PSN: Pensions & Retirement (Topic)最新文献

{"title":"A Reassessment of the Interaction of Pillars 1 and 4 in the Australian Retirement System","authors":"John R. Evans, A. Razeed","doi":"10.2139/ssrn.3950863","DOIUrl":"https://doi.org/10.2139/ssrn.3950863","url":null,"abstract":"Recently there have been discussions concerning the inclusion of Pillar 4 assets in the assets test for Pillar 1 benefits in the Australian retirement system. This paper considers some examples across different regions of Australia of including Pillar 4 assets above the median home value in the Pillar 1 assets test with the results indicating that for retirees owning homes valued at around 150% of the relevant median home value, the effect would be dramatic with Australian Government net costs from Pillar 2 taxes and Pillar 1 expenditure falling to zero but retirees being forced into poverty. The issue of including Pillar 4 assets in the Pillar 1 assets tests needs careful consideration before implementation.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132084667","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Refundable Income Annuities: Feasibility of Money-Back Guarantees","authors":"M. Milevsky, T. Salisbury","doi":"10.2139/ssrn.3914341","DOIUrl":"https://doi.org/10.2139/ssrn.3914341","url":null,"abstract":"[Refundable income annuities (IA), such as cash-refund and instalment-refund, differ in material ways from the life-only version beloved by pension and financial economists. In addition to lifetime income they also guarantee the annuitant or beneficiary will receive their money back albeit slowly over time. We document that refundable IAs now represent the majority of sales in the U.S., yet they are mostly ignored by the literature. And, although their pricing, duration, and money's-worth-ratio is complicated by internal recursivity -- which is carefully explained in the paper -- we offer a path forward to make refundable IAs tractable. A key -- and perhaps even the primary and quotable -- result concerns the market price of cash-refund IAs, when the actuarial present value is grossed-up by an insurance loading. We prove that price is counterintuitively no longer a declining function of age and older buyers might pay more than younger ones for this type of pension annuity. Moreover, there exists a threshold valuation rate below which no market price is viable. The product can't exist. This may also explain why inflation-adjusted IAs have all but disappeared.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"133 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127321355","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Pension Sector Underestimates Risk of Conversion","authors":"H. V. Meerten","doi":"10.2139/ssrn.3910642","DOIUrl":"https://doi.org/10.2139/ssrn.3910642","url":null,"abstract":"As a result of the pension reform, 2,000 billion euros of assets must be 'converted' into the new system. According to professor of European pension law and lawyer Hans van Meerten, this leads to insurmountable legal problems and the responsible Minister of Social Affairs must look for alternatives.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123367400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"ВЪЗДЕЙСТВИЕ НА ПЕНСИОННИТЕ ФОНДОВЕ ВЪРХУ АДЕКВАТНОСТТА И УСТОЙЧИВОСТТА НА ПЕНСИИТЕ В БЪЛГАРИЯ (Pension Funds’ Impact on the Adequacy and Sustainability of Pensions in Bulgaria)","authors":"Lubomir Christoff","doi":"10.2139/ssrn.3893687","DOIUrl":"https://doi.org/10.2139/ssrn.3893687","url":null,"abstract":"Bulgarian Abstract: “… обществото, общественият интерес, няма никаква потребност от този втори [пенсионен] стълб”. проф. Христина Вучева, 2016 г. Анализирам ролята на „допълнителното“ задължително пенсионно осигуряване (ДЗПО) в универсални и професионални пенсионни фондове (УПФ и ППФ) за: * осигуряване на адекватни пенсии и *\u2028 укрепване на финансовата устойчивост на пенсионната система \u2028при действащото към 1.09.2021 г. законодателство. Аргументирам следните изводи: 1) Осигуряването в УПФ и ППФ намалява пенсионните доходи и тяхната адекватност след 40 години непрекъснато осигуряване в УПФ в сравнение с осигуряване само в системата на държавното обществено осигуряване (ДОО). Две пенсии са по-малко от една. Това се дължи на факта, че осигуряването в УПФ и ППФ не е и никога не е било “допълнително” както и на недостатъчната доходност, реализирана от управлението на вноските в частните пенсионни фондове; 2) Пенсиите от УПФ и ППФ са по-несигурни и излагат пенсионерите на рискове, от които пенсията от ДОО ги защитава. Тези рискове са инвестиционен, лихвен (анюитетен) и инфлационен. Пенсиите от ДОО защитават осигурените от тези рискове; 3) Осигуряването в УПФ и ППФ подкопава дългосрочната финансова устойчивост на ДОО. Това се дължи на възможността осигурените да се откажат от осигуряване в УПФ като прехвърлят натрупаните си средства в ДОО. Тези средства са по-малко от настоящата стойност на допълнителните пенсионни задължения на ДОО към тях. Осигуряването в УПФ и ППФ дестабилизира ДОО финансово тъй като отклонява значителни по размер осигурителни вноски от ДОО. Потвърждавам позицията на проф. Хр. Вучева от 2016 г., като аргументирам, че ДЗПО е не просто ненужно, но и