惠悅國際-定制年金產(chǎn)品咨詢報告(2)(編輯修改稿)
2025-01-19 22:14 本頁面
【文章內(nèi)容簡介】 n achieved: 7% pa (excl expenses) Mortality: PMA92 Year of use 2023 Initial fund 163。100,000 Male aged 60 at outset 169。 Watson Wyatt Partners 2023 Progression of ine: spreading fund over future life expectation Progression of ine annuitised fund versus nonannuitised fund 01,0002,0003,0004,0005,0006,0007,0008,0009,00060 65 70 75 80 85 90 95 100 105 110 115 120A geAnnual income (163。)A n n u i ti s e d N on an n u i ti s e dMortality: PMA92 Year of use 2023 Male aged 60 at outset 169。 Watson Wyatt Partners 2023 Supplier view of mortality guarantees ? Mortality improving ? How fast 1% pa? 2% pa? 3% pa? ? In future? ? Scope to review? ? Guarantees are (too) expensive? Mortality drift uncertain future improvements 0 . 0 %1 . 0 %2 . 0 %3 . 0 %4 . 0 %5 . 0 %60 65 70 75 80 85 90 95 100PM A 8 0 PM A 9 2Both charts show expected distribution of deaths for male aged 60 in 1992, allowing for future improvements. PMA92 represents the more recent estimate Crosssubsidy operates across either distribution, and longevity protection is largely retained even if mortality is reviewed Drift in anticipated distribution allowing for newer evidence 169。 Watson Wyatt Partners 2023 Excess survivors PMA92 pared with PMA80 02040608010060 65 70 75 80 85 90 95 100% surviving to stated age0%+5 %+1 0 %+1 5 %+2 0 %+2 5 %+3 0 %+3 5 %+4 0 %% increase in survivors% s u r v i v i n g : PM A 8 0 % s u r v i v i n g : PM A 9 2 % i n c r e a s e i n s u r v i v o r sCost to annuity provider of not reviewing mortality relates to payments made to those survivors who were not expected to live so long the red zone 169。 Watson Wyatt Partners 2023 New model Investment fund + Insurance against survival Lifetime ine model benefit statement Units Unit Price Value 163。 163。 Start of Year 10,000 100,000 Annuity Payments (975) (10,000) Surviv
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