Session 4 - Viktorija Kadzevič - Bank of Lithuania.pdf

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1、The implementation of the life-cycle investment strategy in LithuaniaViktorija KadzeviInvestment Services and Undertakings Supervision DivisionFinancial Market Supervision DepartmentLietuvos bankasMulti-pillar Lithuanian pension system22ndand 3rdpillar:complementary to each otherCurrently 1.425 mill

2、ion persons 788,000 activeCurrently 176,000 personsCurrently 1.4 million in the labour marketAdditional personal investmentsE.g.3rd pillar pension fundsNational(government)pensionSodra pension2nd pillar pension fundsLithuanias pension fund landscape301,0002,0003,0004,0005,0006,0007,0008,0009,00010,0

3、0020042005200620072008200920102011201220132014201520162017201820192020202120222023202420252nd pillar assets under managementEUR millions54funds6Pension managers1.4millionparticipants0.8 millionactive10billionassets4,832annuities65.576pension managers*Q3 2025Source:Lietuvos bankasReturns*:3Y 11.23%YT

4、D 2.70%5Y 9.21%LCF 9.43%*79 billionGDP(nominal)2.9 millionpopulation2019 reform goals2019491,000 activepension fund participants731,000 active pension fund participants2+2+21%0.50.4%70%99.1%3+1,5“Sodra”as the annuity providerPeriodic paymentsIndexationPension annuities or lump-sum pension paymentsAc

5、hieved goalsAvoided pitting the systems against each otherEncouraged adequate savingReduced feesImplemented life-cycle fundsChanged pension pay-outsReasons why such a system emergedSource:Eurostat.44.644.448.051.853.453.754.653.852.73035404550556020222023202520302035204020452050205520602065207020752

6、0802085209020952100Economic old-age dependency ratio-50%-40%-30%-20%-10%0%10%20%30%40%50%ES-27LatviaLithuaniaRomaniaBulgariaCroatiaPolandGreecePortugalSlovakiaItalyFinlandEstoniaHungarySloveniaCzechiaSpainGermanyBelgiumFranceNetherlandsAustriaDenmarkLuxembourgCyprusSwedenIrelandMaltaProjected popula