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This report describes why occupational pensions play a major role in OECD countries and worldwide, complementing retirement income from state sources. Their financial importance is highlighted by the volume of assets they manage on behalf of plan members, USD 22 trillion at the end of 2008. Population ageing has also led many OECD countries to undertake a wide range of pension reforms – the overall effect of which has been to reduce
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OECD Good Practices on Financial Education and Awareness Relating to Credit, OECD, 2009
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This paper provides a comparative analysis of defined contribution (DC) pension systems in Australia, Ireland, the United Kingdom and the United States.
The current financial crisis has had a major impact on global pension assets, with the OECD estimating declines of $5.4tn (over 20%) at the end of 2008. This is putting pressure on funding levels for defined benefit (DB) pension plans, and has served a severe blow to members of defined contribution (DC) plans close to retirement, denting confidence in many DC systems. This paper discusses responses to current financial and economic
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This paper discusses responses to current financial and economic crisis by regulators, supervisors and policy makers in the area of private pensions. These responses are examined in the light of international guidelines, best practices and recommendations to improve the design of private pensions.
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The OECD has been developing a response to the crisis that is holistic, looking atfinancial market issues, and the wide variety of factors that led to damaging incentive structures, as well as the requirements for broader macro and fiscal policies. The crisis has led to a variety of emergency financial measures such as loans, guarantees, and nationalisations. For financial markets, the focus is on exit strategies that are consistent
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The principal purpose of this paper is to analyse the trade-off between the uncertainty in contributions on the one hand and benefits on the other that is embedded in different pension arrangements.
Fiona Stewart discusses the impact of the crisis on pensions funds and what needs to be done.
What impact has the crisis had on pensions?
Who is affected?
What can be done?
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In this paper we review the legal framework of private pension fund regulation and supervision in economies, including Australia, Chile, Hong Kong China, Poland, Turkey, the United Kingdom and the United States.