Pension Design And Structure

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Pension Design and Structure

Olivia S. Mitchell,Stephen P. Utkus
Pension Design and Structure Book PDF

Author : Olivia S. Mitchell,Stephen P. Utkus
Publisher : OUP Oxford
Page : 320 pages
File Size : 51,9 Mb
Release : 2004-07-15
Category : Business & Economics
ISBN : 9780191534249

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Pension Design and Structure by Olivia S. Mitchell,Stephen P. Utkus Pdf

Employees are increasingly asked to make sophisticated decisions about their pension and healthcare plans. Yet recent research shows that the decisions 'real' people make are often not those of the careful and well-informed economic agent conventionally portrayed in economic research. Rather, decision-makers tend to operate with flawed information and make some of the most critical financial decisions of their lives lacking a full understanding of the options before them and the implications of their decisions. Pension Design and Structure explores the assumptions behind commonly-held theories of retirement decision-making, in order to draw out the consequences of frontier research in behavioral finance and economics for those interested in better design and structure of retirement pensions. Using large datasets newly provided by financial service firms and real-world experiments, this volume tests the hypotheses of this research. This is the first book to explore the implications of behavioral finance research for pensions and retirement studies. The authors blend cutting-edge research from several fields including Finance, Economics, Management, Sociology, and Psychology. The book will be of interest to pension plan participants and sponsors, financial service groups responsible for pensions, and retirement system regulators.

Pension Design and Structure

Olivia S. Mitchell,Stephen P. Utkus
Pension Design and Structure Book PDF

Author : Olivia S. Mitchell,Stephen P. Utkus
Publisher : Oxford University Press
Page : 315 pages
File Size : 40,9 Mb
Release : 2004-07-15
Category : Business & Economics
ISBN : 9780199273393

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Pension Design and Structure by Olivia S. Mitchell,Stephen P. Utkus Pdf

Employees are increasingly asked to make sophisticated decisions about their pension and healthcare plans. Yet recent research shows that the decisions 'real' people make are often not those of the careful and well-informed economic agent conventionally portrayed in economic research. Rather, decision-makers tend to operate with flawed information and make some of the most critical financial decisions of their lives lacking a full understanding of the options before them and theimplications of their decisions.Pension Design and Structure explores the assumptions behind commonly-held theories of retirement decision-making, in order to draw out the consequences of frontier research in behavioral finance and economics for those interested in better design and structure of retirement pensions. Using large datasets newly provided by financial service firms and real-world experiments, this volume tests the hypotheses of this research.This is the first book to explore the implications of behavioral finance research for pensions and retirement studies. The authors blend cutting-edge research from several fields including Finance, Economics, Management, Sociology, and Psychology. The book will be of interest to pension plan participants and sponsors, financial service groups responsible for pensions, and retirement system regulators.

The Future of Pension Management

Keith P. Ambachtsheer
The Future of Pension Management Book PDF

Author : Keith P. Ambachtsheer
Publisher : John Wiley & Sons
Page : 256 pages
File Size : 42,5 Mb
Release : 2016-02-23
Category : Business & Economics
ISBN : 9781119191001

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The Future of Pension Management by Keith P. Ambachtsheer Pdf

A real-world look at the pension revolution underway The Future of Pension Management offers a progress report from the field, using actual case studies from around the world. In the mid-70s, Peter Drucker predicted that demographic dynamics would eventually turn pensions into a major societal issue; in 2007, author Keith Ambachsheer's book Pension Revolution laid out the ways in which Drucker's predictions had come to pass. This book provides a fresh look at the situation on the ground, and details the encouraging changes that have taken place in pension management concepts and practices. The challenges identified in 2007 are being addressed, and this report shows how design, management, and investment innovation have led to measurably better pension outcomes. Pensions have become an everyday news item, and people are rightly concerned about the security of their retirement in light of recent pension scandals and the global financial crisis. This book provides a note of encouragement, detailing the ways in which today's pensions are becoming more and more secure, and the new ideas and practices that are chipping away at the challenges. Learn how pension management practices are improving Examine the uptick in positive outcomes over recent years Discover why pension investing is turning toward the long-term Consider the challenges that remain and their possible solutions Drucker's vision of a needed pension revolution is unfolding in real time. Better pension designs, more effective pension governance, and more productive pension investing are mitigating many of the issues that threatened collapse. The Future of Pension Management provides a real-world update on the state of pensions today and a look forward to the changes we still need to make.

