英国养老基金市场前景及投资研究报告-培训课件外文版2024.5

INDUSTRIES

&

MARKETSUKpensionfundmarketCHAPTER

01OverviewTotalinvestmentofpensionfundsintheUnitedKingdom(UK)from2006to2021(inbillionU.S.dollars)InvestmentsofpensionfundsintheUK2006-20214,0003,5003,0002,5002,0001,5001,000500020062007200820092010201120122013201420152016201720182019202020213Description:ThetotalvalueofinvestmentofpensionfundsintheUnitedKingdom(UK)droppedbetween2007and2008fromover2.26trillionU.S.dollarstoapproximately1.41trillionU.S.dollars,afterwhicharecoverytookplace.Asof2021,pensionfundinvestmentsintheUKamountedtomorethan3.75trillionU.S.dollars.ReadmoreNote(s):UnitedKingdom;2006to2021;DatarefertogrossassetsofpensionfundsandincludesderivatecontractswithapositiveassetvalueSource(s):OECDLargestpensionfundsintheUnitedKingdomin2022,byassetsundermanagement(inbillionGBP)LargestpensionfundsintheUK2022,byaum10090807060504030201004Description:Asof2022,thelargestpensionfundintheUnitedKingdom(UK)byassetsundermanagement(AUM)wastheUniversitiesSuperannuationScheme(USS),totaling90.8billionBritishpoundsinassetsundermanagement(AuM).TheUSSisaprivatepensionfundbenefitingindividualsworkinginthehighereducationandresearchsector.TheNatWestGroupPensionFundisthesecondlargestfund,managingassetsworthalmost54billionBritishpounds.ReadmoreNote(s):UnitedKingdom;2022Source(s):ExeleratingRevenueofleadingpensionconsultingfirmsintheUnitedKingdom(UK)in2022(inmillionGBP)RevenueofleadingpensionconsultingfirmsintheUK2022RevenueinmillionBritishpounds100

2000300400500600700MercerLimitedTowersWatsonLimited640541.8AonSolutionsUKLimitedandAonInvestmentsLimited(9)LaneClark&PeacockLLPXPSPensionsGroupPLCCapitaPensionSolutionsLimitedBarnettWaddinghamLLPHymansRobertsonLLP345.4149138.6138.2120.9103101.5Isio(5)Buck(7)69.642.131.128.2Broadstone(8)RedingtonLimitedFirstActuarialLLP5Description:Asof2022,MercerLimitedwasthelargestpensionconsultingfirmbyrevenueintheUnitedKingdom(UK).TowersWatsonLimitedrankedsecond,generatingroughly542millionBritishpoundsinrevenue.However,duetoalackofsegmentationinformation,advisoryservicessuppliedbyPwC,Deloitte,andErnst&Youngwereexcludedfromthisranking.Datafromsmallerregionalfirmswasalsooverlookedinthisranking.

ReadmoreNote(s):UnitedKingdom;2022Source(s):ProfessionalPensions;Varioussources(companyaccounts)CHAPTER

02PensionrecipientsNumberofpensionrecipientsintheUnitedKingdominNovember2022,bypensioncategoryandgender(inmillions)NumberofpensionrecipientsintheUK2022,bypensioncategoryandgenderUKpensionrecipientsinmillionsMale2Female013456783.6CatA2.70CatB0.50.580.020CatABLCatBL0.310.33CatAB1.420.010.02GRBonly0.02CatDNewStatePension(withnoprotectedpayment)NewStatePension(withprotectedpayment)Total0.061.271.060.540.195.86.837Description:Asofthefinalquarterof2022,categoryApensionswerethehighestreceivedpensiontypebyretiredUKbeneficiaries.Totalingroughly6.3millionrecipientscategoryApensionplansaccountedforhalfofallUKpensions.

