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Administrative charges for funded pensions: An international comparison and assessment

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  • Whitehouse, Edward

Abstract

Pension fund charges reduce the rate of return on pension accounts in some countries by up to by two percentage points. Do charges of this scale undermine the case for funded pension provision? How can governments hold back costs and charges? This paper looks at evidence from thirteen countries, with policies ranging from complete liberalization of charge levels of structures to government imposed charge ceilings. The author stresses the trade-offs in limiting charges, especially in reduced competition and choice.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14172.

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Date of creation: Jun 2000
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Handle: RePEc:pra:mprapa:14172

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Keywords: pensions; administrative charges;

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References

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  1. Shah, Hemant, 1997. "Toward better regulation of private pension funds," Policy Research Working Paper Series 1791, The World Bank.
  2. Whitehouse, Edward, 1999. "The tax treatment of funded pensions," Social Protection Discussion Papers 20126, The World Bank.
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  4. Estelle James & Gary Ferrier & James Smalhout & Dimitri Vittas, 1999. "Mutual Funds and Institutional Investments: What is the Most Efficient Way to Set Up Individual Accounts in a Social Security System?," NBER Working Papers 7049, National Bureau of Economic Research, Inc.
  5. Arrau, Patricio & Schmidt-Hebbel, Klaus, 1995. "Pensions systems and reform : country experiences and research issues," Policy Research Working Paper Series 1470, The World Bank.
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  7. Malhotra, D K & McLeod, Robert W, 1997. "An Empirical Analysis of Mutual Fund Expenses," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(2), pages 175-90, Summer.
  8. Peter S. Heller, 1998. "Rethinking Public Pension Reform Initiatives," IMF Working Papers 98/61, International Monetary Fund.
  9. Demarco, Gustavo & Rofman, Rafael & Whitehouse, Edward, 1998. "Supervising mandatory funded pension systems: issues and challenges," MPRA Paper 16348, University Library of Munich, Germany.
  10. Disney, Richard & Whitehouse, Edward, 1999. "Pension plans and retirement incentives," Social Protection Discussion Papers 20851, The World Bank.
  11. Elton, Edwin J & Gruber, Martin J & Blake, Christopher R, 1996. "Survivorship Bias and Mutual Fund Performance," Review of Financial Studies, Society for Financial Studies, vol. 9(4), pages 1097-1120.
  12. Palacios, Robert & Whitehouse, Edward, 1998. "The role of choice in the transition to a funded pension system," Social Protection Discussion Papers 20109, The World Bank.
  13. Chlon, Agnieszka & Gora, Marek & Rutkowski, Michal, 1999. "Shaping pension reform in Poland : security through diversity," Social Protection Discussion Papers 20852, The World Bank.
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  20. Ferson, Wayne E & Schadt, Rudi W, 1996. " Measuring Fund Strategy and Performance in Changing Economic Conditions," Journal of Finance, American Finance Association, vol. 51(2), pages 425-61, June.
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  23. Iglesias, Augusto & Palacios, Robert J., 2000. "Managing public pension reserves - Part I : evidence from the international experience," Social Protection Discussion Papers 21311, The World Bank.
  24. King, M A & Dicks-Mireaux, L-D L, 1982. "Asset Holdings and the Life-Cycle," Economic Journal, Royal Economic Society, vol. 92(366), pages 247-67, June.
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  26. Elton, Edwin J & Gruber, Martin J & Blake, Christopher R, 1996. "The Persistence of Risk-Adjusted Mutual Fund Performance," The Journal of Business, University of Chicago Press, vol. 69(2), pages 133-57, April.
  27. Vittas, Dimitri, 1998. "Regulatory controversies of private pension funds," Policy Research Working Paper Series 1893, The World Bank.
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Citations

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Cited by:
  1. Palacios, Robert, 2002. "Managing public pension reserves Part II : lessons from five recent OECD initiatives," Social Protection Discussion Papers 33407, The World Bank.
  2. World Bank, 2004. "Peru : Restoring the Multiple Pillars of Old Age Income Security," World Bank Other Operational Studies 14681, The World Bank.
  3. Richard Disney & Carl Emmerson & Sarah Smith, 2003. "Pension Reform and Economic Performance in Britain in the 1980s and 1990s," NBER Working Papers 9556, National Bureau of Economic Research, Inc.
  4. Whitehouse, Edward, 2001. "Pension systems in 15 countries compared: the value of entitlements," MPRA Paper 14751, University Library of Munich, Germany.
  5. Javier Alonso & Jasmina Bjeletic & David Tuesta, 2010. "Reasons to justify fees on assets in the Peruvian private pension sector," Working Papers 1024, BBVA Bank, Economic Research Department.
  6. Kunibert Raffer, 2011. "Neoliberal Capitalism: A Time Warp Backwards to Capitalism’s Origins?," Forum for Social Economics, Taylor & Francis Journals, vol. 40(1), pages 41-62, January.
  7. Martin, John P. & Whitehouse, Edward, 2008. "Reforming Retirement-Income Systems: Lessons from the Recent Experiences of OECD Countries," IZA Discussion Papers 3521, Institute for the Study of Labor (IZA).
  8. Helen Higgs & Andrew C. Worthington, 2010. "Economies of Scale and Scope in Australian Superannuation Funds," Discussion Papers in Finance finance:201015, Griffith University, Department of Accounting, Finance and Economics.
  9. Impavido, Gregorio & Rocha, Roberto, 2006. "Competition and performance in the Hungarian second pillar," Policy Research Working Paper Series 3876, The World Bank.

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