Pension Finance

Author : M. Barton Waring
Publisher : John Wiley & Sons
Page : 336 pages
File Size : 50,7 Mb
Release : 2011-11-01
Category : Business & Economics
ISBN : 9781118106365

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Pension Finance by M. Barton Waring Pdf

Pension plans around the world are in a state of crisis. U.S. plans alone are facing a total accrued liability funding deficit of almost $4 trillion (of the same order of magnitude as the federal debt), a potential financial catastrophe that ranks among the largest ever seen. It has become clear that many government, corporate, and multi-employer pension sponsors will not be able to cope with this crippling debt and may default on promised benefits. And many of those sponsors that might be able to cope are exasperated by continuous, ongoing negative surprises-large unexpected deficits and higher-than-expected required contributions and pension expense-and are choosing to terminate their plans. But it need not be so. Pension Finance: Putting the Risks and Costs of Defined Benefit Plans Back under Your Control walks the reader through the conventional actuarial and accounting approaches to financing pension benefits and investing plan assets, showing that the problems described happen as a natural consequence of the dated methods still in use. It shows in detail how modern methods based on market value will easily minimize these risks: Pension plans can in fact be comfortable for employers to sponsor and safe for employees to contribute todepend on for their retirement needs. This book is must-read for defined benefit pension plan sponsors and employee representatives, plan executives, board members, accountants, fund managers, consultants, and regulators., Research sponsored by the CFA Institute, this book demystifies pension finance, previously accessible only to actuaries. It teaches the topic in lay terms by drawing complete analogies to ordinary transactions such as paying off a mortgage or saving for college. Armed with this book, anyone comfortable with finance and investments in any other context can be comfortable with pension finance and pension investment policy. And further armed with a handheld financial calculator, any layperson can quickly estimate the contributions needed to keep a given plan comfortably solvent, giving them a powerful tool for oversight.

Author : David Blake
Publisher : John Wiley & Sons
Page : 484 pages
File Size : 55,8 Mb
Release : 2006-11-02
Category : Business & Economics
ISBN : 0470058706

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Pension Finance by David Blake Pdf

This book provides a secure grounding in the theory and practice of finance insofar as it deals with pension matters. By using it, the reader will understand the various types of investment assets; * the allocation of personal wealth to different asset classes * corporate pension finance * the financial aspects of defined contribution pension plans during both the accumulation and distribution phases * the financial aspects of defined benefit pension plans * the role of pension funds and pension fund management * pension fund performance measurement and attribution * risk management in pension funds

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.

Author : David Blake
Publisher : John Wiley & Sons
Page : 501 pages
File Size : 55,8 Mb
Release : 2006-12-04
Category : Business & Economics
ISBN : 9780470058435

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Pension Finance by David Blake Pdf

This book provides a secure grounding in the theory and practice of finance insofar as it deals with pension matters. By using it, the reader will understand the various types of investment assets; * the allocation of personal wealth to different asset classes * corporate pension finance * the financial aspects of defined contribution pension plans during both the accumulation and distribution phases * the financial aspects of defined benefit pension plans * the role of pension funds and pension fund management * pension fund performance measurement and attribution * risk management in pension funds

Author : Bill Tufts,Lee Fairbanks
Publisher : John Wiley & Sons
Page : 231 pages
File Size : 55,7 Mb
Release : 2011-01-25
Category : Business & Economics
ISBN : 9781118098738

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Pension Ponzi by Bill Tufts,Lee Fairbanks Pdf

The vast majority of Canadians are blissfully unaware that every man, woman and child in Canada now owes a $35,000 share of government debt and must pay this back, with interest! Make no mistake, this debt will change our country and affect every single Canadian in the decades to come. You may think you have planned for your retirement and are safe, but the government must find a way to recover this borrowed money, and they can only do that by raising your taxes and reducing your hard-earned benefits. How did this debt come about, and why can't we simply pay it off? Pension Ponzi lays the blame squarely at the feet of the politicians who refused to stand up to Canada's public sector unions. The fact is Canada's public sector, which accounts for 20% of the workforce, has been grossly overpaid relative to their counterparts in the private sector with cushy pensions paid for with your taxes and new debt. There is no denying that the country does not have the financial resources to ensure that the next generation of Canadians will have the same standard of living as the ones before it-or to support our growing seniors population. Meeting our public sector pension obligations will break the current social safety net that is a pillar of the Canadian way. Can you escape this bleak future? Can you afford to live longer? Nationally-recognized pension expert Bill Tufts and award-winning journalist Lee Fairbanks explore how this catastrophe came about and then suggest ways that government can fix what's broken, and how you as an individual can protect yourself from the financial calamity that is about to engulf Canada.

