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Funded Pensions in Western Europe 2008 International Pension Studies Funded Pensions in Western Europe 2008 Funded Pensions in Western International Pension Studies Funded Pensions in Western Europe 2008 Allianz Global Investors www.allianzglobalinvestors.com Allianz Global Investors AG International Pensions Seidlstr. 24–24a 80335 Munich, Germany Appendix International Pension Studies Western Europe Pension assets under management projections [EUR bn] Investment Insurance Total Investment Insurance Total Net increase Assets Assets Assets 2020e Assets 2020e 2020e 2007 2007 2007 CAGR CAGR CAGR Austria 14.8 60.5 75.3 40.0 126.0 166.0 90.7 7.9% 5.8% 6.3% Belgium 15.6 172.6 188.2 35.0 374.0 409.0 220.8 6.4% 6.1% 6.2% Denmark 68.3 151.7 220.0 152.0 285.0 437.0 217.0 6.3% 5.0% 5.4% Finland 19.0 110.0 129.0 42.0 239.0 281.0 152.0 6.3% 6.2% 6.2% France 21.0 1,208.0 1,229.0 71.0 2,570.0 2,641.0 1,412.0 9.8% 6.0% 6.1% Germany 358.3 716.0 1,074.3 684.0 1,235.0 1,919.0 844.7 5.1% 4.3% 4.6% Greece 1.4 6.4 7.8 8.3 34.0 42.3 34.5 14.8% 13.7% 13.9% Ireland 86.6 77.7 164.3 197.0 136.0 333.0 168.7 6.5% 4.4% 5.6% Italy 57.7 377.4 435.1 172.0 742.0 914.0 478.9 8.8% 5.3% 5.9% Netherlands 759.3 163.6 922.9 1,383.0 253.0 1,636.0 713.1 4.7% 3.4% 4.5% Norway 19.5 85.0 104.5 42.0 188.0 230.0 125.5 6.1% 6.3% 6.3% Portugal 21.5 41.3 72.8 46.0 104.0 150.0 87.2 6.0% 7.4% 6.9% Imprint Spain 82.0 134.0 216.0 229.0 336.0 565.0 349.0 Publisher: Allianz Global Investors AG, Seidlstraße 24-24a, D-80335 Munich | http://www.allianzglobalinvestors.com | Editor: Dr. Alexander Börsch, 8.2% 7.3% 7.7% Senior Pensions Analyst, Allianz Global Investors AG, E-mail: [email protected], Phone: +49 (0) 89 1220 7472 | Contributors: Dr. Alexander Börsch, Sweden 27.0 176.5 203.5 78.0 403.0 481.0 277.5 Allianz Global Investors AG; Dr. Renate Finke, Allianz Dresdner Economic Research; Dr. Martin Gasche, Allianz Dresdner Economic Research; Jordy Peek, risklab; 8.5% 6.6% 6.8% Dr. Jürgen Stanowsky, Allianz Dresdner Economic Research | Layout: volkart:51 GmbH, Munich | Printing: repromüller, Übersee | Closing date: December 5, 2008 | Switzerland 361.0 121.0 482.0 542.0 147.0 689.0 207.0 This study was conducted in cooperation with Allianz Dresdner Economic Research. The OECD provided information on the second and third pillars. 3.2% 1.5% 2.8% UK 1,413.0 1,679.0 3,092.0 2,983.0 3,003.0 5,986.0 2,894.0 The entire content of this publication is protected by copyright with all rights reserved to Allianz Global Investors AG. Any copying, modifying, distributing 5.9% 4.6% 5.2% or other use of the content for any purpose without the prior written consent of Allianz Global Investors AG is prohibited. The information contained in this publication has been carefully verified by the time of release, however Allianz Global Investors AG does not warrant the accuracy, reliability or completeness Total 3,326.0 5,280.7 8,606.7 6,704.3 10,175.0 16,879.3 8,272.6 of any information contained in this publication. Neither Allianz Global Investors AG nor its employees and deputies will take legal responsibility for any 5.5% 5.2% 5.3% errors or omissions therein. This publication is intended for general information purposes only. None of the information should be interpreted as a solicitation, offer or recommendation Comparable data for Luxembourg are not available of any kind. Certain of the statements contained herein may be statements of future expectations and involve known and unknown risks and uncertainties Source: OECD, Central Banks, national statistics, CEA, Forecasts: Allianz Dresdner Economic Research which may cause actual results, performance or events to differ materially from those expressed or implied in such statements. 2 133 International Pension Studies Western Europe Preface raditionally, the pension systems of most the financial assets of European households TWestern European countries were text- in international comparison and includes book examples for the dominance of public forecasts on the future development of finan- pay-as-you-go pensions. This has changed. cial assets. The third article addresses trends More and more European countries are try- in Western European pension markets and ing to spread the retirement income of their pension asset projections, while the conclud- citizens across a wider base. They have intro- ing article of the first part is concerned with duced new funded occupational and private the effects of a possible application of Solven- pension schemes with the goal to diversify cy II on defined benefit pension funds. The retirement income for future pensioners. second part analyses the pension systems in each Western European country; for the pur- Despite different starting points, almost poses of this study we defined Western Europe all Western European countries have fol- as the EU-15 plus Switzerland and Norway. lowed the trend towards funded pensions. This has taken several forms. Besides the in- The evolution of funded pensions into troduction of new schemes, many countries a crucial element of retirement income in decided to introduce state pension reserve Western Europe has important ramifications funds to back public pension systems and for public policy and the financial industry. strengthen their sustainability. These funds For example, the regulation of funded pen- have grown considerably and are now crucial sions, the effectiveness of plan design, the players in the financial markets. The world- risk management of investments and the wide shift from defined benefit to defined quality of financial products become ques- contribution plans in occupational pension tions that will shape the financial security provision is also taking place in Europe, how- of many future retirees. By creating trans- ever, with a different speed and depth in the parency about the pension system designs respective countries. in Western Europe, this study aims to con- tribute to the discussion on the future of This study is divided into two main parts. European pensions. We strongly believe The first part is comprised of four articles, in- that transparency and comparability are cluding one on the economic impact of ageing the foundations for mutual learning and populations. The second article focuses on best practice sharing. Brigitte Miksa, Head of International Pensions Allianz Global Investors AG 3 International Pension Studies Western Europe Content Imprint ........................................................................................................... 2 Preface ........................................................................................................... 3 Introduction .................................................................................................... 5 Western Europe – The Economic Impact of Ageing Populations.................................................... 6 The Financial Assets of Private Households – An International Comparison ........................................14 Trends and Asset Development in European Pension Markets ....................................................21 Solvency II: How it Could Affect Defined Benefit Pension Funds ...................................................31 Country Profiles .................................................................................................37 Austria ........................................................................................................38 Belgium .......................................................................................................44 Denmark ......................................................................................................49 Finland ........................................................................................................54 France .........................................................................................................59 Germany ......................................................................................................65 Greece ........................................................................................................71 Ireland ........................................................................................................75 Italy ........................................................................................................... 81 Luxembourg ...................................................................................................87 The Netherlands ...............................................................................................91 Norway . 96 Portugal ......................................................................................................101 Spain .........................................................................................................106 Sweden ......................................................................................................111 Switzerland ...................................................................................................117 UK ...........................................................................................................122 Appendix ......................................................................................................129 References ...................................................................................................130 Data .........................................................................................................133 4 Introduction Introduction International Pension Studies Western Europe Western Europe
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