hand and benefits on the other that is embedded in different pension arrangements. The paper employs the funding ratio …

-OECD countries and how they correspond with the funding rules applied to pension funds. In addition to leading to a better … understanding of differences in funding rules across countries with developed pension fund systems, the study considers the trend … funding requirements to pension funds (as under Basel II or Solvency II), it identifies the risk factors that should be …

any extra costs and, third, once retired they would not be subject to the whims of government or other pension fund …

pension funds’ assets fell below levels needed to meet regulatory requirements. Insufficient funding raises solvency issues …, which could eventually lead to large fiscal costs in case of bail-outs. In response to the crisis, most funds were required … by the regulator to draw up recovery plans to restore their funding over five years. This has raised concerns that the …