We assess the three components of active management (asset allocation, market timing and security selection) in the performance of pension funds. Security selection explains most of return differences. On average, the large pension funds in our sample provide value…
Rob Bauer Aleksandar Andonov Martijn Cremers
Keywords:
Active Management, Asset Allocation, Pension Fund, Security Selection, Market Timing
There is a worldwide trend to substitute defined contribution pension plans for defined benefit plans, which are typically indexed to wage or price inflation. A problem with this development is that participants in defined contribution plans have limited access…
September 22, 2010 · Rethinking Pension Design and Management in a Post-Financial Crisis World Volume 3, Issue 2 /2010
Keywords:
Defined Contribution Plan, Internal Swap Market, Life-Cycle Theory, Pension Fund, WageReturn Swap, Wage-Linked Exposure
This article presents summary results and insights from the seven research projects currently being funded by the Rotman International Centre for Pension Management (ICPM). None of these projects has yet received final approval from the…
September 21, 2011 · Rethinking Fund Governance, Structure and Pension Design Volume 4, Issue 2 /2011
Keywords:
ICPM, Research, Pension Fund
DOI: 10.3138/rijpm.4.2.74
Pages: 74 - 83
Target-date or lifecycle funds are popular because they simplify decision making, but they are blunt instruments in dealing with market risk and personal goals. We reengineer age-based lifecycle funds, making them more responsive to individual goals and to market…
Ioulia Tretiakova Mark S. Yamada
September 21, 2011 · Rethinking Fund Governance, Structure and Pension Design Volume 4, Issue 2 /2011
Keywords:
Defined Contribution Plan, Dynamic Glide Path, Lifecycle Fund, Pension Fund, Target Date Fund
DOI: 10.3138/rijpm.4.2.60
Pages: 60 - 70
This article proposes ways to improve retirement outcomes for defined contribution plan participants in terms of three key drivers: savings rates, investment strategies, and post-retirement distributions. Levers include raising saving rates through plan automation and other means; enhancing investment…
September 21, 2011 · Rethinking Fund Governance, Structure and Pension Design Volume 4, Issue 2 /2011
Keywords:
Active Management, Asset Allocation, Defined Contribution, Glide Path, Pension Fund
DOI: 10.3138/rijpm.4.2.54
Pages: 54 - 59
We analyze asset allocations and performance of target-date funds in the United States from 2006 to May 2009. The good news is that the performance of targetdate funds is consistent with greater risk and better performance for longerdated funds.…
September 21, 2011 · Rethinking Fund Governance, Structure and Pension Design Volume 4, Issue 2 /2011
Keywords:
Defined Contribution Plan, Pension Fund, Target-Date Fund
DOI: 10.3138/rijpm.4.2.46
Pages: 46 - 52
Missed opportunities flow from the Australian pension industry's insularity. Trespassing into other industries should lead to new approaches and solutions. We would surely benefit from learning how regulated industries, such as airlines and pharmaceuticals, view and manage risks. This…
September 21, 2011 · Rethinking Fund Governance, Structure and Pension Design Volume 4, Issue 2 /2011
Keywords:
Auto Industry, Capacity, Choice, Pension Fund, Trustees
DOI: 10.3138/rijpm.4.2.38
Pages: 28 - 44
The growing global influence of corporations has led to the development of a vast range of norms, codes, and conventions that seek to govern their behavior, focusing on diverse topics from human rights to the environment. The process around…
September 21, 2011 · Rethinking Fund Governance, Structure and Pension Design Volume 4, Issue 2 /2011
Keywords:
Asset Owners, Codes of Conduct, Conventions, Pension Fund, Sustainable Investing
DOI: 10.3138/rijpm.4.2.26
Pages: 26 - 36
In an era of population aging and increasing fiscal pressures on nation-states, pension reserve funds (PRFs) have been mooted as effective investment vehicles for realizing future liabilities and achieving some balance between generations. However, concerns have been raised about…
