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.

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.

• 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

This book weaves together current understanding around financial literacy and ageing, arguing for the relevance of financial literacy for old age security. Building upon on the experiences of ten developing Asian economies with a focus on India, the book enters new territory by developing frameworks that identify predictors of financial literacy and a mechanism for its internalization, as well as recognising the need for specialized training programs for the older population in order to establish a link between financial literacy and old age security. It thus makes a case about the centrality of financial literacy in creating an environment conducive to a dignified ageing experience in this world of shouldering one's own responsibility. Going forward, the book comprehends financial literacy for India as a skill which enables an individual to decide the suitable avenues to invest savings, utilize monetary resources and shape financial decisions aligned with their financial goals, in accordance with the dynamic financial & economic environment. This original volume is a first-time attempt to provide an in-depth account of financial literacy and its association with savings behavior, old age planning, wealth accumulation, healthcare and wellbeing in older age. It also provides a detailed account of various measurement tools used and policy initiatives undertaken across the globe for financial literacy. It is an indispensable reference guide for scholars and researchers, cutting across multiple disciplines particularly financial and development economics, gerontology, demography, social work, psychology and public policy.

*A new edition of the international bestseller (a #1 bestseller in Japan), featuring a new preface*

Does the thought of working for 60 or 70 years fill you with dread? Or can you see the potential for a more stimulating future as a result of having so much extra time?

Many of us have been raised on the traditional notion of a three-stage approach to our working lives: education, followed by work and then retirement. But this well-established pathway is already beginning to collapse - life expectancy is rising, final-salary pensions are vanishing, and increasing numbers of people are juggling multiple careers. Whether you are 18, 45 or 60, you will need to do things very differently from previous generations and learn to structure your life in completely new ways.

The 100-Year Life is here to help.

Drawing on the unique pairing of their experience in psychology and economics, Lynda Gratton and Andrew J. Scott offer a broad-ranging analysis as well as a raft of solutions, showing how to rethink your finances, your education, your career and your relationships and create a fulfilling 100-year life.

· How can you fashion a career and life path that defines you and your values and creates a shifting balance between work and leisure?

· What are the most effective ways of boosting your physical and mental health over a longer and more dynamic lifespan?

· How can you make the most of your intangible assets - such as family and friends - as you build a productive, longer life?

· In a multiple-stage life how can you learn to make the transitions that will be so crucial and experiment with new ways of living, working and learning?

Shortlisted for the FT/McKinsey Business Book of the Year Award and featuring a new preface, The 100-Year Life is a wake-up call that describes what to expect and considers the choices and options that you will face. It is also fundamentally a call to action for individuals, politicians, firms and governments and offers the clearest demonstration that a 100-year life can be a wonderful and inspiring one.

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.

Over the last decade pension reform in the West has focused upon the need for more private provision in order to combat the effects of societal ageing. The consequences of these reforms for citizens' incomes during retirement are currently under-explored - including questions such as how protective public-private pension systems are, particularly for citizens without lifelong, full-time employment biographies. This rigorous study sheds light on these issues. It assesses the extent to which six European multi-pillar pension regimes are socially inclusive, by micro-simulating retirement income for hypothetical citizens facing typical post-industrial risks. This timely book suggests that non-state provision has significant limitations, yet also identifies the political and institutional conditions under which private pensions are indeed reconcilable with social inclusion. Private Pensions versus Social Inclusion? will appeal to policymakers, scholars and experts from NGOs and other statistical organisations involved in comparative social policy and pension analysis. Post-graduate students of comparative social policy, gerontology, public economics and economic sociology will also find much to engage them within the book.

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.

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.

The book offers new ways to think about retirement security in a volatile financial environment. Myriad retirement risks confront employees, retirees, employers, and governments. This book illustrates how stakeholders can reinvent pensions that perform well in a competitive global setting.

* Provides an easy-to-access guide to what sustainable investing is and how it can influence investment decisions. * Written by experienced investment professionals, the book covers the full scale of Responsible Investment approaches and asset classes. * The book is based on global best practice and definitions as set by the UN-backed Principles for Responsible Investment (PRI), which is today the leading institution for responsible investors.

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.

An updated edition of award-winning financial planner Jason Butler's effective guide to helping your wealth survive and thrive so that you achieve financial security and stability.