The Danish Pension System

Torben M. Andersen,Svend E. Hougaard Jensen,Jesper Rangvid
The Danish Pension System Book PDF

Author : Torben M. Andersen,Svend E. Hougaard Jensen,Jesper Rangvid
Publisher : Oxford University Press
Page : 305 pages
File Size : 54,8 Mb
Release : 2022-07-04
Category : Business & Economics
ISBN : 9780192637376

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The Danish Pension System by Torben M. Andersen,Svend E. Hougaard Jensen,Jesper Rangvid Pdf

The need for pension reform is widely discussed against the backdrop of falling fertility rates and rising longevity. These developments challenge pension systems which in many countries already encounter problems with pension adequacy and financial sustainability. In the debate, reference is often made to Denmark as a model for pension system reform. This book offers the first coherent and in-depth description and analysis of the Danish pension system and its structure and performance. As is well-known to scholars and experts, there is a huge leap from considering general characterisations of pension systems in terms of various performance indicators to understand the structure of particular pension systems. This book aims to introduce these aspects to an international readership, explaining the structure and design of the pension system and its performance, benefit structure, regulation, critical reforms, and macroeconomic implications, as well as investment policies in pension funds in general.

Restructuring Retirement Risks

David Blitzstein,Olivia S. Mitchell,Stephen P. Utkus
Restructuring Retirement Risks Book PDF

Author : David Blitzstein,Olivia S. Mitchell,Stephen P. Utkus
Publisher : OUP Oxford
Page : 272 pages
File Size : 46,9 Mb
Release : 2006-08-03
Category : Business & Economics
ISBN : 9780191525452

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Restructuring Retirement Risks by David Blitzstein,Olivia S. Mitchell,Stephen P. Utkus Pdf

This book posits that retirement security is the central policy concern of our time. A generation of 'Baby Boomers' is on the verge of retirement, yet pension systems confront crushing challenges, and governments often appear confused about which direction they should move in. Contributors to this volume clarify the discussion by addressing the question: 'What are the new risks and rewards in pensions, and what paths can stakeholders chose to solve these problems?'. The chapters set their sights on employees' needs and expectations, employers' intentions and realizations, and policymakers' efforts to resolve the many challenges. Despite the fact that retirement systems face deep stresses exacerbated by volatile capital markets, poor corporate earning streams, weak macroeconomic performance, and international turmoil, nevertheless, contributors in this volume show courage and creativity in plotting the course over uneven terrain. In the book, three aspects of the evolution of risk and reward-sharing in retirement are evaluated, to offer guidance to pension fiduciaries, plan participants, and policymakers. First, it formulates new perspectives for assessing retirement risks and rewards. Second, it evaluates efforts to insure retirement plans. Third, it proposes several new strategies for managing retirement system risk. The volume represents an invaluable addition to the Pension Research Council/Oxford University Press series. It will be especially useful for managers working toward more efficient pension plans; to scholars and policymakers seeking to maximize pension design effectiveness; and to actuaries and tax specialists concerned with pension regulation. The Pension Research Council at the Wharton School of the University of Pennsylvania was founded 50 years ago to encourage research and teaching on pensions and retirement security. Council projects address the long-term issues that underlie contemporary concerns and seek to broaden public understanding of these complex arrangements through research into their social, economic, legal, actuarial, and financial foundations of privately and publicly-provided benefits.

Pensions at a Glance 2017

OECD
Pensions at a Glance 2017 Book PDF

Author : OECD
Publisher : Org. for Economic Cooperation & Development
Page : 0 pages
File Size : 41,8 Mb
Release : 2017-12-05
Category : Electronic
ISBN : 9264287493

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Pensions at a Glance 2017 by OECD Pdf

The 2017 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, one special chapter focuses on flexible retirement options in OECD countries and discusses people's preferences regarding flexible retirement, the actual use of these programs and the impact on benefit levels. This edition also updates information on the key features of pension provision in OECD countries and provides projections of retirement income for today's workers. It offers indicators covering the design of pension systems, pension entitlements, the demographic and economic context in which pension systems operate, incomes and poverty of older people, the finances of retirement-income systems and private pensions.

