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Spend Down: Post-Retirement Strategies Around the Globe

We are delighted to present the fifth edition of Mercer’s DC Connections. In this issue, we focus on post-retirement spend-down strategies around the globe. This segment of retirement planning is experiencing a wave of innovations, as governments, providers, social partners and plan sponsors scramble to meet the needs of the first cohort of retirees who will rely primarily on defined contribution (DC) plans for retirement income.

 Issue five - September 2010 (Download PDF)

Introduction

Craig Burnett, Paris

Optimizing retirement: Spend-down modeling - In search of the silver bullet

Darren Wickham, Sydney

Design for the future: DC spend-down strategy

Bob Moreen, Philadelphia

Annuities market in the UK: Is help on the way?

Andy Parker, London

Singapore's CPF LIFE: An in-depth look

Ben Facer, Singapore

Distribution options in the US

Betsey Dill, Los Angeles

Spend-down products: A Canadian perspective and experiences

Oma Sharma, Toronto

Spend-down: The final frontier

Neil Lloyd, Vancouver

Bridging the knowledge gap: Improving communication and participant understanding of DC plans

Welcome to the fourth edition of mercer's Dc Connections.  In this issue, we focus on findings from Mercer's 2009 Global DC Survey, conducted in the early part of that year. In reviewing the survey results, two main concerns surfaced: poor investment performance and limited financial understanding.  Given the recent financial debacle, its no surprise that survey participants cited poor investment performance as a significant issue. More troublesome to sponsors, however, is participants' limited understanding of financial isses and how best to help participants develop their portfolios and meet their retirement objectives.

We review how a number of countries are beginning to address the issue of limited financial understanding and why this is a global and not a regional issue.

 Issue four - April 2010 (Download PDF)

The impact of financial literacy on member attitudes and their behaviors in planning for retirement

Russell Mason, Sydney and Elyssia Silberstein, Melbourne

DC plans: Issues and insights

An interview with Toni Brown, CFA, Director of US Client Consulting, San Francisco

Emergence of lifecycle investments in Spain

Bea Canto, Barcelona

"Show me the money": How DC communication keeps missing the mark

Annie Massey, Toronto

Securing the future: An examination of plan auto enrollment in the UK

Steve Charlton, London, and brian henderson, Edinburgh

The influence of governments on DC plans globally

Neil Lloyd, Vancouver

Unprecedented times for DC plans - How did members, employers and governments react? 

Welcome to the third edition of Mercer’s DC Connections. There’s no question that defined contribution (DC) retirement programs across the globe have been affected by the economic crisis. Plan members have seen their retirement assets dramatically decline, even among those members using target date funds. Some government officials are calling the current economic crisis a watershed moment for DC plans and are calling for radical action. Others suggest that the market crisis is so far-reaching and so unprecedented that no financial arrangement has been spared.
 

 Issue three - July 2009 (Download PDF)

Introduction

Andrew Kramer, New York

How did lifecycle (lifestyle) arrangements fare in the UK?

Brian Henderson, Edinburgh

A US perspective: Did target date funds meet participant expectations?

Lanae Pranger, Chicago

Collective DC: Risk-sharing arrangements in Europe

Craig Burnett, Paris and Tim Burggraaf, Rotterdam

Member reactions

Bill McClain, Seattle; Russell Mason, Sydney and Jean-Daniel Cote, Montreal

DC experiences in Asia

Ben Facer, Singapore

Impact of financial crisis on DC plans: Government reactions around the world

Barbara Marder, Baltimore

So what have we learned from these 'unprecedented times'?

Neil Lloyd, Vancouver

DC plan fees - Do you (or your plan members) really know what you are paying? 

Welcome to the second edition of Mercer DC Connections. In this edition, we review global trends in defined contribution (DC) plan fee disclosure and fee transparency, and take a close look at how countries such as Australia, Canada, Brazil, the US and Ireland are tackling this important issue.
 

 Issue two - November 2008 (Download PDF)

A prescriptive dose of regulation: An Australian experience

Brent Tulk, Melbourne 

Balancing the merits of DC bundling: Perspectives from the UK and Irish markets

Brian Kite, London; and Stephen Ryan, Dublin

Popping the hood: A look in detail at bundled versus unbundled costs

Mary Ann Langevin, Norwood, Massachusetts

Calling on Canadian regulators: More fee transparency and disclosure are required

Oma Sharma, Toronto; and Anne Meloche, Montreal

Roadmap for change: Transforming a US plan's investment structure to add flexibility, reduce fees and increase fee transparency

Bob Burke, New York

The evolution of US DC plans: A conversation with Troy Saharic on fee disclosure versus investment flexibility

Troy Saharic, Seattle

Work in progress: An examination of DC vehicles and fees in Brazil

Evandro Luis de Oliveira, Sao Paulo

Are fees the full story?

Neil Lloyd, Vancouver

Lifecycle funds - one size fits all? 

Our first issue discusses an important trend in DC investments – lifecycle funds, particularly target-date and target-age funds. We’re seeing an increased interest by plan sponsors (and in certain countries even an interest by legislators) in helping plan participants reach a secure retirement…especially participants who may not be able to properly develop their own investment portfolio.
 
In this issue we’ll give you an update on how these funds have evolved in Canada, Europe, the United Kingdom and the United States and, interestingly, why in Australia, one of the most mature DC markets, this is not common. We’ll also discuss why some organizations are building custom target-date/age funds, as well as what should be considered when choosing “off the shelf” target-date/age products. 
 
In addition to DC Connections, we have also just released three short videos of a roundtable discussion featuring our global defined contribution experts. The three videos provide an overview of DC trends around the world, DC investment issues, and employee engagement.
 

 Issue one - May 2008 (Download PDF)

What's in a name? Lifecycle, lifestyle, target-date - What next?

Neil Lloyd, Vancouver

Choosing the right lifecycle fund for your defined contribution plan - a US perspective

Michael Kaplan, Princeton

Target-date funds: A new approach in Canada

Oma Sharma, Toronto

A snapshot of DC lifestyle solutions in Europe

Tim Burggraaf, Rotterdam

An alternative perspective on lifecycle funds, from Australia, a mature DC market

Russell Mason, Sydney

Case study: Developing a DC investment structure in the UK

Rob Curtis, Birmingham

Developing customised target-date funds: A conversation with Mercer's chief US economist, Louis Finney

Louis Finney, PhD, Chicago

Interviewer: Andrew Kramer

Annuities as part of target-date/age funds

Andrew Shafer, Chicago