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Defined-Contribution (DC) Arrangements in Anglo-Saxon Countries

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Author Info
John Ashcroft
Abstract

This paper provides a comparative analysis of defined contribution (DC) pension systems in Australia, Ireland, the United Kingdom and the United States. There are considerable similarities in the systems which have evolved out of employer sponsored trust-based defined benefit (DB) systems and have expanded at different rates as DB has declined. The plans predominantly offer individual accounts with a choice of funds, with virtually no guarantees of performance and few regulatory restrictions on investment. Most funds are heavily invested in equities, although there is a move in some of the countries to life-styling investments in the run-up to retirement. The paper finds notable contrasts between fiduciary requirements, the regulation of transparency and charges and the approach to the pay-out phase, which raise some important public policy questions.

Systèmes de pension à cotisations définies dans les pays anglo-saxons
Ce document présente une analyse comparative des systèmes de pension à cotisations définies en Australie, en Irlande, au Royaume-Uni et aux États-Unis. Il existe de grandes similitudes dans les systèmes à cotisations définies qui tendent à remplacer les systèmes d‘entreprise à prestations définies gérés par des « trusts », selon des rythmes différents à mesure que la part des systèmes à prestations définies se réduit. Les plans à cotisations définies sont essentiellement bâtis sur des comptes individuels qui offrent un choix de fonds sur lesquels investir. Ils n‘apportent pratiquement pas de garantie de performance et les contraintes réglementaires en matière de placements auxquelles ils sont soumis sont limitées. La plupart des fonds sont fortement investis en actions, bien qu‘on assiste au développement, dans certains pays, de fonds à horizon dont le portefeuille d‘investissements se modifie à mesure que le souscripteur approche de la retraite. L‘étude relève des différences notables dans les exigences fiduciaires, dans les règles de transparence et dans les frais mis à la charge des participants, ainsi que dans les modalités de déblocage de l‘épargne, ce qui soulève d‘importantes questions dans l‘optique de l‘action des pouvoirs publics.

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File URL: http://dx.doi.org/10.1787/224843410213
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Publisher Info
Paper provided by OECD, Directorate for Financial and Enterprise Affairs in its series OECD Working Papers on Insurance and Private Pensions with number 35.

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Date of creation: Mar 2009
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Handle: RePEc:oec:dafaab:35-en

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Related research
Keywords: default options; defined contribution; pension fund; private pensions; cotisations définies; fonds de pension; options par défaut; pensions privées;

Find related papers by JEL classification:
G23 - Financial Economics - - Financial Institutions and Services - - - Pension Funds; Other Private Financial Institutions
J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Private Pensions

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This page was last updated on 2009-11-17.

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