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Books > Business & Economics > Finance & accounting > Finance > Pensions
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Management and Regulation of Pension Schemes - Australia a Cautionary Tale (Hardcover)
Loot Price: R4,207
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Management and Regulation of Pension Schemes - Australia a Cautionary Tale (Hardcover)
Series: Routledge Research in Finance and Banking Law
Expected to ship within 10 - 15 working days
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Perhaps the greatest long-term challenge facing modern economies is
how to pay for the living expenses and care costs of the elderly.
Following policy decisions made in Australia in the 1990s, a
substantial part of the pension requirements of the next cohort of
retirees will be met from savings accumulated during working years.
The effective management of these savings is crucial. If they are
invested wisely, the assets available to fund pensions and care
will grow; if not, available funds may turn out to be insufficient.
Unfortunately, there is considerable evidence worldwide that the
management of funds attracts rent-seeking behaviour by the
financial services industry which erodes much of the potential
return. Australia introduced compulsory superannuation
contributions for its working population in 1991, leading to a
proliferation of funded schemes that are largely run by the private
sector. Complexity, and many degrees of separation between fund
members and those who manage their funds, have emerged as serious
problems. Combined with weak competitive pressures and governance
systems, and insufficient legal and regulatory constraints, the
result is a system that does not serve its members well. This book
provides a detailed evaluation of the Australian experience,
highlights the extent to which the financial services industry has
extracted rents from Australian pensioners, and how and why this
occurred. Based on original empirical research, and examination of
industry reviews and relevant literature, the book demonstrates the
numerous principal-agent, conflict of interest and rent extraction
problems that have emerged in Australia. The book makes suggestions
for how these problems can be addressed in Australia, and also
provides lessons for other countries wishing to enact pension
reform.
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