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Licensing Regulation and the Supervisory Structure of Private Pensions International Experience and Implications for China

Autor: Hu, Yu-Wei; Stewart, Fiona
Año: 2009
Resumen: China currently has a highly diversified structure of pension regulation and supervision. In this paper we first review the legal framework of private pension fund regulation and supervision in other economies, including Australia, Chile, Hong Kong China, Poland, Turkey, the United Kingdom and the United States. Then, based on international practices and experiences identified, and taking into account China‘s unique situation, we examine potential ways to improve the current private pension regulatory and supervisory structure in the country.

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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Pension Fund Investment in Infrastructure

Autor: Inderst, Georg
Año: 2009
Resumen: As the need for investment in infrastructure continues to grow, private sector financing for infrastructure projects has developed around the world. Given the long-term growth and (potentially) low correlation aspects of infrastructure investments, pension funds have also shown interest in increasing their exposure to this area, along with their move into alternative assets. Such investments cover a wide spectrum of projects – from economic infrastructure such as transport, to social projects such as hospitals – and involve different forms of financing (primary vs. secondary, debt vs. equity, private vs. listed, direct vs. indirect). Data explaining the size, risk, return and correlations of this diverse asset class is therefore limited, which may be making pension fund investors cautious. Given investing in such assets also involves new types of investment vehicles and risk for pension funds to manage – such as exposure to leverage, legal and ownership issues, environmental risks as well as regulatory and political challenges – such caution may well be justified. However, if governments wish to help infrastructure developers tap into potentially important sources of financing such as pension funds, certain steps can be taken. This paper is designed as an overview piece, discussing if pension funds should invest in infrastructure on a theoretical basis, whether they do in practice, and, if not, how (and if) regulators can encourage and assist them to do so.

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

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Defined-Contribution (DC) Arrangements in Anglo-Saxon Countries

Autor: Ashcroft, John
Año: 2009
Resumen: This paper provides a comparative analysis of defined contribution (DC) pension systems in Australia, Ireland, the United Kingdom and the United States. There are considerable similarities in the systems which have evolved out of employer sponsored trust-based defined benefit (DB) systems and have expanded at different rates as DB has declined. The plans predominantly offer individual accounts with a choice of funds, with virtually no guarantees of performance and few regulatory restrictions on investment. Most funds are heavily invested in equities, although there is a move in some of the countries to life-styling investments in the run-up to retirement. The paper finds notable contrasts between fiduciary requirements, the regulation of transparency and charges and the approach to the pay-out phase, which raise some important public policy questions.

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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Evaluating the Design of Private Pension Plans: Costs and Benefits of Risk Sharing

Autor: Blommestein, Hans J.; Janssen, Pascal; Kortleve, Niels; Yermo, Juan
Año: 2009
Resumen: The principal purpose of this paper is to analyse the trade-off between the uncertainty in contributions on the one hand and benefits on the other that is embedded in different pension arrangements. The paper employs the funding ratio (ratio of assets to liabilities) and the replacement rate (ratio of benefits to salaries) as key criteria for evaluating the risk sharing characteristics of a private pension plan from the perspective of the plan member. The stochastic simulations performed show that hybrid plans (those in between traditional DB and individual DC) appear to be more efficient and sustainable forms of risk sharing than either of the other two. Of the three main hybrid plans analysed, conditional indexation plans appear to have the greatest potential as sustainable forms of risk sharing.

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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Private Pensions and Policy Responses to the Financial and Economic Crisis

Autor: Antolín, Pablo; Stewart, Fiona
Año: 2009
Resumen: This paper discusses responses to current financial and economic crisis by regulators, supervisors and policy makers in the area of private pensions. These responses are examined in the light of international guidelines, best practices and recommendations to improve the design of private pensions

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

Para visualizar el documento, clic aquí »

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