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February 2017

03Feb

Micro-pensions in India: Issues and challenges

By Savita Shankar & Mukul G. Asher This article aims to fill a gap in the social security literature on India by examining the role of micro-pensions. The analysis suggests that because of the heterogeneity of the target population, micro-pension products — with microfinance institutions (MFIs) as the main, but not only sponsors — should be voluntary and portable and permit experimentation in their design and in the delivery of services. Accordingly, decentralized micro-pension schemes that operate within an appropriate...

February 3, 2017
Adequacy, Articles, Corporate Governance, Pension design,
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03Feb

The commitment value of funding pensions

By Jean Denis Garon This paper studies how funding public pensions can improve policy outcomes when short-sighted governments cannot commit. We focus on sustainable plans, where optimal nonlinear pensions are not reneged on by sequential governments. Funding pensions is a commitment mechanism. It implies lower contributions than does the second best policy, which reduces temptation to over-redistribute later and to misuse revealed private information. Funding may be preferable even if the population growth rate is higher than the rate of...

February 3, 2017
Articles, Corporate Governance, Regulation, ,
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03Feb

Defined ambition pensions – Have the Dutch found the golden mean for retirement savings?

By Erik Schouten & Thurstan Robinson In February 2012, the UK minister for pensions proposed that companies should perhaps be able to provide a new type of pension – Defi ned Aspiration pensions or Defi ned Ambition (DA) pensions, as they are called in the Netherlands. In this article, we take a closer look at DA pensions, examining the Dutch experiences to date with the introduction of DA pensions . We look at what DA pensions have to offer employers...

February 3, 2017
Articles, Savings, System Sustainability, ,
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January 2017

12Jan

Trusts No More: Rethinking the Regulation of Retirement Savings in the United States

By Natalya Shnitser - The regulation of private and public pension plans in the United States begins with the premise that employer-sponsored plans resemble traditional donative, or gift, trusts. Accordingly, the Employee Retirement Income Security Act of 1974 (ERISA) famously “imports” major principles of donative trust law for the regulation of private employer-sponsored pension plans. Statutes regulating state and local government pension plans likewise routinely invoke the structure and standards applicable to donative trusts. Judges, in turn, adjudicate by analogy...

January 12, 2017
Articles, Corporate Governance, Regulation, ,
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12Jan

Workable Pension Systems: Reforms in the Caribbean

By P. Desmond Brunton & Pietro Masci - Expenditure on pensions is frequently the highest single item in the public sector budgets of most countries. At the same time, demographic trends in almost every country show that populations are aging rapidly, due to lower fertility rates and improvements in life expectancy. The implications of these trends are that budget deficits are becoming unsustainable, with significant negative effects on competitiveness and economic growth. Inefficient management and underfunding of public pension systems as...

January 12, 2017
Articles, Uncategorized
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12Jan

Longevity Annuity: An Annuity for Everyone?

By Jason S. Scott - As of 2005, individuals had an estimated $7.4 trillion invested in IRAs and employer-sponsored retirement accounts. Given these investments, many retirees will face the difficult problem of turning a pool of assets into a stream of retirement income. Purchasing an immediate annuity is a common recommendation for retirees looking to maximize retirement spending. However, the vast majority of retirees are unwilling to annuitize all of their assets. This paper demonstrates that a new type of...

January 12, 2017
Aging, Articles
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