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Governance and Investment of Public Pension Reserve Funds in Selected OECD Countries

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  • Juan Yermo
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    Abstract

    Many countries around the world are partly prefunding their otherwise pay-as-you-go (PAYG) financed social security systems by establishing or further developing existing public pension reserve funds (PPRFs). Most OECD countries have put in place internal and external governance mechanisms and investment controls to ensure the sound management of these funds and better isolate them from undue political influence. These structures and mechanisms are in line with OECD standards of good pension fund governance and investment management. In particular, the requirements of accountability, suitability and transparency are broadly met by these reserve funds. However, some specific details of the funds’ governance and investment management could be improved in a few countries, such as enhancing the expertise in the funds’ governing boards and constraining discretionary interventions by government. Such reforms will ultimately raise the long-term investment performance of the funds and the solvency of social security systems. La gouvernance et les investissements des caisses de réserve des régimes publics de retraite dans quelques pays de l'OCDE De nombreux pays dans le monde procèdent à une capitalisation préalable partielle de leurs régimes de protection sociale qui reposent par ailleurs sur la répartition. À cet effet, ils dotent leurs régimes publics de retraite de caisses de réserve ou développent les caisses existantes. La plupart des pays de l’OCDE ont mis en place des mécanismes internes et externes de gouvernance et de contrôle des investissements pour veiller à la saine gestion de ces caisses et à mieux les isoler d’influences politiques indues. Ces structures et mécanismes sont conformes aux normes de bonne gouvernance des fonds de pension et de gestion des investissements. En particulier, ces caisses respectent de façon générale les impératifs de responsabilité, de qualification et de transparence. Cela étant, dans quelques pays, on pourrait améliorer des spécificités de la gouvernance et de la gestion des investissements, notamment en renforçant les instances dirigeantes de ces caisses et en limitant les interventions discrétionnaires des pouvoirs publics. Ces réformes permettront en dernière analyse d’améliorer les performances de long terme des investissements de ces caisses et la solvabilité des régimes de protection sociale.

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    File URL: http://dx.doi.org/10.1787/244270553278
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    Bibliographic Info

    Paper provided by OECD Publishing in its series OECD Working Papers on Insurance and Private Pensions with number 15.

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    Date of creation: Jan 2008
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    Handle: RePEc:oec:dafaab:15-en

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    Keywords: governance; pension fund; asset management; social security; public pensions; reserve funds; régime publics de retraite; caisses de réserve; gestion de portefeuille; fonds de pension; protection sociale; gouvernance;

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    Cited by:
    1. Ashby H. B. Monk, 2008. "Is CalPERS a Sovereign Wealth Fund?," Issues in Brief ib2008-8-21, Center for Retirement Research, revised Dec 2008.

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