Author : Marco Micocci,Greg N. Gregoriou,Giovanni Batista Masala
Publisher : CRC Press
Page : 766 pages
File Size : 55,8 Mb
Release : 2010-01-25
Category : Business & Economics
ISBN : 9781439817544

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Pension Fund Risk Management by Marco Micocci,Greg N. Gregoriou,Giovanni Batista Masala Pdf

As pension fund systems decrease and dependency ratios increase, risk management is becoming more complex in public and private pension plans. Pension Fund Risk Management: Financial and Actuarial Modeling sheds new light on the current state of pension fund risk management and provides new technical tools for addressing pension risk from an integr

Author : Isla Carmichael
Publisher : Unknown
Page : 226 pages
File Size : 42,6 Mb
Release : 2005
Category : Business & Economics
ISBN : 9780802036476

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Pension Power by Isla Carmichael Pdf

. In "Pension Power," Isla Carmichael argues that unions could ? and should ? have a new role to play in the economy by gaining control over their members? pension funds.

Author : Keith P. Ambachtsheer,Don Ezra
Publisher : John Wiley & Sons
Page : 264 pages
File Size : 45,8 Mb
Release : 1998-04-23
Category : Business & Economics
ISBN : 0471246557

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Pension Fund Excellence by Keith P. Ambachtsheer,Don Ezra Pdf

Neue Ideen für mehr Erfolg! Alles, was ein Manager über Rentenfonds wissen muß - die Zusammenstellung effektiver Fonds, ihr Management, die optimale Wertsteigerung - wird hier anhand in- und ausländischer Fallbeispiele eingängig erklärt. Nutzerfreundlich werden die wichtigsten Schritte in Übersichten zusammengestellt. Verschiedene moderne Ansätze zum Rentenfondsmanagement werden kritisch bewertet.

Author : Canada. Parliament. House of Commons. Standing Committee on Finance
Publisher : Unknown
Page : 108 pages
File Size : 42,9 Mb
Release : 2010
Category : Old age pensions
ISBN : UIUC:30112097364290

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Retirement Income Security of Canadians by Canada. Parliament. House of Commons. Standing Committee on Finance Pdf

Author : Kevin Skerrett,Johanna Weststar,Simon Archer (Lawyer),Chris Roberts
Publisher : Labor and Employment Research Association
Page : 0 pages
File Size : 42,6 Mb
Release : 2017
Category : Financialization
ISBN : 0913447145

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The Contradictions of Pension Fund Capitalism by Kevin Skerrett,Johanna Weststar,Simon Archer (Lawyer),Chris Roberts Pdf

It is often hoped and assumed that union stewardship of pension investments will produce tangible and enduring benefits for workers and their communities while minimizing the negative effects of what are now global and intensely competitive capital markets. At the core of this book is a desire to question the proposition that workers and their organizations can exert meaningful control over pension funds in the context of current financial markets. The Contradictions of Pension Fund Capitalism is an engaging and readable text that will be of specific interest to members of the labor movement, pension activists, pension trustees, fund administrators, environmental activists, and employers/managers, as well as academics involved in pension or labor research. The contents and arguments of the book are applicable across the United States, Canada, the United Kingdom, Australia, New Zealand, and Ireland, because these countries experience a similar macroeconomic context and face a similar pension landscape.

