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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).

Suggested Citation

  • Palacios, Robert, 2002. "Managing public pension reserves Part II : lessons from five recent OECD initiatives," Social Protection and Labor Policy and Technical Notes 33407, The World Bank.
  • Handle: RePEc:wbk:hdnspu:33407
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    References listed on IDEAS

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    1. Bodie, Zvi & Merton, Robert C., 2002. "International pension swaps," Journal of Pension Economics and Finance, Cambridge University Press, vol. 1(01), pages 77-83, March.
    2. Brian McCulloch & Jane Frances, 2001. "Financing New Zealand Superannuation," Treasury Working Paper Series 01/20, New Zealand Treasury.
    3. Whitehouse, Edward, 2000. "Administrative charges for funded pensions: An international comparison and assessment," MPRA Paper 14172, University Library of Munich, Germany.
    4. von Furstenberg, George M, 1980. "Private Saving," American Economic Review, American Economic Association, vol. 70(2), pages 177-181, May.
    5. Iglesias, Augusto & Palacios, Robert J., 2000. "Managing public pension reserves - Part I : evidence from the international experience," Social Protection and Labor Policy and Technical Notes 21311, The World Bank.
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    Citations

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    Cited by:

    1. Massimo Baldini & Luca Beltrametti, 2006. "Alternative Approaches to Long-term Care Financing. Distributive Implications and Sustainability for Italy," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 142(V), pages 117-121.
    2. World Bank, 2003. "The Pension System in Iran : Challenges and Opportunities, Volume 1. Main Report," World Bank Other Operational Studies 14645, The World Bank.
    3. 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, June.
    4. Steven A. Sass, 2014. "Privatizing Railroad Retirement," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number prr, November.
    5. Queisser, Monika & Whitehouse, Edward, 2005. "Pensions at a glance: public policies across OECD countries," MPRA Paper 10907, University Library of Munich, Germany.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    10. 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.

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