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  • Antolin, Pablo  (7)
  • Paris : OECD Publishing  (7)
  • Ankara : Turkish Revenue Administration
  • Ann Arbor, Michigan : ProQuest
  • Finance and Investment  (7)
Datasource
Material
Language
Years
Author, Corporation
Publisher
  • Paris : OECD Publishing  (7)
  • Ankara : Turkish Revenue Administration
  • Ann Arbor, Michigan : ProQuest
Keywords
  • 1
    Online Resource
    Online Resource
    The Economic Impact of Protracted Low Interest Rates on Pension Funds and Insurance Companies (2011)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2011, no. 1, p. 237-256
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 20 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2011, no. 1, p. 237-256
    Keywords: Finance and Investment
    Abstract: A period of protracted low interest rates is a feasible, even if not the most likely, scenario going forward and such a scenario would adversely affect pension funds and insurance companies. Protracted low interest rates affect investment opportunities and have a potentially significant adverse effect on life insurance companies and institutions whose liabilities consist of a fixed investment return or benefit promises, such as is the case for defined-benefit pension funds. It cannot be ruled out that the financial institutions affected engage in “gambling for redemption” in an attempt to match the level of return promised to beneficiaries when financial markets were more elevated.
    DOI: 10.1787/fmt-2011-5kg55qw0m56l
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions (2011)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2010, no. 2, p. 189-217
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 29 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2010, no. 2, p. 189-217
    Keywords: Finance and Investment
    Abstract: This article examines the impact of labour, financial and demographic risks on retirement income from DC pension plans, with a special emphasis on labour-market risk. It uses a stochastic model that incorporates uncertainty about returns on investment, inflation, discount rates, life expectancy, employment prospects and real wages. The analysis herein highlights that labour-market risk, as well as uncertainty about returns on investment and inflation, have the largest impact on retirement income. The results suggest that default life-cycle investment strategies that reduce exposure to risky assets in the last decade before retirement are quite helpful in reducing the risk of sharp reductions in retirement income, in particular when a negative shock to equity markets occurs in the years before retiring. However, life-cycle strategies fail to address issues of retirement income adequacy or smooth out the volatility in retirement income from DC pension plans.
    DOI: 10.1787/fmt-2010-5kggc0z23fr5
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Assessing Default Investment Strategies in Defined Contribution Pension Plans (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2010, no. 1, p. 87-115
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 29 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2010, no. 1, p. 87-115
    Keywords: Finance and Investment
    Abstract: This paper assesses the relative performance of different investment strategies for different structures of the payout phase. In particular, it looks at whether the specific glide-path of life-cycle investment strategies and the introduction of dynamic features in the design of default investment strategies affect significantly retirement income outcomes. The analysis concludes that there is no “one-size-fits-all” default investment option. Life-cycle and dynamic investment strategies deliver comparable replacement rates adjusted by risk. However, life-cycle strategies that maintain a constant exposure to equities during most of the accumulation period, switching swiftly to bonds in the last decade before retirement, seem to produce better results and are easier to explain. Dynamic management strategies can provide somewhat higher replacement rates for a given level of risk than the more deterministic strategies, at least in the case of pay-outs in the form of variable withdrawals. The length of the contribution period also affects the ranking of the different investment strategies with life-cycle strategies having a stronger positive impact the shorter is the contribution period.
    DOI: 10.1787/fmt-2010-5km7k9tp4bhb
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    Private pensions and policy responses to the financial economic crisis (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 1, p. 127-141
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 15 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 1, p. 127-141
    Keywords: Finance and Investment
    Abstract: This article discusses responses to current financial and economic crisis by regulators, supervisorss and policy makers in the area of private pensions. These responses are examined in the light of international guidelines, best practices and recommendations to improve the design of private pensions. Policy makers are reminded that private pensions continue to play an important role in a balanced pension system, with security coming from diversity of provision.
    DOI: 10.1787/fmt-v2009-art5-en
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 5
    Online Resource
    Online Resource
    Ageing and the payout phase of pensions, annuities and financial markets (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 2, p. 1-19
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 24 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 2, p. 1-19
    Keywords: Finance and Investment
    Abstract: This paper reviews the impact of ageing on private pensions, in particular on the payout phase, assesses the part that annuities can play in financing retirement, and examines the role of financial markets in facilitating the allocation of assets accumulated in defined contribution pension plans.A comprehensive set of recommendations for consideration is provided at the end of the paper.
    DOI: 10.1787/fmt-v2008-art14-en
    URL: Volltext
    URL: lizenzpflichtig
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    MPI Ethno. Forsch.
  • 6
    Online Resource
    Online Resource
    Longevity Risk and Private Pensions (2007)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2007, no. 1, p. 107-128
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 27 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2007, no. 1, p. 107-128
    Keywords: Finance and Investment
    Abstract: This paper examines how uncertainty regarding future mortality and life expectancy outcomes, i.e. longevity risk, affects employer-provided defined benefit (DB) private pension plans liabilities. For this purpose, it examines the different approaches that private pension plans follow in practice when incorporating longevity risk in their actuarial calculations. Unfortunately, most pension funds do not fully account for future improvements in mortality and life expectancy. The paper then presents estimations of the range of increase in the net present value of annuity payments for a theoretical DB pension fund. Finally, the paper discusses several policy issues on how to deal with longevity risk emphasising the need for a common approach. In this regard, it argues, following Antolin (2007), that to assess uncertainty and associated risks adequately, a stochastic approach to model mortality and life expectancy is preferable because it permits to attach probabilities to different forecasts.
    DOI: 10.1787/fmt-v2007-art6-en
    URL: Volltext
    URL: lizenzpflichtig
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  • 7
    Online Resource
    Online Resource
    Governments and the Market for Longevity-indexed Bonds (2007)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2007, no. 1, p. 153-175
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 28 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2007, no. 1, p. 153-175
    Keywords: Finance and Investment
    Abstract: Uncertainty about length of life, longevity risk, is a growing financial problem for pension funds and annuity providers. Unfortunately, there is a lack of financial instruments to hedge against this longevity risk, thereby complicating risk management by pension funds and hindering the expansion of the annuity market. Consequently, this paper examines the role of government in promoting a private market solution for longevity hedging financial products. Governments could in principle improve the market for annuities by issuing longevity-indexed bonds and by producing a longevity index. The paper argues that the first public policy role is hampered by the fact that governments are themselves already exposed to significant longevity risk. However, governments could take other steps such as producing a reliable longevity index.
    DOI: 10.1787/fmt-v2007-art8-en
    URL: Volltext
    URL: lizenzpflichtig
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