday 12th November at the launch of Cass Business School's research report 'Pension pots and how to survive them'.
Many older people have equity tied up in their homes that could be used to provide them with a greater income in later life and improve their standard of living. Traditionally, the ways to unlock the equity in people’s homes have been through downsizing, equity release lifetime loans or home reversion plans. However, not everyone is in a position to downsize, there are pros and cons to each approach, and all have associated costs.
The Equity Bank would provide a new way for people to unlock the equity in their home. It would be a state agency which provides people with a low cost fixed lifetime income in exchange for a fixed share of the equity in their home. The Equity Bank would take a charge on the person’s home and recover the value of the equity from the person’s estate after their death.
The event was chaired by Baroness Sally Greengross, Chief Executive of the ILC-UK. Nick Kirwan, Director of the ILC-UK Care Funding Advice Network, opened the discussion. Professor Les Mayhew of Cass Business School and co-author of the paper 'The UK Equity Bank - Towards income security in old age' then presented the concept, after which Paul Burstow MP responded. There was then time for questions and a general discussion.
The end of the beginning: Private defined benefit pensions and the new normalILC- UK
Held on Wednesday, 18th January 2017 in the House of Lords, this event launched the ILC-UK report 'The end of the beginning? Private defined benefit pensions and the new normal'.
The Financial Services Consumer Panel, (FSCP) recently published a report which argued that the annuity market does not work well for the majority of consumers. The Panel felt that the “complex market” was “failing to deliver good outcomes for many consumers”.
The value of annuities is increasingly being questioned by journalists and opinion formers. Rates are improving but have been relatively low and too few individuals exercise choice or have access to the advice they need. Those in favour of other alternative income options, such as income drawdown, have signalled that it is the end of annuities. Yet, annuities offer significant benefits over other forms of pension income. A guaranteed income for life is considered a better option by some customers.
The debate, sponsored by Legal & General, a leading annuity provider, in conjunction with the International Longevity Centre - UK (ILC-UK) was held in the House of Lords, on Thursday 30 January 2014.
During the event we explored what the industry, government and the regulator needs to do to respond to the FSCP challenges and whether annuities are still fit for purpose. Or does the industry need to innovate in product design and access to flexible solutions that meet future customers’ expectations?
The event, chaired by Baroness Sally Greengross, firstly presented the views of a panel of six leading representatives from across the industry who have an interest in the at retirement market outlining whether they believe that annuities are still fit for purposes and if not, what other options they believe should be considered.
The panel included Sue Lewis, Chair of the Financial Services Consumer Panel; Dan Hyde, Personal Finance Editor of the Daily Telegraph; Tom McPhail, Head of Research at Hargreaves Lansdown and Chair of Pension Income Choice Association (PICA); Ros Altmann, Economist and former Downing Street adviser; Jane Vass, Head of Public Policy at Age UK and Tim Gosden, Head of Strategy for Legal & General’s individual annuity business.
Following the panel presentation the debate was then opened to the invited audience which included parliamentarians and senior representatives from across the industry. Senior representatives of charities, think tanks, government departments, regulators and selected media contacts who regularly write on this subject, were also invited.
Presentation slides from the ILC-UK 'What is retirmeent really like?' launch event on the 1st December 2015.
Building on ILC-UK’s extensive work on older consumers and on retirement income, this major research report assesses the differences between theory or popular belief about retirement and the reality of it.
The report considers how spending varies during old age and challenges pre-existing stereotypes about retired life which can be misleading and may contribute to poor planning or unrealistic expectations. This report, which incorporates new quantitative analysis and the feedback from 3 expert focus groups, will explore the role for policymakers and industry in helping us retire well.
The document summarizes a report by the International Longevity Centre-UK on how retirement choices could impact financial resilience over the long term. The report models the impact of different choices - like annuitizing savings, spending the entire pot, or keeping savings invested - on retirees' finances. It finds that those with high concentrations of defined contribution savings are most at risk if they spend their pots, and recommends annuitizing at least part of savings for this group. It also recommends improved guidance and raising long term savings levels.
This report, containing new research by Professor Les Mayhew reveals that the life expectancy gap between the richest and poorest has begun to increase. The research reveals that the richest 5% of men are living an average of 96.2 years, which is 34.2 years longer than the poorest 10% of men. The gap is 1.7 years wider than in 1993.
