The Pension Challenge
Risk Transfers and Retirement Income Security
Published on 13. November 2003
Book
Hardback
362 pages
978-0-19-926691-3 (ISBN)
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.
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.
More details
Series
Language
English
Place of publication
Oxford
United Kingdom
Target group
Professional and scholarly
Illustrations
numerous line drawings and tables
Dimensions
Height: 240 mm
Width: 161 mm
Thickness: 24 mm
Weight
708 gr
ISBN-13
978-0-19-926691-3 (9780199266913)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Persons
Olivia S. Mitchell is Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania , and also a research Associate at the National Bureau of Economic Research. Her academic research explores private and public insurance, risk management, public finance and labour markets, and compensation and pensions, with a US and an international focus. Previously she taught at Cornell University, visited Harvard University and the University of New South Wales, served on the Us Department of Labor's ERISA Advisory Council, and served as a Board Member for Alexander and Alexander services, Inc. She recently served on President Bush's Commission to Strengthen Social Security. She received her PhD in Economics from the University of Wisconsin-Madison.
Kent Smetters is an Assistant Professor in the Insurance and Risk Management Department at the Wharton School at the University of Pennsylvania. Previously he worked at the Congressional Budget Office, visited the Stanford Economics Department, and served as Deputy Assistant Secretary for Economic Policy of the US Treasury. His research interests include intergenerational risk sharing within households. He received his PhD in Economics from Harvard University.
Kent Smetters is an Assistant Professor in the Insurance and Risk Management Department at the Wharton School at the University of Pennsylvania. Previously he worked at the Congressional Budget Office, visited the Stanford Economics Department, and served as Deputy Assistant Secretary for Economic Policy of the US Treasury. His research interests include intergenerational risk sharing within households. He received his PhD in Economics from Harvard University.
Content
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