The change in economic and sociodemographic reality, characterized by a continuous increase in longevity, the consequences of the economic crisis, and the lack of adequate adjustments of social security retirement pension systems everywhere, entails risks for workers and the social security...

This chapter defines a universal public pension scheme (UPPS) as a government-mandated lifecycle longevity insurance scheme that transfers individual consumption from the working years to the retirement phase of the lifecycle. It discusses the differences in four UPPS designs defined with regard...

The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity among members. Yet the long-term sustainability of the Dutch pension funds has been...

Purpose - The purpose of this paper is to provide an in-depth performance evaluation of funds offered by the Turkish pension system. Design/methodology/approach - This paper compares aggregate fund index returns with the corresponding asset class returns, estimates a factor model to decompose...

Using most recent firm level data over the period 1986-1994, this study examines the stock market reaction with respect to pension plan type (defined benefit or defined contribution) established following the termination of an over funded DB plan. Generally, we find support for the separation...

Ohio s public pension system comprises five state-level plans that have actuarial funding ratios ranging between 67 and 84 percent. Pension plan funding levels are a proxy for the ability of a pension plan to fund its promised benefit payments without additional resources. Volatile and uncertain...

This paper reviews the factors that should guide the design of private funded pensions to create a complete pension system alongside a notional defined contribution -- or public -- component. It argues that a mix of public and private pensions is the most effective option to deliver the best...

This paper formulates a comprehensive pension fund framework for enhancing system capacity to manage economic and social risks. The National Social Protection Fund (NSPF) attempts to quantify informal sector, incorporated under a unified national protection scheme. The new protection mechanism...