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Presentation
Defined Benefit Survey 2009
10 November 2009
___________________________________
Pat O’Sullivan
Background
• Reasons for survey
• Data requested
• Comprehensiveness of results
Effective Dates of Data Received
500
450
400
350
300
250
200
150
100
50
0
Pre 2007
Y 2007
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Membership Numbers
Type
Reported
Actives
178,086
Deferreds
102,216
Pensioners
65,991
Schemes by Member Numbers
(all members)
353
209
174
151
130
67
35
5
1
2 - 10
10 - 20
20 - 50
50 - 100
100-1,000
1,000 - 10,000
10,000+
Active Members
in Open Schemes
Schemes Open
Y
39%
N
61%
N
38%
Y
62%
Schemes by Pensioner Numbers
398
286
217
90
86
69
12
0
1
2-10
10 - 50
Number of pensioners in scheme
50-100
100-1000
1000+
Schemes by MFS Liability
556
312
182
66
35
7
<100K
100k - 1m
1m - 10m
10m - 100m
Size of MFS liability
100m - 1bn
1bn+
MFS Liabilities
end 2008
AVCs
1%
Total €45bn
Expenses
1%
Actives
38%
Pensioners
48%
Deferreds
12%
Assets
end 2008
Total - €32bn
Other
2%
Cash
5%
Property
9%
LDI
4%
Equities
52%
Bonds
28%
Schemes by Overall Funding Level
251
241
179
135
86
63
45
37
26
10%
2
2
20%
30%
11
10
40%
32
30
50%
60%
70%
80%
90%
100%
110%
MFS funding level – end 2008
120%
130%
140%
8
150% 150%+
Schemes by Funding Level of Pensioners – end 2008
600
500
400
300
200
100
0
<25%
25 - 50%
50 - 75%
75- 100%
100 - 125%
125 - 150%
The number of pensioners with coverage less than 100% was 15,000.
Four large schemes accounted for 10,000 of these pensioners.
150%+
Schemes by Funding Level of Actives and Deferreds – end 2008
355
220
84
88
0%
0-25%
210
96
80
25 - 50%
50 - 75%
75- 100%
100 - 125%
Only 10% of active and deferred members have coverage levels of 100% or greater.
125%+
Top 50 Schemes
Pensioner Liabilities compared with Bonds, Cash and LDI
0.9
0.8
Bonds, Cash, LDI as % of Assets
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
0
0.1
0.2
0.3
0.4
0.5
0.6
Pensioners as % of MFS Liability
0.7
0.8
0.9
1
Conclusion
• Uses of data
• Sharing of data
• Future surveys