ReadmoreNote(s):UnitedKingdom;November2022Source(s):GOV.UKNumberofpensionrecipientsintheUnitedKingdominNovember2022,byregionandgenderNumberofpensionrecipientsintheUK2022,byregionandgenderNumberofpensionrecipientsWomenMenTotal0500,0001,000,0001,500,0002,000,0002,500,0003,000,0003,500,0004,000,000SouthEastNorthWestSouthWestEastofEnglandAbroadWestMidlandsScotlandYorkshireandTheHumberLondonEastMidlandsWalesNorthEastUnknown8Description:Asoftheendofthefinalquarterof2022,thehighestnumberofUKpensionrecipientswerelocatedintheSouth-EastofEngland.OveronemillionrecipientswerelocatedabroadwhileWalesandtheNorth-EastofEnglandhadthelowestnumberofindividualsreceivingpensionpayments.ReadmoreNote(s):UnitedKingdom;November2022Source(s):GOV.UKNumberofpensionrecipientsintheUnitedKingdominNovember2022,byweeklyamountandgender(inmillions)NumberofpensionrecipientsintheUK2022,byweeklyamountandgenderUKpensionrecipientsinmillionsMen2.0Women0.00.51.01.52.53.03.54.04.55.00.070.14Under£20.00£20.00tounder£40.00£40.00tounder£60.00£60.00tounder£80.00£80.00tounder£100.00£100.00tounder£150.00£150.00andover0.10.150.090.120.080.110.090.840.641.314.724.169Description:Asofthefinalquarterof2022,thevastmajorityofUKpensionbeneficiarieswerereceivingaweeklypaymentof150Britishpoundsorhigher.Theratiooffemaletomalebeneficiarieswasrelativelymatchedthroughoutallweeklypaymentcategories.Theonlyoutlierfromthisrelativelyevengendersplitwasthe"80to100"Britishpoundscategoryhavingatotalofroughly90,000menandapproximately840,000women.ReadmoreNote(s):UnitedKingdom;November2022Source(s):GOV.UKNumberofpensionrecipientsintheUnitedKingdomfromNovember2020toNovember2022,bygender(inmillions)NumberofpensionrecipientsintheUK2020-2022,bygenderUKpensionrecipientsinmillionsMaleFemale4012356785.675.655.685.7Nov2020Feb2021May2021Aug2021Nov2021Feb2022May2022Aug2022Nov20226.716.76.736.756.766.776.796.816.835.725.735.755.775.810Description:Fromthefourthquarterof2020tothefourthquarterof2022thetotalnumberofpensionrecipientsclimbedsteadilybyapproximately250,000people.Theratiooffemaletomalerecipientsremainedrelativelyunchangedwithroughly1.17femalerecipientsforeverymalerecipientasof2022.ReadmoreNote(s):UnitedKingdom;November2020toNovember2022Source(s):GOV.UKNumberofpensionrecipientsintheUnitedKingdominNovember2022,byageandgender(inmillions)NumberofpensionrecipientsintheUK2022,byageandgenderMillionsofpensionrecipientsMaleFemale1.00.00.20.40.60.81.21.41.61.82.01.365-6970-741.361.581.571.721.3975-790.8380-841.040.4885-890.690.2290andabove0.4411Description:Almost13millionindividualswerereceivingUKpensionbenefitsasofthefourthquarterof2022.Thenumberofrecipientspeakedfortheagegroupbetween70and74yearsold,andthenbegantofallwitheachsubsequentagebracket.Withroughly660,000recipients,the90andabovecategoryhadthelowestnumberofUKpensionbeneficiaries.ReadmoreNote(s):UnitedKingdom;November2022Source(s):GOV.UKAverageweeklypensionpaymentintheUnitedKingdomfromNovember2020toNovember2022,bygenderAverageweeklypensionpaymentintheUK2020-2022,bygenderAverageweeklypensionpaymentinBritishpoundsCombinedaverage80Male100Female1200204060140160180200November2020February2021May2021August2021November2021February2022May2022August2022November202212Description:TheaverageweeklypensionpaymentintheUKhassteadilyincreasedfrom154.97GBPinNovember2020to165.74GBPbythefinalquarterof2022.Malerecipientsreceiveroughly20GBPmorethantheirfemalecounterparts,astheaveragepensionformenroseto177.61GBPwhilefemalepensionrecipientsonaveragereceivedroughly155.65Britishpoundsweekly.ReadmoreNote(s):UnitedKingdom;November2020toNovember2022Source(s):GOV.UKNumberofpensionrecipientsintheUnitedKingdomfromNovember2020toNovember2022,bypensiontype(inmillions)NumberofpensionrecipientsintheUK2020-2022,bypensiontypeUKpensionrecipientsinmillionsPre-2016StatePension6NewStatePension8024101214Nov2020Feb2021May2021Aug2021Nov2021Feb2022May2022Aug2022Nov202210.6510.4810.3610.2410.11101.171.882.052.212.362.532.712.883.079.839.79.5813Description:Fromthefourthquarterof2020tothefourthquarterof2022,thetotalnumberofpensionbeneficiariesintheUKremainedreasonablyconsistent,growingbyaround250,000people.Notably,thetotalnumberofpre-2016statepensionrecipientsdecreasedbyroughlyonemillionpersonswhilethenumberofnewstatepensionsincreased.ReadmoreNote(s):UnitedKingdom;November2020toNovember2022Source(s):GOV.UKCHAPTER

