Recommended by Nobel Laureate Robert C. Merton, this book offers the world a first-hand opportunity to learn why the Dutch pension system is so often praised and how it operates. The book also discusses aspects of the system that are less favorable, such as implicit value transfers from younger to older generations that limit mobility of labor. Throughout the discussions, the authors provide quantitative evidence to support their assertions.

The experience of privatization of social security has been predominantly in the Latin American region. Eight countries have undertaken either full or partial privatization of pensions: Argentina, Bolivia, Chile, Colombia, El Salvador, Mexico, Peru, and Uruguay. What did the policymakers expect? Were expectations realized? Can we learn anything from the collective experience of these countries? Can they be applied to other countries that are aspiring to privatize? How did the World Bank and other international institutions affect these policies? Pension Reform in Latin America and Its Lessons for International Policymakers analyzes in detail these important questions. The book begins with a detailed account of economic conditions in Latin America. It then discusses various models that policymakers rely on. Starting with a purely demographic model, it lays out advanced models of overlapping generations of Samuelson. The book gives extensive details of privatized pensions in each of the eight reforming countries. Two chapters are devoted to analyzing the reform in each country. Finally, detailed lessons are drawn that will help shape the debate for policymakers in other countries.

The papers collected in this book are about the application of fair-value principles to accounting for pensions and its consequences for pension policy. By comparison with valuing the vast bulk of corporate assets and liabilities, the market values of pension plan assets and liabilities can be estimated relatively accurately. Nevertheless, pension accounting has been, and largely still is, one of the most arcane and opaque areas of financial reportiong because fair-value principles are not applied. Numerous studies have documented the distorting effects that those accounting practices have had on corporate pension funding and asset allocation decision. According to new rules adopted by the International Accounting Standards Board, certain fair-value principles will have to be applied in the year 2006. The publication of this book now is thus just-in-time. It offers great value to pension professionals, pension fund trustees, regulators, and indeed anyone with a serious interest in pension policy.
*Deals with the application of fair-value principles to accounting for pensions
*Written in accordance with the new rules set by the International Accounting Standards Board
*This books fills a substantial gap in this field

• This textbook presents an excellent overview of responsible investing and an abundance of cases and historical development of responsible investing, which is an increasingly important area in asset management • New chapter on “Regulation, Reporting, and Taxonomy in ESG Investing” • Reorganised material on KPIs and risk modelling methods in ESG investing, to improve flow for readers • Large collection of updated/new case studies, along with interactive sections designed to get students actively engaged • A more comprehensive test bank and rubric for assessment for use by instructors at the end of every chapter • PowerPoint slides for instructors

Exploring the increasing involvement of the private sector in social policy, this collection examines the complex relationship between the public and private sectors from an international perspective, focusing on health and pension policies.

Few events have posed as many challenges for retirement and retirement policy as the crisis of the late 2000s. At the end of the last decade, the United States experienced the Great Recession-a combination of unprecedented wealth losses and historically high unemployment increases that marked the longest economic recession since the Great Depression. These adverse economic shocks coincided with the burgeoning entry into retirement by the baby boomer generation, those born in the United States between 1946 and 1964. The confluence of these trends meant that retirees may have faced greater economic insecurity than at any point since World War II. This book brings together a number of influential researchers whose work is focused on economic policies and their impacts on retirement income security. They come from both academic and policy backgrounds. Specifically, half of the eight contributors are academics, while the other four come from think tanks in Washington, DC. This book is thus intended to combine research and policy. This book was published as a special issue of the Journal of Aging and Social Policy.

Population ageing and slower economic growth have raised serious questions about the willingness and ability of governments to maintain current social policies. Within this new reality, discussions on the future of public pensions have been predominant in political debates across Europe. This book explains why certain countries have been able to radically transform their pension system while others have simply altered parameters. To answer this question an extensive comparative analysis, including more than 60 interviews, was conducted in Belgium, France, Sweden and the UK. This empirical data provides an interesting contrast between reforms. Parametric reforms have stemmed from the creation of pension administrations outside the traditional state apparatus in France and Belgium and the resulting inclusion of social partners; while the state administrations of Sweden and the UK where debates have been internalised have led to programmatic reforms. Two controversial findings of this book include an explanation for the lack of influence on the part of the labour movement in the 1994/98 Swedish reform and a rejection of arguments claiming that policy change will be minimal with coalition governments. Finally the conclusion seeks to extend the applicability of the model to other industrialized countries. This book will be of interest to students and scholars of public policy, specifically social policy, political economy, the welfare state and comparative politics.

