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Prepare to react
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What do you expect of today (in one word)?
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With you today
Pieter KiveronDirector
Lead Pensions
KPMG NL
Andrew ColesHead Pensions Practice
KPMG UK
Susanne JungblutDirector
Deal Advisory –
Pensions
KPMG DE
Muriel LejourDirector,
Fin_Risk_Management
KPMG BE
Bert KempenDirector
Strategy & Operations
KPMG NL
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Agenda
Belgium
Muriel Lejour
Market impact of
IORP II
Germany
Susanne Jungblut
Adding DC
to the menu
United Kingdom
Andrew Coles
Design
contemplations
The Netherlands
Pieter Kiveron
Setting the
scene
Panel
Discussion
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Diversified landscape
Source: OECD Pension-Market-in-Focus-2018
BE DE NL UK
Direktzusage
Insurer
IORP
NEST
Pension fund
Pensionskasse
PPI
Unterstützungskasse
Total investments of funded and private pension arrangements
(2017, Euro, x millions) EUR GDP
Belgium 34,000 7.8%
Germany 226,000 7,9%
The Netherlands 1,357,000 184.2%
United Kingdom 2,500,000 105.3%
Retirement age current planned
Belgium 65 67 (2030)
Germany65 born <1948
65 + 7 months67 (born >1964)
The Netherlands 66,33 | 68 67,25 (2024) | ..
United Kingdom 65 66 (2020)
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Diversified landscape
Source: OECD Pensions at a Glance 2018
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Diversified landscapeCountry Freedom of choice in decumulation phase Financial stimuli
Belgium Lump-sum or Annuity Fiscal treatment of the lump-sum is advantageous
Germany Depending on underlying pension plan and on
its financing vehicle: life-long annuity, lump-
sum or annual instalments
Lump-sum payment is the least tax-effective form of
payment; annuities and annual instalments are
treated identically for tax purposes
United Kingdom Lump-sum, Gradually or Lifelong 25% is tax-exempt, the excess at marginal tax rate
The Netherlands ‒ Lifelong
‒ Lump-sum only with very little pensions
‒ Early and postponed retirement possible
‒ Variation in time possible
Actuarial neutral conversion, effect of income-
related schemes and marginal tax burden looks
limited
Source: Netspar Paper 'Keuzevrijheid in de uitkeringsfase: internationale ervaringen', juni 2018, Marcel lever, Eduard Ponds, Rik Dillingh, Ralph Stevens
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Paralysed by analysiso Labour market: increased workforce mobility
o Labour market: self-employed entrepreneurs, crowd work, …
o Demographic change
o Pension underfunding, persistent due to low interest rates and
volatile financial markets
o Accounting standards (towards market-based validations)
o Regulatory burden
o Uncertainty regarding increased longevity
= drivers for DB to DC
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Hybrid
DB iDC
DB iDC
DB iDC CDC?
CDC
DB iDC (401K)
iDC DB
The way forwardBelgium
Germany
United
Kingdom
USA
CDC?
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Mirroring the labour market
multiple generations global competition different professions nudging
Belgium – Market impact of IORP II
De Pensioenwereld Bijeen(komst)
Muriel Lejour
—
Amstelveen, 28 March 2019
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Belgium in a nutshell
3 languages
― French
― Dutch
― German
Group insurer Pension funds
Number 45 195
Provision 73,5 billion (EUR) 27,3 billion (EUR)
Top 10 pension fundsAssets
Bn EUR
1 ExxonMobil OFP 3.3
2 Amonis 1.9
3 Fonds de Pension KBC 1.9
4 J&J Pension Fund 1.9
5 Elgabel 1.8
6 BP Pensioenfonds 1.7
7 Fonds de Pension Metal 1.4
8 Ogeo Fund 1.2
9 Nokia Bell Pensioenfonds 1.2
10 Pensiobel 1
Top 10 insurance companiesMarket
share
1 AG Insurance 21%
2 AXA Belgium 12%
3 KBC Assurances 9 %
4 Ethias 9%
5 Belfius Insurance 6%
6 P&V Assurances 6%
7 Allianz Benelux 5%
8 Baloise Belgium 5%
9 Argenta Assurances S.A. 3%
10 Delta Lloyd Life 3%
3 communities
― French
― Flemish
― German
3 regions
― Wallonia
― Flanders
― Brussels-Capital
11 million
inhabitants
Wallonia
Flanders
Brussels-Capital
BELGIUM
70% of the employees have a 2nd pillar pension through a group insurance.
