Session 5 - Björn Z. Ásgrímsson - Central Bank of Iceland.pdf

1、20256-7 NovemberOECD/IOPS Global Forum on Private Pension-IstanbulIstanbul,TrkiyeTrkiyeSession 5:Promoting Participation in Voluntary Pensions MrMr.Bjrn Z.sgrmsson,Central bank of Iceland.Bjrn Z.sgrmsson,Central bank of IcelandSeniorSenior riskrisk&pensionpension policypolicy analystanalyst-Financia

2、l Financial stabilitystabilityPension savings in Iceland-%of AUM2Pillar III voluntary saving is growing faster than Pillar II mandatory saving.Net inflow(contibution-benefits):Pillar III=75 bn.ISKPillar II=55 bn.ISK Pillar II mandatory saving is CDC/DA*systemPillar III is a pure DC with individual a

3、ccounts.Pillar II Mandatory occupational160%Pillar III Voluntary personal28%Pillar III Foreign providers*4%192%Assets as a percentage of GDP*Minimum 56%replacement targitOld age pension benefits 2019-2024361%9%30%Pillar II is the main provider of retirement income.Its importance will increase in the

4、 near future.Pillar I benefits are income tested,including pension benefits.55%5%40%Bn.ISKFour types of voluntary pension savings(%AUM)467%22%9%Coverage ratio as a percentageof working age employees(16-67):Men:46%Women:54%By age cohorts:Age:16-19=18%Age:20-29=46%Age:30-39=52%Age:40-49=56%Age:50-59=5

5、8%Age:60-67=49%22%67%9%67%10%22%67%10%22%Incentives for voluntary voluntary pension savings5TaxTax icentivesicentives is EET is EET SavingSaving is is inheritableinheritable SupplementarySupplementary savingsaving:If an employee chooses to sign a saving contract the minimum contribution is 2%.The em

6、ployer is obliged to match with a 2%contribution.Employees maximum contribution is 4%.Benefits are exempt from social security benefit income testing.SavingSaving asas a part of a part of thethe minimumminimum mandatorymandatory Pillar II Pillar II contributioncontribution (12%):