No one ever said pension scheme trusteeship was easy. Indeed, this is particularly true with regard to the investment aspects of trusteeship, with its many nuances and often mystifying jargon and terminology. Trustees must strive to improve upon their skill, expertise and organisational effectiveness in determining and monitoring a scheme's investment strategy, because simplicity in many aspects of trusteeship and investment are continually giving way to increased complexity. Written by two renowned and highly experienced industry practitioners, with a mission to advance trustees' investment knowledge and to provide them with the necessary confidence and competence to adopt an advanced level of investment governance for their scheme, The Trustee Guide to Investment is a uniquely and refreshingly objective and practical guide to the ever expanding range of markets, investments, tools and techniques to which pension scheme trustees are increasingly exposed by their fund managers and advisers.

The ageing, financial and labour market challenges facing the old age pension systems of the member states of the European Union are well known. Those who cast doubt on the ability of the present system of pension provision - at least to the extent that it is pay-as-you-go financed - to cope with the problems posed by these challenges are getting more vociferous. Increasingly there are calls for pay-as-you-go systems to be cut back and for funded systems to be expanded. This book contests the view that funding is the answer. It shows how adaptable the largely pay-as-you-go old age pension systems in the European Union are. Actuaries, economists, lawyers, political scientists, pension advisers, and sociologists, from nine European countries and the United States, consider four main themes: population ageing, competitiveness and retirement; pension financing and economic growth; adapting pension systems to meet change; and decision-making processes. They argue that pay-as-you-go-financed old age pension systems in the European Union have the ability to successfully adapt to economic and social change provided they do not take on too many non-insurance-related risks. Solving the problems of the labour market and controlling the direction and extent of economic development are beyond the powers of old age pension systems, regardless of how they are structured or financed. Separate budgets for separate risks is an indispensable principle if the complex processes of social protection are to be successfully managed, monitored, and made transparent. There can be no single plan for the future development of old age pension systems which would be universally valid for all the countries of the European Union. A single solution cannot take into account the special circumstances obtaining in every nation, and since respect for the special features of national systems is the basis of popular acceptance, the way forward is to reform existing systems in existing contexts.

Retirement is being `reconstructed', with the UK following the US path of abolishing mandatory retirement and increasing state pension ages. This timely book assesses prospects for work and retirement at age 65-plus in the UK and US. It is essential reading for researchers, students and practitioners interested in the late careers and the future of retirement.

Europeans are living longer, and fewer now remain in the labour force as they grow older. Many European countries have responded to the ensuing financial pressure by reforming their public pension systems and health care programmes. There is considerable uncertainty as to the effects of these reforms - as they typically do not alter the unfunded nature of public welfare arrangements and this uncertainty is itself costly. Not only does it undermine the credibility of public welfare programmes, but it may also distort labour supply behaviour, decisions regarding savings and capital accumulation. More generally there is uncertainty about the overall impact of ageing on welfare and society and the multiple domains in which its effects may develop. Pensions: More Information, Less Ideology builds on the existing evidence - mostly in the field of public pensions - and highlights the advantages that would be obtained by: harmonising methodologies used in the various countries to report pension outlays and forecast future pension liabilities or more generally public spending; defining common standards as to the frequency of expenditure forecasts and the length of the forecast horizons for welfare expenditures; developing European longitudinal survey of persons pre- and post retirement age, providing timely information on a wide array of decisions by individuals and household related to the ageing process and the ongoing trends.

This book deals with the role of the State in pension provision as an employer, regulator and provider. Part I deals with problems and reforms of public sector pension systems in OECD countries. The countries covered are Denmark, Finland, Germany, The Netherlands, Norway, and the USA. Part II considers the regulation of occupational pension schemes in The Netherlands and the United Kingdom, and whether there is still a role for the State in providing earnings-related pensions in the United Kingdom. Part III presents demographic projections for the next half-century, using Ireland as an example, looks at some of the options which have been used in Finland, and proposed in the United States, to cope with population ageing, and examines issues of intergenerational equity which are posed by these options. All the chapters deal with recent reforms. The chapters are written by acknowledged experts in their field who are independent of both the pensions industry and Government. Hence the chapters provide an informed critical account of current developments in relation to the reform of occupational pension schemes in the public sector and of the debate about the State's role as a regulator of private pension schemes and a provider of pensions based on the social insurance principal. The book is important as a source of information about pension schemes in OECD countries. It shows that there is not a unique model of occupational pension provision for public sector employees and that the pension benefits which are provided in different countries are quite variable. It also shows that public sector occupational pension systems have changed and are in the process of considerable further change in a number of OECD countries.