September 21, 2011 · Rethinking Fund Governance, Structure and Pension Design Volume 4, Issue 2 /2011
Keywords:
Encroachment, Governance, Investment Management, Partisan Politics, Pension Fund
DOI: 10.3138/rijpm.4.2.18
Pages: 18 - 25
Fundamental fiduciary principles have survived intact for centuries, yet their interpretation has been dynamic. Given changes over the past few decades in global economic, capital management, and market structures, we appear to be at another inflection point in the…
Ed Waitzer Keith L. Johnson James Hawley
September 21, 2011 · Rethinking Fund Governance, Structure and Pension Design Volume 4, Issue 2 /2011
Keywords:
Fiduciary Duty, Impartiality, Modern Portfolio Theory, Pension Fund, Risk Management
DOI: 10.3138/rijpm.4.2.4
Pages: 4 - 16
Sweden offers a unique natural experiment to analyze the microeconomic effects of institutionalized saving on ownership structure, corporate governance and performance of listed companies. First, the Swedish pension reform increased the participation of pension funds in the domestic stock…
Mariassunta Giannetti Luc Laeven
Keywords:
Pension funds, control premium, dual class shares, controlling shareholders
We document the net equity performance of U.S. defined benefit and defined contribution schemes at plan level, using a unique and comprehensive database. Pension fund performance is measured taking into account fund-specific benchmarks and multiple cost components. Pension funds…
Rob Bauer Hubert Lum Rik Frehen Roger Otten
Keywords:
Pension Fund, Mutual Fund, Performance, Persistence, Agency Costs
Using the CEM pension fund data set, we document the cost structure and performance of a large sample of US pension funds. To date, self-reporting biases and a deficiency of comprehensive return and cost data have severely hindered pension…
Rob Bauer Martijn Cremers Rik Frehen
Keywords:
Pension Fund, Performance, Costs, Liquidity
We document substantial positive scale economies in asset management using a defined benefit pension plan database. The largest plans outperform smaller ones by 43-50 basis points per year. Between a third and one half of these gains arise from…
Alexander Dyck Lukasz Pomorski
Keywords:
pension funds, investment management, economies of scale, size, alternative assets, private equity
Much attention in compensation strategy is focused on the corporate sector,and on how pension funds should exercise their say on pay responsibilities as investors in that sector. In contrast, little is been written on how pension funds should pay their own…
April 25, 2011 · Pension Funds, Governance and Compensation Volume 4, Issue 1 /2011
Keywords:
Pay-for-Performance, Pension Fund, Canada Pension Plan Investment Board, Say On Pay
DOI: 10.3138/rijpm.4.1.18
Pages: 18 - 25
Universal owners are asset owners who recognize that through their portfolios they own a slice of the whole economy and the market. They adapt their actions to enhance the return prospects of their portfolios, and hence the prospects for the whole economy…
April 25, 2011 · Pension Funds, Governance and Compensation Volume 4, Issue 1 /2011
Keywords:
Asset Owners, Externalities, Pension Fund, Sustainable Investing, Universal Ownership
DOI: 10.3138/rijpm.4.1.26
Pages: 26 - 33
The real estate sector accounts for more than a third of global greenhouse gas emissions and thus offers great potential for carbon abatement. Energy efficient and green buildings are rapidly transforming the commercial property sector,and institutional investors can benefit from that…
Rob Bauer Piet Eichholtz Nils Kok John M. Quigley
April 25, 2011 · Pension Funds, Governance and Compensation Volume 4, Issue 1 /2011
Keywords:
ESG, Energy Efficiency, Green Real Estate, Pension Fund, REITs
DOI: 10.3138/rijpm.4.1.34
Pages: 34 - 43
The Australian superannuation system was founded on the assumption that market competition will deliver economic efficiency in a largely private defined contribution system. Since the Wallis Report (1997) explicitly articulated this view, total assets in the system have grown substantially through contributions,…
