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Evaluating the Financial Performance of Pension Funds

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Author Info

  • Richard Hinz
  • Heinz P. Rudolph
  • Pablo Antolin
  • Juan Yermo

Abstract

Since the early 1980s, the structure of arrangements to provide retirement income has gradually moved from defined benefit (DB) systems to various types of arrangements in which the provision of pensions is backed by assets, either in individual accounts or in collective schemes. This change has been motivated principally by governments seeking to lessen the fiscal impact of aging populations and to diversify the sources of retirement income. One of the key results is that many pension systems are now in the process of becoming asset backed. This increasingly links retirement incomes to the performance of these assets, resulting in participants being exposed to the uncertainties of investment markets to determine the level of benefits that they will ultimately receive. The potential consequences of this have never been more evident than during the recent global financial crisis. This introductory chapter provides an overview of the issues and motivation for this work and summarizes the studies that were conducted and their main findings. It concludes with policy-related observations that arise from the overall consideration of the research program. The remainder of the volume contains a selection of the studies undertaken through the partnership that focus on developing approaches to evaluate performance of pension funds and concludes with observations and commentary from four noted experts in the field on the issues raised by this work and the interpretation of the findings.

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Bibliographic Info

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This book is provided by The World Bank in its series World Bank Publications with number 2405 and published in 2010.

ISBN: 978-0-8213-8159-5
Handle: RePEc:wbk:wbpubs:2405

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References

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  1. Joao F. Cocco, 2005. "Consumption and Portfolio Choice over the Life Cycle," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 18(2), pages 491-533.
  2. Zvi Bodie & Doriana Ruffino & Jonathan Treussard, 2008. "Contingent Claims Analysis and Life-Cycle Finance," American Economic Review, American Economic Association, American Economic Association, vol. 98(2), pages 291-96, May.
  3. Zvi Bodie & J�r�me Detemple & Marcel Rindisbacher, 2009. "Life-Cycle Finance and the Design of Pension Plans," Annual Review of Financial Economics, Annual Reviews, Annual Reviews, vol. 1(1), pages 249-286, November.
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Citations

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Cited by:
  1. Peeters, Marga, 2011. "“Better Safe than Sorry” - Individual Risk-free Pension Schemes in the European Union - Macroeconomic Benefits, the Mobile Working Citizen’s Perspective and Why Nots," MPRA Paper, University Library of Munich, Germany 33571, University Library of Munich, Germany.
  2. Jacob A. Bikker, 2013. "Is there an optimal pension fund size? A scale-economy analysis of administrative and investment costs," Working Papers, Utrecht School of Economics 13-06, Utrecht School of Economics.
  3. Tony Randle & Heinz P. Rudolph, 2014. "Pension Risk and Risk Based Supervision in Defined Contribution Pension Funds," World Bank Other Operational Studies, The World Bank 17791, The World Bank.
  4. Holzmann, Robert, 2012. "Global Pension Systems and Their Reform: Worldwide Drivers, Trends, and Challenges," IZA Discussion Papers, Institute for the Study of Labor (IZA) 6800, Institute for the Study of Labor (IZA).
  5. Rudolph, Heinz P. & Holtzer, Peter, 2010. "Challenges of the mandatory funded pension system in the Russian Federation," Policy Research Working Paper Series, The World Bank 5514, The World Bank.
  6. Anastasia Petraki & Anna Zalewska, . "With whom and in what is it better to save? Personal pensions in the UK Abstract: This paper studies the relationship between fund and provider characteristics, and fund performance using a sample of ," The Centre for Market and Public Organisation, Department of Economics, University of Bristol, UK 13/304, Department of Economics, University of Bristol, UK.
  7. Jackowicz, Krzysztof & Kowalewski, Oskar, 2012. "Crisis, internal governance mechanisms and pension fund performance: Evidence from Poland," Emerging Markets Review, Elsevier, Elsevier, vol. 13(4), pages 493-515.
  8. Gregorio Impavido & Heinz Rudolph & Luigi Ruggerone, 2013. "Bank Funding in Central, Eastern and South Eastern Europe Post Lehman," IMF Working Papers, International Monetary Fund 13/148, International Monetary Fund.
  9. Castaneda, Pablo & Rudolph, Heinz P., 2011. "Upgrading investment regulations in second pillar pension systems : a proposal for Colombia," Policy Research Working Paper Series, The World Bank 5775, The World Bank.
  10. Anastasia Petraki & Anna Zalewska, . "Jumping over a low hurdle: Personal pension fund performance Abstract: This study analyses a sample of 8,255 UK personal pension funds operated by 60 providers over a 30 years’ period (1980 – 2009," The Centre for Market and Public Organisation, Department of Economics, University of Bristol, UK 13/305, Department of Economics, University of Bristol, UK.

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