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In many countries, an ageing population and high (and growing) public spending on social security programmes have led to structural reforms of the pension system. Privately-managed plans, both occupational and personal, play an increasingly important role in supplementing state-run mandatory schemes...
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There are a variety of activities undertaken by public agencies to establish the security and stability of private pension funds. These may be divided into two primary categories: (1) The creation of a legal basis and set of rules that govern their structure and operation and (2) The oversight of these institutions...
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This study analyzes the cost and benefits of integrating the supervision of pensions with that of other financial activities and services. The literature has dealt with the integration of the supervision of banking, insurance and securities markets (Llewellyn, 1999, Demaestri and Guerrero, 2003), the joint supervision...
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The banking and insurance sectors in Central and East European countries operated under strict controls during the planned economy era. At the time, this sector consisted of a central bank, at least one dedicated state-owned commercial bank and one insurance company to meet the needs of its citizen...
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Benchmarking studies are usually used to set goals in accordance with external rules and objectives that are established on the basis of the behaviour of entities similar to the one under study (Morell, 1995). The subject, therefore, is to determine what are the best practices in an industry that help to make it...
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In Australia, the term superannuation refers to savings specifically dedicated to the provision of financial support in the retirement period. The term is preferred to pension for historical reasons, largely because of the longstanding preference for retirement benefits to be paid as lump sums rather than...
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Occupational pension schemes in Ireland are invariably established under trust. The trustees’ legal obligations in respect of the sound management of the scheme are established in the jurisprudence of the national superior courts and codified in legislation such as the Trustee Act, 1893, as reinforced by the...
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The genesis of the new Pension System for the private sector dates back to 1992 with the introduction of individual accounts as a complementary defined contribution program to the Pay-Go system. This program was known as the Retirement Savings System (SAR 92). Each individual account consisted of two...
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