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Efectos de la Crisis Financiera sobre los Sistemas de pensiones en América Latina

Autor: Marcel, Mario; Tapia Troncoso, Waldo
Año: 2010
Resumen: Los efectos de la reciente crisis financiera internacional en los fondos de pensiones de América Latina muestran que ésta no solo ha afectado su rentabilidad sino que también la densidad de las cotizaciones como producto del mayor desempleo, informalidad y evasión de aportes a que ha dado lugar la recesión.

Fuente: Banco Interamericano de Desarrollo (BID)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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Pension Funds' Risk-Management Framework Regulation and Supervisory Oversight

Autor: Stewart, Fiona; Yermo, Juan
Año: 2010
Resumen: Drawing on the experience of the pensions and other financial sectors, this paper examines what sort of risk-management framework pension funds should have in place. Such frameworks are broken down into four main categories: management oversight and culture; strategy and risk assessment; control systems; and information and reporting. Ways in which supervisory authorities can check that such systems are operating are also considered, with a check list provided to assist pension supervisory authorities with their oversight of this important area.

Fuente: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Clasificación: Regulación y Supervisión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Policy Action in Private Occupational Pensions in Japan since the Economic Crisis of the 1990s

Autor: Sakamoto, Junichi
Año: 2010
Resumen: The public pension system of Japan provides coverage for all, irrespective of occupation and income. Corporate pension plans provide additional benefits over the public pension in order to meet the diversified financial needs in retirement and play a key role in enriching people‘s life after retirement. The majority of corporate pensions in Japan are defined-benefit type. Consequently, a great amount of attention is paid to benefit rights. Nevertheless, in order to avoid the discontinuation of pension plans due to over-emphasis on benefit rights, Japan introduced a measure under the stagnant economy during the 1990s allowing pension plans to reduce accrued benefits under certain strict conditions, only when the government acknowledges that the sponsoring company will go bankrupt if employers are forced to continue to contribute to the pension plans to the same extent. At the same time, Japan introduced another measure allowing pension plans to use smoothing for valuing its assets in order to avoid temporary market fluctuations. As a result, corporate pension plans in Japan became manageable from a long-term perspective and able to adopt a flexible plan design whilst still ensuring benefit rights.

Fuente: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Managing Investment Risk in Defined Benefit Pension Funds

Autor: Franzen, Dorothee
Año: 2010
Resumen: This paper inquires into the forces that drive the practice of risk management at defined benefit (DB) pension funds in Germany, Netherlands, United Kingdom and the United States in the aftermath of the perfect pension storm. First, pension funds‘ risk management is grounded in the context of the development of modern risk management in the financial industry more general. Second, focusing solely on single-employer sponsored DB pension funds this research critically examines the impact of recent changes in the regulatory and accounting environment for pension funds and their sponsors thereby explicitly taking into account the specific governance context in which pension funds are situated. The aim of this research is, first, to provide a better understanding of the investment risk management of DB pension funds thereby contributing to the theory of financial decision-making. Second, by conducting this analysis on a cross-country basis, this research aims at contributing to the comparative analysis of pension funds. This paper argues that the risk-taking capacity is a central element of DB pension funds. The empirical results suggest that in general risk management has become much more sophisticated but that it is often driven more by regulatory and accounting issues than by the pension fund‘s specific risk profile. Furthermore, changes to the regulatory and accounting standards increasingly impede the risk-taking capacity of DB pension funds. This research draws on in-depth interviews with market participants within the pension fund industry and their advisers.

Fuente: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Clasificación: Regulación y Supervisión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Los fondos de pensiones promueven mejores estándares de gobierno corporativo

Autor: Federación Internacional de Administradoras de Fondos de Pensiones (FIAP)
Año: 2010
Resumen: El gobierno corporativo (GC) es un conjunto de normas, prácticas y procedimientos que determinan y regulan las acciones al interior de una empresa, estableciendo derechos y obligaciones a las distintas partes involucradas, contemplando los incentivos a fin de proteger el interés de la compañía y sus accionistas y así maximizar su valor en el largo plazo

Fuente: Federación Internacional de Administradoras de Fondos de Pensiones (FIAP)
Clasificación: Regulación y Supervisión
Tipo de Publicación: Notas de Pensiones
Idioma:

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