1
3 5 5 5 DC 9 NISA 20 22 26 26 IRA Roth IRA SEP SIMPLE 27 401(k) 33 529 38 ESOP 40 42 42 ISA 43 49 NEST 52 54 56 56 56 58 58 59 60 61 61 NISA DC 62 NISA 62 DC 63 DC 64 67 67 67 68 69 69 70 70 71 72 NISA DC 73 2014 3 2
25 12 13 2020 2014 1 NISA NISA 2013 9 1598 53.5 855.7 8.5 4.7 30 1 2004 3 1 2 1 2004 59% 3
1 4
1 2 DB DC 2 2 DB 2 DC DC DC DC DC DB 2013 3 1,222 68 DC 2013 11 482.7 2013 3 7.5 DB DC 5
2 1971 46 3 3 55 5 60 5 55 5 550 385 6
2013 3 895. 16.4 15 3 3 3 NISA NISA 2014 2023 100 5 25 NISA ISA Individual Savings Account NISA ISA 2012 1 1 4 2013 3 2,042 1,709 333 103.5 84.4 19.1 7
1968 43 9 2013 3 225 3.7 ESOP Employee Stock Ownership Plan ESOP ESOP ESOP 25 2015 12 31 1,500 2013 9 40,162 2,607 NISA DC NISA DC NISA DC 8
NISA DC NISA DC DC DC 1 DC 1 DC 1990 DB 2000 DC 2001 6 10 DC 2002 1 DC DC DC DC DB DC DC 1 DC DC DB DC DC 9
3 DC DC DC DC DC DC DC DC DC DC DC 4 DC DC DC DC DC 60 4 DC 10
DC DC DC DC 5 19 23 1 5 DC DC 22 11
DC DC 2 2 2 DC Exempt Exempt Tax EET DC 2 DC 2 DC DB DC 1999 2001 DC DC 60 DC 60 6 12
6 DC 26 DC 5.5 2.75 DC 2013 11 482.7 DC 465.1 DC 17.6 DC 5.5 12.0 DC DC 7 DC 8 20 50 40 33% 3,500 DC 12 13% DB DC 2001 13
10 DC 3 3 4 DC 2013 3 7.5 DC 6.8 DC 0.7 9 7 DC 8 DC ~19 0% 50~59 19% 20~29 18% 40~49 33% 30~39 30% 14
9 DC DC 2013 3 DC 10 59% 41% 12% 11 30 53.1% 4% 41% DB 17.9% 12 GPIF 2% 55% 13 15
10 DC 11 DC 19 57% 21% 5% 4% 3% 2% 7% 1% 20 29 45% 16% 9% 5% 7% 4% 12% 2% 30 39 36% 17% 13% 6% 8% 5% 13% 1% 40 49 36% 19% 14% 6% 7% 5% 13% 0% 50 59 41% 24% 11% 5% 5% 4% 11% 1% 60 43% 23% 13% 3% 4% 3% 9% 2% 2013 3 16
12 DB 2013 3 13 GPIF 2013 12 GPIF DC 12 14 DC 17
14 DC DC 15 18
15 DC 26 DC 5.5 2.75 2 26 DC 5.5 2.75 DC DC DC DC 2013 3 31.7 DC 60 19
DC 2011 1000 88.1% 50 99 42.8% 400 2013 6 DC 20 30 30 5 DC DC DC 2% DC DB DB GPIF DC NISA NISA NISA 25 2014 1 16 20 1 1 100 2014 10 5 20
16 NISA NISA 2014 1 2014 1 1 475 650 2014.2.12 NRI NISA NISA 2009 2010 3 NISA 25 NISA 10 2014 1 NISA 2014 3 20 186 26 NISA 1 NISA 4 NISA 10 5 21
5 NISA NISA 100 500 100 5 1967 1968 1 17 22
17 DC 1 100 23
9 225 2013 3 3.7 18 18 24
DC 19 19 ESOP ESOP Employee Stock Ownership Plan ESOP 2007 ESOP ESOP 2 25
ESOP 1 2007 4 2014 3 4 200 DB DC DC 401(k) DC IRA Individual Retirement Account ESOP Employee Stock Ownership Plan ESOP 529 DC 2013 9 63.9 14.5% 20 80 20% 90 10% 15% IRA 401(k) 401(k) 29.9% DB 401(k) DC 1980 1970 1981 1983 1983 65 67 IRA 1980 26
IRA 401(k) 529 ESOP 20 FRB flow of funds IRA Roth IRA SEP SIMPLE IRA IRA Internal Revenue Code IRC DC 1974 Employee Retirement Income Security Act of 1974 ERISA IRA 21 IRA 27