Author : Moshe Arye Milevsky
Publisher : Financial Times/Prentice Hall
Page : 0 pages
File Size : 55,9 Mb
Release : 2012
Category : Business & Economics
ISBN : 0133115291

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Are You a Stock Or a Bond? by Moshe Arye Milevsky Pdf

You must be aware of the value, potential return and risk of your own human capital (your job, career and what you do for a living as opposed to stocks and bonds or other investment choices) as well as financial capital and investments to plan a secure future. Human capital is the most valuable asset that you will own over your lifecycle. You need to balance all financial decisions with the characteristics of your human capital. The key trends identified in the first edition of the book namely, the decline of Defined Benefit (DB) pension provision, the continued increase in human longevity and the risk of personal inflation, are as relevant today as they were five years ago. The financial crisis has taught us that all types of capital - human, financial and even social - are key to a secure financial future. If your career has "stock-like" growth and risk characteristics, Milevsky helps you balance your "portfolio" by tilting investments towards safer "bonds." If your job is more secure but offers lower financial upside, you'll learn to tilt your investments towards stocks that compensate for your lower earning potential. Either way, Milevsky shows you how to integrate investments, insurance, annuities, and retirement plans to generate the safe and reliable income you'll need. This Edition's updates include: New 2012 data, charts, figures, and references More coverage of incorporating "human capital" into financial planning Advice reflecting the aftermath of the financial crisis Easier, more usable techniques, and less math!

Author : Olivia S. Mitchell,Stephen P. Utkus
Publisher : OUP Oxford
Page : 320 pages
File Size : 50,5 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.

Author : Olivia S. Mitchell,Stephen P. Utkus
Publisher : Oxford University Press
Page : 315 pages
File Size : 46,5 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.

Author : Leokadia Oręziak
Publisher : Routledge
Page : 122 pages
File Size : 51,6 Mb
Release : 2022-04-10
Category : Business & Economics
ISBN : 9781000568530

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Pension Fund Capitalism by Leokadia Oręziak Pdf

This book examines the origins and consequences of so-called pension fund capitalism, which has spread around the world since 1981, when the pension system was completely privatized in Chile. The author highlights the driving forces behind the privatization of pensions, its forms and tools used in practice, and the risks and costs related to private pensions. The reader can also learn about the experiences of various developed countries (including the USA, Canada, Australia, and Germany), as well as Latin American (including Chile) and Eastern European countries, related to the privatization of pensions. Particular attention is paid to Poland as an example of a country where such privatization failed completely. This book provides a source of serious reflection on what this privatization has led to, what its real economic and social consequences are and what the likelihood is of reversing it and strengthening the public pension system. Academic researchers and students of economics and finance, as well as social and political sciences, will find the book invaluable in understanding the problems arising from the privatization of pensions. It will also be of interest to professionals: institutions that shape or influence economic and social policy, including political parties, trade unions, non-governmental organizations, the media, and institutions operating on the financial market.

Author : Charles Sutcliffe
Publisher : Springer
Page : 325 pages
File Size : 42,5 Mb
Release : 2016-11-25
Category : Business & Economics
ISBN : 9781349948635

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Finance and Occupational Pensions by Charles Sutcliffe Pdf

Occupational pensions are major participants in global financial markets with assets of well over $30 trillion, representing more than 40% of the assets of institutional investors. Some occupational pension funds control assets of over $400 billion, and the largest 300 occupational pension funds each have average assets of over $50 billion. The assets of UK pension funds are equivalent to UK GDP, and US pension fund assets are 83% of US GDP. These statistics highlight the importance of pension funds as major players in financial markets, and the need to understand the behaviour of these large institutional investors. Occupational pensions also play an important, but neglected, role in corporate finance. For example, US company pension schemes account for over 60% of company market value, and yet they are often ignored when analysing companies. This book is based on the substantial body of evidence available from around the world on a topic that has become increasingly important and controversial in recent years. Written for practitioners, students and academics, this book brings together and systematizes a very large international literature from financial economists, actuaries, practitioners, professional organizations, official documents and reports. The underlying focus is the application of the principles of financial economics to occupational pensions, including the work of Nobel laureates such as Merton, Markowitz, Modigliani, Miller and Sharpe, as well as Black. This book will give readers an up-to-date understanding of occupational pensions, the economic issues they face, and some suggestions of how these issues can be tackled. The first section explains the operation of defined benefit and defined contribution pensions, along with some descriptive statistics. The second section covers selected aspects of occupational pensions. The focus of these first two sections is on the economic and financial aspects of pensions, accompanied by some basic information on how they operate. This is followed by three further sections that analyse the investment of pension funds, the corporate finance implications of firms providing pensions for their employees, and annuities.