Finance and Occupational Pensions
Theories and International Evidence
(Sprache: Englisch)
Occupational pensions are major participants inglobal financial markets with assets of well over $30 trillion, representingmore than 40% of the assets of institutional investors. Some occupationalpension funds control assets of over $400 billion, and the...
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Occupational pensions are major participants inglobal financial markets with assets of well over $30 trillion, representingmore than 40% of the assets of institutional investors. Some occupationalpension funds control assets of over $400 billion, and the largest 300occupational pension funds each have average assets of over $50 billion. Theassets of UK pension funds are equivalent to UK GDP, and US pension fund assetsare 83% of US GDP. These statistics highlight the importance of pension fundsas major players in financial markets, and the need to understand the behaviourof these large institutional investors. Occupational pensions also play animportant, but neglected, role in corporate finance. For example, US companypension schemes account for over 60% of company market value, and yet they areoften ignored when analysing companies.
This book is based on the substantial body ofevidence available from around the world on a topic that has becomeincreasingly important and controversial in recent years. Written forpractitioners, students and academics, this book brings together andsystematizes a very large international literature from financial economists,actuaries, practitioners, professional organizations, official documents andreports. The underlying focus is the application of the principles of financialeconomics to occupational pensions, including the work of Nobel laureates such as Merton, Markowitz,Modigliani, Miller and Sharpe, as well as Black.
This book will give readers an up-to-dateunderstanding of occupational pensions, the economic issues they face, and somesuggestions of how these issues can be tackled. The first section explains theoperation of defined benefit and defined contribution pensions, along with somedescriptive statistics. The second section covers selected aspects ofoccupational pensions. The focus of these first two sections is on the economicand financial aspects of pensions, accompanied by some basic information on howthey operate.
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This is followed by three further sections that analyse theinvestment of pension funds, the corporate finance implications of firmsproviding pensions for their employees, and annuities.
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Inhaltsverzeichnis zu „Finance and Occupational Pensions “
Part 1. Introduction to Pension Schemes.- 1.1 The Three Pillars.- 1.2. Replacement Rate.- 1.3. Funded versus Unfunded Schemes.- 1.4. Macroeconomic and Inter-Generational Considerations.- 1.5. Pension Scheme Membership.- 1.6. Main Types of Occupational Scheme.- 1.7. Tax Benefits of Pensions.- 1.8. Life Expectancy.- 1.9. Auto-Enrolment.- Part 2. Selected Pension Scheme Topics.- 2.1. Why Do Employers Provide Pension Schemes?.- 2.2 The Death of DB Schemes.- 2.3. The Shift from DB to DC Schemes.- 2.4. Problems with DC Schemes.- 2.5. Pensions Buy-Outs and Buy-Ins.- 2.6. Closed or Frozen Schemes.- 2.7. Dealing With Rising Longevity.- 2.8. Pension Scheme Insurance.- 2.9. The Design of Pension Schemes.- 2.10. Age and Uniform Contribution and Accrual Rates.- 2.11. Compulsory Occupational Pension Scheme Membership.- 2.12. Redistribution by Pension Schemes.- 2.13. Economies of Scale.- 2.14. Chinese Pensions.- Part 3. Investment and Pension Schemes.- 3.1. DC Schemes.- 3.2. DB Schemes.- 3.3. Other Investment Topics.- Part 4. Corporate Finance and Pension Schemes.- 4.1. Consolidation with the Company.- 4.2. Leverage Effects.- 4.3. Liquidity Effects.- 4.4. Betas and Pension Schemes.- 4.5 Other Effects.- 4.6. Irrelevance of Scheme Funding and Asset Allocation.- 4.7. Equity Investment and Risk Sharing.- 4.8. Arguments for Over and Under-funding DB Pension Schemes.- 4.9. Tax Arbitrage and DB Pension Schemes.- 4.10. Tax Arbitrage, Default Insurance and Risk Sharing.- Part 5. Annuities.- 5.1. A Simple Annuity.- 5.2. Voluntary and Compulsory Annuities.- 5.3. The Increasing Importance of Annuities.- 5.4. A Simple Annuity Pricing Model.- 5.5. Other Influences on Annuity Prices.- 5.6. Mortality Discount or Mortality Credit or Mortality Drag.- 5.7. Tontines.- 5.8. Reasons for Buying an Annuity.- 5.9. The Annuity Puzzle.- 5.10. Some Partial Explanations for the Annuity Puzzle.- 5.11. Evaluating Annuity Prices.- 5.12. Some Other Types of Annuity.- 5.13. Annuity Timing Decision.- 5.14. The
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Annuity Decision and the Open Market Option (OMO).- 5.15. Historical Perspective on Mortality Tables.- 5.16. Long Term Care and Adverse Selection.- 5.17. Did Joint Life Annuities Indirectly Cause the Credit Crisis?.- 5.18. Guaranteed Annuity Rates (GAR).- 5.19. Deferred Annuities.- 5.20. A Long Term Solution? Single Premium Deferred Annuities (SPDA).-
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Autoren-Porträt von Charles Sutcliffe
Charles Sutcliffe is aprofessor of finance at the ICMA Centre, Henley Business School, University ofReading, where he teaches a course on occupational pensions. Between 2001 and2007 he was a member nominated trustee of the Universities Superannuation Scheme(USS), and from 1981 to 1985 a trustee of the Berkshire Local AuthoritiesSuperannuation Fund.
Bibliographische Angaben
- Autor: Charles Sutcliffe
- 2016, 1st ed., 317 Seiten, Maße: 15,5 x 23,5 cm, Kartoniert (TB), Englisch
- Verlag: Palgrave Macmillan
- ISBN-10: 1349948624
- ISBN-13: 9781349948628
- Erscheinungsdatum: 29.12.2016
Sprache:
Englisch
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