By comparing Germany, France, the UK and the USA this study explores how governments have tackled the increased pressure of financing state pensions. Specifically, it looks at the approach of each of these countries to raising the age of entitlement in order to understand the ways in which this policy was introduced in different countries.

* Provides an easy-to-access guide to what sustainable investing is and how it can influence investment decisions. * Written by experienced investment professionals, the book covers the full scale of Responsible Investment approaches and asset classes. * The book is based on global best practice and definitions as set by the UN-backed Principles for Responsible Investment (PRI), which is today the leading institution for responsible investors.

From the discovery of fire to that of the atom, the development of human societies has largely been based on the conquest of energy. In all countries, energy has gradually become one of the key factors of social and economic development, as well as capital, labor and natural resources, and now no one can do without it. After decades of cheap energy flowing without any problem, over the last forty years crises have become the rule. This disruption of the energy landscape is of particular concern as the impact of energy crises on human societies became considerable. This book seeks to provide a basis for reflection on all global energy problems, offering an analysis of the main aspects to consider: energy supply, resource-dependent industries and technology available, macroeconomic implications of energy demand, geopolitical issues, and specifics of the situation in developing countries. It does not thoroughly address environmental issues, which would require further study beyond the limits we set. This book is the second edition of a book published in 1992, at a time when obtaining energy and economic data was much more difficult than today, when many databases are freely accessible on the Internet. In this new context, we hope it will assist the reader in finding his/her way in the considerable amount of information available. Energy is a vast field that can be approached from multiple angles. The approach proposed here is to start by providing the reader with technical bases on energy, and thus energy supply, before considering the demand, that is to say, the socio- and macro-economic dimensions, then addressing global issues relating to energy, and finally complete the study of the main issues that arise in this area today. This book summarizes the main issues related to energy and requires no special knowledge beforehand, whether in economics, engineering or international relations. It consists of nine chapters, the first being the introduction. Chapter 2 introduces the main energy sectors (oil, natural gas, coal, synthetic hydrocarbons, nuclear power, renewable energy, thermal or pneumatic storage), i.e. how the main sources of energy can be exploited. Chapter 3 presents the main macroeconomic and energy indicators that are commonly used to assess the energy situation in a country. Concepts that are introduced being then used consistently in other chapters, it is essential to understand well their definitions and limitations. The fourth chapter analyzes the impacts of energy at the macro level, including the links between economic activity and energy consumption. The fifth chapter introduces the main principles generally accepted in the development of energy policy and planning, and then discusses the institutional aspects. The sixth chapter is devoted to geopolitics: current consumption of energy, energy reserves and resources worldwide, international energy trade, and specific problems faced by developing countries. The seventh chapter is devoted to the study of the energy situation in eleven different countries, showing the contrast between them, depending on their level of economic development, demography, natural resource endowments, etc. The list of countries includes high-income developed countries (France, United States, United Kingdom), the emerging group called the BRICS (Brazil, Russia, India, China, South Africa), a North African oil exporting country (Algeria), a west African country (Cote d'Ivoire), and an Asian exporter of coal and natural gas (Indonesia). The eighth chapter discusses emerging issues related to energy, in particular its relationship to the environment and the success of policies aiming at controlling demand. The ninth and final chapter begins with a prospective study of various scenarios for the medium and long term. The analyses presented in the book are then summarized by outlining the main pending issues. The book includes 22 tables, 150 figures and 3 mind maps, as well as links to databases available online (World Bank, United Nations, BP). Also available: an online course covering the main topics dealt with in this book. Please visit: http://www.thermoptim.org/sections/enseignement/cours-en-ligne/modules-d-auto-formation/energy-issues-course

Since Autumn 2012 and under strict regulatory obligations, the biggest corporations in the UK have been offering a pension to any employee who earns more than GBP10,000. Now the challenge falls on smaller employers. This compulsory measure has far-reaching consequences for all players: not only have many new pension customers been brought into the market, but companies face strict deadlines and major fines if they do not comply. The Handbook of Work-based Pension Schemes takes a practical approach to the many issues and crucial decisions facing employers. Choose the right course of action and pensions can become a powerful element within a competitive package of benefits for attracting and keeping the right people, as well as opening up the potential for freeing up capital to invest back into the business. However make a mistake and the consequences can be far-reaching and expensive. Published in association with the Institute of Directors, this book will bring readers up to speed with how pensions are changing, then focus on the ways they will be able to design and manage better schemes at lower costs and at lower risk.

