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Managing public pension reserves Part II : lessons from five recent OECD initiatives

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  • Palacios, Robert

Abstract

A large number of public pension schemes around the world have accumulated significant reserves. Pre-funding might reduce the risk that future governments will not be able to meet pension obligations. The management of these funds therefore, has a direct effect on financial sustainability and potential benefit levels. It also has important indirect effects on the overall economy, especially when the funds are large relative to domestic capital markets. In the past, most public pension funds have not been invested effectively, largely because of political interference. This paper reviews strategies for limiting risks that arise when a public entity is entrusted with managing national pension savings. In particular, an attempt is made to draw lessons from recent reforms in five OECD countries (Canada, Ireland, Japan, New Zealand, and Sweden).

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Bibliographic Info

Paper provided by The World Bank in its series Social Protection Discussion Papers with number 33407.

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Date of creation: 01 Jul 2002
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Handle: RePEc:wbk:hdnspu:33407

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Related research

Keywords: Environmental Economics&Policies; Financial Intermediation; Banks&Banking Reform; Economic Theory&Research; ICT Policy and Strategies;

References

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  1. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
  2. Brian McCulloch & Jane Frances, 2001. "Financing New Zealand Superannuation," Treasury Working Paper Series 01/20, New Zealand Treasury.
  3. 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.
  4. von Furstenberg, George M, 1980. "Private Saving," American Economic Review, American Economic Association, vol. 70(2), pages 177-81, May.
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Cited by:
  1. Ashby H.B. Monk & Steven A. Sass, 2009. "Risk Pooling and the Market Crash: Lessons From Canada's Pension Plan," Issues in Brief ib2009-9-12, Center for Retirement Research, revised Jun 2009.
  2. Olivia S. Mitchell & John Piggott & Cagri Kumru, 2008. "Managing Public Investment Funds: Best Practices and New Challenges," NBER Working Papers 14078, National Bureau of Economic Research, Inc.
  3. Vittas, Dimitri & Impavido, Gregorio & O'Connor, Ronan, 2008. "Upgrading the investment policy framework of public pension funds," Policy Research Working Paper Series 4499, The World Bank.
  4. Whitehouse, Edward & Queisser, Monika, 2007. "Pensions at a glance: public policies across OECD countries," MPRA Paper 16349, University Library of Munich, Germany.
  5. World Bank, 2003. "The Pension System in Iran : Challenges and Opportunities, Volume 1. Main Report," World Bank Other Operational Studies 14645, The World Bank.
  6. Hess, David & Impavido, Gregorio, 2003. "Governance of public pension funds : lessons from corporate governance and international evidence," Policy Research Working Paper Series 3110, The World Bank.
  7. Ricardo Bebczuk & Alberto Musalem & María Luisa Streb, 2011. "Suggesting Guidelines for Public Pension Funds Governance," Department of Economics, Working Papers 089, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata.
  8. Massimo Baldini & Luca Beltrametti, 2005. "Alternative approaches to Long Term Care financing. Distributive implications and sustainability for Italy," Center for the Analysis of Public Policies (CAPP) 0009, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
  9. Robert Holzmann & Richard Hinz, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications, The World Bank, number 7336, October.

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