There are likely to be significant unintended consequences of further increases to State Pension Age in 2028. Increasing State Pension Age up to levels where disability rates are higher, raises concerns about transferring spending from the State Pension to disability or other working age benefits. Increasing the State Pension Age further might also impact on the supply of carers. And will employers be prepared for further increases in the State Pension Age?
Public policy is beginning to recognise the challenges ahead. The DWP Select Committee are currently conducting an Inquiry into “early drawing of the state pension”. Labour have proposed a flexible state pension age so manual workers can retire earlier than other workers. Are there other, potentially more radical solutions to the inequalities challenge?
On the 24th November 2015, we held our first annual conference on 'The Future of Ageing'.
During this full day conference we painted a picture of the future of ageing and explored the challenges and opportunities ahead. Through our unique lifecourse focus we explored the potential impact of ageing not just on today’s older population, but also on tomorrows.
We heard presentations from:
- Steven Baxter (Partner, Hymans Robertson);
- Lord Filkin (Chair of the Centre for Ageing Better and Chair of the House of Lords Committee on Public Service and Demographic Change);
- Lord Willetts (Executive Chair at Resolution Foundation, and former Minister of State [Department for Business, Innovation and Skills]);
- Paul Johnson (Director, Institute for Fiscal Studies);
- Baroness Altmann (Minister for Pensions);
- Professor Jane Elliott (Chief Executive, Economic and Social Research Council);
- Professor Sir Mark Walport (Government Chief Scientific Adviser [GCSA] and Head of the Government Office for Science);
- Jim Boyd (Director of Corporate Affairs, Partnership);
- Elaine Draper (Director, Accessibility & Inclusion, Barclays);
- Mario Ambrosi (Head of Communications and Public Affairs, Anchor);
- Baroness Kay Andrews (Member of the House of Lords Built Environment Committee, Former Parliamentary Under-Secretary (Department for Communities and Local Government) 2006-2009);
- Professor Ian Philp (Deputy Medical Director for Older People’s Care, Heart of England NHS Foundation Trust).
The conference was chaired by Baroness Sally Greengross (Chief Executive, ILC-UK) and Lawrence Churchill (Trustee, ILC-UK).
This was the final event in the Population Patterns Seminar Series which explored the “silver separators”- divorce later in life.
Figures from the Office for National Statistics published in 2012 showed a huge rise in the divorce rate amongst those in their 60s, with an increase of 58% on the 2011 figure. The last 10 years have seen more and more older people part ways, despite divorce amongst the general population becoming less common. This has happened to such an extent that the over 60’s are now the fastest growing divorce group in the UK.
A variety of reasons have been suggested, including a reduction in the stigma surrounding divorce and couples no longer feeling obliged to stay together if their attitudes and needs change.
However, figures released by the ONS in June 2012 revealed that marriages involving older people were also rising faster than for other age groups – up by 21% for women and by 25% for men in their late sixties. Re-partnership is likely to be even higher than these figures suggest, as older people in a new relationship may not choose to remarry.
During the event the discussion explored a number of themes, including:
What factors have contributed to the rising rate of divorce amongst the over 60s?
How can older people’s relationships be better supported?
What challenges does ageing present to relationships?
How do care responsibilities effect relationships?
What are the potential ramifications of older couples separating?
Throughout 2014, ILC-UK, supported by specialist insurance company, Partnership Assurance Group plc, is undertaking a series of events to explore the relationship between our changing demography and public policy.
The fourth event in this 'Population Patterns Seminar Series' considered the findings of our ‘Factpack’ of UK demographic statistics.
We all know that people are living longer but how is that likely to change our society? How will pensions be affected? How will we care for our growing older society when the traditional “working age” population is shrinking?
These types of debates are increasingly being played out in the media and in political circles but in order for such debates to be productive, they have to be well informed.
ILC-UK believes its 2014 ‘Factpack’ will support this process by highlighting the most recent evidence of our rapidly ageing society. Not only does it provide statistics on a range of critical topics from life expectancy to housing supply; and pensions to long-term care, it also includes a special focus on the current and potential future state of pensioner poverty.