Increasingly ageing populations and a slowing rate of growth in the macroeconomy are forcing advanced countries to reconsider their social security programmes. The need for detailed examination of the possible reforms and initiatives has never been greater.
This book brings together internationally-renowned scholars to evaluate the effect of recent social security reforms in advanced countries (pension programmes in particular) and to suggest policy reforms for the future.
Including detailed studies of countries including Australia, Germany, Japan, Scandinavia, the UK and the USA, this book will be of essential interest to economists and policy-makers working in pension financing reform, and public economics more generally.

eBook available with sample pages: 0203217152

A real-world look at the pension revolution underway The Future of Pension Management offers a progress report from the field, using actual case studies from around the world. In the mid-70s, Peter Drucker predicted that demographic dynamics would eventually turn pensions into a major societal issue; in 2007, author Keith Ambachsheer's book Pension Revolution laid out the ways in which Drucker's predictions had come to pass. This book provides a fresh look at the situation on the ground, and details the encouraging changes that have taken place in pension management concepts and practices. The challenges identified in 2007 are being addressed, and this report shows how design, management, and investment innovation have led to measurably better pension outcomes. Pensions have become an everyday news item, and people are rightly concerned about the security of their retirement in light of recent pension scandals and the global financial crisis. This book provides a note of encouragement, detailing the ways in which today's pensions are becoming more and more secure, and the new ideas and practices that are chipping away at the challenges. * Learn how pension management practices are improving * Examine the uptick in positive outcomes over recent years * Discover why pension investing is turning toward the long-term * Consider the challenges that remain and their possible solutions Drucker's vision of a needed pension revolution is unfolding in real time. Better pension designs, more effective pension governance, and more productive pension investing are mitigating many of the issues that threatened collapse. The Future of Pension Management provides a real-world update on the state of pensions today and a look forward to the changes we still need to make.

While not attempting to train readers as professional economists, this book aims to provide a secure grounding in the theory and practice of economics insofar as it deals with pension matters. From reading this book, the user will understand:
* The key types of pension scheme
* The role of pensions in maximizing individual lifetime welfare
* The role of pensions in individual savings and retirement decisions
* The role and consequences of the pension plan from the company's viewpoint
* The role of pensions in promoting aggregate savings
* The role of pensions and retirement in overlapping generations models
* The economics of ageing and intergenerational accounting
* The social welfare implications of pensions
* The lessons of behavioural economics for pensions

The issue of unfunded public pension systems has moved to the center of public debate all over the world. Unfortunately, a large part of the discussions have remained on a qualitative level. This book seeks to address this by providing detailed knowledge on modeling pension systems.

This book moves beyond technical studies of pension systems by addressing the political economy of pension reform in different contexts. It provides insights into key issues related to pension policy and its developmental implications, drawing on selected country studies in Africa, Asia, Eastern Europe, the Middle East, and Latin America.

While much is known about the situation in the labour market in the form of gender pay and earnings gaps, rather little is understood about their sequel in old age the gender pension gap. Entering the world of pensions may well signal a step backwards as far as women's independence is concerned, particularly in countries where women have earned economic independence in employment and are now being confronted by institutional frameworks presuming, encouraging or even imposing dependence. Unequal Ageing in Europe explores the gender pension gap across the member states of the European Union, plus Iceland and Norway. Employing microdata from the Survey of Income and Living Conditions (EU-SILC), along with data from the Survey of Health, Ageing and Retirement in Europe (SHARE), the authors derive key facts regarding pension inequality between women and men. An intuitive indicator for a pension gender gap is derived and contrasted with equivalent indicators for pay and earnings gaps. The authors explore European diversity in a number of dimensions and benchmark their findings against equivalent findings in the US.

This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called 'European Pillar of Social Rights' - calling for a new approach to social policy at the European level in response to common challenges, such as ageing and the digital revolution.This interdisciplinary work embraces economic, financial and legal perspectives, while focusing on previously selected coherence aspects in order to ensure that the analyses are comprehensive and globally consistent.

