A pension plan administrator promises certain benefits in the future in exchange for labor today. In order to budget for this expense and create more security for the participant, the administrator uses a pension cost method. Each cost method assigns a portion of the future liability to the...

The first chapter “Investment Patterns in Singapore’s Central Provident Fund System” investigates how plan participants in a national defined contribution system invest their pension accumulations. I find that only a small fraction of participants elects to invest in outside investment...

This paper studies the impact of variations of a pay-as-you-go pension system on welfare in a stochastic overlapping generations model where compulsory public retirement savings coexist with private savings in assets and bonds. It is shown that, for a stationary population, any reduction of...

Artículo de revista ; This article estimates the financial return provided by the Spanish pension system for a sample of new retirees in 2017, calculated on the basis of the Muestra Continua de Vidas Laborales. The findings show an average real annual return (understood as the discount factor...

En 2017, el Banco de España publicó un documento ocasional (DO 1701) en el que se describía el marco institucional del sistema de pensiones, se presentaban sus principales retos a medio plazo y se analizaban algunas propuestas de reforma. En este nuevo documento, el gobernador actualiza ese...

En 2017, el Banco de España publicó un documento ocasional (DO 1701) en el que se describía el marco institucional del sistema de pensiones, se presentaban sus principales retos a medio plazo y se analizaban algunas propuestas de reforma. En este nuevo documento, el gobernador actualiza ese...

A pension plan often tends to be one of the company’s biggest liabilities. Before 2008, pension plans were not directly included in the financial statements, but could only be found in the footnote disclosures. Such accounting convention essentially made pensions a type of off-balance sheet...