June 2018

04Jun

Management and Regulation of Pension Schemes: Australia a Cautionary Tale (Routledge Research in Finance and Banking Law)

By Nicholas Morris Perhaps the greatest long-term challenge facing modern economies is how to pay for the living expenses and care costs of the elderly. Following policy decisions made in Australia in the 1990s, a substantial part of the pension requirements of the next cohort of retirees will be met from savings accumulated during working years. The effective management of these savings is crucial. If they are invested wisely, the assets available to fund pensions and care will grow; if...

June 4, 2018
Books, Management, Pension design, Regulation, ,
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May 2018

27May

Old Age Pensions, in Theory and Practice, with Some Foreign Examples

By William Sutherland Trieste Publishing has a massive catalogue of classic book titles. Our aim is to provide readers with the highest quality reproductions of fiction and non-fiction literature that has stood the test of time. The many thousands of books in our collection have been sourced from libraries and private collections around the world.The titles that Trieste Publishing has chosen to be part of the collection have been scanned to simulate the original. Our readers see the books the...

May 27, 2018
Books, Management, Regulation, System Sustainability,
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April 2018

23Apr

Freedom and choice in pensions

The government’s long-term economic plan is providing the foundations for the UK’s future economic security. A key part of this is to foster a new culture of saving. Saving must be flexible and attractive in order to encourage people to take greater responsibility for their financial future. And people need to have access to the best advice. Nowhere is this more important than in saving for a pension and planning for retirement. When this Government took office the pensions system...

April 23, 2018
Management, Pension design
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23Apr

Survey of Investment Choice by Pension Fund Members

By Edina Rozinka & Waldo Tapia A recent trend in individual accounts schemes is the introduction and expansion of investment alternatives to plan members. The goal of investment choice is to enable plan members to select the optimal investment portfolio that matches their particular risk-return preference and ultimately, maximizes their retirement income. This document focuses on some key analytical and policy issues regarding investment choice by pension plan/fund members in occupational defined contribution and personal pension arrangements during the accumulation...

April 23, 2018
Investing, Management,
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23Apr

Active Investment Decisions of Members in the Chilean DC Pension System: Performance and Learning over time

By Olga Fuentes, Pamela Searle & Félix Villatoro This paper studies the investment decisions of members of the Chilean DC pension System using administrative data. Since 2002, members of the system have had the opportunity to choose between five different types of funds. However they have made little voluntary changes. This reinforces the importance of establishing adequate default investment allocations for affiliates. We characterize and study the performance of those affiliates that make changes and find that they are mostly...

April 23, 2018
Investing, Management,
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February 2018

26Feb

Financial Economics Principles Applied to Public Pension Plans

By Edward Bartholomew (Independent), Jeremy Gold (Jeremy Gold Pensions), David G. Pitts (Independent) & Larry Pollack (Independent) Working from basic principles of economics, financial economics, and public finance, we develop implications for the financial management of public pension plans. We address the measurement of plan liabilities and cost, funding, investment of plan assets, financial reporting, benefit design and risk sharing. Our analysis seeks to maximize efficiency and preserve intergenerational equity. We conclude that full funding based on default-free discount rates...

February 26, 2018
Articles, Management, Pension design,
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19Feb

The Optimal Allocation of Longevity Risk with Perfect Insurance Markets

By Antoine Bommier (ETH Zürich) & Hélène Schernberg (ETH Zurich) This paper discusses the allocation of aggregate longevity risk in the case of perfect insurance markets. We show that the optimal allocation transfers some risk to the pensioners, even if pension providers have access to a perfect insurance market. Individuals prefer contributions and benefits to depend on the evolution of aggregate mortality rates rather than being fixed. Indeed, this flexibility offers an interesting diversification strategy where the prospect of a...

February 19, 2018
Aging, Articles, Labor Market, Management, Pension design, , ,
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November 2017

20Nov

Pension Taxes and Labor Supply: Evidence from a Soviet Context

By Olga Malkova (University of Kentucky - Department of Economics) This study quantifies the effects of Soviet Russia’s 1960s reforms that gradually reduced the tax rate on pensions of employed pensioners from seventy-four to zero percent, and of the 1971 reform that substantially increased the minimum pension. The differential group eligibility and regional implementation allow me to use a differences-in-differences framework. Within a year after the tax rate fell from seventy-four to forty-one percent, employment rates rose by twenty-seven percent,...

November 20, 2017
Management, Regulation
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20Nov

Are Pension Contributions a Threat to Shareholder Payouts?

By Seth Armitage (University of Edinburgh) & Ronan Gallagher (University of Edinburgh - Edinburgh Business School) UK companies have been making large contributions to reduce the deficits of their pension funds, and are believed to fund such contributions in part by reducing dividends. Using data from 2003, we find very little evidence that large contributions are associated with reductions in dividends or other payouts to shareholders. We find further that companies tend to make large contributions when they have healthy...

November 20, 2017
Management, Pension design, Regulation, ,
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