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K E Y F U N C T I O N S – I O R P I I
FSMAExternal
auditorDPO
Administration
council
Internal
auditor
Compliance
function
Risk
management
function
Actuarial
function
K E Y F U N C T I O N S – AC T U AL S I T U AT I O N
FSMAExternal
auditor
Administration
council
Compliance
function
Internal
auditor
Governance model IORP II
Appointed
actuary
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Focus on 7 aspects
1. Provisioning (technical provisions)
2. ALM
3. Investments (especially derivatives,..)
4. Management of the liquidity and concentration risks
5. Management of the operational risks
- IT
- Data flow
- Outsourcing,…
6. Insurance or mechanisms to reduce the risk
7. ESG
Risk function IORP II
Belgian Pension funds are awaiting for more guidance coming from FSMA
Own Risk
Assessment
(ORA)
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ESG and IORP IIInvestments taking into account three non financial dimensions
Environment Society Governance
IORP II Directive short-lived
— Included in the SIP
— Risk function has to examine the ESG investments (part of the ORA)
— Affiliates will receive information on the ESG
— The transparency report (Pension Act) has to encompass the ESG
Stress test 2019 questionnaire on ESG
? ? ?
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― With IORP II we see opportunity for multi-employer pension funds
― However, pan European pension funds will remain embryonic
Consequences of IORP IIPAN European Pension Fund Multi-employer Pension Fund
20 IORP’s active in 13 countries
First pillar Sector plan Self employed Multi-employer
(with a link)
Multi-employer
(without a link)
Single
employer
% number of
pension funds% of balance
total
% number of
affiliates
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Supervision Economic developmentsFinancial reporting
HR toolOutsourcing MarketFlexibility
Trends in pensions
Internal
capabilities
DPO
Risk function
Perception pension
is for old days
Modernization
Attractiveness
DB plans
DC plans
Bonus plans
Reflex plans
Providers
Complexity
Unclear
framework
Detailed reporting
supervision
ESG return
Balance sheet
impact
Small pension
funds
Large pension
funds
Germany - AddingDC to the menu
De Pensioenwereld Bijeen(komst)
Susanne Jungblut
—
Amstelveen, 28 March 2019
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AgendaGerman Pensions – Adding DC to the menu
1 Retirement income in Germany
2 Typical design of German pension plans
3 Company pensions advancement act
a Reasons for its introduction
b Main contents
c Current status of implementation
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3 Pillar systemRetirement Income in Germany
Co
mpa
ny
Pe
nsio
ns
So
cia
l
Se
cu
rity
Co
mp
an
y
Pen
sio
ns
Pri
va
te
Sa
vin
gs
Total retirement income …
… is based on 3 pillars
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3 Pillar systemRetirement Income in Germany
Replacement ratio from social security (before tax)
Source: Wikipedia, „Standardrentenniveau“
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So
cia
l
Se
cu
rity
3 Pillar systemRetirement Income in Germany
Co
mp
an
y
Pen
sio
ns
Pri
va
te
Sa
vin
gs
Total retirement income …
… is based on 2 ½ pillars
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3 Pillar systemRetirement Income in Germany
25%
30%
35%
40%
45%
50%
55%
60%
2001 2003 2005 2007 2009 2011
Co
ve
rag
e
Verbreitung nach Betriebsstätten Verbreitung nach ArbeitnehmernEmployers with supplementary pension plans Employees with supplementary pension plans
Source: Optimierungsmöglichkeit bei den Förderregelungen der betrieblichen Altersvorsorge; S.35; D.Kiesewetter; BMGS(2005); BMAS(2008); BMAS(2012a)
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Pri
va
te
Sa
vin
gs
Co
mp
an
y
Pe
ns
ion
s
3 Pillar systemRetirement Income in Germany
Total retirement income …
So
cia
l
Se
cu
rity
… is based on 3 cracking pillars
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German funding vehiclesTypical Design of German Pension Plans
S E T U P U P O F O C C U P A T I O N A L P E N S I O N S
Direct pension promise
(book reserved)Support fund Direct insurancePensionskasse Pension fund
Matching employer
contribution
Employee contribution
(salary deferral)
Employer
contribution
Insurance-type plansNon-insurance type plans
Direct pension
promiseIndirect pension promise
With external
asset backing
Without external
asset backingReinsured Traditional
Reinsu-
rance
Capital
market
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Distribution of German pension plan assetsTypical Design of German Pension Plans
50% 27%6.3% 10.7% 6%
Source: Schwind J. (2018): Die Deckungsmittel der betrieblichen Altersversorgung in 2016, in: Betriebliche Altersversorgung, Heft 4/2018, S. 309f.