03PensionschemepaymentsShareofilliquidpensionfundassetsintheUnitedKingdom(UK)fromMarch2020toDecember2022,byschemetypeShareofilliquidpensionfundassetsintheUK2020-2022,byschemetypePrivatesectordefinedcontributionPrivatesectordefinedbenefitandhybridPublicsectordefinedbenefitandhybrid24%30%25%20%15%10%5%23%23%20%19%19%18%18%18%17%17%17%12%4%12%5%11%4%10%4%10%4%9%4%9%4%8%4%8%4%8%4%7%4%7%5%0%Mar31,2020

Jun30,2020

Sep30,2020Dec

31,2020Mar31,2021

Jun30,2021

Sep30,2021Dec

31,2021Mar31,2022

Jun30,2022

Sep30,2022Dec

31,202215Description:FromMarch2020throughtotheendof2022,thelevelofilliquidassetswaslowerforprivatesectordefinedcontributionschemesthanthatoftheothertwopensionschemetypes.Publicsectordefinedandhybridcontributionschemesheldthelargestvolumeofilliquidassets,growingincrementallyfrom19percentin2020to23percentbytheendof2022.ReadmoreNote(s):UnitedKingdom;March31,2020to

December31,2022Source(s):OfficeforNationalStatistics(UK)AssetsandliabilitiesofUnitedKingdom(UK)pensionschemesfrom3rdquarter2019to1stquarter2022,bytype(inbillionGBP)AssetsandliabilitiesofUKpensionschemesQ32019-Q12022,bytypeAssets

and

liabilities

ofUK

pension

schemesQ3

20192470Q4

20212788Q1

20222761GrossassetsexcludingderivativesGrossliabilitiesotherthanpensionliabilities,excludingderivatives193218227Derivativescontractswithapositive(asset)valueDerivativescontractswithanegative(liability)value277269296298Netassetsexcludingderivativesor'marketvalueofpensionfunds'2275247025702534Grossassetsincludingderivativescontractswithapositive(asset)value3065305716Description:From2019throughtothebeginningof2022,thelevelofassetsandliabilitiesheldbyUKpensionschemesremainedrelativelystable,experiencingincrementalfluctuations.Grossliabilitiesexcludingderivativesincreasedslightlyby34billionBritishpounds,whilegrossassetsexcludingderivativesincreasedbyalmost300billionBritishpounds.ReadmoreNote(s):UnitedKingdom;Q32019toQ12022Source(s):OfficeforNationalStatistics(UK)TotalcontributionsmadetopensionfundsintheUnitedKingdom(UK)fromQ32019toQ12022,byschemetype(inmillionGBP)TotalcontributionsmadetopensionfundsintheUKQ32019-Q12022,byschemetypePrivatesectorDCPrivatesectorDBHPublicsectorDBH9,0008,0007,0006,0005,0004,0003,0002,0001,00008,0677,0886,6856,4326,0025,3624,0523,2042,653Q32019Q42021Q1202217Description:Fromthethirdquarterof2019tothefirstquarterof2022,thehighestlevelofcontributionsmadetoUKpensionfundscamefromthedefinedbenefitsandhybrid(DBH)schemeoftheprivatesector.ThelowestlevelofcontributionscamefromthepublicDBHscheme,addingroughlyfourbillionBritishpoundsin2022.ReadmoreNote(s):UnitedKingdom;Q32019toQ120022Source(s):OfficeforNationalStatistics(UK)TotalbenefitsmadetopensionfundsintheUnitedKingdomfromQ32019toQ12022,byschemetype(inmillionGBP)TotalbenefitsmadetopensionfundsintheUKQ32019-Q12022,byschemetypePrivatesectorDCPrivatesectorDBH12,304PublicsectorDBH14,00012,00010,0008,0006,0004,0002,000012,67811,4824,1454,0263,559577622402Q32019Q42021Q1202218Description:Fromthethirdquarterof2019tothefirstquarterof2022,thehighestlevelofbenefitsmadetopensionfundsintheUnitedKingdom(UK)camefromthedefinedbenefitsandhybrid(DBH)schemeoftheprivatesector.Thissameschemetypemirroredinthepublicsectoraddedlessthanhalfthetotalvalueofbenefits.ReadmoreNote(s):UnitedKingdom;Q32019toQ12022Source(s):OfficeforNationalStatistics(UK)MarketvalueofpensionplansintheUnitedKingdom(UK)fromDecember2019toDecember2022,bypensionschemetype(intrillionGBP)MarketvalueofpensionplansintheUK2019-2022,bypensionschemetypePrivatesectorDBH1.76PrivatesectorDC+PublicsectorDBH1.822.01.81.61.41.21.00.80.60.40.20.01.751.751.731.731.710.741.680.541.670.671.641.440.691.270.681.230.70.750.730.730.640.560.570.5Dec31,2019Mar31,2020Jun30,2020Sep30,2020Dec31,2020Mar31,2021Jun30,2021Sep30,2021Dec31,2021Mar31,2022Jun30,2022Sep30,2022Dec31,202219Description:From2019throughtotheendof2022,thetotalcombinedvalueoftheprivatesectordefinedbenefitandhybrid(DBH)schemewasconsistentlyhigherthanthevalueaddedbythecombinedworthofthepublicdefinedcontribution(DC)andprivateDBHschemes.ThetotaloverallvalueofUKpensionschemespeakedinthefourthquarterof2021,totalingalmostthreetrillionBritishpounds.ReadmoreNote(s):UnitedKingdom;December2019toDecember2022Source(s):OfficeforNationalStatistics(UK)CHAPTER