DC IRA 5,500 2014 IRA 401 k IRA IRA IRA EET 59.5 DC 21 10% IRA 59.5 70.5 60 IRA IRA Roth IRA IRA 1974 22 1981 IRA 28
21 IRA Roth IRA 2014 IRA IRA SEP Simplified Employee Pension SIMPLE Savings Incentive Match Plan for Employees IRA SEP SIMPLE 401(k) IRA 401(k) 23 SEP SIMPLE 401(k) 29
22 IRA 23 IRA 30
1997 TEE IRA Roth IRA Roth IRA IRA 5,500 IRA Roth IRA 5 59.5 IRA Roth IRA 2014 1 MyRA 2015 MyRA TEE IRA Roth IRA 2014 IRA IRA 4 24 IRA Roth IRA 6 1 IRA 401(k) ICI 2011 IRA 67% 2011 13% IRA IRA 6% Roth IRA 26% EBRI, Issue Brief, May 2013 IRA 2013 9 6.0 25 401(k) 2011 3,723 72,398 401(k) 1946 64 30 80 401(k) IRA IRA 26 9 1980 90 IRA 2013 9 6.0 46% 39% 401(k) IRA 401(k) DC 31
401(k) 1980 401(k) MMF GIC 401(k) IRA IRA 401(k) 24 IRA 2012 5 ICI 25 IRA ICI 32
26 IRA ICI 401(k) 401(k) 401(k) 401(k) ERISA IRC ERISA DB DC 401(k) 27 DC 401(k) DC 33
401(k) 5.2 DC DC 61.2 DC MMF GIC 59.5 27 401(k) 2014 DB DC 401(k) 1981 80 90 34
DB DC DC 401(k) 28 80 90 DB DB DC 1986 28 DB DC DC 401(k) DC DC DC DC 2013 9 5.6 0.2 ICI 401(k) 401(k) 29 1990 401(k) 35
401(k) 100% 90 401(k) MMF GIC MMF GIC 2006 PPA 2007 QDIA QDIA 30 QDIA QDIA QDIA QDIA TDF TDF 2040 2014 2040 QDIA TDF 401(k) 36
29 401(k) 30 QDIA 37
529 529 529 529 529 529 2 529 31 529 1 20 529 ETF 1 529 31 529 38
529 1988 1996 Small Business Job Protection Act of 1996 2001 Economic Growth and Tax Relief Reconciliation Act of 2001 2006 529 2013 2 1,140 2,059 32 33 32 529 ICI 39
33 529 ICI ESOP ESOP ESOP ESOP 1950 1974 ERISA DC ERISA ESOP ESOP ESOP ESOP ESOP ESOP ESOP ESOP ESOP 34 ESOP ESOP ESOP 40
ESOP ESOP ESOP ESOP ESOP ESOP ESOP DC DC ESOP ESOP ESOP 34 ESOP 41
ESOP ESOP 1980 ESOP 1990 ESOP ESOP 2011 35 35 ESOP 2011 ISA Individual Savings Account ISA MMF ISA Cash ISA ISA Stocks & Shares ISA 2 20 50 ISA 1980 2 1978 80 DC 2013 50% 42
36 36 Office for National Statistics ONS ISA ISA ISA NISA ISA Personal Equity Plan PEP Tax Exempt Special Savings Account TESSA PEP 1987 TESSA PEP 1991 1999 4 ISA 10 2007 ISA ISA ISA 2 37 11,520 ISA 5,760 2013-14 ISA ISA ISA PEP TESSA 2 ISA ISA ISA 43
ISA 2014 3 19 2014-15 2014 7 1 ISA 15,000 ISA ISA ISA 18 ISA MMF 16 ISA 1 37 ISA ISA ISA 1999 10 7 44
10 2006 12 ISA 2007 2008 38 ISA 2007 ISA ISA ISA ISA 38 ISA ISA ISA ISA Junior ISA ISA 2011 18 37 45
ISA 18 ISA CTF CTF 2005 18 7 CTF ISA CTF ISA CTF ISA 2013 12 2015 4 ISA ISA ISA ISA ISA ISA ISA ISA DC DC ISA 1 2008 ISA 2010 ISA ISA 1999 2010-11 2,436 39 18 ISA 7 40 2012-13 4,428 2,222 2,206 8 41 42 ISA 2011 2012-13 29.5 7.1 46
