Pension Fund Perils
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Risk Based Supervision Of Pension Funds
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Author : Greg Brunner
language : en
Publisher: World Bank Publications
Release Date : 2008-04-01
Risk Based Supervision Of Pension Funds written by Greg Brunner and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-01 with Business & Economics categories.
'Risk-Based Supervision of Pension Funds' provides a review of the design and experience of risk-based pension fund supervision in countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries, including pension funds and insurers. The trend toward risk-based supervision of pensions reflects an increasing focus on risk management in both banking and insurance based on three key elements: capital requirements, supervisory review, and market discipline. Although similar in concept to the techniques developed in banking, its application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined–Australia, Denmark, Mexico, and the Netherlands–provide a range of experience that illustrates both the diversity of pension systems and the approaches to risk-based supervision, and also presents a commonality of focus on sound risk management and effective supervisory outcomes.
Pension Fund Risk Management
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Author : Marco Micocci
language : en
Publisher: CRC Press
Release Date : 2010-01-25
Pension Fund Risk Management written by Marco Micocci and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-25 with Business & Economics categories.
As pension fund systems decrease and dependency ratios increase, risk management is becoming more complex in public and private pension plans. Pension Fund Risk Management: Financial and Actuarial Modeling sheds new light on the current state of pension fund risk management and provides new technical tools for addressing pension risk from an integr
Pension Fund Perils
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Author : Milla Krasnopolsky
language : en
Publisher:
Release Date : 2017
Pension Fund Perils written by Milla Krasnopolsky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Combined use of traditional Liability Driven Investment (LDI) and funded status responsive de-risking strategies should be decoupled or rebuilt. Embedded inconsistencies in the treatment of risks in these two elements of what has become a popular pension strategy cause irreconcilable conflicts in their execution and imperils the positive pension fund outcome.This article provides a critique of the combined LDI/de-risking Glide Path strategy as currently implemented by many pension plan managers and also provides an example of an alternative solution that better improves pension plan outcomes.
Risk Management For Pension Funds
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Author : Francesco Menoncin
language : en
Publisher: Springer Nature
Release Date : 2021-02-09
Risk Management For Pension Funds written by Francesco Menoncin and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-02-09 with Business & Economics categories.
This book presents a consistent and complete framework for studying the risk management of a pension fund. It gives the reader the opportunity to understand, replicate and widen the analysis. To this aim, the book provides all the tools for computing the optimal asset allocation in a dynamic framework where the financial horizon is stochastic (longevity risk) and the investor's wealth is not self-financed. This tutorial enables the reader to replicate all the results presented. The R codes are provided alongside the presentation of the theoretical framework. The book explains and discusses the problem of hedging longevity risk even in an incomplete market, though strong theoretical results about an incomplete framework are still lacking and the problem is still being discussed in most recent literature.
Risk Management And The Pension Fund Industry
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2004-10-14
Risk Management And The Pension Fund Industry written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-10-14 with Business & Economics categories.
This paper looks at the longer-term challenges pension funds face as population age and key issues to address to enhance their risk management practices and their role as long-term investors. The paper focuses primarily on Japan, the Netherlands, Switzerland, the United Kingdom, and the United States, where funded pension plans are most developed. The size of pension savings in these countries, their projected growth, and the recent development of funded pension schemes in other countries highlight the fast-growing importance of pension funds for international capital markets and to financial stability.
Pension Fund Economics And Finance
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Author : Jacob Bikker
language : en
Publisher: Routledge
Release Date : 2017-11-22
Pension Fund Economics And Finance written by Jacob Bikker and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-22 with Business & Economics categories.
Pension fund benefits are crucial for pensioners’ welfare and pension fund savings have accumulated to huge amounts, covering a major part of world-wide institutional investments. However, the literature on pension fund economics and finance is rather limited, caused, in part, to limited data availability. This book contributes to this literature and focuses on three important areas. The first is pension fund (in)efficiency, which has a huge impact on final benefits, particularly when annual spoilage accumulates over a lifetime. Scale economies, pension plans complexity and alternative pension saving plans are important issues. The second area is investment behavior and risk-taking. A key question refers to the allocation of investments over high risk/high return and relatively safe assets. Bikker investigates whether pension funds follow the life-cycle hypothesis: more risk and return for pension funds with young participants. Many pension funds are rather limited in size, which may raise the question how financially sophisticated the pension fund decision makers are: rather professionals or closer to unskilled private persons? The third field concerns two regulation issues. How do pension fund respond to shocks such as unexpected investment returns or changes in life expectancy? What are the welfare implications to the beneficiary for different methods of securing pension funding: solvency requirements, a pension guarantee fund, or sponsor support? This groundbreaking book will challenge the way pension fund economics is thought about and practiced.