04PensionfundassetallocationAssetallocationoftheUniversitiesSuperannuationScheme(USS)intheUnitedKingdomin2022,byassettype(inbillionGBP)AssetallocationoftheUSSintheUK2022,byassettypeAUM

in

billion

GBPBonds41.8428.0917.493.27EquitiesPooledinvestmentvehiclesPropertyCashandequivalentsNetderivativesNetother2.81-0.34-4.2321Description:BondsweretheUniversitiesSuperannuationScheme's(USS)mostsignificantfinancialinstrument,accountingforalmost48percentoftheportfoliovalue.Equitiesrankedsecondwithatotalassetallocationof28.09billionGBP.ReadmoreNote(s):UnitedKingdom;2022;SeeadditionalnotesforfurtherinformationSource(s):ExeleratingAssetallocationoftheUniversitiesSuperannuationScheme(USS)worldwidein2023,byregionAssetallocationoftheUSSworldwide2023,byregionPortionofinvestmentsbylocation0%

10%-20%UK-10%20%30%40%50%45.8%NorthAmericaAsia35.4%15.1%Europe12.6%Australia&NewZelandSouthAmericaAfrica1.8%1.7%1%Cash&others-13.4%22Description:Asof2023,theUniversitiesSuperannuationScheme(USS)spreadtheallocationofitsassetsacrosssecuritieslistedinsixdifferentregions.ThevastmajorityofitstotalassetsweremanagedthroughsecuritieslistedintheUK.NorthAmericarankedsecond,accountingforroughly35percentofassetallocation.ReadmoreNote(s):Worldwide,UnitedKingdomSource(s):UniversitiesSuperannuationSchemeAssetallocationoftheElectricitySupplyPensionSchemeintheUnitedKingdomin2022,byassettype(inbillionGBP)AssetallocationofthetheElectricitySupplyPensionintheUK2022,byassettypeAuM