April 25, 2011 · Pension Funds, Governance and Compensation Volume 4, Issue 1 /2011
Keywords:
Behavioral Finance, Economic Efficiency, Investment Choice, Market Competition, Pension Fund
DOI: 10.3138/rijpm.4.1.52
Pages: 52 - 61
The decumulation phase of the financial life-cycle is not well understood by the generation about to retire. They over-estimate the lifetime income a given lump sum of retirement savings will provide. This article sets out a framework for comparing the relative risks…
April 25, 2011 · Pension Funds, Governance and Compensation Volume 4, Issue 1 /2011
Keywords:
Annuities, Decumulation, Longevity Risk, Pension Fund, Retirement Income, Wealth Zones
DOI: 10.3138/rijpm.4.1.62
Pages: 62 - 67
This fable about pension fund management was contributed by ‘Anonymous’.The author is a real pension fund professional. The point of this fable is simple.Does the failing conventionally checklist capture the essence of pension fund management in the real world today?…
September 22, 2010 · Rethinking Pension Design and Management in a Post-Financial Crisis World Volume 3, Issue 2 /2010
Keywords:
Asset Liability Management, ALM, Best Practices, Governance, Pension Fund
DOI: 10.3138/rijpm.3.2.6
Pages: 6 - 7
The Australian Super System Review (the Review) was established to assess whether Australia’s compulsory retirement saving system was working efficiently and in member interests. The broad-ranging Review looked at the underlying philosophy of a compulsory system that is almost entirely outsourced to…
September 22, 2010 · Rethinking Pension Design and Management in a Post-Financial Crisis World Volume 3, Issue 2 /2010
Keywords:
Australia, MySuper, Pension Fund, Review, Superannuation, SuperStream
DOI: 10.3138/rijpm.3.2.8
Pages: 8 - 15
This article summarizes the main findings of an ad-hoc committee struck to advise the Dutch government on the risk management and investment policies of Dutch pension funds in light of the experience of the Global Financial Crisis. The main conclusions are that…
September 22, 2010 · Rethinking Pension Design and Management in a Post-Financial Crisis World Volume 3, Issue 2 /2010
Keywords:
Aging Giants, Governance, Investment Policies, Pension Fund, Risk Appetite
DOI: 10.3138/rijpm.3.2.16
Pages: 16 - 21
This 2009 survey-based study describes how large global funds manage investment risk from strategy to implementation. In total, fifty-eight funds with assets aggregating to almost U$2 trillion participated in the survey. Almost all large funds (over U$25 billion) use some form of…
Sandy Halim Terrie Miller David Dupont
September 22, 2010 · Rethinking Pension Design and Management in a Post-Financial Crisis World Volume 3, Issue 2 /2010
Keywords:
Governance, Liability, Pension Fund, Risk, Surplus, Tracking Error
DOI: 10.3138/rijpm.3.2.30
Pages: 30 - 38
This comparison of expected versus realized turnover in institutional equity portfolios reveals that 65% of portfolios turn over more than expected, some by large amounts. Manager interviews indicated they were aware that excessive turnover was potentially harmful to their clients. They cited…
September 22, 2010 · Rethinking Pension Design and Management in a Post-Financial Crisis World Volume 3, Issue 2 /2010
Keywords:
Churn, Institutional Asset Management, Investment Horizon, Pension Fund, Turnover
DOI: 10.3138/rijpm.3.2.40
Pages: 40 - 45
This article assesses the current status of the governance of corporate sustainability.It does so from the perspectives of both corporations and of institutional investors. Topics covered include the evolution of responsible ownership,the required integration of corporate governance and sustainability agendas,implications…
Claudia Kruse Stefan Lundbergh
September 22, 2010 · Rethinking Pension Design and Management in a Post-Financial Crisis World Volume 3, Issue 2 /2010
Keywords:
Accountability, Corporate Governance, ESG, Incentives, Institutional Investors, Pension Fund, Sustainabilit