Venture capital (VC) refers to investments provided to early-stage, innovative, and high growth start-up companies. A common characteristic of all venture capital investments is that investee companies do not have cash flows to pay interest on debt or dividends on equity. Rather, investments are made with a view towards capital gain on exit. The most sought after exit routes are an initial public offering (IPO), where a company lists on a stock exchange for the first time, and an acquisition exit (trade sale), where the company is sold in entirety to another company. However, VCs often exit their investments by secondary sales, wherein the entrepreneur retains his or her share but the VC sells to another company or investor buybacks, where the entrepreneur repurchases the VCs interest and write-offs (liquidations).
The Oxford Handbook of Venture Capital provides a comprehensive picture of all the issues dealing with the structure, governance, and performance of venture capital from a global perspective. The handbook comprises contributions from 55 authors currently based in 12 different countries.

Increasingly flexible labour markets and reforms of old-age pension systems are still ranking high on the political agenda of European countries. This volume investigates whether, and to what extent, the interplay between pension reforms and the spread of 'atypical' employment patterns and fragmented careers has a negative influence uponeconomic security in old age. The volume, therefore, analyzes the flexibility-security nexus by focusing on the post-retirement phase, thus extending the conventional narrow concept of 'flexicurity'. The book also questions whetherreforms of public and private pension schemes compensate or aggravate the risks of increasingly flexible labor markets and atypical employment careers after retirement? Around this overarching research question, the various contributions in the volume employ the same analytical framework in order to map, and then compare, the developments in seven European countries - Denmark, Germany, Italy, the Netherlands, Poland, Switzerland, and the UK - which present different labour market arrangements and various degrees of flexibility, as well as diverse pension systems.

Mortality improvements, uncertainty in future mortality trends and the relevant impact on life annuities and pension plans constitute important topics in the field of actuarial mathematics and life insurance techniques. In particular, actuarial calculations concerning pensions, life annuities and other living benefits (provided, for example, by long-term care insurance products and whole life sickness covers) are based on survival probabilities which necessarily extend over a long time horizon. In order to avoid underestimation of the related liabilities, the insurance company (or the pension plan) must adopt an appropriate forecast of future mortality.
Great attention is currently being devoted to the management of life annuity portfolios, both from a theoretical and a practical point of view, because of the growing importance of annuity benefits paid by private pension schemes. In particular, the progressive shift from defined benefit to defined contribution pension schemes has increased the interest in life annuities with a guaranteed annual amount.
This book provides a comprehensive and detailed description of methods for projecting mortality, and an extensive introduction to some important issues concerning longevity risk in the area of life annuities and pension benefits. It relies on research work carried out by the authors, as well as on a wide teaching experience and in CPD (Continuing Professional Development) initiatives. The following topics are dealt with: life annuities in the framework of post-retirement income strategies; the basic mortality model; recent mortality trends that have been experienced; general features of projection models; discussion of stochastic projection models, with numerical illustrations; measuring and managing longevity risk.

• This textbook presents an excellent overview of responsible investing and an abundance of cases and historical development of responsible investing, which is an increasingly important area in asset management • New chapter on “Regulation, Reporting, and Taxonomy in ESG Investing” • Reorganised material on KPIs and risk modelling methods in ESG investing, to improve flow for readers • Large collection of updated/new case studies, along with interactive sections designed to get students actively engaged • A more comprehensive test bank and rubric for assessment for use by instructors at the end of every chapter • PowerPoint slides for instructors

Explores the role of governments in creating and regulating private pensions in the UK and Germany since the 1980s. Private pensions have given rise to a new regulatory state in this area. The contributing authors compare pension regulation and utility regulation, while others analyse the regulatory role of the EU.

The sustainability of public pension systems has become an important aspect for governments and institutions worldwide. This book addresses the multiple elements that influence the sustainability of pension systems with a special focus on central and eastern European countries. Supported by the results of econometric empirical studies, the authors discuss and analyse areas like social economy versus capitalist economy, globalization versus glocalization, population aging versus birth and fertility, emigration versus immigration, early retirement versus prolongation versus professional activity, the sustainability of public pension systems versus the adequacy of benefits provided, public pension systems compared to private pension funds and taxation of salary incomes versus subsidization of state social insurance.