in

billion

British

poundsPooledinvestmentvehiclesBonds38.659.970.740.520.3InsurancepoliciesEquitiesForestryProperty0.270.260.160.14-0.5CashPropertyloanassetsNetderivativesNetotherRepurchaseagreements-2.423Description:Asof2022,theElectricitySupplyPensionSchemeprimarilymanagedassetsthroughpooledinvestmentvehicles.Thesepooledinvestmentvehiclescanalsobereferredtoasinvestmentfundsduetothepooledmoneyusedtoinvest.Managingassetsthroughtheuseofpooledinvestmentsecuritiesallowsforincreasedportfoliodiversificationandreducedrisk.ReadmoreNote(s):UnitedKingdom;2022;SeeadditionalnotesforfurtherinformationSource(s):ExeleratingAssetallocationoftheNatWestGroupPensionFundintheUnitedKingdomin2021,byassettype(inbillionGBP)AssetallocationofthetheNatWestGroupPensionFundintheUK2021,byassettypeAUM

in

billion

GBPBonds37.64.523.373.241.280.280.07-0.02-0.71NetcashinstrumentsEquitiesPooledinvestmentvehiclesPropertyAPeCsandAVCinvestmentsNetderivativesCashNetcash24Description:Asof2021,themajorityofassetsmanagedbytheNatWestGroupPensionFundwereallocatedtobonds.Thenexthighestassetallocationwastonetcashinstrumentsholdingroughly33billionGBPlessthanbondsthanthevalueofbonds.

ReadmoreNote(s):UnitedKingdom;2021;SeeadditionalnotesforfurtherinformationSource(s):ExeleratingAssetallocationoftheBTPensionScheme(BTPS)intheUnitedKingdomin2022,byassettype(inbillionGBP)AssetallocationoftheBTPSintheUK2022,byassettypeAUM

in

billion

British

poundsBonds26.1214.515.911.651.210.980.230.1PooledinvestmentvehiclesEquitiesPropertySpecialpurposevehiclesDeposits&shortterminvestmentsNetotherLoansLongevityinsuranceNetderivatives-1.04-2.825Description:Asof2022,overhalfoftheBTPensionScheme(BTPS)portfolioconsistedofbonds.Pooledinvestmentvehiclesrankedsecondmanagingassetsworthalmost15billionGBP.BTPsportfolioallocationiscomparabletothatoftheUniversitiesSuperannuationScheme(USS)aseachfundhasallocatedthemajorityofitsassetsacrossthreeprimarysecuritytypes,bonds,equity,andpooledinvestmentvehicles.ReadmoreNote(s):UnitedKingdom;2022;SeeadditionalnotesforfurtherinformationSource(s):ExeleratingCHAPTER

05IndividualperformanceindicatorsExpectedcashflowoftheUniversitiesSuperannuationScheme(USS)intheUKfrombenefitsaccruedin2023projectedto2043(inbillionGBP)ExpectedcashflowoftheUSSintheUKfrombenefitsaccruedin2023-20434.54.054.013.953.94.03.53.02.52.03.833.773.683.593.493.43.33.193.12.992.892.772.662.542.472.412.282023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

204327Description:BaseduponbenefitsreceivedinMarchof2022,theUniversitiesSuperannuationScheme(USS)hasprojecteditscashflowwillsteadilyincreasefrom2.47billionGBPin2023toreachoverfourbillionBritishpoundsby2043.

ReadmoreNote(s):UnitedKingdom;2022;ProjectionsareofMarcheachyear.Source(s):UniversitiesSuperannuationSchemeTotalcashflowoftheNatWestGroupPensionFundintheUnitedKingdom(UK)from2020to2022,byactivity(inmillionGBP)TotalcashflowoftheNatWestGroupPensionFundintheUK2020-2022,byactivityNetcashflowsfromtradingactivitiesNetcashflowsfrominvestingactivitiesNetcashflowsfromoperatingactivitiesNetcashflowsfromfinancingactivities60,00050,00040,00030,00020,00010,000053,68443,59729,09519,0597,5477,9346,0733,0652,49490-2,601-10,000-20,000-10,65220202021202228Description:Operationalactivitieswereakeysourceofcashinflowfrom2020to2022oftheNatWestGroupPensionFund.Theprocessesthatfellunderthepensionsfundscoreactivitiesaccountedforroughly44billionBritishpoundsoftheNatWestGroups'totalcashflowin2022.NatWestGroupPensionFundisasingle-employerdefinedbenefitcorporatepensionfundheadquarteredinRedhill,England.ReadmoreNote(s):UnitedKingdom;2020to2022Source(s):RoyalBankofScotlandTotalincomeoftheMoneyandPensionServicesintheUnitedKingdom(UK)fromApril2022toMarch2023,byincomesource(in