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The worldwide financial crisis has wrought deep changes in capital
and labor markets, old-age retirement systems, and household
retirement and consumption patterns. Confidence has been shaken in
both the traditional defined benefit and defined contribution
plans. Around the world, plan sponsors, fiduciaries, policymakers,
and households have gained a new awareness of retirement risk. When
pressed to reform post-crisis, many would recommend enhancing
financial advice for plan participants, emphasizing flexibility and
the positive effect of working another one or two years to make up
for investment losses in the downturn. Adding to this is the
continuing need for financial education, essential as the
retirement system moves increasingly toward personal account
pensions. Perhaps most important of all is the need for greater
understanding of risk throughout the retirement security system,
along with new approaches to re-engineering retirement pensions.
This volume explores the lessons to be learnt for retirement
planning and long-term financial security in view of the massive
shocks to stock markets, labour markets, and pension plans
resulting from the financial crisis. It aims to rethink retirement
in the new economic era, including the resilience of defined
contribution plans and how defined benefit plans reacted to the
financial crisis.
In the wake of the worst financial crisis since the Great
Depression, lawmakers and regulators around the world have changed
the playbook for how banks and other financial institutions must
manage their risks and report their activities. The US Congress
passed the Dodd-Frank Wall Street Reform and Consumer Protection
Act, and the European System of Financial Supervision (ESFS) is
also crafting a framework to supervise regulated financial sector
institutions including banks, insurers, pension funds, and asset
managers. The implosion of the financial sector has also prompted
calls for accounting changes from those seeking to better
understand how assets and liabilities are reported. Initially banks
were seen by many as the most important focus for regulatory
reform, but other institutions are now attracting policymaker
attention. There is logic to this in terms of managing systemic
risk and ensuring a level playing field that avoids arbitrage
between institutional structures. Yet the nature of pension and
insurer liabilities is so different from that of bank liabilities
that careful attention is needed in drafting appropriate rules. The
new rules are having both direct and spill-over effects on
retirement systems around the world. The first half of this volume
undertakes an assessment of how global responses to the financial
crisis are potentially altering how insurers, pension plan
sponsors, and policymakers will manage risk in the decades to come.
The second half evaluates developments in retirement saving and
retirement products, to determine which and how these might help
meet shortfalls in retirement provision.
The financial crisis and the ensuing Great Recession alerted those
seeking to protect old-age security, about the extreme risks
confronting the financial and political institutions comprising our
retirement system. The workforce of today and tomorrow must count
on longer lives and deferred retirement, while at the same time it
is taking on increased responsibility for managing retirement risk.
This volume explores new ways to think about, manage, and finance
longevity risk, capital market risk, model risk, and regulatory
risk. This volume offers an in-depth analysis of the 'black swans'
that threaten private and public pensions around the world. Capital
market shocks, surprises to longevity, regulatory/political risk,
and errors in modelling, will all have profound consequences for
stakeholders ranging from pension plan participants, plan sponsors,
policymakers, and those who seek to make retirement more resistant.
This book analyzes such challenges to retirement sustainability,
and it explores ways to better manage and finance them. Insights
provided help build retirement systems capable of withstanding what
the future will bring.
Financial market developments over the past decade have undermined
what was once thought to be conventional wisdom about saving,
investment, and retirement spending. How Persistent Low Returns
Will Shape Saving and Retirement explores how the weak capital
market performance predicted for the next several years will shape
pension saving, investment, and decumulation plans. Academics,
policymakers, and industry leaders debate alternative strategies to
cope with these challenges globally, as economic growth remains
slow and low returns become the 'new normal.' This volume includes
contributions from plan sponsors, benefit specialists, actuaries,
academics, regulators, and others working to design resilient
pensions for the next decades. Together, they identify several new
tools for retirement savers and pension managers.
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