обществено вредно. Остойностявам вредите, които ще понесат стотици хиляди „осигурени“ в УПФ и ППФ в следващите 20-тина години при действащото към 25.12.2021 г. законодателство. „Допълнителното“ пенсионно осигуряване в УПФ и ППФ е тумор на пенсионната система в България, който трябва да бъде опериран. English Abstract: “… the society, the social interest has absolutely no need in this 2nd mandatory pension pillar…” Prof. Hristina Vucheva, 2016 Analyzed here is the role of the “Supplementary” mandatory pension insurance (SMPI) in Bulgaria from the view point of its impact on: * the prospective pension adequacy in Bulgaria and * the fiscal sustainability of the pay-as-you go pension system. The following conclusions are substantiated: 1) The SMPI results in lower retirement income and hence, lower pension adequacy, after 40 years of uninterrupted pension insurance in comparison to the state pension, one is entitled to for contributing to the public pay-as-you go pension system over the same period, without participating in the SMPI at all.; 2) SMPI pensions are less secure. Once extended, SMPI pensions expose the retiree to investment, annuity and inflation risks as they decline in purchasing power, The pay-as-you-go pensions shield them from those risks and is indexed annually with a percentag","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130745660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Transferencias No Condicionadas a La Vejez: La Respuesta a Los Problemas De Focalización Y Cobertura En El Sistema Pensional Colombiano (Unconditional Transfers to Elderes: The Answer to the Targeting and Coverage Problems of the Colombian Pension System)","authors":"José Antonio Hernández Rodríguez","doi":"10.2139/ssrn.3892480","DOIUrl":"https://doi.org/10.2139/ssrn.3892480","url":null,"abstract":"English Abstract: Varias reformas se han hecho en Colombia para intentar aumentar la cobertura, mejorar la focalización y hacer económicamente sostenible el sistema pensional. Sin embargo, diferentes componentes como la indexación al salario mínimo (dada su cercanía al salario medio), las bajas tasas de fidelidad y de reemplazo, especialmente en el Régimen de Ahorro Individual con Solidaridad (RAIS), hacen que estos objetivos no se cumplan. Este documento intenta demostrar que lograr pensionarse es un objetivo que generalmente no se cumple para las personas más vulnerables. Esto se hace mediante la replicación de los resultados de Schutt (2011) y se encuentra que, en efecto, el panorama actual es más desfavorable que el de hace 10 años: cada vez es más difícil acumular el capital suficiente para tener una pensión según los términos de ley, especialmente para los sectores de menores ingresos y para las mujeres. El gran culpable de esto es el incremento sustancial del salario mínimo (SM) en ese período. Como propuesta para mejorar ese panorama, el presente trabajo expone la implementación de Transferencias no condicionadas a la vejez (TNC), como un eventual complemento el SGP. Las cuales cubrirán a las personas mayores vulnerables en edad de pensión buscando que, al coexistir el RAIS y las TNC se logre aumentar la cobertura, focalización y sostenibilidad del sistema pensional como generador de bienestar para las personas de la tercera edad en condición de vulnerabilidad. English Abstract: Several reforms have tried to increase coverage, improve targeting, and financially stabilize Colombia’s pension system. However, different components such as indexation to the minimum wage (given its closeness to the average wage), the low loyalty and replacement rates, especially in the Individual Savings with Solidarity Scheme (RAIS), mean that these objectives are not met. This document attempts to demonstrate that achieving retirement is an objective not usually met for the most vulnerable people. This is done by replicating the results of Schutt (2011) and, as a result, the current situation is found to be worse than that of 10 years ago: it is increasingly difficult to accumulate enough capital retire with a pension according to the terms of the law, especially for women and lower-income sectors of society. The main culprit for this is the substantial increase in the minimum wage (SM) in that period. To improve this panorama, this work presents the implementation of Unconditional Transfers to Elders (TNC), as an eventual complement to the SGP. Which will cover vulnerable older people within pension age, seeking that, when the RAIS and the TNC’s coexist, it becomes possible to increase coverage, targeting and sustainability of the pension system as a generator of well-being for the elderly in vulnerable conditions.