Retirement Savings Adequacy

1. Retirement Savings Adequacy Contributions & coverage

2. Understanding and meeting needs • Six models of long-term provision • Two broad approaches to improved system effectiveness • Expand the formal-sector system • Facilitating saving in the informal employment sector • The role for government

3. Preface: the need for coherence Delivery mechanisms Access to financial services Tier II supervision Social security State facilitation System design & co-ordination State coercion Demand-side research Regulation & supervision Flexibility for innovation Regulatory restraint Reaching communities Formal pension & insurance vehicles Provision to the informal sector Re-defining groups

4. Understanding and meeting needs • Six models of long-term provision • Social security • Occupational pension funds • Mandatory individual accounts • Voluntary supplementary provision • Facilitated additional provision • Unsupported informal provision

5. Two broad approaches • Expanding the formal system • Push the mandate to participate • Improve the incentives • Flexibility of contribution • Flexibility of access • Financial incentives • Design incentives • Establish a culture of participation • Learn from the examples

6. Two broad approaches • Facilitating savings by the informally employed • The government role is spread across functional areas • Long-term saving is not always rational • Communities have other ways of meeting goals • Government support must rest on two pillars • Coherence of policy • A deep understanding of customer need

7. Refrain: the need for coherence Delivery mechanisms Access to financial services Tier II supervision Social security State facilitation System design & co-ordination State coercion Demand-side research Regulation & supervision Flexibility for innovation Regulatory restraint Reaching communities Formal pension & insurance vehicles Provision to the informal sector Re-defining groups