The event was chaired by Baroness Sally Greengross (ILC-UK) with a welcome from Steve Haberman (Dean of the Cass Business School). We were delighted that Gregg McClymont MP, Shadow Minister (Work and Pensions), spoke at at the launch event. We also heard presentations from Professor Les Mayhew (Professor of Statistics, Cass Business School), Steve Groves (Chief Executive of Partnership), Ben Franklin (Research Fellow at ILC-UK) and a response from Tom Younger of the Department for Work and Pensions.
During the discussion we explored:
How the UK’s demography has changed since the release of the 2013 Factpack and how it might change in the future,
How demographic change is reshaping our society,
The challenge of pensioner poverty,
Regional variations in the experiences of older people,
How policy makers should respond to these findings.
Agenda
16:00 - 16:30 Registration
16:30 - 16:35 Welcome by Chair, Baroness Sally Greengross (ILC-UK)
16:35 - 16:40 Welcome by the Dean of Cass Business School, Professor Stete Habberman
16:40 - 16:50 Presentation from Richard Willets (Partnership)
16:50 - 17:10 Presentation from Gregg McClymont MP (Shadow Minister for Work and Pensions)
17:10 - 17:20 Presentation from Ben Franklin (ILC-UK)
17:20 - 17:30 Presentation from Professor Les Mayhew (Cass Business School) Presentation
17:30 - 17:35 Response from Tom Younger (Department for Work and Pensions)
17:35 - 18:25 Discussion/Q&A
18:25 - 18:30 Close by Chair, Baroness Sally Greengross (ILC-UK)
18:30 - 19:15 Drinks reception
Maximising the potential of the UK's ageing population. Lessons from Asia and...ILC- UK
On Thursday, 21st April 2016 the International Longevity Centre and the Global Aging Institute hosted a roundtable discussion with European Commissioners on maximising the potential of Europe's ageing population in reference to Asian best practice, supported by Prudential Plc.
The discussion focused on how different Asian countries address the demographic challenge posed by an ageing society, and how they respond to the social mood relating to work and retirement; participants also considered how healthcare can meet the challenges posed by rapidly ageing societies across Europe.
Ben Franklin - Older Workers in the EurozoneILC- UK
The document discusses how raising the labor force participation of older workers in Eurozone countries could help boost their economic recovery. It analyzes three scenarios: keeping participation rates at current levels, gradually increasing rates for those over 65, and gradually increasing rates for those over 50. The results show that even a gradual increase could significantly impact long-term GDP growth rates. However, raising participation alone will not be enough and must be accompanied by policies to improve workforce productivity across the region. The document also examines factors that influence longer working lives and argues that both incentives and health support are needed to harness the potential of older workers.
Paying for long term care insurance: The pros and cons of different payment m...ILC- UK
As the population of the UK continues to age, the demand for social care increases, as do the associated costs. How to pay for long term care is therefore a hot topic in the insurance world and amongst policy makers.
This event will saw the launch of a new paper from the ILC-UK and Cass Business School which investigates different ways in which individuals can purchase and pay for insurance products specifically to help them to pay for their care costs in later life.
Chaired by Baroness Sally Greengross OBE, Chief Executive of the ILC-UK, the launch included a keynote presentation report co-author Professor Les Mayhew. Responses were given by Jules Constantinou, Regional Manager, Gen Re Life/Health; Brian Fisher, Aviva/Friends Life, and Steve Lowe, Just.
AEGON Retirement Readiness Survey conducted in 2012, where participants from Netherlands were surveyed to find out what their retirement preparedness is.
This document provides an introduction to superannuation. It discusses what superannuation is, why we need compulsory super, and the benefits of saving through super such as tax advantages. It emphasizes that starting contributions early and maximizing returns can make a big difference to the total amount saved by retirement. The document recommends seeking professional financial advice to understand options and strategies for one's personal situation.
This document provides information about long-term care (LTC) insurance for producers. It discusses the history and market for LTC insurance, common misconceptions clients have about coverage, benefits of LTC policies, and tips for reducing policy costs. Sample policy comparisons and illustrations are also included to demonstrate how LTC insurance can help clients pay for long-term care needs and protect their assets.
In Qatar, the prevailing sentiment is uncertainty about the health of family members and the duration of the COVID-19 crisis. Although consumers are optimistic about the country’s economic recovery after the COVID-19 situation subsides, they are cutting their spending on almost all categories. During the crisis, consumers have both adopted and increased their usage of digital activities such as remote learning, videoconferencing, and contactless delivery and pickup of food and supplies.
