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Books > Business & Economics > Finance & accounting > Finance > Pensions
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Evaluating the Financial Performance of Pension Funds (Paperback, New)
Loot Price: R1,118
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Evaluating the Financial Performance of Pension Funds (Paperback, New)
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Countries throughout the world are increasingly relying on
individual pension savings accounts to provide income replacement
in old age for their citizens. Although these have now been in
place for several decades, the metrics for the measurement of their
performance has not always meaningful from the perspective the long
term objectives of pension funds. The recent financial crisis has
highlighted the need to establish meaningful performance measures
that consider pension funds in relation to the ability to
effectively provide income replacement at retirement age. The book
discusses the theoretical basis and a number of implementation
issues related to the emerging view that at meaningful evaluation
of the investment performance of pension funds requires the design
of life-cycle benchmarks against which performance can be
evaluated. The composition of these benchmarks would depend on a
number of factors, including the presence of other sources of
retirement income; the age of individuals; the rate of
contributions; the target replacement rate; the expected density of
contributions; the type of retirement income in the payout phase,
and the risk aversion of policymakers and individuals. This book
provides an evaluation of the financial performance of funded
pension systems within the standard mean variance framework. It
then provides a discussion of the limitations inherent to applying
these methods to pension funds and proceeds to review the many
other issues that should be addressed in developing more useful and
meaningful performance measures through the formulation of pension
specific benchmark portfolios. Evaluating the Financial Performance
of Pension Funds concludes with commentary and observations about
the need for and application of this new approach to performance
measurement and the impact of the recent global financial crisis on
the pension funds.
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