1.
Private & Confidential Client name / Project name Insert date 1
欧洲养老概况与展望

2.
Private & Confidential Client name / Project name Insert date 2
欧洲养老体系概况
养老体系三大支柱
第一支柱 第二支柱 第三支柱
名称 社会基本养老保险 企业补充养老保险 个人商业养老保险
目标 保障最低生活 保障生活质量 保障其他需求
资金来源 税收/收入 企业与个人投入 个人存款
管理方式 公共管理 私下管理 私下管理
投资选择 低自由度 相对自由 高自由度

3.
Private & Confidential Client name / Project name Insert date 3
英国企业DC养老计划
固定缴费型计划DC
运行模式 • 信托
加入方式 • 自动加入(取决于是否符合基本条件)
缴纳方式
• 总体按照员工收入的百分比缴纳（有上限限制）
• 在缴纳的百分比中，公司缴纳基本费用 e.g. 5%。如果个人愿意缴纳更多，公司一般会在一定额
度内匹配其支付（e.g. 个人愿意再支付1%，公司也会再支付1%，总缴纳额度为7%）
税收 • 在一定的限额内缴纳的费用以及投资回报均免税，提取时收税
提取方式
• 三种主要提取方式:
1. 购买年金
2. 现金提取
3. 分期提取（Income drawdown）
投资选择
• 公司需要为其参与DC的员工设定默认的投资策略
• 平台上还会有各种不同的基金产品（包括债券，股票等等）供员工自由选择

4.
Private & Confidential Client name / Project name Insert date 4
英国企业DC养老计划——现金流
-£50,000
£0
£50,000
£100,000
£150,000
£200,000
35 40 45 50 55 60 65 70 75 80 85
现金流量
年龄
现金流

5.
Private & Confidential Client name / Project name Insert date 5
目前存在的问题和挑战
缺乏个人养
老规划
缺乏有效的
沟通与员工
的参与
缺乏金融与
投资理财的
专业知识

6.
Private & Confidential Client name / Project name Insert date 6
如何解决这些问题?
1. 个人养老规划
65
初始养老金
额度
25 30 35 40 45 50 55 60
影响最终养老金总额的三大因素:
投资回报率
投资累积期限
年缴费额度
年龄
确立最终目标
退休后，每年需要多少收入才能满足
体面的生活质量？
e.g. 每年3万英镑的支出需要65万英镑
的养老金存款
1. 每年缴费额度 2. 投资回报率 3. 累积期限

7.
Private & Confidential Client name / Project name Insert date 7
如何解决这些问题?
1. 个人养老规划
基准情景 情景1 情景2 情景 3
年投资收益率 7% 8% 7% 7%
每年缴纳额度 (% 年工资) 15% 15% 20% 15%
缴纳期限（年） 30 30 30 35
退休后每年可获得养老金 £37,000 £48,000 £49,000 £59,000
假设一个目前收入为3万英镑的35岁男士，退休年龄为65岁

8.
Private & Confidential Client name / Project name Insert date 8
如何解决这些问题?
2. 投资理念——不同阶段的投资策略
前期 中期 后期

9.
Private & Confidential Client name / Project name Insert date 9
如何解决这些问题?
2. 投资理念——基于生命周期的投资策略
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
48 43 38 33 28 23 18 13 8 3 -2 -7
资产配置
距离退休时间（年）
新兴市场股票
防守型（低风险）股票
发达国家股票
多元资产基金
长期企业债券
短期公司债
国债
货币基金
默认投资策略案例
前期 中期 后期

10.
Private & Confidential Client name / Project name Insert date
如何解决这些问题?
2. 投资理念——提高风险调节后回报
高风险低风险
扩大可投资产品类别，优化投资组合，提高风险调节后投资回报
1
2
3
4
5
6
7
1
2
3
4
5
6
7
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
年化超额收益
年化振幅
Redington投资策略
传统投资策略
1 2 3 4 5 6 7
Equity (35% UK, 35%
DM ex UK, 30% EM)
10% 20% 30% 40% 50% 60% 70%
RV DGF 30% 30% 30% 30% 30% 30% 30%
Corp Bonds 60% 50% 40% 30% 20% 10% 0%
Return 1.95% 2.14% 2.33% 2.52% 2.71% 2.90% 3.09%
Volatility 5.09% 5.70% 6.91% 8.46% 10.19% 12.04% 13.94%
Additional Fees 0.28% 0.28% 0.29% 0.29% 0.30% 0.31% 0.31%

11.
Private & Confidential Client name / Project name Insert date 11
如何解决这些问题?
3. 鼓励员工参与——交流与沟通
对于不同的人采用不同的
交流方式可以让交流效果
更好
把握不同人的不同关注
点，了解员工真正的需求
可以提升交流影响力

12.
Private & Confidential Client name / Project name Insert date 12
如何解决这些问题?
3. 鼓励员工参与——教育与培训
430
培训时间
37
合作学校
34
合伙企业
1,600
参与学生
人数
愿景: 2025年以前，培训100万青少年如何理财，投资和养老规划

13.
Private & Confidential Client name / Project name Insert date
2-6 Austin Friars, London EC2N 2HD Telephone : +44 (0) 20 7250 3331 www.redington.co.uk
13
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Recent Awards
Steven Yang Yu 于扬
Head of ALM & Investment Strategy
电话: +44 (0) 203 326 7118
steven.yangyu@redington.co.uk
Muqiu Liu 刘沐秋
Director of ALM & Investment Strategy
电话: +44 (0) 203 326 7109
muqiu.liu@redington.co.uk