These exhibits are based on survey data collected in Qatar from April 24–May 1, 2020. Check back for regular updates on Qatari residents’ consumer sentiments, behaviors, income, spending, and expectations.
Health Care Reform - Under 50 EmployeesLexi DeBrock
This document discusses upcoming deadlines and requirements related to healthcare reform. It notes that 2014 will bring major changes, including new product requirements for individual and small group plans. All plans will need to cover essential health benefits and meet actuarial value standards for metal tiers like bronze and silver. Rate compression is also anticipated for small group plans due to restrictions on medical underwriting and rating factors. Thousands of small groups may face rate increases over 40% as a result. Maintaining grandfathered status can allow groups to avoid some new costs and regulations.
Financial Stress and Irish Employees MyMoney Report September 2013Amarach Research
Financial stress is common among Irish employees and may be negatively impacting productivity. 91% of employees report experiencing financial stress in the past year, with 26% experiencing high stress. Financial stress is estimated to cost Irish businesses €2.1 billion annually due to decreased productivity and increased absenteeism among stressed employees. Many employees lack financial knowledge and planning, do not have budgets, savings, or debt repayment plans. However, there is interest among employees and employers in financial wellness programs to help address these issues.
This document provides an overview of long-term care, including:
1) Long-term care refers to medical and social services for those with disabilities or chronic illnesses who need assistance with activities of daily living.
2) Medicare generally does not cover long-term care services.
3) Long-term care insurance helps pay for long-term care services such as nursing home care or home health care. There are financial and quality of life benefits to purchasing long-term care insurance for those who qualify.
4) The likelihood and costs of needing long-term care are significant and long-term care insurance can help cover these costs and protect assets. Determining if long-term care insurance is
Long-term care refers to medical and social services for people with disabilities or chronic illnesses who need assistance with activities of daily living like bathing, dressing, or eating. Medicare does not cover most long-term care services. Long-term care insurance helps pay for long-term care services in facilities or at home. There is a high likelihood that many people will need long-term care services at some point, and the costs of nursing home or home care can be substantial. Long-term care insurance may be appropriate for those seeking to protect their assets from these potential costs.
The document discusses key findings from a global survey on pension and retirement systems.
1. Many governments and employers made pension commitments without fully understanding the long-term financial implications. A shift is needed from paternalism to empowering beneficiaries to make informed decisions.
2. Strategic clarity is important for stakeholders' confidence. A long-term vision focused on customers is needed, along with clear roles and accountability.
3. Respondents generally rated their vision and strategy maturity in the middle range, but more strategic clarity is still needed for reform and building public confidence in retirement systems.
LTC Financial Partners specializes in long term care insurance and works with experienced agents to help clients evaluate their situation and find solutions. Only highly trained agents become partners at LTC Financial Partners in order to provide objective advice on selecting a plan that meets each client's unique needs. The company represents a wide range of insurance carriers to allow clients to choose a plan that best fits their budget and coverage requirements.
Dignity For Life: Five Things You Should Know Before Considering Long-Term Ca...tbaldinette
1. Take advantage of available discounts like spousal or group discounts which can save 5-30% on premiums.
2. Consider policies that pay cash benefits which provide full flexibility in how funds are used rather than reimbursement policies.
3. Return of premium riders are attractive but may substantially increase premiums, so weigh the costs and benefits for your situation. The primary purpose of coverage is protection from long-term care costs.
With the cost of Long Term Care Insurance continuing to rise, advisors look for new ways to deliver meaningful solutions to address the needs of the clients at death… and during their lives. We’ll take a closer look at what’s going on in the LTC Marketplace, and what solutions are appropriate to meet the needs of your high net worth clients.
This document discusses the impact of UK welfare reforms on homelessness. It notes that reforms like Universal Credit, increased deductions, shared accommodation rates, and limits on housing benefits and crisis loans could increase housing demand and reduce supply. This may lead to more people experiencing homelessness. The document also discusses replacing crisis loans and community care grants with locally delivered social funds from 2013 onward. It argues local delivery could better address needs but effective monitoring is still needed to ensure equal access across areas. Overall, the reforms present challenges but a well-designed local system could aid homelessness prevention through flexible support packages.
