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willistowerswatson.com
© 2017 Willis Towers Watson. All rights reserved.
Easy win-win-win?Liability management and member choice
Pensions & savings annual conference
13 June 2017
Stewart Patterson, Willis Towers WatsonRob Hamer, AstraZeneca
willistowerswatson.com
© 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Member choice exercises – what the member sees
2
PIE £10,000 pa £14,000 pa
Linked to inflation Fixed amount for life
or
RTO
£45,000 £65,000
£7,000 pa £10,000 pa
£195,000
Linked to inflationPension for spouse
Fixed amount for lifeNo spouse’s pension
Fixed amount for lifeInheritable
or
or
or
and
Cash
More income
in the early
years
More cash
now plus
more
flexibility
overall
#WTWpensionsevent
willistowerswatson.com
© 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
What the member thinks
3
I’ll stick with
what I know
What are
others doing?
What feels
“easiest”?
Do I want flexible
income?
Is my income secure in
DB?
What other income do I
have?
Do I want more now or
later?
#WTWpensionsevent
Pension Increase Exchange
Case study and reflections
AstraZeneca Pension Fund
willistowerswatson.com
© 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Phase 2
Phase 1 1 March 2016
Offer letters posted
30 June 2016
2 December 2016 31 March 2017
Offer period closed
Overview of PIE offers
5
Tim
elin
e
59% of members spoke
with IFA (2,149)
Offers sent to 3,672
pensioners
Phase 1
37% took the PIE (ie 64% of those who
engaged)
63% of members spoke
with IFA (2,680)
Offers sent to 4,243
pensioners
Phase 2
41% took the PIE (ie 65% of those who
engaged)
Offer structure: Swap inflation-linked Pre97 pension for flat income (80% Balanced Deal)
Combined impact: Reduction in deficit of £40m-£60m on accounting and funding
#WTWpensionsevent
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© 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Key reflections
6
Upfront and regular engagement of all involved in
project
High quality, simple and plain English
communications
Small Working Group of Company and Trustee
representatives to meet regularly and take
decisions and sign off communications
Using one organisation for all services (project
management, communications, actuarial etc…) –
saved a lot of time and management
WHAT WENT WELL – CONTINUE TO DO THINGS TO CONSIDER DOING DIFFERENTLY
Members with two periods of service (received
two letters) not always clear which period of
service they were discussing
Design – project team to give working group
clearer steer on preferred course of action
Communications – management of version
control and conflicting changes from multiple
people
Agree upfront with IFA process principles for
dealing with exceptional cases eg F2F meetings
#WTWpensionsevent
7
Q&A
?
8
Increasing member demand and use of technology
Developing trends
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Member awareness
and access
Trustee or sponsor
role?
Is this a peak or a
trend?
Transfer activity in the market
9
Pressure on
administrators
#WTWpensionsevent
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© 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
The increasing trend for flexibility
10
… member
engagement in
exercises where
the member pays
for the advice
themselves is ten
times less than
those where the
cost is met for
them
Paul Chafer, Wren Sterling
#WTWpensionsevent
willistowerswatson.com
© 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Grabbing members’ attention
11
Transactional administration
communications
Microsite
Branded and crafted
communications
Portal
Written materials
can generate
engagement and
set out options
Online content
can enhance
engagement and
support member
education
#WTWpensionsevent
© 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 12
Any Questions?
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© 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only.
Speaker details
13
Stewart PattersonHead of Liability Management
Phone: +44 (0) 161 833 7203stewart.patterson@willistowerswatson.com
Rob HamerUK Benefits ManagerAstraZeneca
#WTWpensionsevent
14
…check the screen in the Great Hall for details of the
breakout sessions following lunch
Lunch
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