The role of the state in pensions
Published in Pensions: An International Journal
When does an IORP operate cross-border?
Published in Pensions: An International Journal
The EU Directive on the activities and supervision of institutions for occupational retirement provision was originally envisaged as a mechanism to facilitate pension planning across the EU for pan-European employers. One of the main objectives of the Directive was to allow pension funds to benefit from the Internal Market principles of free moveme...
European pension reform: A way forward
Published in Pensions: An International Journal
This article discusses the main challenges facing earnings-related pension systems in Europe and explores the roles of the financial sector, employers, national governments and the EU in addressing these challenges. The internal market and a deeper European capital market can help create a richer set of building blocks to build greater retirement s...
Recent trends in institutional investor responsibilities and stewardship
Published in Pensions: An International Journal
This article examines the key topics relating to institutional investor responsibilities and stewardship. It reviews the developments contributing to the increasing scrutiny of institutional shareholders and the standards and guidelines introduced to promote active ownership. The article also analyses the criteria to evaluate stewardship and sugges...
The case for local fair value discount rates under IFRS
Published in Pensions: An International Journal
In the Netherlands, listed companies and their pension funds have to apply the principle of fair value accounting with respect to valuation of pension liabilities for their financial statements. Both entities have to implement fair value accounting somewhat differently, as companies have to apply IFRS and pension funds are required to follow Dutch ...
De-risking and the flightpath to buyout
Published in Pensions: An International Journal
Trustees and employers are increasingly looking at the various de-risking options available to help manage the £1 trillion liabilities in UK defined benefit pension schemes. This article investigates why there is an increasing appetite for de-risking, including the challenges faced by schemes as a result of increasing costs, longevity trends and ac...
Retirement income security under Ghana's three-tier pension model: Assessment of risks and options for reform
Published in Pensions: An International Journal
This article analyzes the newly introduced three-tier pension scheme in Ghana, showing that major transformation in the country's overall pension system was the insertion of two private – mandatory and voluntary – pillars to the existing social insurance scheme. The analysis shows that although private pensions were projected as instruments for giv...
Pensions in a shrinking economy
Published in Pensions: An International Journal
An aging society with an absolutely or relatively declining labour force can – with constant capital intensity – experience a reduction in the national capital stock thereby in the short-term disengaging resources, which can be transferred to the elderly for consumption purposes. Hence, net savings are negative: dissavings of the pensioners exceed ...
The distinction between basic pension and contributory pension: The paradoxes of the recent reform to the Greek pension ...
Published in Pensions: An International Journal
Greece under severe financial and economic crisis has accepted the control of the World Monetary Fund and the European Union. Among other measures imposed on Greece is government funding to remain at 5 per cent of the GDP until 2030. In order to fulfill this obligation, Laws 3863 and 3865/2010 have been passed. With these laws, the distinction betw...
Design considerations for retirement savings and retirement income products
Published in Pensions: An International Journal
In the backdrop of a world with an ageing population and increasing life expectancy, the impact of the global financial crisis on the values of pension and superannuation funds has underscored the vulnerability of the wealth pool of retirees and their well-being during retirement. In light of this, it is important to examine how the design and deli...