Creating and Protecting Retirement Income_ Finding Income in Unexpected Place...Steve Stanganelli
Planning for retirement takes more than simply saving or a buy and hold approach to investing. This presentation provides practical tips on how to plan for your income needs and turn your portfolio into a sustainable cash flow machine. By using diversified portfolios that include alternative income sources, you can help protect your investments from inflation. By having a plan for withdrawing money, you can help protect yourself from running out of it.
The document discusses challenges and opportunities in retirement planning. It notes that demand for retirement advice will increase as more people approach retirement with complex financial situations. Additionally, it highlights the need for holistic and ongoing retirement advice to help clients effectively manage longevity risks, inflation risks, and make their resources last throughout retirement. The document also advocates for product and regulatory changes to improve retirement outcomes and access to advice.
The document discusses the current state of the homecare workforce in the UK. It notes that there are 685,000 home care workers, many of whom are women, older, or part of a minority ethnic group. Many home care workers do not earn minimum wage and have zero-hour contracts with high turnover. The document calls for reforms like minimum payments, better oversight of contracts, and recognizing home care workers with benefits like a living wage, training, and tax credits to improve conditions and help address staffing shortages.
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Global launch of the Healthy Ageing and Prevention Index 2nd wave – alongside...ILC- UK
The Healthy Ageing and Prevention Index is an online tool created by ILC that ranks countries on six metrics including, life span, health span, work span, income, environmental performance, and happiness. The Index helps us understand how well countries have adapted to longevity and inform decision makers on what must be done to maximise the economic benefits that comes with living well for longer.
Alongside the 77th World Health Assembly in Geneva on 28 May 2024, we launched the second version of our Index, allowing us to track progress and give new insights into what needs to be done to keep populations healthier for longer.
The speakers included:
Professor Orazio Schillaci, Minister of Health, Italy
Dr Hans Groth, Chairman of the Board, World Demographic & Ageing Forum
Professor Ilona Kickbusch, Founder and Chair, Global Health Centre, Geneva Graduate Institute and co-chair, World Health Summit Council
Dr Natasha Azzopardi Muscat, Director, Country Health Policies and Systems Division, World Health Organisation EURO
Dr Marta Lomazzi, Executive Manager, World Federation of Public Health Associations
Dr Shyam Bishen, Head, Centre for Health and Healthcare and Member of the Executive Committee, World Economic Forum
Dr Karin Tegmark Wisell, Director General, Public Health Agency of Sweden
06Mar24 Mental health EU roundtable slides.pptxILC- UK
The document summarizes a meeting discussing policy priorities for mental health in Belgium and the EU. It provides global context on the burden of mental illness, with anxiety and depression most common. Data is presented on government spending and suicide rates in various countries. The meeting objectives are to compare approaches to mental health diagnoses in different countries and make policy recommendations. Barriers to universal coverage for mental disorders are discussed. The EU's initiatives to address workplace wellbeing, youth mental health, and underserved groups are highlighted. Roundtable discussions center on social and health system factors affecting treatment journeys, and what countries can learn from each other. Conclusions will be presented on addressing acute mental health challenges across the EU.
The document summarizes a conference on healthy aging and longevity in Europe organized by the International Longevity Centre (ILC) Europe Network. It provides an agenda for the conference including sessions on prevention and health interventions to live longer, vaccination rates across Europe, and creating age-friendly cities. The document also shares results from ILC's Healthy Ageing and Prevention Index, which ranks countries on metrics like life expectancy, health spending, and environment. It finds gaps between Western and Eastern European countries and recommends increased investment in prevention to help populations age healthier and live longer.
Redefining lifelong learning webinar presentation slides.pptxILC- UK
We know that we’re living longer, which means many people will also be working for longer. One in seven people over 65 are still employed in the UK, but we’re still seeing challenges in our labour markets.
According to the ILC’s Healthy Ageing and Prevention Index, the UK’s work span is only 31.5 years, ranking the UK 47th out of 121 countries. Skills shortages driven by demographic change are hitting all sectors of the UK’s economy: by 2030, we could see a shortage of 2.6 million workers. On the other hand, if UK employment rates for those aged 50 to 64 matched the rates of those aged 35 to 49, the country’s GDP would increase by more than 5%.
One way to improve work span and employment is through lifelong learning. However, in the UK, as the Learning and Work Institute’s Adult Participation in Learning survey showed, rates of learning continue to fall with age. In 2023, only 36% of people aged 55 to 64, 24% of those aged 65 to 74, and 17% of those aged 75 and over said that they’d taken part in any kind of learning in the past three years.