S E T U P U P O F O C C U P A T I O N A L P E N S I O N S
Direct pension promise
(book reserved)Support fund Direct insurancePensionskasse Pension fund
Insurance-type plansNon-insurance type plans
Direct pension
promiseIndirect pension promise
Matching employer
contribution
Employee contribution
(salary deferral)
Employer
contribution
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German Defined Contribution type planTypical Design of German Pension Plans
Contribution
Direct pension promise
Support fund
Insured solution
Top-up from interest
accrual
Lump sum
or
annual instalments
Minimum guarantee
Total benefitContributions Typically paid asInvestment
Annuity
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Company Pensions Advancement Act
Background
Clear need for an improved coverage
through company pensions
Analysis of main obstacles and alternative
approaches
Company Pensions Advancement Act came
into force on 1 January 2018
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Company Pensions Advancement Act
Special subsidy for pension plans covering low-income earners
Improved tax limits for direct insurance, pensionskasse and pension fund
Employer subsidy in case of salary deferral
Introduction of opting-out systems
Introduction of a pure defined contribution scheme
M A I N C O N T E N T S
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Company Pensions Advancement Act
At the moment, the future
development of the German
company pensions market and
of the new defined contribution
scheme is not predictable.
— Until today, tariff agreements on a pure defined contribution
plan have not been concluded
— Especially big and bigger middle-sized companies are quite
satisfied with their current pension schemes
— Smaller companies are waiting for the first tariff agreement
— Potential providers have set up structures for organizing a
defined contribution plan
— First defined contribution plans are expected in 2020
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An introAndrew Coles
UK Head of KPMG’s Pension Practice
Advise global companies on pensions strategy and M&A
Lead a team of 450 in the UK covering
― Advising companies
― Advising trustees
― Defined Contribution
― Defined Benefit
― Large
― Small
Objective
To give a flavour of the trends in the UK to see what the Dutch could take, as they go through their own journey.
But also to learn from the Dutch system, as the UK considers Collective DC!
Glasgow
Team of 25
Manchester
Team of 70
Leeds
Team of 60
Birmingham
Team of 100
London
Team of 160
Reading/Bristol
Team of 60
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The recent UK trends
State benefit
Earnings related
Plus
Fixed amount
Defined Benefit
66% of salary
over 40 year
working life
THE PAST THE FUTURE
Fixed State
benefit
Individual
Defined
Contribution
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So what’s going on with DB?
Defined
Benefit
Political pressure to separate health of
pension ‘promise’ with health of sponsor
No more build up of benefits
Trend to de risk assets
Regulator code on long term planning –
comply or explain
Trend towards ‘self sufficiency’ or
insurance / settlement
Drive for efficient strategies
Pension
Protection
Fund
20
billion pa
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‘ A u t o e n r o l m e n t ’ o r ‘ s o f t c o m p u l s i o n ’
But what about DC ?A start but not enough so
we need engagement
% of earning
above £6,136
and below
£50,000
employer
employee
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Defined
benefit
transfers
@say 25:1
Flexibility is attractive
Tax free cash
25%
Taxable cash Annuity
DC
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But it’s about workplace savings – creating a savings culture
Pensions ISA LISA
Tax deductable in
Employer & employee
£40k max
Available from 55
Taxable out
Tax free 25%
Tax free roll up
From taxed income
No age limit
£20k pa max
Employee only
Tax free roll up
From taxed income
Age 18-40
£4k pa max
25% government top up
Employee only
Tax free roll up
Individual Savings Account Lifetime ISAPension
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Welcome to the digital world
Aviva My MoneyAon – Supporting members
throughout their lifetimeStandard Life’s mobile app
Zurich’s ‘Picture This’ tool L&G video benefit statements LifeSight’s ageOmeter (MT only)
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……. and analytics
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Are we going full circle?
Defined Benefit
Defined Contribution
Collective DC
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So some conclusions
Especially in accumulation
Need for encouragement
– nudge behaviours
It’s a partnership –employer and
employee
DC or CDC is the future
DB is a legacy benefit
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Statement – United KingdomClosed DB pension funds in the UK form a liability for employers. Defined Contribution plans have been
made more attractive through flexibility and some plan members will transfer their accrued DB benefits
to their DC scheme with advice.
De overheid zou moeten voorkomen dat binnen het DB opgebouwde kapitaal
wordt ingebracht in DC regelingen
The Dutch legislator should prevent transfer of benefits from DB to DC
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The Dutch legislator should prevent transfer of benefits from DB to DC
A. Agree B. Disagree
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The Dutch legislator should prevent transfer of benefits from DB to DC
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A.
B.
Agree
Disagree
37.6%
62.4%
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Statement – Belgium
Belgium DC schemes have a minimum guaranteed investment return on premiums paid. This
safeguards plan members for negative returns.
In Nederland moeten we dergelijke garanties voorkomen omdat dit een beperking oplevert op
beleggingsrendementen
In the Netherlands, we should avoid these kind of guarantees, as they have a
negative impact on investment yields.
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In the Netherlands, we should avoid these kind of guarantees, as they have a negative impact on investment yields.
A. Agree B. Disagree
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In the Netherlands, we should avoid these kind of guarantees, as they have a negative impact on investment yields.
ClosedInternet Go to kpmgvote.nl and log in with Pensioen
A.
B.