DOI: 10.3138/rijpm.3.2.46
Pages: 46 - 51
There is a worldwide trend to substitute defined contribution pension plans for defined benefit plans, which are typically indexed to wage or price inflation. A problem with this development is that participants in defined contribution plans have limited access or no access…
September 22, 2010 · Rethinking Pension Design and Management in a Post-Financial Crisis World Volume 3, Issue 2 /2010
Keywords:
Defined Contribution Plan, Internal Swap Market, Life-Cycle Theory, Pension Fund, WageReturn Swap, Wage-Linked Exposure
DOI: 10.3138/rijpm.3.2.52
Pages: 52 - 57
There are two basic types of risk that investors try to balance when saving for retirement: longevity risk and market risk. Using an asset-liability framework, we demonstrate how creating a defined contribution plan that encourages participants to contribute early, contribute increasing amounts,…
Brian Jacobsen Christian Chan Olivia Barbee
September 22, 2010 · Rethinking Pension Design and Management in a Post-Financial Crisis World Volume 3, Issue 2 /2010
Keywords:
Defined Contribution Plans, Glide Paths, Pension Fund, Target Date Funds
DOI: 10.3138/rijpm.3.2.58
Pages: 58 - 63
There is a great variety of retirement income systems around the world, but which ones are producing good outcomes? Which ones are sustainable into the future? The Melbourne Mercer Global Pension Index considers more than forty indicators in calculating an index value…
May 12, 2010 · Pension Institutions in the 21st Century: Structure, Governance & Stakeholder Relations Volume 3, Issue 1 /2010
Keywords:
Adequacy, Pension Fund, Pension Reform, Pension Systems, Pillars, Saving, Sustainability
DOI: 10.3138/rijpm.3.1.6
Pages: 6 - 13
The Norwegian Government Pension Fund Global has an explicit mission to integrate long-term investment return objectives with an ambitious ethical commitment. This approach has drawn praise among Western policymakers.However, we contend that the ethical investment policy of the Norwegian Government Pension Fund…
May 12, 2010 · Pension Institutions in the 21st Century: Structure, Governance & Stakeholder Relations Volume 3, Issue 1 /2010
Keywords:
Democracy, Ethics, Investment, Norwegian, Pension Fund, Resources, Sovereign Wealth Fund
DOI: 10.3138/rijpm.3.1.14
Pages: 14 - 19
The previous article in this Journal by Clark and Monk reviews the history of Norway’s Government Pension Fund Global. It goes on to discuss a number of issues related to the Fund’s responsible investing policies and governance practices. A specific theme in…
May 12, 2010 · Pension Institutions in the 21st Century: Structure, Governance & Stakeholder Relations Volume 3, Issue 1 /2010
Keywords:
Ethics, Governance, Norway, Pension Fund, Responsible Investment, Sovereign Wealth Fund
DOI: 10.3138/rijpm.3.1.20
Pages: 20 - 23
The growing literature on pension governance identifies desirable governance characteristics, and links them to improved organizational performance. However, actual pension plan organization and governance are often a result of a series of historical events and cultural factors. Governance best practices that could…
May 12, 2010 · Pension Institutions in the 21st Century: Structure, Governance & Stakeholder Relations Volume 3, Issue 1 /2010
Keywords:
Governance, Pension Fund, Stakeholder Management, Strategic Planning
DOI: 10.3138/rijpm.3.1.24
Pages: 24 - 28
This article summarizes the findings of a recent report commissioned by the Expert Group for Studies in Public Economics, a standing committee of the Swedish Ministry of Finance. The report makes the case that significant efficiency gains are possible through improving the…
Stefan Lundbergh Malin Björkmo
May 12, 2010 · Pension Institutions in the 21st Century: Structure, Governance & Stakeholder Relations Volume 3, Issue 1 /2010
Keywords:
Agency Costs, Cost Savings, Governance, Pension Fund, Trustees
DOI: 10.3138/rijpm.3.1.30
Pages: 30 - 36
