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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 coutries, 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 The World Bank in its series Social Protection Discussion Papers with number 23140.

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Date of creation: 30 Jun 2000
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Handle: RePEc:wbk:hdnspu:23140

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Keywords: Public Sector Economics; Urban Economics; Public&Municipal Finance; Public Sector Management and Reform; Urban Governance and Management;

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References

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  1. Palacios, Robert & Whitehouse, Edward, 1998. "The role of choice in the transition to a funded pension system," Social Protection Discussion Papers, The World Bank 20109, The World Bank.
  2. 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.
  3. Olivia S. Mitchell, . "Administrative Costs in Public and Private Retirement Systems," Pension Research Council Working Papers, Wharton School Pension Research Council, University of Pennsylvania 96-4, Wharton School Pension Research Council, University of Pennsylvania.
  4. Mervyn A. King & Louis Dicks-Mireaux, 1981. "Asset Holdings and the Life Cycle," NBER Working Papers 0614, National Bureau of Economic Research, Inc.
  5. 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, University of Chicago Press, vol. 69(2), pages 133-57, April.
  6. Richard Disney & Edward Whitehouse, 1994. "Choice of private pension plan and pension benefits in the UK," IFS Working Papers, Institute for Fiscal Studies W94/02, Institute for Fiscal Studies.
  7. Shah, Ajay & Fernandes, Kshama, 2000. "The relevance of index funds for pension investment in equities," Policy Research Working Paper Series, The World Bank 2494, The World Bank.
  8. Peter S. Heller, 1998. "Rethinking Public Pension Reform Initiatives," IMF Working Papers, International Monetary Fund 98/61, International Monetary Fund.
  9. Lakonishok, Josef, et al, 1991. "Window Dressing by Pension Fund Managers," American Economic Review, American Economic Association, American Economic Association, vol. 81(2), pages 227-31, May.
  10. Shah, Hemant, 1997. "Toward better regulation of private pension funds," Policy Research Working Paper Series, The World Bank 1791, The World Bank.
  11. Demarco, Gustavo & Rofman, Rafael & Whitehouse, Edward, 1998. "Supervising mandatory funded pension systems: issues and challenges," MPRA Paper 16348, University Library of Munich, Germany.
  12. Elton, Edwin J & Gruber, Martin J & Blake, Christopher R, 1996. "Survivorship Bias and Mutual Fund Performance," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 9(4), pages 1097-1120.
  13. Ball, Ray & Kothari, S. P. & Shanken, Jay, 1995. "Problems in measuring portfolio performance An application to contrarian investment strategies," Journal of Financial Economics, Elsevier, Elsevier, vol. 38(1), pages 79-107, May.
  14. Whitehouse, Edward, 1998. "Pension Reform in Britain," MPRA Paper 14175, University Library of Munich, Germany.
  15. Zvi Bodie & Alan J. Marcus & Robert C. Merton, 1985. "Defined Benefit versus Defined Contribution Pension Plans: What are the Real Tradeoffs?," NBER Working Papers 1719, National Bureau of Economic Research, Inc.
  16. Malhotra, D K & McLeod, Robert W, 1997. "An Empirical Analysis of Mutual Fund Expenses," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, Southern Finance Association;Southwestern Finance Association, vol. 20(2), pages 175-90, Summer.
  17. Chlon, Agnieszka & Gora, Marek & Rutkowski, Michal, 1999. "Shaping pension reform in Poland : security through diversity," Social Protection Discussion Papers, The World Bank 20852, The World Bank.
  18. Disney, Richard & Whitehouse, Edward, 1999. "Pension plans and retirement incentives," Social Protection Discussion Papers, The World Bank 20851, The World Bank.
  19. Ferson, Wayne E & Schadt, Rudi W, 1996. " Measuring Fund Strategy and Performance in Changing Economic Conditions," Journal of Finance, American Finance Association, American Finance Association, vol. 51(2), pages 425-61, June.
  20. Iglesias, Augusto & Palacios, Robert J., 2000. "Managing public pension reserves - Part I : evidence from the international experience," Social Protection Discussion Papers, The World Bank 21311, The World Bank.
  21. Richard Disney & Robert Palacios & Edward Whitehouse, 1999. "Individual choice of pension arrangement as a pension reform strategy," IFS Working Papers, Institute for Fiscal Studies W99/18, Institute for Fiscal Studies.
  22. A Gosling & Stephen Machin, 1995. "The Changing Distribution of Male Wages in the UK," CEP Discussion Papers, Centre for Economic Performance, LSE dp0271, Centre for Economic Performance, LSE.
  23. Whitehouse, Edward, 1999. "The tax treatment of funded pensions," Social Protection Discussion Papers, The World Bank 20126, The World Bank.
  24. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 66, pages 467.
  25. Vittas, Dimitri, 1998. "Regulatory controversies of private pension funds," Policy Research Working Paper Series, The World Bank 1893, The World Bank.
  26. King, M A & Dicks-Mireaux, L-D L, 1982. "Asset Holdings and the Life-Cycle," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 92(366), pages 247-67, June.
  27. Arrau, Patricio & Schmidt-Hebbel, Klaus, 1995. "Pensions systems and reform : country experiences and research issues," Policy Research Working Paper Series, The World Bank 1470, The World Bank.
  28. Disney, Richard & Whitehouse, Edward, 1996. "What Are Occupational Pension Plan Entitlements Worth in Britain?," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 63(250), pages 213-38, May.
  29. Brown, Stephen J, et al, 1992. "Survivorship Bias in Performance Studies," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 5(4), pages 553-80.
  30. D. K. Malhotra & Robert W. McLeod, 1997. "An Empirical Analysis Of Mutual Fund Expenses," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, Southern Finance Association;Southwestern Finance Association, vol. 20(2), pages 175-190, 06.
  31. Blake, David & Lehmann, Bruce N & Timmermann, Allan G, 1997. "Performance Measurement using Multiple Asset Class Portfolio Data," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1618, C.E.P.R. Discussion Papers.
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Citations

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

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