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A real-world look at the pension revolution underway The Future of Pension Management offers a progress report from the field, using actual case studies from around the world. In the mid-70s, Peter Drucker predicted that demographic dynamics would eventually turn pensions into a major societal issue; in 2007, author Keith Ambachsheer's book Pension Revolution laid out the ways in which Drucker's predictions had come to pass. This book provides a fresh look at the situation on the ground, and details the encouraging changes that have taken place in pension management concepts and practices. The challenges identified in 2007 are being addressed, and this report shows how design, management, and investment innovation have led to measurably better pension outcomes. Pensions have become an everyday news item, and people are rightly concerned about the security of their retirement in light of recent pension scandals and the global financial crisis. This book provides a note of encouragement, detailing the ways in which today's pensions are becoming more and more secure, and the new ideas and practices that are chipping away at the challenges. * Learn how pension management practices are improving * Examine the uptick in positive outcomes over recent years * Discover why pension investing is turning toward the long-term * Consider the challenges that remain and their possible solutions Drucker's vision of a needed pension revolution is unfolding in real time. Better pension designs, more effective pension governance, and more productive pension investing are mitigating many of the issues that threatened collapse. The Future of Pension Management provides a real-world update on the state of pensions today and a look forward to the changes we still need to make.

'Risk-Based Supervision of Pension Funds' provides a review of the design and experience of risk-based pension fund supervision in countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries, including pension funds and insurers. The trend toward risk-based supervision of pensions reflects an increasing focus on risk management in both banking and insurance based on three key elements: capital requirements, supervisory review, and market discipline. Although similar in concept to the techniques developed in banking, its application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined–Australia, Denmark, Mexico, and the Netherlands–provide a range of experience that illustrates both the diversity of pension systems and the approaches to risk-based supervision, and also presents a commonality of focus on sound risk management and effective supervisory outcomes.

Pension plans around the world are in a state of crisis. U.S. plans alone are facing a total accrued liability funding deficit of almost $4 trillion (of the same order of magnitude as the federal debt), a potential financial catastrophe that ranks among the largest ever seen. It has become clear that many government, corporate, and multi-employer pension sponsors will not be able to cope with this crippling debt and may default on promised benefits. And many of those sponsors that might be able to cope are exasperated by continuous, ongoing negative surprises-large unexpected deficits and higher-than-expected required contributions and pension expense-and are choosing to terminate their plans. But it need not be so. Pension Finance: Putting the Risks and Costs of Defined Benefit Plans Back under Your Control walks the reader through the conventional actuarial and accounting approaches to financing pension benefits and investing plan assets, showing that the problems described happen as a natural consequence of the dated methods still in use. It shows in detail how modern methods based on market value will easily minimize these risks: Pension plans can in fact be comfortable for employers to sponsor and safe for employees to contribute todepend on for their retirement needs. This book is must-read for defined benefit pension plan sponsors and employee representatives, plan executives, board members, accountants, fund managers, consultants, and regulators., Research sponsored by the CFA Institute, this book demystifies pension finance, previously accessible only to actuaries. It teaches the topic in lay terms by drawing complete analogies to ordinary transactions such as paying off a mortgage or saving for college. Armed with this book, anyone comfortable with finance and investments in any other context can be comfortable with pension finance and pension investment policy. And further armed with a handheld financial calculator, any layperson can quickly estimate the contributions needed to keep a given plan comfortably solvent, giving them a powerful tool for oversight.

The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the key components of the system, highlights the progress made to date and identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management standards.

Les manipulations bilantaires (ou Window Dressing dans le monde anglo-saxon) sont importantes pour tous les acteurs economiques, dans le cas notamment ou ces differentes manipulations conduiraient a influencer significativement le niveau de fonds propres de la societe. Un sujet problematique dans le cadre des heritages, de la cession du controle d'une PME, d'une acquisition ou encore d'une introduction en Bourse.Pour sensibiliser le lecteur a ce probleme, l'auteur, Luis Laperal, a voulu demontrer, au moyen d'un exemple simple, que les sources d'interpretation et/ou de manipulations des regles comptables sont nombreuses. En comptabilite, plus que dans toute autre matiere, la verite peut presenter plusieurs visages et se decliner sous de multiples facettes. Ces elements devront etre pris en consideration par le lecteur. La litterature professionnelle definit les operations de window-dressing comme etant des operations faites en fin d'annee pour embellir les etats financiers. La date de cloture d'un exercice comptable etant purement arbitraire, l'entreprise pourra avancer ou retarder la comptabilisation de certaines charges ou produits pour modifier le niveau de resultat. On parlera alors d'erreur de cut-off ou de cesure comptable.A l'instar de la voix fiscale la moins imposee, le window dressing pourrait etre presentee comme la voix comptable la plus avantageuse en fonction de l'image a atteindre. Certains prefereront conserver certaines reserves au bilan, d'autres par contre essayeront de dissimuler une situation largement deficitaire. Ceci souleve le probleme dans certains cas, d'un abus de creativite au regard de l'objectif general d'image fidele.Il est evident que le resultat n'est que deplace dans le temps, et en aucun cas globalement modifie. Les charges et produits constates d'avance constituent egalement une source d'ajustement : une appreciation plus ou moins restrictive a des consequences directes sur le resultat de l'exercice. De meme l'entreprise pourra se desendetter entre le 30 decembre et le 2 janvier pour presenter un niveau de dettes plus leger. Ces exemples ne constituent qu'une facette des manipulations comptables possibles et demontrent la difficulte d'apprehender pour le lecteur la situation financiere d'une entreprise sur base de ses seuls comptes annuels. Un ouvrage entierement remis a jour a la lumiere des nouvelles injonctions politiques en matiere de montages fiscaux.A PROPOS DE L'AUTEURPartner chez RSM Belgium (member of Toelen Cats Dupont Koevoets Group), Luis Laperal edite depuis plusieurs annees le Window Dressing, ouvrage de reference en matiere de presentation bilantaire.

No detailed description available for \"Democratizing Pension Funds\".

This book discusses the different financial issues surrounding pension plans. It covers the different types of pension plans, fiduciary responsibilities, investment policy, performance monitoring, risk management, and cost control. The book is divided into five parts. Part I introduces the two main types of pension plans (defined benefit and defined contribution plans), then presents an overview of fiduciary responsibilities and regulatory compliance. Part II focuses on the different aspects of Defined Benefit plans. Part III focuses on Defined Contribution plans and hybrid plans. Part IV discusses the measurement, evaluation, and improvement of investment performance. Part V addresses the management of the decision-making process, asset managers, and costs.

Pension plans around the world are in a state of crisis. U.S. plans alone are facing a total accrued liability funding deficit of almost