SSgA's presentation on "Changing the face of retirement" at the PensionSource Fund Manager Conference 2012

1. DC Schemes - Evolving with the times
John Campion
State Street Global Advisors
28th November 2012
IREPRS-0031
The information contained in this document is current as of the date presented unless otherwise noted.

2. SSgA — A Trusted Partner
Active, enhanced, fundamental, passive, pure alpha and multi-asset class solution
€1.6 Trillion1 in Assets Under Management*
All Other2
€98.0 B
100
90
Cash4 80
€298.2 B Equity
€604.9 B 70
60
50
40
53% 84%
ETFs1
30
€261.6 B
20
10
Fixed Income
Solutions (ISG)3 €243.3 B 0
SSgA clients Percentage of new
€100.1B
with two or business from existing
more strategies* SSgA clients*
*As of September 30, 2012
1 This AUM includes the assets of the SPDR Gold Trust (approx. €58.6billion as of September 30, 2012), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the
marketing agent.
2 Includes Absolute Return, Commodities, Currency, Company Stock, Global Multi Strategy, Hedge Fund of Funds, Managed Futures, Private Equity and Real Estate
3 Assets in Solutions are not counted in the underlying asset class
4 Includes securities lending collateral, cash, and money market
2
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3. SSgA’s Global Knowledge – DC Trend Watch
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4. Structure
Trend Watch:
• Interest in income solutions is
high, but implementation still
low. 11% of plan sponsors
currently offer an in-plan
guaranteed income option. 5
• Inflation is another area for
action; TIPS are in 86% of
TDF’s, US REITs are in 53% of
TDF’s, and Commodities are in
Investments1 47% of TDF’s.6
• The use of Custom Target Date
44% 40% 85% 83% 13% funds rose from 8.9% in 2008 to
an anticipated 13.2% in 2012
Use Use a due to better cost structure and
Separate Do not Use of
access to best-in-class
Collective Accounts mix of have an custom investment managers. 1
Trusts active income/ target
and annuity date
1 2012 DC Trends Survey, Callan Investment Institute
2 Deloitte
passive solution funds
2011 Annual 401(k) Benchmarking Survey
3 Large-cap Funds Dominate DC index Landscape – pionline.com, June 20, 2011
4 DC Observer, Callan Institute , First Quarter 2012
5 BlackRock Annual Retirement Survey, 2012
6 Callan 2012 DC Observer 4

5. Aspects of 401(k) Plan Design
Trend Watch:
Many plan sponsors indicate
Employee contributions — Slightly decreasing they will be revisiting their
default savings rates and match
programs in order to facilitate
higher savings rates and to
improve retirement readiness.1
Default rates — Neutral
Auto-enrollment — Increasing 2
Auto-escalation — Neutral
1 SSgAClient Listening Campaign completed end of 2010
2 SSgA Participant Magazine Summer/Fall 2012
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6. Corporate DC Plan Trends
Investment selection trends 1
2002 2010
Trend Watch:
41.2% 42.8%
Equity • Recent research shows that
workplace financial education
12.0 11.5 programs improve employee loyalty
GIC/Stable Value
plus help employers contain costs
9.0 9.0 and maximize the return on
Bond investment of their benefits
programs.2
16.5 8.0
Company Stock
1.1 9.9
Lifestyling - Target Date
0.5 4.7
- Target Risk
6.5 3.5
Cash/Money Market
2.5 2.9
Self Directed
10.5 7.7
Balanced
1 Workplace Education can Help Employees Address Money Challenges and Create a Sense of ‘Financial Wellness’, by Jack Egan, 2011
2 Cerulli Quantitative Update – Retirement Markets 2011
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7. Participant Engagement and Communication
Trend Watch:
“Participants are hungry for help.” 2 • There is slow adoption of
social networking
• Top 2012 communication themes for plan (Facebook/Twitter) by many
sponsors include:1 plan sponsors, but some are
beginning to use these
– Investing (e.g. market activity, use of funds, technologies to engage
employees with a focus
diversification, market timing)
on education and tips for
– Plan Participation savings. Communicating
investment details remains as
– Contribution levels part of traditional
communication vehicles.
– Retirement Income Adequacy • Action-directed communication
– Fees (quick enrollment cards, one-
click emails) are also
increasing in popularity as plan
sponsors learn to drive action
• Only 9% of participants would describe themselves as
with communication.
being “extremely educated” in financial matters and
slightly more than a third consider themselves as
“fairly knowledgeable.” 2
1 Callan 2012 Defined Contribution Trends Survey
2 SSgA The Participant Magazine, Winter/Spring 2012 7
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8. Participant Engagement and Communication
Survey participants were asked to describe which of the following
would be helpful in encouraging them to save and invest for
retirement:2
35% 94% 62% 74% 84% 93%
Receiving Having Getting Automatically Showing me Giving me a
Information making me do how people computer
small steps Constant something,
scares me like me are tool that will
that are Reminders but letting me
opt out or successful guide me
easy to
make a with savings through the
accomplish different and choices
decision investments
2 SSgA The Participant Magazine, Winter/Spring 2012
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