To better understand the approaches in other countries, we consulted with experts in lifelong learning, both from the UK and globally. ILC's report, in collaboration with Phoenix Insights, Redefining lifelong learning: lessons from across the globe considers the approaches taken in Singapore, Japan, South Korea, Canada, Germany, the Netherlands and Sweden. While each country’s approach is different, and shaped by its wider cultural, political and economic context, there are some common threads including: learning culture; the range of learning opportunities on offer; levels of support and investment; and accessibility
"If only I had"... LV= insights into retirement planning webinarILC- UK
As part of this debate LV= shares the findings from their quarterly Wealth and Wellbeing research programme, which surveys a nationally representative sample of 4,000 adults across the UK on a variety of topics, including their changing attitude to their finances and their wider wellbeing.
Healthy Ageing and Prevention Index - Our impactILC- UK
The document summarizes the work of ILC (International Longevity Centre) on their prevention programme from 2019-2022, which included establishing the Healthy Ageing and Prevention Index. Some key activities included:
- Engaging stakeholders worldwide to build consensus on prevention and healthy aging issues
- Influencing international organizations like G20, WHO, and UN to prioritize prevention
- Launching the Prevention Index, which ranks 121 countries on metrics like life expectancy, health spending, and happiness
- Establishing a coalition of over 30 organizations to endorse and support the Index's goals
- Hosting numerous global forums to discuss findings and identify policy solutions
Alongside the G20 Health Ministers’ meeting in Gandhinagar, India, in August, ILC-India and ILC-UK held a joint high-level side event to amplify the importance of healthy ageing and prevention among the G20.
Plugging the gap: Estimating the demand and supply of jobs by sector in 2030ILC- UK
The UK economy could see a shortfall of 2.6 million workers by 2030 – almost twice the workforce of the NHS – as a result of population ageing, the COVID pandemic and Brexit.
These shortfalls will affect the whole economy, with manufacturing, retail, construction, transport, health and social care among the sectors projected to be hardest hit.
To plug these gaps, Government must introduce a comprehensive Workforce Strategy looking at:
How to support people to stay in the workforce for longer, e.g. by supporting healthy workplaces, supporting carers and creating flexible conditions that suit people’s needs.
How to ameliorate childcare costs and reintegrate people into the workforce following timeout for caring or a health need
The role of migration and automation in addressing major workforce gaps
Leaving no one behind: Progress on Life Course Immunisation Roundtable – alon...ILC- UK
Leaving no one behind: Progress on Life Course Immunisation Roundtable – alongside the World Health Assembly
Date: Tuesday 23 May 2023
Time: 13.00 – 14.30 (CET), followed by refreshments
Location: Geneva Press Club, Geneva, Switzerland
Global launch of the Healthy Ageing and Prevention Index alongside the 76th World Health Assembly
Date: Tuesday 23 May 2023
Time: 3.30pm – 4.30pm (CET) launch, followed by networking with refreshments
Location: Geneva Press Club, Geneva, Switzerland
G7 high-level side event in Niigata: Healthy ageing and prevention
Date: Wednesday 10 May 2023
Time: 2.00pm – 3.30pm (JST), followed by networking with refreshments
Location: Niigata, Japan
Vaccine confidence in Central and Eastern Europe working lunchILC- UK
At this exclusive working lunch, we discussed the International Longevity Centre UK’s (ILC-UK) forthcoming report on vaccine confidence in Central & Eastern Europe (CEE).
During this event, we shared the findings from our policy publication on what we think should be the priorities for the G20 in India and the key messages we want to disseminate to ministers and world leaders. We heard from experts on the opportunities and challenges to engage India and the G20 with prevention and healthy ageing and identify further opportunities to maximise our engagement while at the G20 in September.
Final Marathon or sprint launch Les Mayhew slides 19 April.pptxILC- UK
Research by the International Longevity Centre UK (ILC) funded by Bayes Business School — based on Commonwealth Games competitor records since the inaugural event in 1930 — shows large differences in the longevity of medal winners compared to people in the general population that were born in the same year. A report finds that top-level sports people can live over 5 years longer than the rest of the population.
