Session 3 - Chris Curry - PPI - UK.pdf

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1、Payout phase:design and supervision UK experienceChris Curry Director Pensions Policy Institute(PPI)PPIPENSIONS POLICY INSTITUTEPayout phase:design and supervision2The UK payout phase is still evolving Recent proposals look to accelerate this changeNew options are being explored,including Collective

2、 Defined Contribution(CDC)Regulation is shifting from insurance to pensionsFurther changes are likely as the UK system maturesPPIPENSIONS POLICY INSTITUTEThe UK payout phase is still evolving3There has been a long-term shift from Defined Benefit(DB)schemes to Defined Contribution(DC)There has been c

3、onsolidation across DC and growth in fund size as automatic enrolment beds inThe number of DC memberships has been growing rapidlyPPIPENSIONS POLICY INSTITUTEThe UK payout phase is still evolving4Until 2014Nearly all DC pots had to be annuitised From April 2015 There has been“freedom”,leading to a s

4、harp decline in annuitisation and more lump sum withdrawalRetirement decisions have become more complexBut there is now legislation aiming at providing more structurePPIPENSIONS POLICY INSTITUTERecent proposals look to accelerate changes5 The aim of this is to prevent poor outcomes from a lack of de

5、cision making,or poor choices And also to increase income as opposed to lump sums But this is a major challenge The Pensions Schemes Bill looks to introduce guided retirement solutions defaults for DC schemesPPIPENSIONS POLICY INSTITUTENew options are being explored6Choice is usually between annuiti

6、sation,cash lump sum or managed drawdown But new forms are provision are now available(even though currently limited)The first(and only)Collective Defined Contribution(CDC)Scheme has recently opened PPIPENSIONS POLICY INSTITUTENew options are being explored7CDC is currently only