Recent advances in investment performance measurement and cost analysis are applied to suggest ways to improve Australian pension management. Using empirical data collected by the Australian Prudential Regulation Authority in 2006, we show that investment performance of different types of Australian pension firms…
May 12, 2010 · Pension Institutions in the 21st Century: Structure, Governance & Stakeholder Relations Volume 3, Issue 1 /2010
Keywords:
Benefit, Cost, Investment, Pension Fund, Performance Metric
DOI: 10.3138/rijpm.3.1.38
Pages: 38 - 47
The reforms of Japanese corporate pension funds in the early 21st century provides an interesting case study, in which even pensioners shared in the pain of reform.Facing serious aging problems, it is meaningful to reconsider current risk-averse investment policy of Government…
May 12, 2010 · Pension Institutions in the 21st Century: Structure, Governance & Stakeholder Relations Volume 3, Issue 1 /2010
Keywords:
Expectation Management, Government Pension Investment Fund (GPIF), Japanese Corporate Pension Funds, Pension Fund, Pension Plan Sustainability
DOI: 10.3138/rijpm.3.1.48
Pages: 48 - 51
The recent global financial crisis reconfirms the importance of risk management in defined benefit pension systems. To enhance sustainability, new forms of integrating the risk profiles of assets and liabilities should be considered.Specifically, by reducing the risk profile of assets, by…
Dirk Broeders David Rijsbergen
May 12, 2010 · Pension Institutions in the 21st Century: Structure, Governance & Stakeholder Relations Volume 3, Issue 1 /2010
Keywords:
Benefit, Cost, Investment, Pension Fund, Performance Metric
DOI: 10.3138/rijpm.3.1.52
Pages: 52 - 59
Governments are major employers, and many provide defined benefit pension plans with full inflation indexing and generous early retirement provisions. Hence, changes in thinking about, and accounting for, the costs of defined benefit pension plans have major implications for government finances. Both…
Alexandre Laurin William B.P. Robson
May 12, 2010 · Pension Institutions in the 21st Century: Structure, Governance & Stakeholder Relations Volume 3, Issue 1 /2010
Keywords:
Fair-Value, Liability Discount Rate, Pension Fund, Public Accounts, Public Service Pensions
DOI: 10.3138/rijpm.3.1.60
Pages: 60 - 67
In an ideal world, the financial interests of asset managers would be perfectly aligned with those of their investors via optimal incentive contracts. In the real world, this is often not the case. It is worthwhile investigating how to improve the current…
May 12, 2010 · Pension Institutions in the 21st Century: Structure, Governance & Stakeholder Relations Volume 3, Issue 1 /2010
Keywords:
Alignment, Delegated Management, Moral Hazard, Pension Fund, Performance Fee, Principal-Agent
DOI: 10.3138/rijpm.3.1.68
Pages: 68 - 74
Among the lessons from the recent market crisis is the interconnected nature of the challenges we face, and that we can no longer afford myopic responses.This reality has material implications for pension fund trustees and managers.The time has come for…
October 02, 2009 · New Insights into Pension Management, Design, and Shareowner Stewardship Volume 2, Issue 2 /2009
Keywords:
: Accountability Issues, Fund Managers, Governance, Pension Fund, Trustees
DOI: 10.3138/rijpm.2.2.4
Pages: 4 - 8
Retirement plans around the world poured the collective savings of millions of employees into the common stock of banks, corporations, and Wall Street ventures that recklessly over-compensated Chief Executive Officers, engineered artificial shortterm gains, and gambled fatally with risk. Why did…
Jon Lukomnik Stephen Davis David Pitt-Watson
October 02, 2009 · New Insights into Pension Management, Design, and Shareowner Stewardship Volume 2, Issue 2 /2009
Keywords:
Accountability, Fund Governance, Institutional Investors, Pension Funds, Stewardship, Trustees
DOI: 10.3138/rijpm.2.2.10
Pages: 10 - 17
Four years after the introduction of Australia’s Choice of Fund policy, this article assesses whether it is achieving its intended goals. The policy was based on the premise that by offering workers a wide choice of pension fund organizations to manage their…
