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At the end of April 2010, the International Accounting Standards Board (IASB) published an exposure draft with proposed changes to International Accounting Standard No. 19 (IAS 19). IAS 19 is the current standard for the financial reporting of company pension obligations that stem from defined benefit (DB) and similar plans. It is required for exchange-listed companies in many parts of the world. If enacted, the changes to IAS 19
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This paper discusses the impact of the crisis on defined benefit (DB) pension schemes and the temporary responses taken by regulators to help ease financially strained plan sponsors. It presents suggestions to governments and policy makers for making funding regulations more counter-cyclical in nature. Such measures could strengthen the security of DB benefits and help to maintain DB plans for future workers.
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This paper assesses the relative performance of different investment strategies for different structures of the payout phase.
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This paper inquires into the forces that drive the practice of risk management at defined benefit (DB) pension funds in Germany, Netherlands, United Kingdom and the United States in the aftermath of the perfect pension storm. First, pension funds’ risk management is grounded in the context of the development of modern risk management in the financial industry more general. Second, focusing solely on single-employer sponsored DB
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The public pension system of Japan provides coverage for all, irrespective of occupation and income. Corporate pension plans provide additional benefits over the public pension in order to meet the diversified financial needs in retirement and play a key role in enriching people’s life after retirement.The majority of corporate pensions in Japan are defined-benefit type. Consequently, a great amount of attention is paid to benefit
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This working paper provides draft good practice guidelines for the design of national financial literacy surveys and proposes guidelines for the design of a core set of good practice questions for embedding within any national surveys aimed at measuring financial literacy levels.
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Drawing on the experience of the pensions and other financial sectors, this paper examines what sort of risk-management framework pension funds should have in place. Such frameworks are broken down into four main categories: management oversight and culture; strategy and risk assessment; control systems; and information and reporting. Ways in which supervisory authorities can check that such systems are operating are also considered,
Special pensions for workers in hazardous or arduous jobs have long been a feature of the pension landscape and, recently, they are the subject of a great deal of debate. This paper discusses the incidence, structure and justification of these special pension schemes in OECD countries.
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This paper assesses the impact of different quantitative approaches to regulate investment risk on the retirement income stemming from defined contribution (DC) pension plans. It looks at how such regulations affect the spectrum of investment policies available and, through this channel, how they affect the retirement income that an individual may expect from a DC pension plan.
This paper explores how uncertainty over investment returns affects individuals’ retirement incomes and government budgets. The paper uses the OECD pension models to explore the implications of a range of possible outcomes for investment returns.