The Pension Puzzle

Mr.N. A. Barr
The Pension Puzzle Book PDF

Author : Mr.N. A. Barr
Publisher : International Monetary Fund
Page : 30 pages
File Size : 54,5 Mb
Release : 2002-04-30
Category : Business & Economics
ISBN : 158906111X

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The Pension Puzzle by Mr.N. A. Barr Pdf

Looks at the policy choices involved in creating pension schemes, particularly whether it is advisable to move away from government pay-as-you-go pensions toward private or publicly funded plans. Examines the reasons for the controversy surrounding pension design, and whether the second level of pension systems should be mandatory, private, funded, and defined-contribution.

Successful Defined Contribution Investment Design

Stacy L. Schaus
Successful Defined Contribution Investment Design Book PDF

Author : Stacy L. Schaus
Publisher : John Wiley & Sons
Page : 390 pages
File Size : 51,7 Mb
Release : 2017-02-21
Category : Business & Economics
ISBN : 9781119298564

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Successful Defined Contribution Investment Design by Stacy L. Schaus Pdf

Start-to-finish guidance toward building and implementing a robust DC plan Successful Defined Contribution Investment Design offers a comprehensive guidebook for fiduciaries tasked with structuring and implementing a 401(k) or other defined contribution (DC) pension plan. More than a collection of the usual piecemeal information, this book seeks to offer a complete, contemporary framework for plan design, together with tested methodologies and analytic techniques to help streamline plan monitoring, management and improve participant outcomes. Examples from plan sponsors provide on-the-ground insight while suggestions from DC consultants add expert perspective. Views from ERISA expert counsel provide additional understanding—along with input from academic thought leaders. Finally, investment evaluation and analysis is joined with participant savings and asset allocation data to look prospectively at potential outcomes, and case studies illustrate real-world implementation of objective-aligned asset allocation such as custom target-date strategies. Though the focus is primarily on U.S. plan design, author perspectives from countries including Australia, the United Kingdom and Canada provide relevant and helpful viewpoints for both new and experienced plan fiduciaries. For the vast majority of workers, DC plans have replaced traditional defined benefit pension plans as the primary source of employer-provided retirement income. This book provides comprehensive guidance to help you construct a plan to help workers to retire with confidence. Adopt a framework for DC evaluation and structure Learn new methodologies for investment choice evaluation Use the innovative PIMCO Retirement Income Cost Estimate—or PRICE—to help quantify the amount of money a worker needs to create and stay on track to building a real income stream in retirement Examine methodologies used at major companies in the U.S. and globally DC plans are the most rapidly growing retirement market in the world, yet sources of consolidated structural and analytical guidance are lacking. Successful Defined Contribution Investment Design fills the gap with a comprehensive handbook that covers the bases to help you develop an objective-aligned defined contribution plan.

Reinventing the Retirement Paradigm

Robert L. Clark,Olivia S. Mitchell
Reinventing the Retirement Paradigm Book PDF

Author : Robert L. Clark,Olivia S. Mitchell
Publisher : OUP Oxford
Page : 312 pages
File Size : 46,9 Mb
Release : 2005-08-11
Category : Business & Economics
ISBN : 9780191536410

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Reinventing the Retirement Paradigm by Robert L. Clark,Olivia S. Mitchell Pdf