Agree
Disagree
78.7%
21.3%
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Statement – Germany Pragmatic German initiatives aiming on (future) labour market issues as well as a gradually rising
pension age to 67 into 2029, focus on elderly employees. Examples are long term savings account
(‘Zeitwertkonten’), partial retirement and production lines geared to older employees.
Pensioenhervorming alleen is onvoldoende om de problematiek omtrent stijgende pensioenleeftijd aan te
pakken
Pension re-design is by far not enough to tackle rising retirement age issues
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Pension re-design is by far not enough to tackle rising retirement age issues
A. Agree B. Disagree
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Pension re-design is by far not enough to tackle rising retirement age issues
ClosedInternet Go to kpmgvote.nl and log in with Pensioen
A.
B.
Agree
Disagree
81.2%
18.8%
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At the point of retirement, plan members in the United Kingdom are allowed to choose up to 100%
lump-sum payment of their pension capital.
De voorgenomen maatregel om afkoop op pensioendatum te beperken tot 10% is te beperkend
The intended measure to limit transfer of pension up to 10% as a lump-sum
payment is too restrictive
Statement – United Kingdom
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The intended measure to limit transfer of pension up to 10% as a lump-sum payment is too restrictive
A. Agree B. Disagree
Votes: 94 ClosedInternet Go to kpmgvote.nl and log in with PensioenThis presentation has been loaded without the Sendsteps add-in.
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57© 2019 KPMG Advisory N.V., registered with the trade register in the Netherlands under number 33263682, is a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
The intended measure to limit transfer of pension up to 10% as a lump-sum payment is too restrictive
ClosedInternet Go to kpmgvote.nl and log in with Pensioen
A.
B.
Agree
Disagree
55.3%
44.7%
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Statement – Belgium
Belgium, as other countries, take decisions on pension reforms. Many (tend to) move towards individual
Defined Contribution (iDC). In Belgium, this becomes part of Benefits-on-Demand programs.
Beschikbare premieregeling (iDC) als onderdeel van Benefits on Demand zou een goed voorbeeld voor
Nederland zijn
iDC as part of Benefits on Demand can serve as an example for the Netherlands
59© 2019 KPMG Advisory N.V., registered with the trade register in the Netherlands under number 33263682, is a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
iDC as part of Benefits on Demand can serve as an example for the Netherlands
A. Agree B. Disagree
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60© 2019 KPMG Advisory N.V., registered with the trade register in the Netherlands under number 33263682, is a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
iDC as part of Benefits on Demand can serve as an example for the Netherlands
ClosedInternet Go to kpmgvote.nl and log in with Pensioen
A.
B.
Agree
Disagree
52.6%
47.4%
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Statement – Germany German employers can choose from multiple pension vehicles to provide employees with occupational
pension arrangements. Over 50% have chosen for internally managed arrangements (book
reserve/contractual trust arrangement) next to insured solutions, pension funds. Now, Individual and/ or
Collective Defined Contributions has been added to their scope.
De flexibiliteit en keuzes voor Duitse werkgevers bij het opzetten van bedrijfspensioenregelingen zouden
een voorbeeld moeten zijn voor de Nederlandse gediversifieerde arbeidsmarkt.
The German flexibility and choices in setting up occupational pension arrangements
should be an example for the Dutch and their diversified labour market.
62© 2019 KPMG Advisory N.V., registered with the trade register in the Netherlands under number 33263682, is a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.
The German flexibility and choices in setting up occupational pension arrangements should be an example for the Dutch and their diversified labor market.
A. Agree B. Disagree
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The German flexibility and choices in setting up occupational pension arrangements should be an example for the Dutch and their diversified labor market.
ClosedInternet Go to kpmgvote.nl and log in with Pensioen
A.
B.
Agree
Disagree
30.5%
69.5%
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B. Belgium C. GermanyA. United Kingdom
The Dutch pension
dikes are broken,
the Netherlands are
flooded, you have
to find shelter
abroad.
B
CA
What is your favourite choice?
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What is your favourite choice?A. United Kingdom
B. Belgium
C. Germany
Votes: 93 ClosedInternet Go to kpmgvote.nl and log in with Pensioen
What is your favourite choice?
B. Belgium C. GermanyA. United Kingdom
The Dutch pension
dikes are broken,
the Netherlands are
flooded, you have
to find shelter
abroad.
B
CA
What is your favourite choice?
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What is your favourite choice?
ClosedInternet Go to kpmgvote.nl and log in with Pensioen
A.
B.
C.
United Kingdom
Belgium
Germany
54.8%
14.0%
31.2%
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© 2019 KPMG Advisory N.V., registered with the trade register in the Netherlands under number 33263682, is a member firm of the KPMG network of independent member firms
affiliated with KPMG International Cooperative (‘KPMG International’), a Swiss entity. All rights reserved.