Regulating Defined Contribution Pension Schemes

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Regulating Defined Contribution Pension Schemes

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Author : Great Britain: National Audit Office
language : en
Publisher: The Stationery Office
Release Date : 2012-07-11

Regulating Defined Contribution Pension Schemes written by Great Britain: National Audit Office and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-11 with Business & Economics categories.

This report on the regulation of defined contribution pensions concludes that there is insufficient accountability to ensure that the regulatory system delivers value for money. The report highlights the taxpayer's substantial interest in the effectiveness of pension regulation. In 2010-11, tax relief for employer-sponsored defined contribution schemes amounted to an estimated £8.5 billion. The trend towards defined contribution schemes increases longer-term risks to the taxpayer, as members are on average likely to achieve considerably lower levels of retirement income than those with predominantly defined benefit pensions, and the state is ultimately liable for providing a basic income for the elderly. The Pensions Regulator regulates all work-based pension schemes and shares responsibility for regulating some of these schemes - so-called contract-based schemes - with the Financial Services Authority. The Regulator has adopted a sound approach of aiming to regulate in a targeted, proportionate and risk-based way, and that its evidence base is improving, as is the administration of schemes. However, The Pensions Regulator's current system of performance measurement does not make it possible to judge whether the Regulator is effective in protecting members' benefits, which is one of its strategic objectives. There is no single body leading on regulating schemes, setting objectives or measuring performance. The lack of a joined-up approach also means that there is insufficient basic information available about the market, such as definite numbers of scheme members or the levels of fees and charges they face.

The Structure Regulation And Performance Of Pension Funds In Nine Industrial Countries

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Author : E. P. Davis
language : en
Publisher: World Bank Publications
Release Date : 1993

The Structure Regulation And Performance Of Pension Funds In Nine Industrial Countries written by E. P. Davis 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 1993 with Canada categories.

Company pension funds can make important contributions to retirement income and to capital market development. But they need to be regulated and supervised to avoid fraud; protect the interests of workers, and minimize restrictions on labor mobility.

Private Pensions Series Regulating Private Pension Schemes Trends And Challenges

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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2002-04-19

Private Pensions Series Regulating Private Pension Schemes Trends And Challenges written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-04-19 with categories.

This conference proceedings analyses the key policy implications arising from the growth of private pensions.

Oecd Principles Of Occupational Pension Regulation Methodology For Assessment And Implementation

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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2010-08-18

Oecd Principles Of Occupational Pension Regulation Methodology For Assessment And Implementation written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-08-18 with categories.

This book provides a structured approach for evaluating a jurisdiction’s occupational pension regulatory system in relation to the OECD Core Principles of Occupational Pension Regulation.

Regulating Private Pension Schemes

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Author : International Network of Pensions Regulators and Supervisors. Conference
language : en
Publisher: OECD
Release Date : 2002

Regulating Private Pension Schemes written by International Network of Pensions Regulators and Supervisors. Conference and has been published by OECD this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Electronic books categories.

The issue of providing appropriate financial security for retirement is of growing importance for both OECD member and non-member countries, and the approaches adopted to implement the necessary reforms vary depending on each country's economic, social and demographic environment. Increasingly, however, reform programmes involve the establishment or extension of private pension arrangements. This book contains a selection of papers presented at a meeting in April 2001 of the International Network of Pension Regulators and Supervisors (INPRS) and the OECD to discuss the key policy implications arising from the growth of private pension schemes.

New Policies For Mandatory Defined Contribution Pensions

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Author : Gregorio Impavido
language : en
Publisher: World Bank Publications
Release Date : 2010-06-04

New Policies For Mandatory Defined Contribution Pensions written by Gregorio Impavido 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 2010-06-04 with Business & Economics categories.

Mandatory defined contribution pension markets are present in a growing number of countries around the world. But despite their popularity, policymakers continue to struggle with two key policy concerns. On the one hand, a number of design shortcomings encourages pension firms to charge high administrative fees. On the other hand, the global crisis that started in 2007 has reignited the debate on whether pension participants bear excessive investment risk. Both are valid policy concerns as their incidence can imply higher than expected levels of poverty among old age individuals. Both concerns have the same root problem---the limited capacity of individuals to choose what is best for them. This, in turn, stems from a combination of inadequate financial education, bounded rationality and the use of simplistic 'rules of thumb' that produce systematic biases in the decision making process of individuals. While improving financial education is an obvious avenue to pursue, this book is more concerned with design features that can exploit these systematic biases to protect consumers from themselves. 'New Policies for Mandatory Defined Contribution Pensions: Industrial Organization Models and Investment Products' (i) discusses the main implications for the functioning of mandatory defined contribution pensions of consumers inability to make rational choices; (ii) describes how jurisdictions have tried to address these problems through ad hoc policy interventions; and (iii) proposes new policy directions in the areas of industrial organization models and investment products to address these concerns more effectively. Written for practitioners and researchers around the world, this book provides access to new thinking on mandatory defined contribution pension systems and it makes an important contribution to the on-going policy debate on how to best structure mandatory defined contribution pillars.