Launching Trial and error: Supporting age diversity in clinical trialsILC- UK
During this virtual event, Esther McNamara, ILC's Senior Health Policy Lead, presents the Trial and error report’s findings and recommendations. A panel of five experts respond to the report and discuss how improved age diversity will benefit patients of all ages.
Report launch - Moving the needle: Improving uptake of adult vaccination in J...ILC- UK
Launch of the Moving the needle report, produced by ILC-UK in partnership with Stripe Partners.
This event was chaired by Dr Noriko Cable, Honorary Senior Research Fellow, Institute of Epidemiology & Health, UCL. Speakers include:
Arabella Trower, Senior Consultant, Stripe Partners
David Sinclair, Chief Executive, ILC-UK
Dr Charles Alessi, Chief Clinical Officer, éditohealth
Jason James, Director General, Daiwa Anglo-Japanese Foundation
Dr Michael Hodin, CEO, Global Coalition on Aging
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
2. Q. What proportion of the UK population are
saving into private pension schemes?
40%
1. One in ten
2. One in five 28%
25%
3. One in three
4. Half
7%
5. Seven in ten
0%
1 2 3 4 5
3. Q. The Government’s recent White Paper on pension
scheme transfers and small pension pots estimated
that there are in excess of how many pension pots in
the UK pension system worth £2000 or less?
1. 50,000 48%
2. 100,000
3. 350,000 25%
4. 650,000 16%
9%
5. 1 million 3%
1 2 3 4 5
4. Q. According to Aviva’s most recent Real Retirement
Report (March 2012), the median income of 65-74
year olds is:
1. £623 46%
2. £923 36%
3. £1,318
18%
1 2 3
5. Q. The RDR will result in an advice gap for
people with small pension pots
1. Yes 79%
2. No
3. Don’t know
13%
8%
1 2 3
6. Q. Government should set a pension savings target
to reduce the likelihood of people ending up in
retirement with small pension pots.
1. Agree 54%
2. Disagree
34%
3. Don’t know
11%
1 2 3
7. Q. Do you think the existing constraints on
NEST should be removed now?
1. Agree 44%
37%
2. Disagree
3. Don’t know 20%
1 2 3
8. Post RDR financial advice may be
beyond the means of the average
person. How can we fill the advice
gap?
9. Q. Regulated advice should be taken by the majority
of investors at the point of retirement?
1. Agree 46% 47%
2. Disagree
3. Don’t know
7%
1 2 3
10. Q. The Government should consider some
simple defaults for annuity purchase?
1. Agree 65%
2. Disagree
3. Don’t know 29%
5%
1 2 3
11. Q. Consumer outcomes would be improved if
simplified advice was made workable.
1. Agree 84%
2. Disagree
3. Don’t know
6% 10%
1 2 3
12. Q. All pension accumulators should offer
maturing pensions a shopping around service.
1. Agree 68%
2. Disagree
3. Don’t know
22%
10%
1 2 3
13. Q. Advised and non-advised annuity services should
be subject to the same cost transparency
requirements.
1. Agree 83%
2. Disagree
3. Don’t know
10% 7%
1 2 3
14. Q. Government and industry should develop detailed
proposals to simplify the pensions transfer process.
1. Agree 82%
2. Disagree
3. Don’t know
12%
6%
1 2 3
15. Q. A simplified advice route for average-sized
[pension] pots would strike a better balance than we
currently have.
1. Agree 74%
2. Disagree
3. Don’t know
19%
7%
1 2 3
16. Q. Creating default options for annuities could
enable the pensions market to take advantage of
technology in the same way as the general insurance
market.
49%
1. Agree
2. Disagree
27%
3. Don’t know 24%
1 2 3
17. Good regulation protects the consumer
but it must not inadvertently damage the
potential of products and services to
increase pensioner income? How can we
ensure that the length and complexity of
communications required by legislation
does not damage communications?
18. Q. Strict regulation is suffocating innovation in the
industry and resulting in consumer detriment.
42% 43%
1. Agree
2. Disagree
3. Don’t know 15%
1 2 3
19. Q. All policyholders approaching retirement or asking to
take their pension are given a 1 page letter that says:
Dear [Policyholder]
You have £ [40000] that you need to decide how to take as an income in
retirement.
The difference between a good and bad decision could be worth around
£[8000 i.e. 20% of the fund] to you over your retirement. It could be more
or less depending on your personal circumstances.