October 02, 2009 · New Insights into Pension Management, Design, and Shareowner Stewardship Volume 2, Issue 2 /2009
Keywords:
Choice, Competition, Liberalization, Pension Fund, Superannuation
DOI: 10.3138/rijpm.2.2.26
Pages: 26 - 34
The single-minded aim of retirement savings policy is to maximize after-cost returns to members while providing products and services to meet individual needs. In that it fails. The dominant cause of failure is ineffective and unnecessary competition.The dominant solution is greater…
October 02, 2009 · New Insights into Pension Management, Design, and Shareowner Stewardship Volume 2, Issue 2 /2009
Keywords:
Agency Costs, Co-opetition, Industry Rationalization, Market Failures, Pension Fund, Retirement Savings
DOI: 10.3138/rijpm.2.2.36
Pages: 36 - 40
British pension reform comprises three related strands of activity. The first centers on ensuring access to a State Pension that is fairer, more generous, and more widely available, tackling the historical inequalities in entitlement, especially for women.The second addresses a lack…
October 02, 2009 · New Insights into Pension Management, Design, and Shareowner Stewardship Volume 2, Issue 2 /2009
Keywords:
PADA, Pension Fund, Pension Reform, Personal Accounts, Retirement
DOI: 10.3138/rijpm.2.2.42
Pages: 42 - 48
The ongoing transition of the Canadian pension system offers valuable lessons for the rest of the world. Improving the voluntary and contractual retirement saving arrangements that constitute the private pillars of the system requires recognition among policy makers and the public that…
October 02, 2009 · New Insights into Pension Management, Design, and Shareowner Stewardship Volume 2, Issue 2 /2009
Keywords:
Pension Fund, Pension Policy, Private Pensions, Retirement, Retirement Saving, Saving
DOI: 10.3138/rijpm.2.2.50
Pages: 50 - 57
Policy makers in the United States reacted swiftly to the recession by restructuring the nation’s collapsing financial institutions, yet they ignored the failing pension system. President Obama is now proposing pension reforms that will likely exacerbate its current problems of asset volatility…
October 02, 2009 · New Insights into Pension Management, Design, and Shareowner Stewardship Volume 2, Issue 2 /2009
Keywords:
401(k), Guaranteed Savings Account, Pension Fund, Social Insurance
DOI: 10.3138/rijpm.2.2.58
Pages: 58 - 65
This article analyzes the tradeoffs between uncertainties in contributions and benefits embedded in different pension arrangements. The two key criteria for evaluating the risk-sharing characteristics of a private pension plan from the perspective of the plan member are the funding ratio (ratio…
Hans Blommestein, Pascal Janssen Niels Kortleve Juan Yermo
October 02, 2009 · New Insights into Pension Management, Design, and Shareowner Stewardship Volume 2, Issue 2 /2009
Keywords:
Defined Benefit, Defined Contribution, Funding, Hybrid Plans, Pension Benefits, Pension Funds, Risk Sharing
DOI: 10.3138/rijpm.2.2.66
Pages: 66 - 75
Three insights from philosophy are helpful in this time of financial and economic crisis. First, philosophy is designed to inspire a state of calm, meditative reflection. Second, only during crises are personal, political, and investment beliefs seriously tested. Third, philosophical beliefs underpin…
May 20, 2009 · Investment Beliefs, Risk Management, and Pension Funds Volume 2, Issue 1 /2009
Keywords:
Ethics, Implementation, Investment Beliefs, Pension Fund, Philosophy
DOI: 10.3138/rijpm.2.1.6
Pages: 6 - 11
This article investigates the building blocks to successful investment strategies for institutional investors. It presents the results of a worldwide survey of investment beliefs, and finds striking differences in how pension funds and commercial asset managers view capital markets. Asset managers seem…
May 20, 2009 · Investment Beliefs, Risk Management, and Pension Funds Volume 2, Issue 1 /2009
Keywords:
: Investment Beliefs, Investment Strategy, Pension Fund, Pension Fund Governance, Performance.