Demographic trends put a burden on EU pension provision. As the sustainability of pension systems is addressed by current pension reforms, lower benefit levels are projected. In this scenario, households may want to consider supplementing their public pension income. As their own residence is on average their most valuable asset, its transformation to income can be one form of alleviating financial distress in old age. Thomas Muller presents research findings on the interdependency of housing and pension wealth as well as on whether and to what extent housing wealth is decumulated after retirement. The author emphasizes the consideration of housing wealth in pension policies to enable European households to employ its housing asset as an income source in old age.About the Author Thomas Muller wrote his dissertation at the Real Estate Management Institute (REMI) at the EBS Business School. His research was motivated by the effects of demographic changes on pension provision in the EU. He focused especially on the allocation and liquidation of private housing wealth as a public pension supplement.

This book deals with the pension of uncovered people in India, the informal or unorganized sector workers who contribute more than fifty percent of India's total output. Until recently, these workers don't get any old age security when they retire unlike those from the organized sector workers such as govt. employees or corporates. This book offers insights on the pension system of the informal sector in India. The book is the outcome of field research of two years and the field research was conducted on MSME sector (a sub sector of unorganised sector) which provides the knowledge about the present state of the unorganised sector workers in MSMEs, their financial condition and stress, their work participation, their awareness level of old age financial security or pension and their financial behaviour regarding pension savings in India. This book empirically demonstrates a relationship between financial literacy and willingness to save for retirement benefits among the informal sector workers in India. Access to banking also improves the probability of retirement savings along with the gender and education. By reading this book, readers can understand the demographic change India is going to witness within the next thirty years and its challenges to meet the longevity risk of these workers.

This book examines the origins and consequences of so-called pension fund capitalism, which has spread around the world since 1981, when the pension system was completely privatized in Chile. The author highlights the driving forces behind the privatization of pensions, its forms and tools used in practice, and the risks and costs related to private pensions. The reader can also learn about the experiences of various developed countries (including the USA, Canada, Australia, and Germany), as well as Latin American (including Chile) and Eastern European countries, related to the privatization of pensions. Particular attention is paid to Poland as an example of a country where such privatization failed completely. This book provides a source of serious reflection on what this privatization has led to, what its real economic and social consequences are and what the likelihood is of reversing it and strengthening the public pension system. Academic researchers and students of economics and finance, as well as social and political sciences, will find the book invaluable in understanding the problems arising from the privatization of pensions. It will also be of interest to professionals: institutions that shape or influence economic and social policy, including political parties, trade unions, non-governmental organizations, the media, and institutions operating on the financial market.

Why do governments backtrack on major policy reforms? Reversals of pension privatization provide insight into why governments abandon potentially path-departing policy changes. Academics and policymakers will find this work relevant in understanding market-oriented reform, authoritarian and post-communist politics, and the politics of aging populations. The clear presentation and multi-method approach make the findings broadly accessible in understanding social security reform, an issue of increasing importance around the world. Survival analysis using global data is complemented by detailed case studies of reversal in Russia, Hungary, and Poland including original survey data. The findings support an innovative argument countering the conventional wisdom that more extensive reforms are more likely to survive. Indeed, governments pursuing moderate reform - neither the least nor most extensive reformers - were the most likely to retract. This lends insight into the stickiness of many social and economic reforms, calling for more attention to which reforms are reversible and which, as a result, may ultimately be detrimental.

An accessible and practical guide to personal finance that busts myths, clarifies jargons and clarifies the best options for building your wealth More and more people are reassessing their lives as a result of the pandemic. Many have left their jobs or reduced their hours. Others have resolved to work only as long as they must, retiring early to focus on families and friends, hobbies or travel. Meanwhile, employers all over the world are experimenting with a four-day week. Making the most of these choices requires having and growing enough money to enjoy your future life, without needing to worry about it running out. But when it comes to investing in a pension, there is a dizzying number of complex options available. This book is designed to provide clear, objective guidance that cuts through the jargon, giving you control over your financial future. The authors strip away the marketing-speak, and through simple graphs, charts and diagrams, provide an evidence-based money manual that you can use again and again. They also alert you to myths and get-rich-quick schemes everyone should avoid. It's a highly practical and refreshingly honest book, written by two independent experts who have seen how the investment industry works from the inside, and how it profits from complexity, ignorance and fear. They show, in practical language, how UK savers and investors can beat this system and, crucially, make more money for themselves than they do for financial services firms.