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

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  • Christine Lagoutte

Abstract

[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

Suggested Citation

  • Christine Lagoutte, 2006. "Financement des retraites par capitalisation et équilibre des systèmes financiers : le cas du Royaume-Uni," Revue d'Économie Financière, Programme National Persée, vol. 86(5), pages 331-362.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2006_num_86_5_4216
    Note: DOI:10.3406/ecofi.2006.4216
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    References listed on IDEAS

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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 - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 29(3), pages 343-370, July.
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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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