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December 23, 2014 by jagfnz Leave a Comment

Susan St John : A proposal for lifetime annuities with long term care insurance

Susan describes a proposal for moderate income 65+ retirement that includes an incremental lifetime annuity of around $10k pa (over and above NZ super) combined with an insurance policy for long term care (which costs in the region of $50k pa). Her argument advocates a combination of private contribution form wealth – i.e. decumulation – on the order of $150k-$200k and public sector guarantees (risk bearing) onto deal with a combination of problems that plague purely private solutions: adverse selection , gender neutrality, and less than adequate , indeed “minimalist” , taxpayer funded long term care issues.

Please be tolerant of the mixed audio quality. The slides are great and most but not all of the audio – it’s the best we could do with a camcorder in this room!

Table of contents : RPRC Forum Nov 21 2014: Decumulating Retirement Savings: making the options work 

  1. “Do we agree what  the problem is?” – Susan St John’s introduction
  2. Opening comments from NZ’s Retirement Commissioner Diane Maxwell
  3. “The Rebirth of Lifetime Annuities in Australia” -Jeremy Cooper
  4. “Home Equity Release” – Andrew Ford
  5. “Shaping the Retirement Income Industry in New Zealand” – Ralph Stewart
  6. “A proposal for lifetime annuities with long term care insurance” – Susan St John

Filed Under: Economic Policy, RPRC Forum Tagged With: annuity, decumulation, economics, retirement, RPRC, uncertainty

December 20, 2014 by jagfnz Leave a Comment

Ralph Stewart : Shaping the Retirement Income Industry in New Zealand

Ralph Stewart : Shaping the Retirement Income Industry in New Zealand – a Private Sector Approach
Ralph Stewart describes the specific challenges of trying to introduce annuities into the New Zealand market by explaining how NZIG did – and is doing – just that. His talk echoes the fundamental ideas Jeremy Cooper, Susan St John  and others mention about the demand side of the market: what middle income retirees appear to want, and not want,  as far as their wealth portfolio is concerned over the remaining years of their lives. . On the supply and regulation side he explains the type of annuity his firm will be bringing to the NZ market next year (2015) , after some 3 years of very intensive and thorough overseas market research  and extensive coordination discussions with   the Reserve Bank and IRD.

  1. Table of contents : RPRC Forum Nov 21 2014: Decumulating Retirement Savings: making the options work 
    1. “Do we agree what  the problem is?” – Susan St John’s introduction
    2. Opening comments from NZ’s Retirement Commissioner Diane Maxwell
    3. “The Rebirth of Lifetime Annuities in Australia” -Jeremy Cooper
    4. “Home Equity Release” – Andrew Ford
    5. “Shaping the Retirement Income Industry in New Zealand” – Ralph Stewart
    6. “A proposal for lifetime annuities with long term care insurance” – Susan St John

Filed Under: Economic Policy, RPRC Forum Tagged With: annuities, annuity, decumulation, economics, retirement, reverse mortgages, RPRC

December 8, 2014 by jagfnz Leave a Comment

Andrew Ford: Home Equity Release

Andrew Ford discusses the demand for flexible and adaptive uses in retirement years of one of New Zealander’s most significant items of wealth – the family home. His presentation also describes how Heartland bank entered this highly specialised but small NZ market.

Table of contents : RPRC Forum Nov 21 2014: Decumulating Retirement Savings: making the options work 

  1. “Do we agree what  the problem is?” – Susan St John’s introduction
  2. Opening comments from NZ’s Retirement Commissioner Diane Maxwell
  3. “The Rebirth of Lifetime Annuities in Australia” -Jeremy Cooper
  4. “Home Equity Release” – Andrew Ford
  5. “Shaping the Retirement Income Industry in New Zealand” – Ralph Stewart
  6. “A proposal for lifetime annuities with long term care insurance” – Susan St John

 

Filed Under: Economic Policy, RPRC Forum Tagged With: Andrew Ford, annuities, annuity, Auckland housing shortages, decumulation, Heartland, home equity release, regulatory reform, retirement, reverse mortgages, RPRC

December 4, 2014 by jagfnz Leave a Comment

Jeremy Cooper: Rebirth of lifetime annuities in Australia

The first invited speaker at the RPRC conference was Jeremy Cooper, Chairman of Retirement Income at Challenger Ltd., Australia. Jeremy tells the history of life annuities in Australia , focussing on the recent market successes of Challenger in re-vitailising annuities as one important  component/element of retiree’s portfolio choices. A great talk about how a valuable opportunity developed – valuable for both retirees and for Challenger – in a product line few thought possible in private markets.

Table of contents : RPRC Forum Nov 21 2014: Decumulating Retirement Savings: making the options work 

  1. “Do we agree what  the problem is?” – Susan St John’s introduction
  2. Opening comments from NZ’s Retirement Commissioner Diane Maxwell
  3. “The Rebirth of Lifetime Annuities in Australia” -Jeremy Cooper
  4. “Home Equity Release” – Andrew Ford
  5. “Shaping the Retirement Income Industry in New Zealand” – Ralph Stewart
  6. “A proposal for lifetime annuities with long term care insurance” – Susan St John

 

 

 

Filed Under: Economic Policy, RPRC Forum Tagged With: annuity, Jeremy Cooper, retirement, RPRC

November 28, 2014 by jagfnz Leave a Comment

RPRC Forum: Retirement Commissioner Diane Maxwell’s opening remarks

Diane Maxwell, NZ’s Retirement Commissioner, follows Susan St John’s introduction with her own insightful comments on the importance of thinking and planning for income and consumption over a lifetime. Times have changed. “Retirement” arrangements that served people well in the past for predictable age ranges 65-80 may not work as well for those living possibly, and uncertainly, well beyond age 80. Meanwhile, the current , younger generation needs to re-think, plan for  and adapt to ever changing circumstances and attitudes towards life’s uncertainties – perhaps they have more tolerance for that uncertainty than the current older generation?

Table of contents : RPRC Forum Nov 21 2014: Decumulating Retirement Savings: making the options work 

  1. “Do we agree what  the problem is?” – Susan St John’s introduction
  2. Opening comments from NZ’s Retirement Commissioner Diane Maxwell
  3. “The Rebirth of Lifetime Annuities in Australia” -Jeremy Cooper
  4. “Home Equity Release” – Andrew Ford
  5. “Shaping the Retirement Income Industry in New Zealand” – Ralph Stewart
  6. “A proposal for lifetime annuities with long term care insurance” – Susan St John

Filed Under: Economic Policy, RPRC Forum Tagged With: decumulation, Diane Maxwell, retirement, RPRC

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