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The Pension Challenge
Risk Transfers and Retirement Income Security
Edited by Olivia S. Mitchell and Kent Smetters
360 pages
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numerous line drawings and tables
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234x156mm
978-0-19-926691-3
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Hardback
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13 November 2003
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- A timely and significant contribution to research on pensions, dealing with some of the most contentious and unresolved issues.
- Draws upon issues and examples from a wide range of geographical areas.
- Contributors include world-famous finance experts and risk management faculty, development economists, pension regulators, and pension consultants.
This book, the first in a new series produced by the Pension Research Council of the Wharton School in collaboration with Oxford University Press, explores ways to enhance retirement security in a volatile financial environment.
Mitchell and Smetters begin by assessing the myriad retirement risks confronting employees, retirees, employers, and governments, and it shows how stakeholders can work to reinvent pensions that perform well in a competitive global setting. Contributors then indicate how pension systems can be better designed to help
protect against these risks.
Of special interest is a discussion of new financial products and structures to meet and manage challenges to old-age security. Examples considered include pension investment guarantees and hedges, adapting catastrophe bonds to the pension context, and key regulatory structures and portfolio requirements designed to protect unwary or unwitting pension participants. The contributors draw important lessons for a wide range of countries, drawing from both developed and developing market experiences.
Contributors include world-famous finance experts and risk management faculty, development economists, pension regulators, and pension consultants.
Readership: Academics, researchers, and graduate students of Management, Finance, and Economics, and policy makers, consultants and regulators working in the pensions industry.
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Edited by Olivia S. Mitchell, Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania, and Kent Smetters, Assistant Professor in the Insurance and Risk Management Department, Wharton School, University of Pennsylvania Contributors:
Zvi Bodie, School of Management, Boston University
David Cummins, Wharton School, University of Pennsylvania
Suzanne Doyle, School of Economics, University of New South Wales,
Arthur Fliegelman, Financial Institutions Group, Moody's Investors Service
Peter Forsyth, University of Waterloo
Jeremy Gold,
Jeremy Gold Pensions, New York
Marie-Eve Lachance, Wharton School, University of Pennsylvania
Christopher M. Lewis, NetRisk, and Finance Department, University of Connecticut
Raimond Maurer, Goethe University
Mosh Arye Milevsky, Schulich School of Business, York University
Olivia S. Mitchell, Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania
Robert Palacios, Social Protection Unit, World Bank
John Piggott, University of New South Wales
David Rajnes, Employee Benefit Research Unit, Washington
Krishna Ramaswamy, Wharton School, University of Pennsylvania,
Scott A. Robinson, Life Insurance Group, Moody's Investors Service
Christian Schlag, Goethe University
Kent Smetters, Wharton School, University of Pennsylvania
John Turner, Public Policy Institute, AARP
Stephen P. Utkus, The Vanguard Group
Kenneth Vetzal, Centre for Advanced Studies in Finance, University of Waterloo
Jan Walliser, African Department, International Monetary Fund
Heath Windcliff, Department of Computer Science, University of Waterloo
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1: Olivia S. Mitchell and Kent Smetters: Overview: Developments in Risk Management for Retirement Security
Plan Sponsors and Retirement Income Risk
2: Zvi Bodie: An Analysis of Investment Advice to Retirement Plan Participants
3: Olivia S. Mitchell and Stephen P. Utkus: The Role of Company Stock in Defined Contribution Plans
4: Krishna Ramaswamy: Company Stock and Pension Plan Diversification
5: Suzanne Doyle and John Piggott: Integrating Payouts: Annuity Design and Public Pension Benefits in Mandatory Defined Contribution Plans
6: Jeremy Gold: Risk Transfer in Public Pension Plans
7: Robert Placios: Securing Public Pension Promises through Funding
Global Developments in Retirement Risk Transfer
8: Marie-Eve Lachance and Olivia S. Mitchell: Understanding Individual Account Guarantees
9: Raimond Maurer and Christian Schlag: Money-Back Guarantees in Individual Account Pensions: Evidence from the German Pension Reform
10: Kenneth Vetzal, Peter Forsyth, and Heath Windcliff: Hedging Segregated Fund Guarantees
11: Jan Walliser: Retirement Guarantees in Mandatory Defined Contribution Systems
12: John Turner and David Rajnes: Retirement Guarantees in Voluntary Defined Contribution Plans
13: David Cummins and Christopher Lewis: Securitized Risk Instruments as Alternative Pension Fund Investments
14: Arthur Fliegelman, Moshe Milevsky, and Scott Robinson: Credit Implications of the Payout Annuity Market
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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