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Financement des retraites par capitalisation et équilibre des systèmes financiers : le cas du Royaume-Uni

Listed author(s):
  • Christine Lagoutte
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    [fre] Les fonds de pension britanniques se caractérisent par un fort enracinement culturel, une fiscalité et une réglementation avantageuse et un poids économique important. La forte baisse des actions au début des années 2000 n’a pas été sans conséquence sur leurs performances, la stratégie de choix des actifs et les difficultés actuelles et potentielles liées à la satisfaction des engagements à l’égard des adhérents. Les fonds de pension tendent à se désengager des actifs risqués, voire à s’orienter vers un système à cotisations définies. La présente analyse relative à la gestion de portefeuille de 4 grands fonds de pension publics à prestations définies, conclut qu’il existe une déconnexion entre la richesse relative du fonds et l’allocation en actions. À l’aube des départs massifs à la retraite des baby boomers, de telles conclusions laissent supposer qu’on n’assistera pas dans les années prochaines à des ventes intensives d’actions. Classification JEL : G23, H55, J26 [eng] Funded pension scheme and financial equilibrium : the case of United Kingdom Pension funds are deeply and culturally rooted in the British society. They benefit from a favourable taxation and regulation and an important economic weight. Their financial performances, their strategy of portfolio choice and the difficulties to satisfy their commitments were influenced by the stock market fall at the beginning of 2000s. The pension funds tend to withdraw from risky assets, or even to turn to a defined contribution pension plan. This article analyses the portfolios management of 4 big public pension funds with defined benefits and shows a disconnection between the wealth of the fund and its share allocation strategy. Such conclusions let assume that as a result of the retirement of baby boomers, any intensive sales of shares will occur next years. JEL classification : G23, H55, J26

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    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 86 (2006)
    Issue (Month): 5 ()
    Pages: 331-362

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_2006_num_86_5_4216
    Note: DOI:10.3406/ecofi.2006.4216
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    1. E. Philip Davis, 2004. "Is there a Pensions Crisis in the U.K.?," The Geneva Papers on Risk and Insurance, The International Association for the Study of Insurance Economics, vol. 29(3), pages 343-370, 07.
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