Risk Based Supervision Of Pension Funds
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Author : Roberto Rezende Rocha
language : en
Publisher:
Release Date : 2008
Risk Based Supervision Of Pension Funds written by Roberto Rezende Rocha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Pension trusts categories.
Risk-Based Supervision of Pension Funds provides a review of the design and experience of risk-based pension fund supervision in countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries, including pension funds and insurers. The trend toward risk-based supervision of pensions reflects an increasing focus on risk management in both banking and insurance based on three key elements: capital requirements, supervisory review, and market discipline. Although similar in concept to the techniques developed in banking, its application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined - Australia, Denmark, Mexico, and the Netherlands - provide a range of experience that illustrates both the diversity of pension systems and the approaches to risk-based supervision, and also presents a commonality of focus on sound risk management and effective supervisory outcomes.
Longevity Risk From A Pension Fund Perspective
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Author : Lasse Erdweg
language : en
Publisher: GRIN Verlag
Release Date : 2015-11-24
Longevity Risk From A Pension Fund Perspective written by Lasse Erdweg and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-24 with Business & Economics categories.
Seminar paper from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.7, University of Frankfurt (Main) (Faculty of Economics and Business Administration), language: English, abstract: Assurance companies face two main risk factors in the process of pricing annuity products namely the interest risk and the longevity risk. There are numerous products and possibilities for the insurers to hedge their interest risk using interest derivatives and long bonds. Hedging products against the longevity risk is uncommon but insurers have to take it into account when they are pricing their annuity products. There are two types of longevity risks. On the one hand the idiosyncratic longevity risk and on the other hand the systematic longevity risk. With regards to the idiosyncratic longevity risk, individuals are faced with the issue that they need to invest in assets for their retirement in spite of an uncertain span of lifetime and thus an uncertain investment horizon. Pricing of life annuities could be done according to corresponding mortality tables. If the clients of an insurer die on average according to mortality rates provided by such tables, the revenues of the insurer should be sufficient to ensure the payments for the clients who are still alive. The issue out of a pension fund perspective is that longevity has been improving over time and clients could live longer than anticipated. These improvements occurred in an unpredictable way, especially at higher ages according to Cairns et al. (2006). Insurers therefore made false calculations of the insurance premium and suffered losses due to pensioners living longer than anticipated. The systematic longevity risk is based on the stochastic variation of mortality. The future development of life expectancy will be highly unpredictable due to medical improvements or discoveries in genetic research. For that reason insurers need stochastic models to quantify the systematic mortality changes over time and to make a prediction about future mortality in order to prevent losses caused by longevity risk. This paper will firstly discuss the literature regarding the Lee and Carter one factor model and the relevance of longevity risk for annuity pricing. Second this paper aims to estimate the stochastic two-factor model by Cairns, Blake and Dowd (2006) (CBD) for U.S. males from 1933 to 2010 by running a simulation to predict average mortality for the year 2030. In the further course will this stated prediction be used to price an annuity product followed by a brief conclusion and summary of results.
Retirement System Risk Management
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Author : Olivia S. Mitchell
language : en
Publisher: Oxford University Press
Release Date : 2016
Retirement System Risk Management written by Olivia S. Mitchell and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business & Economics categories.
The global financial crisis had immediate and profound impacts on pension and insurance company assets intended to finance millions of peoples' retirement. This volume illustrates several ways in which retirement risk management should be conceived of differently from bank practice.
Risk Based Supervision Of Pension Funds A Review Of Internation Experience And Preliminary Assessment Of The First Outcomes
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Author :
language : en
Publisher: World Bank Publications
Release Date :
Risk Based Supervision Of Pension Funds A Review Of Internation Experience And Preliminary Assessment Of The First Outcomes written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.