年金制度の課題:リスク移転と退職後の所得保障<br>The Pension Challenge : Risk Transfers and Retirement Income Security (Pensions Research Council)

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年金制度の課題:リスク移転と退職後の所得保障
The Pension Challenge : Risk Transfers and Retirement Income Security (Pensions Research Council)

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  • 製本 Hardcover:ハードカバー版/ページ数 362 p.
  • 言語 ENG
  • 商品コード 9780199266913
  • DDC分類 331.252

基本説明

Illustrates how stakeholders can reinvent pensions that perform well in a competitive global setting.

Full Description

This book, the first in a new series produced by the Pension Research Council of the Wharton School in collaboration with Oxford University Press, explores ways to enhance retirement security in a volatile financial environment.

Mitchell and Smetters begin by assessing the myriad retirement risks confronting employees, retirees, employers, and governments, and it shows how stakeholders can work to reinvent pensions that perform well in a competitive global setting. Contributors then indicate how pension systems can be better designed to help protect against these risks.

Of special interest is a discussion of new financial products and structures to meet and manage challenges to old-age security. Examples considered include pension investment guarantees and hedges, adapting catastrophe bonds to the pension context, and key regulatory structures and portfolio requirements designed to protect unwary or unwitting pension participants. The contributors draw important lessons for a wide range of countries, drawing from both developed and developing market experiences.

Contributors include world-famous finance experts and risk management faculty, development economists, pension regulators, and pension consultants.

Contents

1. Overview: Developments in Risk Management for Retirement Security ; PLAN SPONSORS AND RETIREMENT INCOME RISK ; 2. An Analysis of Investment Advice to Retirement Plan Participants ; 3. The Role of Company Stock in Defined Contribution Plans ; 4. Company Stock and Pension Plan Diversification ; 5. Integrating Payouts: Annuity Design and Public Pension Benefits in Mandatory Defined Contribution Plans ; 6. Risk Transfer in Public Pension Plans ; 7. Securing Public Pension Promises through Funding ; GLOBAL DEVELOPMENTS IN RETIREMENT RISK TRANSFER ; 8. Understanding Individual Account Guarantees ; 9. Money-Back Guarantees in Individual Account Pensions: Evidence from the German Pension Reform ; 10. Hedging Segregated Fund Guarantees ; 11. Retirement Guarantees in Mandatory Defined Contribution Systems ; 12. Retirement Guarantees in Voluntary Defined Contribution Plans ; 13. Securitized Risk Instruments as Alternative Pension Fund Investments ; 14. Credit Implications of the Payout Annuity Market