The Role Of The State In Pension Provision Employer Regulator Provider

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Author : Gerard Hughes
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-09

The Role Of The State In Pension Provision Employer Regulator Provider written by Gerard Hughes and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-09 with Business & Economics categories.

This book deals with the role of the State in pension provision as an employer, regulator and provider. Part I deals with problems and reforms of public sector pension systems in OECD countries. The countries covered are Denmark, Finland, Germany, The Netherlands, Norway, and the USA. Part II considers the regulation of occupational pension schemes in The Netherlands and the United Kingdom, and whether there is still a role for the State in providing earnings-related pensions in the United Kingdom. Part III presents demographic projections for the next half-century, using Ireland as an example, looks at some of the options which have been used in Finland, and proposed in the United States, to cope with population ageing, and examines issues of intergenerational equity which are posed by these options. All the chapters deal with recent reforms. The chapters are written by acknowledged experts in their field who are independent of both the pensions industry and Government. Hence the chapters provide an informed critical account of current developments in relation to the reform of occupational pension schemes in the public sector and of the debate about the State's role as a regulator of private pension schemes and a provider of pensions based on the social insurance principal. The book is important as a source of information about pension schemes in OECD countries. It shows that there is not a unique model of occupational pension provision for public sector employees and that the pension benefits which are provided in different countries are quite variable. It also shows that public sector occupational pension systems have changed and are in the process of considerable further change in a number of OECD countries.

Nonfinancial Defined Contribution Pension Schemes In A Changing Pension World

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Author : Robert Holzmann
language : en
Publisher: World Bank Publications
Release Date : 2012-06-21

Nonfinancial Defined Contribution Pension Schemes In A Changing Pension World written by Robert Holzmann 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 2012-06-21 with Business & Economics categories.

Pensions and social insurance programs are an integral part of any social protection system. Their dual objectives are to prevent a sharp decline in income and protect against poverty resulting from old age, disability, or death. The critical role of pensions for protection, prevention, and promotion was reiterated and expanded in the new World Bank 2012-2022 social protection strategy. This new strategy reviews the success and challenges of the past decade or more, during which time the World Bank became a main player in the area of pensions. But more importantly, the strategy takes the three key objectives for pensions under the World Bank's conceptual framework coverage, adequacy, and sustainability and asks how these objectives and the inevitable difficult balance between them can best be achieved. The ongoing focus on closing the coverage gap with social pensions and the new outreach to explore the role of matching contributions to address coverage and/or adequacy is part of this strategy. This comprehensive anthology on nonfinancial defined contribution (NDC) pension schemes is part and parcel of the effort to explore and document the working of this new system or reform option and its ability to balance these three key objectives. This innovative, unfunded individual accounts scheme provides a promising option at a time when the world seems locked into a stalemate between piecemeal reform of ailing traditional defined benefit plans or their replacement with prefunded financial account schemes. The current financial crisis, with its focus on sovereign debt, has enhanced the attraction of NDC as a pension scheme that aims for intra and intergenerational fairness, offers a transparent framework to distribute economic and demographic risks, and, if well designed, promises long-term financial stability. Supplemented with a basic minimum pension guarantee, explicit noncontributory rights, and a funded pillar, the NDC approach provides an efficient framework for addressing poverty and risk diversification concerns.

New Policies For Mandatory Defined Contribution Pensions

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Author : Gregorio Impavido
language : en
Publisher: World Bank Publications
Release Date : 2010

New Policies For Mandatory Defined Contribution Pensions written by Gregorio Impavido 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 2010 with Defined contribution pension plans categories.

This book assesses the current functioning of mandatory defined contribution pension pillars, evaluates policy measures in place in various jurisdictions for addressing current inefficiencies, and proposes new policies for addressing them more effectively.

The Handbook Of Work Based Pension Schemes

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Author : Adam Jolly
language : en
Publisher: Kogan Page Publishers
Release Date : 2016-04-03

The Handbook Of Work Based Pension Schemes written by Adam Jolly and has been published by Kogan Page Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-03 with Business & Economics categories.

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 £10,000. 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.