Private and governmental insurance systems in the United States have been suffering an ongoing series of crises. Automobile liability insurance, malpractice protection, health insurance, pension plans, and property insurance have been troubled in recent times by such matters as the threat of insolvency, extremely high premiums, lack of availability for many applicants, and discriminatory selling practices. For over a century, private insurance has been heavily regulated. Governmental insurance, particularly social programs such as Social Security and Medicare, also face serious funding and availability problems. These ongoing problems suggest that regulators have not been doing a very effective job. Unhappy consumers are making different demands both on the industry and on regulators. Some call for deregulation in the belief that market forces will make insurance more efficient, available, and affordable. Others insist that governmental regulators, whether legislators, insurance commissioners, or judges, step in and help solve these problems. Regulators, very much a part of the political process, have avoided these controversial areas of difficult choices. Avoidance is no longer an option for regulators.

McDowell explores what competing types of regulation, whether market, industrial, or governmental, might be used, what goals regulators are committed to, the different regulatory philosophies of federal and state agencies, whether the problems are caused by under-regulation or over-regulation, and difficulties of enforcement. He discusses in detail these regulatory problems in the fields of automobile liability insurance, health insurance, and the demand of other financial service institutions to compete in the insurance business. Throughout the book, he compares what American regulators are doing with the practices in Canada in order to illuminate problems and possible solutions for American regulators to consider. Finally, he closes with an analysis of whether the emerging trends of internationalization and interdependence of personal and economic spheres, the increase in magnitude of risks, and the increased speed of transactions will require changes in insurance regulation. Insurance regulators and professionals in governmental and private insurance as well as scholars and students of insurance law will be interested in this book. Even consumers who are concerned or angry about the future of their insurance protection will find it valuable.

This book studies the normative and positive ramifications of public pension policies in a growing economy. It analyzes the impact of an unfunded public pension scheme on aggregate productivity growth and efficiency, it considers the political forces behind public pension legislation, and it develops and discusses elements of public pension design and reform. The book emphasizes the endogenous growth paradigm for an understanding of the dynamic impact of intergenerational transfers inherent in an unfunded public pension scheme. It uncovers an allocative role of intergenerational transfers which is exclusively linked to the possibility of endogenously evolving economic growth. The endogenous growth approach also allows to identify unfunded public pensions as a source of a conflict between current and future generations. This conflict shapes private old-age security considerations as well as the process of public pension legislation.

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.

This first major book on Public-Private Partnerships (PPP) in Nigeria explores the legal, policy and strategic issues involved in the structuring and execution of PPP projects in Nigeria. The book goes beyond the toolkit approach of other available resources to blend the theoretical analysis of concepts with practical step-by-step guides for consummating projects. The book adopts a multidisciplinary approach by integrating law, economics, finance and project management literature, relying on the author's extensive experience in the field to give clear insights on the PPP concept. The case study methodology employed in the book produces rich and compelling empirical results. This book is suitable for beginners wishing to develop an understanding of the concept, as well as practitioners advising on PPPs. Students and academics wishing to carry out further research on PPPs will also benefit from the book.

Population ageing is an important trend which will be experienced in industrialized countries in the early years of the next century. This significant book examines aspects of population ageing and pensions, with an emphasis on the design and use of simple economic models to focus on particular aspects of a very broad problem. The analysis of pensions presents many complex problems. A major aim of this book is to demonstrate how reasonably simple economic models can be designed and used to shed some light on the issues involved in population growth and pension provision. The basic analytics of population growth and pension structure are first explored. Projections for Australia are examined and used to model ageing and social expenditure and to estimate the 'burden' of aged care on future workers. The author goes on to investigate pensions and pension finance, and examines several types of economic model before turning to the analysis of alternative pension arrangements using a lifetime simulation model. The results of the study suggest that both lower contribution rates and a universal pension encourage a later retirement age. This book will prove invaluable to students and scholars of public sector economics, welfare economics, social economics and public finance.

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.

This book argues that the implementation of compulsory, highly regulated, privately administered, defined contribution pensions facilitates rent-seeking behaviour on the part of the pension fund administrators and undermines the retirees' income and well-being. While the book focuses primarily on Chile, its analysis and conclusions are applicable to several Latin American and Eastern European countries where privately administered pension systems have been implemented. Chapters evaluate the scholarly literature and empirical evidence around three aspects of the pension fund industry: structure, pricing and performance. The authors conclude that state regulation has facilitated the accumulation of capital in the hands of the pension fund administrators. They also demonstrate that these systems owe more to the values and principles of conservative philosophy than to neoliberalism in providing alternative solutions to the rent-seeking approach to retirement.

The transition from central planning in Central and Eastern Europe has resulted in a decline in social security. Transformation of Pension Systems in Central and Eastern Europe provides an in-depth examination of systems of social protection for the elderly. The authors begin by analysing the urgent measures required to respond to a changing economic system. They also consider the fundamental questions of redesigning old-age financial security which is embedded in an international debate on pension reform, taking into account the political and economic factors from a comparative perspective. Covering the Baltic states, Poland, the Czech and Slovak Republics and Hungary, the development of pension security is traced from the late 1980s to the end of the 1990s. Using local pension experts with academic and administrative backgrounds, the country studies are characterized by a detailed and interdisciplinary perspective, and provide an economic, political, legal and institutional approach to pension systems development.

• 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

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

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.

The economic demands of an ageing population, coupled with the crisis of public spending pose one of the greatest challenges to social policy in both the East and West. This book focuses on the political economy of pensions, particularly on the interaction between private and state provision. Enterprise and the Welfare State argues that there is more to welfare than simply provision by the state and so the focus of this book is on the welfare society rather than the welfare state. This requires a new system of statistical accounting and a different focus for case studies. A multidisciplinary approach is used to examine the design of the pensions system in nine countries with different institutional welfare mixes. Using a common conceptual framework, it compares and contrasts the goals and realities of the welfare systems in France, Germany, The Netherlands and Sweden, where strong occupational pensions are in operation, with the more modest welfare states in Japan, the United Kingdom and the United States. Each country case study provides a grounded analysis of the evolution of pension design and traces the impact of the policies on the economic well-being of the aged and the performance of the economy. It offers new data on the level of spending of enterprise based occupational pensions and examines the implications for redistribution resulting from changes in the design of state and occupational pensions. This book will be essential reading for academics, students and public policymakers interested in the economics of welfare, social policy and the future of pension provision.

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.

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.

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.

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.

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

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.

Insurance is an important - if still poorly understood - mechanism for dealing with a broad variety of risks associated with modern life. This book conducts an in-depth examination of one of the largest and longest-established private insurance industries in Europe: British life insurance. In doing so, it draws on over 40 oral history interviews to trace how the sector is changed since the 1970s, a period characterised by rampant financialisation and neoliberalisation. Combining insights from science and technology studies and economic sociology, this is an unprecedented study of the evolution of insurance practices and an invaluable contribution to our understanding of financial capitalism.

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.

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.

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.