DOI: 10.3138/rijpm.2.1.12
Pages: 12 - 20
In April 2006, the Canada Pension Plan Investment Board began implementing an explicit value-added investment strategy. It involved developing a new risk/return accountability framework that was designed to align investment decision-making with the overall strategy and support a rapid build-up of active…
May 20, 2009 · Investment Beliefs, Risk Management, and Pension Funds Volume 2, Issue 1 /2009
Keywords:
Compensation System, Organization Design, Pension Fund, Pension Strategy, Reference Portfolio
DOI: 10.3138/rijpm.2.1.22
Pages: 22 - 29
This article describes the evolution of the incentive compensation system for the investment division of Ontario Teachers’ Pension Plan. Today, the system is based on carefully-designed interfaces between actual results, investment benchmarks, risk budgets, and compensation formulas. The authors note that the…
May 20, 2009 · Investment Beliefs, Risk Management, and Pension Funds Volume 2, Issue 1 /2009
Keywords:
Integrating Risk and Compensation, Investment Incentive, Pension Fund, Risk Budgeting, Risk Management
DOI: 10.3138/rijpm.2.1.30
Pages: 30 - 33
Government has a natural concern about the investment performance and associated risks of pension funds. If these funds are poorly managed and unable to pay pensions to retirees, government may have to step in. In addition to solvency regulation, this risk can…
May 20, 2009 · Investment Beliefs, Risk Management, and Pension Funds Volume 2, Issue 1 /2009
Keywords:
Pension Fund, Pension Fund Regulator, Prudent Person Rule, Quantitative Asset Restriction
DOI: 10.3138/rijpm.2.1.34
Pages: 34 - 42
This paper argues for a modernized interpretation of fiduciary duty that recognizes the symbiotic relationship between the sustainable success of both corporations and pension funds. It describes the impact that pension investment practices have on both the well being of fund participants…
Keith L. Johnson Frank Jan de Graa
May 20, 2009 · Investment Beliefs, Risk Management, and Pension Funds Volume 2, Issue 1 /2009
Keywords:
Best Practices, Fiduciary Duty, Financial Markets, Fund Governance, Market Reform, Pension Fund, Pension Investment
DOI: 10.3138/rijpm.2.1.44
Pages: 44 - 51
This article has been adapted from a pre-dinner speech delivered to the attendees of the Fall 2008 Discussion Forum of the Rotman International Centre for Pension Management,held at the Tacoma Campus of the University of Washington, in collaboration with Washington State…
May 20, 2009 · Investment Beliefs, Risk Management, and Pension Funds Volume 2, Issue 1 /2009
Keywords:
Annuities, Financial Education, Optimizing, Pension Fund, Retirement, Satisficing
DOI: 10.3138/rijpm.2.1.52
Pages: 52 - 54
New accounting rules and increased scarcity of risk capital have led to growing pressure on corporations to shift pension plan risk from employers to participants.This implies a shift from defined benefit plans to a variety of collective and individual defined contributions…
Theo Kocken Eduard Ponds Roy Hoevenaars
May 20, 2009 · Investment Beliefs, Risk Management, and Pension Funds Volume 2, Issue 1 /2009
Keywords:
: Embedded Options, Collective DC, Pension Deal, Pension Fund, Value-Based Asset Liability Managemen
DOI: 10.3138/rijpm.2.1.56
Pages: 56 - 62
Human capital is the present value of future wages, which can be a large component of the total wealth of active workers. This raises the question of whether labour income risk can be hedged by how the retirement savings of workers…
Carolina Fugazza Maela Giofré Giovanna Nicodano
May 20, 2009 · Investment Beliefs, Risk Management, and Pension Funds Volume 2, Issue 1 /2009
Keywords:
International Diversification, Labour Income, Pension Funds, Portfolio Choice
DOI: 10.3138/rijpm.2.1.64
Pages: 64 - 70
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