3.92 1.15 CTF ISA 39 ISA 4 5 HMRC HM Revenue & Customs 40 ISA 65 23% 25 8% 25 34 16% 55 64 17% 35 44 17% 45 54 19% 2010-11 2011 4 5 HMRC 47
41 ISA HMRC 42 ISA 2012-13 HMRC TFSA ISA TFSA Tax Free Savings Account TFSA 2008 2009 1 43 48
RRSP Registered Retirement Savings Plan RESP Registered Education Savings Plan TFSA RRSP 43 TFSA 1980 44 DB DB DC DC 2 DB DC 49
DB DB 45 DB DC 1997 7 3 2012 3 7 45 1997 45.7% 2012 31.7% DB 33.8% 8.4% DC 44 Office for National Statistics ONS 45 ONS 50
SIPP 1999 Welfare Reform and Pensions Act 1999 2001 DC 10 1.5% 11 1% 20 TDF Self-invested Personal Pension SIPP REIT SIPP 2012-13 157 36.4 659 155.4 ISA 1460.6 573.6 25% DB DC 2006 4 6 2 Annual Allowance DB DC 2013-14 50,000 51
Lifetime Allowance 2013-14 150 NEST 45 2001 5 Pension Regulator 2008 2012 10 National Employment Savings Trust NEST NEST DC 46 NEST 4,500 2013-14 NEST NEST 52
TDF 5 2014 2 46 NEST NEST 2014 2 10,503 1,527.4 321 819.6 386.8 Department for Work and Pensions 2013 10 42 1 9% NEST 2014 1 NEST 8% 15% 53
1980 401(k) IRA SIMPLE IRA 401(k) 1990 2001 2008 NEST ISA IRA 529 ISA 7 2011 ISA ISA 54
IRA 59.5 401(k) 1990 401(k) NEST NEST TDF 2006 QDIA TDF DC NEST TDF OECD DC 2012 DC TDF DC 55
DC NISA DC 2001 13% NISA 2014 1 500 10 ISA 5 9 48 3 2013 11 65.8% 30.2% 78.4% 37.9% 27.1% OECD OECD GDP 47 47 4 56
47 OECD GDP OECD, Pensions at a Glance, 2013 ACFS Australian Centre for Financial Studies Melbourne Mercer Global Pension Index D 3 1600 21 57
22 28 36 39 2 23 1300 3 1% 4 6 50 529 ISA NISA NISA 58
50 40 24 38% 59
31% 330 1101 408 DC NISA DC NISA DC NISA DC Exempt Exempt Tax EEE 60
NISA ISA NISA DC DC 61
DC DC NISA DC NISA NISA NISA 5 10 NISA NISA ISA NISA NISA DC DC NISA DC NISA ISA NISA NISA 5 5 10 5 6 100 NISA 62
NISA NISA NISA NISA NISA DC DC DC DC DC DC DC DC 2 DC 63
DC SIMPLE IRA DC DC DC DC TDF DC TDF 64
TDF DC DC 65
48 66
2004 38% 67
1990 DB DB 2001 DC DC DC 2014 1 NISA 20 DC 60 NISA DC NISA 68
DC DC NISA 401(k) 1990 2001 2008 69
NEST ISA DC DC IRA NEST DC IRA IRA 59.5 529 NISA ISA 7 2011 ISA ISA EET TEE EET NISA DC NISA ISA 10 DC 70
529 20 3 DC DC DC DC TDF 401(k) 1990 401(k) 2006 71
QDIA TDF QDIA TDF DC NEST TDF TDF DC DC DC 2012 13 NISA DC DC 72
NISA DC NISA DC 49 50 NISA NISA NISA DC NISA NISA NISA NISA NISA NISA NISA 5 NISA ISA 10 NISA NISA NISA NISA DC DC 2 DC 73
DC DC DC DC DC DC DC DC 60 DC 401(k) DC DC DC DC 74
49 NISA 50 DC 26 DC 5.5 2.75 75