This book explores how rising pension and healthcare costs, along with workforce aging, are affecting pension and retirement planning around the world. Many middle-aged workers now realize that they will have to work longer than intended, as they begin to recognize that their retirement resources will be inadequate to finance retirement consumption. Volatile capital markets, rising medical-care costs, and low saving rates make retirement behavior and policy a moving target. Olivia Mitchell, executive director of The Pension Research Council at Wharton, and Robert L. Clark, Professor of Business Management and Economics at North Carolina State University, explore these themes with colleagues, touching on a diverse set of issues ranging from employment trends to pension accounting and investment, to retirement system overhaul. They illustrate how employers are actively reformulating the meaning of work and retirement, seeking to encourage more people to work longer than ever before in the face of projected labor shortages. At the same time, public and private trust in traditional pension offerings is rapidly eroding, as companies alter, amend, and terminate their conventional plans in the face of poor investment performance and new methods of pension accounting. Experts from the UK, the US, Japan, Sweden, and Canada offer international perspectives on the evolving institutions of retirement practice. This book provides readers a range of insights and strategies not available in other volumes, and it represents an invaluable addition to the PRC/OUP series. It will be particularly valuable for managers working toward more efficient pension plans; to scholars and policymakers seeking to maximize pension design and effectiveness; and to actuaries and tax specialists concerned with pension regulation. The Pension Research Council at the Wharton School of the University of Pennsylvania was founded 50 years ago to encourage research and teaching on pensions and retirement security. Council projects address the long-term issues that underlie contemporary concerns and seek to broaden public understanding of these complex arrangements through research into their social, economic, legal, actuarial, and financial foundations of privately and publicly-provided benefits.

Pensions at a Glance 2019 OECD and G20 Indicators

OECD
Pensions at a Glance 2019 OECD and G20 Indicators Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 180 pages
File Size : 48,5 Mb
Release : 2019-11-27
Category : Electronic
ISBN : 9789264876101

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Pensions at a Glance 2019 OECD and G20 Indicators by OECD Pdf

The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved.

Pension Revolution

Keith P. Ambachtsheer
Pension Revolution Book PDF

Author : Keith P. Ambachtsheer
Publisher : John Wiley & Sons
Page : 252 pages
File Size : 53,7 Mb
Release : 2011-07-05
Category : Business & Economics
ISBN : 9781118160657

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Pension Revolution by Keith P. Ambachtsheer Pdf

Praise for Pension Revolution "When Keith Ambachtsheer puts his keen mind to work on a problem, watch out! Here he exposes today's fragile arrangements for the most serious social dilemma of our times--financing retirement. Then he provides a compelling and powerful set of solutions. His writings are essential reading for all who care about the future of American living standards." --Peter Bernstein, founder and President, Peter L. Bernstein, Inc., and author of Capital Ideas and Against the Gods "This book describes one of the most ingenious inventions in the history of mankind: pension funds offering credible promises about old-age income. It reads like a thriller: how can well-governed pension funds be created in an imperfect world in which mortals wrestle with foibles and moral shortcomings? One of the world's leading experts on pensions searches for the answer--and finds it." --Lans Bovenberg, Scientific Director, Network for Studies on Pensions, Aging, and Retirement, Tilburg University, The Netherlands "Pension Revolution exposes the inadequacies of current pension systems and persuasively makes the case for the fundamental changes that are needed. It is essential reading for both the pension industry and policymakers." --Elizabeth Bryan, Chair, Investment Committee, Unisuper Management PM Ltd, Australia "Most analyses of complicated issues deal with complexity by simplifying or only looking at one piece-part, and, in doing so, provide limited value. In stark contrast, Keith Ambachtsheer boldly wades into the complexity in Pension Revolution to come up with a valuable integrative solution. He is a most welcome revolutionary!" --Roger Martin, Dean, Joseph L. Rotman School of Management, University of Toronto, Canada "We have known Keith for over ten years, and consistently over that time, he has constructively and comprehensively challenged conventional wisdom. He has done this so effectively that many of his initial thoughts have now become universally accepted norms. Such is his energy however that he continues to push the boundaries of pension and investment thinking." --Peter Moon, Chief Investment Officer, Universities Superannuation Scheme Ltd, UK "Pension Revolution not only explains the shortcomings of the existing pension system and the underlying design features that have resulted in the current pension upheaval. It also offers thoughtful and creative suggestions for prospective pension design. A must-read for anyone interested in the future of retirement finance." --James Poterba, Professor of Economics, Massachusetts Institute of Technology and a member of the TIAA-CREF Board of Trustees

Pension Economics

David Blake
Pension Economics Book PDF

Author : David Blake
Publisher : John Wiley & Sons
Page : 273 pages
File Size : 41,9 Mb
Release : 2006-12-04
Category : Business & Economics
ISBN : 9780470058442