The details you need to make a decision are included with this letter.
[Attach standard pack of information]
cont …
20. If you are in any doubt about what to do then the Government believes
you should take advice.
Advisers who specialise in helping people at retirement can be found
at: www.expertretirementhelp.co.uk or by calling free 0800 XXX XXX. All
the advisers there are regulated and have been assessed as meeting a
minimum standard.
Please take the time to make the right decision for you.
Yours sincerely
Your Pension Company
#retirementincome
21. Q. All policyholders approaching retirement or
asking to take their pension are given a 1 page letter
that says:
64%
1. Agree
2. Disagree
3. Don’t know 31%
5%
1 2 3
22. Q. The industry should agree a standard discharge
form to release funds from the ceding provider to the
receiving provider and this is integrated into the
annuity application form.
74%
1. Agree
2. Disagree
3. Don’t know 17%
10%
1 2 3
23. Q. The literature provided by financial companies is
compromised by regulatory requirements.
55%
1. Agree
35%
2. Disagree
3. Don’t know
9%
1 2 3
24. Q. The birth of the Financial Conduct Authority
is good for consumers.
56%
1. Agree
2. Disagree 27%
3. Don’t know 17%
1 2 3
25. Q. Less favourable rates for pooled annuities are a
price worth paying for a more efficient market in
which underwriting puts the focus on the individual.
40%
36%
1. Agree
24%
2. Disagree
3. Don’t know
1 2 3
26. Q. Just as over-regulating creates costs for
consumers, gold-plating the advice provided to
customers whose needs are not complex is not in
the public interest.
81%
1. Agree
2. Disagree
3. Don’t know
14%
5%
1 2 3
27. Q. Non-advised solutions combined with increased
public financial education, transparent
communications and appropriate ‘nudge’ techniques
can help people getting better value from their
pension savings.
85%
1. Agree
2. Disagree
3. Don’t know
9%
5%
1 2 3
28. Q. Annuity providers should include medical
questionnaires in all maturity packs to increase
demand for automatic underwriting in annuities.
56%
1. Agree
2. Disagree
26%
3. Don’t know 19%
1 2 3
29. People with average sized pension
pots are entitled to reasonable
outcomes. How can we improve
the pension’s annuity process for
the consumer and industry?
30. Q. Occupational schemes should follow the same
principles as outlined in the ABI’s Code of Conduct
on Retirement Choices, either through a code of
conduct or through TPR rules.
77%
1. Agree
2. Disagree
3. Don’t know
14%
9%
1 2 3
31. Q. Occupational schemes should follow the same
principles as outlined in the ABI’s Code of Conduct
on Retirement Choices, either through a code of
conduct or through TPR rules.
88%
1. Agree
2. Disagree
3. Don’t know
5% 7%
1 2 3
32. Q. Is the ‘pot follows member’ option for
accumulating small pensions pots is workable in
practice?
36% 34%
1. Agree 30%
2. Disagree
3. Don’t know
1 2 3
33. Q. Should benchmark annuity rates for non-open
market annuity providers should be published?
80%
1. Agree
2. Disagree
3. Don’t know
14%
7%
1 2 3
34. Q. All annuities should be individually underwritten,
taking account of health and lifestyle factors.
47%
44%
1. Agree
2. Disagree
3. Don’t know
9%
1 2 3
35. Q. Automatic pensions transfers should work on the
principle that the pension pot follows the customer
from job to job.
51%
1. Agree
37%
2. Disagree
3. Don’t know
12%
1 2 3
36. Q. Automatic pensions transfers should only apply
to automatic enrolment pots, to ensure similar
quality standards.
46%
1. Agree 38%
2. Disagree
3. Don’t know 16%
1 2 3
37. Q. Automatic pensions transfers should
transfer pots into a central clearing house.
44%
1. Agree 31%
2. Disagree 25%
3. Don’t know
1 2 3
38. Q. Industry should improve the flow of information from the current
pension scheme to the member and their adviser and to release the
monies to the new provider more easily and quickly.
Q. Automatic pensions transfers should transfer pots into a central
clearing house.
95%
1. Agree
2. Disagree
3. Don’t know 3% 2%
1 2 3
39. Q. The RDR will result in an advice gap for people with small pension
pots
69%
1. Agree
2. Disagree
16% 15%
3. Don’t know
1 2 3