October 2017

25Oct

Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk (Pension Research Council Series)

by Pension Reseach Council (Author), Olivia S. Mitchell (Editor), Raimond Maurer (Editor), P.Brett Hammond (Editor) The financial crisis and the ensuing Great Recession alerted those seeking to protect old-age security, about the extreme risks confronting the financial and political institutions comprising our retirement system. The workforce of today and tomorrow must count on longer lives and deferred retirement, while at the same time it is taking on increased responsibility for managing retirement risk. This volume explores new ways to think about,...

October 25, 2017
Books, Management, Pension design, Regulation, ,
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20Oct

Fiscal Incidence in Belarus: A Commitment to Equity Analysis

By Kateryna Bornukova (BEROC), Gleb Shymanovich (IPM Research Center), Alexander Chubrik (CASE - Center for Social and Economic Research; IPM Research Center) The paper employs the Commitment to Equity framework to present a first attempt at a comprehensive fiscal incidence analysis for Belarus, encompassing the revenue and expenditures components of the fiscal system, including direct and indirect taxes, as well as direct, indirect, and in-kind transfers. The analysis reveals that fiscal policies in Belarus effectively redistribute income from the top...

October 20, 2017
Articles, Investing, Management, Regulation
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16Oct

How the Growing Gap in Life Expectancy May Affect Retirement Benefits and Reforms

By Alan J. Auerbach, Kerwin K. Charles, Courtney C. Coile, William Gale, Dana Goldman, Ronald Lee, Charles M. Lucas, Peter R. Orszag, Louise M. Sheiner, Bryan Tysinger, David N. Weil, Justin Wolfers, Rebeca Wong Older Americans have experienced dramatic gains in life expectancy in recent decades, but an emerging literature reveals that these gains are accumulating mostly to those at the top of the income distribution. We explore how growing inequality in life expectancy affects lifetime benefits from Social Security,...

October 16, 2017
Articles, Funding, Labor Market, Regulation,
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09Oct

Saving the Next Billion from Old Age Poverty. Global Lessons for Local Action

This Book Project is the first of a series of initiatives by pinBox to jumpstart a global dialogue and collaborative action on pension inclusion across Asia, Africa and Latin America. The Book presents the policy outlook, past efforts and planned interventions by several developing countries as well as thematic chapters on the key principles and issues in design and implementation of inclusive pension arrangements. This book was realeased on October 12 on the pinBox Digital Micro-Pension Inclusion Roundtable 2017 For more information...

October 9, 2017
Adequacy, Aging, Articles, Books, Corporate Governance, Funding, Investing, Labor Market, Management, News, Pension design, Regulation, Savings, Slider, Supervision, System Sustainability
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08Oct

Occupational Pension Funds (IORPs) & Sustainability: What Does the Prudent Person Principle Say?

By Alexandra Horvathova, Rasmus Kristian Feldthusen & Vibe Ulfbeck (University of Copenhagen) The European Union encourages individuals to save in private and occupational pension funds to complement their state saving-plans. Throughout their lives, employers directly sponsor occupational retirement saving plans, so individual employees may top up their future pensions. While the European Union clearly supports the formation and cross-border participation in these financial vehicles by adopting regulatory framework, the EU has also decided to determine a common investment decision standard...

October 8, 2017
Aging, Articles, Pension design, Regulation, , ,
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08Oct

Occupational Pension Funds (IORPs) & Sustainability: What Does the Prudent Person Principle Say?

By Alexandra Horvathova, Rasmus Kristian Feldthusen & Vibe Ulfbeck (University of Copenhagen) The European Union encourages individuals to save in private and occupational pension funds to complement their state saving-plans. Throughout their lives, employers directly sponsor occupational retirement saving plans, so individual employees may top up their future pensions. While the European Union clearly supports the formation and cross-border participation in these financial vehicles by adopting regulatory framework, the EU has also decided to determine a common investment decision standard...

October 8, 2017
Aging, Articles, Pension design, Regulation, , ,
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September 2017

24Sep

Pension Schemes, Taxation and Stakeholder Wealth: The USS Rule Changes

By Emmanouil Platanakis (University of Bath) & Charles Sutcliffe (University of Reading) Although tax relief on pensions is a controversial area of government expenditure, this is the first study of the tax effects of a real world defined benefit pension scheme - the Universities Superannuation Scheme (USS). First, we estimate the tax and national insurance contribution (NIC) effects of the rule changes in 2011 on the gross and net wealth of the sponsor, government, and 16 age cohorts of members,...

September 24, 2017
Articles, Management, Regulation, Savings, ,
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23Sep

Asset Management Market Study Final Decision: Market Investigation Reference (MIR) on investment consultancy services and fiduciary management services

By FCA This document sets out our final decision to make a Market Investigation Reference (MIR) in relation to investment consultancy services and fiduciary management services. Alongside our interim report of our Asset Management Market study we provisionally decided to make a MIR. We received a number of responses which we have carefully taken into account when reaching our final decision. In addition, the three largest investment consultants offered us a package of undertakings in lieu (UIL) of a reference to...

September 23, 2017
Articles, Books, Investing, Regulation
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15Sep

Recasting Social Canada: A Reconsideration of Federal Jurisdiction Over Social Policy

By Sujit Choudhry (Center for Constitutional Transitions) Who speaks for Canada? For the past fifty years, during both the expansion and the retraction of the Canadian welfare state, the politics of social policy has revolved around this single question. In this article, I step back from the politics of social policy to reflect on the constitutional framework within which that politics occurs. My focus is the scope of the federal government’s jurisdiction over social policy. A distinctive feature of Canadian...

September 15, 2017
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08Sep

Annuity Options in Public Pension Plans: The Curious Case of Social Security Leveling

By Robert L. Clark, Robert G. Hammond, Melinda S. Morrill, David Vanderweide Social Security Leveling is an annuity option that allows participants to receive a level income before and after age 62. The retiree receives a larger pension benefit prior to age 62, but then the pension benefit is lowered at age 62 when the individual is expected to claim Social Security benefits. This option is not uncommon in public pension plans, yet little is known about how this option...

September 8, 2017
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