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Pension Economics by David Blake Pdf

While not attempting to train readers as professional economists, this book aims to provide a secure grounding in the theory and practice of economics insofar as it deals with pension matters. From reading this book, the user will understand: * The key types of pension scheme * The role of pensions in maximizing individual lifetime welfare * The role of pensions in individual savings and retirement decisions * The role and consequences of the pension plan from the company's viewpoint * The role of pensions in promoting aggregate savings * The role of pensions and retirement in overlapping generations models * The economics of ageing and intergenerational accounting * The social welfare implications of pensions * The lessons of behavioural economics for pensions

Frontiers in Pension Finance

Dirk Broeders,Sylvester C. W. Eijffinger,Aerdt C. F. J. Houben
Frontiers in Pension Finance Book PDF

Author : Dirk Broeders,Sylvester C. W. Eijffinger,Aerdt C. F. J. Houben
Publisher : Edward Elgar Publishing
Page : 355 pages
File Size : 45,7 Mb
Release : 2009-01-01
Category : Business & Economics
ISBN : 9781847209924

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Frontiers in Pension Finance by Dirk Broeders,Sylvester C. W. Eijffinger,Aerdt C. F. J. Houben Pdf

In this fresh and valuable volume, experts from across the world provide guidance on pension design, risk management, and governance that is urgently needed in this rapidly changing pension environment. Aging populations are putting pressure on pay-as-you-go pension systems and spurring a shift to prefunded plans. Greater prefunding requires efficient risk management and judicious regulation and supervision. This book provides state-of-the-art analyses of these issues and should be required reading for scholars, practitioners, and anyone interested in the future of pensions. Alicia H. Munnell, Boston College Carroll School of Management and Center for Retirement Research, US How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines state-of-the-art analyses with innovative policy proposals to increase the efficiency and resilience of pension systems and to advance these systems contribution to global financial stability. Renowned pension experts offer cutting-edge guidance for future decision making and the development of best practices. This exciting exploration of the frontiers in pension finance highlights key aspects of securing long term retirement provisions. Frontiers in Pension Finance will be of interest to a wide-ranging audience, especially academic researchers, pension practitioners, supervisors and public sector policymakers.

The Oxford Handbook of Pensions and Retirement Income

Gordon L. Clark,Alicia H. Munnell,J. Michael Orszag
The Oxford Handbook of Pensions and Retirement Income Book PDF

Author : Gordon L. Clark,Alicia H. Munnell,J. Michael Orszag
Publisher : Oxford University Press, USA
Page : 954 pages
File Size : 43,6 Mb
Release : 2006-07-20
Category : Business & Economics
ISBN : 0199272468

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The Oxford Handbook of Pensions and Retirement Income by Gordon L. Clark,Alicia H. Munnell,J. Michael Orszag Pdf

This handbook draws on research from a range of academic disciplines to reflect on the implications for provisions of pension and retirement income of demographic ageing. it reviews the latest research, policy related tools, analytical methods and techniques and major theoretical frameworks.

Economic Challenges of Pension Systems

Marta Peris-Ortiz,José Álvarez-García,Inmaculada Domínguez-Fabián,Pierre Devolder
Economic Challenges of Pension Systems Book PDF

Author : Marta Peris-Ortiz,José Álvarez-García,Inmaculada Domínguez-Fabián,Pierre Devolder
Publisher : Springer Nature
Page : 487 pages
File Size : 51,9 Mb
Release : 2020-03-20
Category : Business & Economics
ISBN : 9783030379124

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Economic Challenges of Pension Systems by Marta Peris-Ortiz,José Álvarez-García,Inmaculada Domínguez-Fabián,Pierre Devolder Pdf

This book examines the major economic challenges associated with the sustainability of public pensions, specifically demographic change, labor-market relations, and risk sharing. The issue of public pensions occupies the political and economic agendas of many major governments in the world. International organizations such as the World Bank and the OECD warn that the economic changes driven by an aging society negatively affects the sustainability of pension systems. This book analyzes different global public pension systems to offer policies, methods and tools for sustainable public pensions. Real case studies from France, Sweden, Latin America, Algeria, USA and Mexico are featured.