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126241809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Accessing SGL Assets for Acquisition of Owner-Occupied Property: Consequences for Australian Households and Government","authors":"John R. Evans, A. Razeed","doi":"10.2139/ssrn.3881415","DOIUrl":"https://doi.org/10.2139/ssrn.3881415","url":null,"abstract":"Analysis by Evans & Razeed (2019) showed that to achieve a reasonable standard of living in retirement, in addition to the Pillar 2 compulsory system (SGL), Australians would need to contribute during their working life to private savings, but the contribution would be significantly reduced if there was an owner-occupied property that could be partly converted to income-generating assets in retirement. Given the favourable tax and Age Pension eligibility treatment of owner-occupied property relative to other assets in Australia, the issue arises as to whether or not SGL members should be allowed to access their SGL assets to acquire owner-occupied property. This paper shows that such an arrangement would generally benefit both SGL members and the government, but there is a small possibility of negative outcomes for the government.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134641376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Liability-Driven Investment for Pension Funds: Stochastic Optimization with Real Assets","authors":"Chul Jang, A. Clare, Iqbal Owadally","doi":"10.2139/ssrn.3832434","DOIUrl":"https://doi.org/10.2139/ssrn.3832434","url":null,"abstract":"Using a multi-stage stochastic programming method, we suggest an optimal liability-driven investment(LDI) strategy for a closed defined-benefit pension fund including real assets. The objective is to jointly optimize contribution, funding ratio, and buyout cost, subject to a constraint on downside risk in terms of expected shortfall of assets relative to liabilities. Over a 10-year planning horizon, the optimal LDI strategy with a key-rate duration-matching bond portfolio outperforms the corresponding strategy with a duration-convexity matching bond portfolio as well as a strategy with an aggregate bond index-tracking portfolio. When real assets are introduced, the optimal LDI strategy includes significant investment in infrastructure and real estate, illiquidity notwithstanding. Nevertheless, delays in sales of real assets induced by illiquidity can increase downside risk.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129770190","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is Automatic Enrollment Consistent with a Life Cycle Model?","authors":"Jason S. Scott, J. Shoven, S. Slavov, John G. Watson","doi":"10.3386/W28396","DOIUrl":"https://doi.org/10.3386/W28396","url":null,"abstract":"We examine optimal retirement saving for young adults in a life cycle model. We find that for liquidity-constrained young adults who anticipate significant earnings growth, optimal retirement saving is zero. Specifically, we find that with a plausible wage profile for college-educated workers, retirement saving does not begin until the late 30s or early 40s, even with standard employer matching. In fact, inducing workers in their mid 20s to participate in a retirement plan requires employer match rates of more than 1000 percent. In contrast, workers facing a flat wage profile begin saving much earlier in life. We also find that participating may be optimal for younger workers facing steeper wage profiles if they anticipate switching jobs and cashing out after 1-2 years. Our results suggest that automatically enrolling workers, regardless of age or anticipated future earnings, in defined contribution plans is not consistent with optimizing behavior in a life cycle model.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128116700","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Trends in Working and Claiming Behavior at Social Security's Early Eligibility Age by Sex","authors":"H. Waldron","doi":"10.2139/ssrn.3677131","DOIUrl":"https://doi.org/10.2139/ssrn.3677131","url":null,"abstract":"For this working paper, the author uses a merged internal research file of administrative data from the Social Security Administration to examine men’s working and retired-worker benefit claiming behavior at and around Social Security’s early eligibility age of 62, dis-aggregated by lifetime earnings decile. The author defines various combinations of working and benefit-claiming behavior at or near age 62, for which she presents statistics indicating trends in behavior patterns for men born in the years from 1937 through 1944. This paper follows up ORES Working Paper No. 114, which details the study methodology and presents summary findings on men’s and women’s working and claiming behavior.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130401625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Pandemic Recovery and State and Local Pension Reform","authors":"Eileen Norcross, E. Hamilton","doi":"10.2139/ssrn.3697618","DOIUrl":"https://doi.org/10.2139/ssrn.3697618","url":null,"abstract":"In 2019, few could have predicted that state and local pension funds would be faced with a pandemic that would slash state and local tax revenues and harm investment returns. Nevertheless, fund managers should have spent the past decade preparing for an inevitable market downturn. Instead, just as when the 2008 financial crisis hit, policymakers have spent the previous decade valuing their pension liabilities and assets as if investments always go up. This policy brief explores the deep-seated problems in US state and local pension finance, including underfunding, poor investment choices, and potential avenues for reform.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125501002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}