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Políticas y prácticas de inversión social y económica en las organizaciones de seguridad social

Autor: Boatin, Kwasi; Nyarko, Ernest
Año: 2007
Resumen: Tradicionalmente, la inversión de los fondos de la seguridad social se ha centrado en hallar un equilibrio entre riesgo y retorno y en evaluar los resultados en términos económicos. En los últimos años, el foco de atención se ha ampliado para incluir cuestiones medioambientales, sociales, éticas y de gobernanza, y las inversiones ya no se consideran exclusivamente desde una perspectiva económica o financiera. Las inversiones sociales y económicas tienen en cuenta factores no financieros. Las estrategias de asignación de activos para los fondos de la seguridad social basadas en factores tanto sociales como económicos pueden traducirse en beneficios secundarios para toda la nación. Un informe sobre políticas y prácticas de la inversión social y económica en los regímenes de seguridad social será presentado y discutido por importantes inversores de los fondos de la seguridad social.

Fuente: Asociación Internacional de la Seguridad Social (AISS)
Clasificación: Fondos de Inversión
Tipo de Publicación: Informes
Idioma:

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Coping with Spain’s Aging: Retirement Rules and Incentives

Autor: Hoffmaister, Willy A.; Catalan, Mario; Guajardo, Jaime
Año: 2007
Resumen: This paper evaluates the macroeconomic and welfare effects of extending the averaging period used to calculate pension benefits in a pay-as-you-go system. It also examines the complementarities between reforms extending the averaging period and those increasing the retirement age under alternative tax policies. The analysis is based on a model in the Auerbach-Kotlikoff tradition applied to the Spanish economy. Without reforms, the simulations suggest that aging-related spending as a share of output will increase 16 percentage points by 2050, which are twice as much as in European Commission (2006) projections due to general equilibrium effects. Also, reforms extending the averaging period to the entire work life limit expenditure pressures at the peak of the demographic shock as much as increasing the retirement age in line with life expectancy (4 percentage points of GDP). These reforms and prefunding the demographic shock mitigate the adverse macroeconomic effects of aging and improve welfare.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Pension Institutions and Annuities in Denmark

Autor: Andersen, Carsten; Skjodt, Peter
Año: 2007
Resumen: This paper considers the overall structure of the Danish pension system, reviews the relative role of different types of pension institutions, and discusses their asset allocation strategies and investment performance. The paper also examines the regulation and supervision of providers of pension services, the growing reliance on risk-based supervision, and the application of the so-called contribution principle. The Danish pension system includes a modest universal social pension with a supplement for low-income pensioners and near universal participation in occupational and personal pensions that are primarily based on defined contribution plans. The annuity market is well developed: 50 percent of annual contributions are allocated to the purchase of deferred annuities, while immediate annuities are also purchased at or even after retirement. However, detailed comprehensive data on the rate of annuitization are lacking. Distinct features of the Danish pension system include the widespread use of profit participating contracts with minimum guaranteed benefits and regular provision of bonuses, covering both the accumulation and payout phases, and extensive use of group deferred annuity contracts. A new traffic light system with periodic stress testing has resulted in greater emphasis on asset liability matching and hedging strategies by pension institutions and a shift in investment policies in favor of foreign bonds and long-term swap contracts.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Implications of Behavioural Economics for Mandatory Individual Account Pension Systems

Autor: Tapia, Waldo; Yermo, Juan
Año: 2007
Resumen: In individual account pension systems, members bear the risks and consequences of their investment decisions. If participants behave as predicted by economic theory, such responsibility would be welfare-enhancing as members would invest and hold a portfolio of financial assets with a risk-return combination consistent with their investment horizon, degree of risk aversion and the portfolio of other assets they hold, including their human capital and, where relevant, their home. Behavioural economists and empirical researches have shown that in reality members are not particularly good at handling their retirement savings, either because they lack the necessary cognitive ability to solve the optimization problem, because they have insufficient will power to execute it, or even sometimes because they are overconfident. This paper describes the extent to which plan members make active investment decisions in these systems and assesses the policy solutions that have been put forward to facilitate choice. The paper offers a comparative analysis of ten countries that have implemented investment choice in the accumulation stage of their individual account pension system.

Fuente: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Protecting Pensions

Autor: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Año: 2007
Resumen: Pension fund members across OECD countries have seen the loss or reduction of pension benefits in recent years. This has been associated with declining assets and increasing liabilities, with accounting and regulation changes crystallising these problems. Consequently, the issue of how to protect pension benefits has returned as a major topic of policy debate for many governments and for the pension industry worldwide. OECD countries have responded in different ways: • Re-examining and altering accounting and funding rules; • Strengthening or introducing pension benefit guarantee schemes; and • Looking at the related issue of whether pension benefits should receive protection in bankruptcy and insolvency procedures. Finally, debate has also focused on whether pension fund related risks can or should be shared, with guarantees for insured or pension products attracting renewed attention. This volume looks at various methods of protecting pension benefits. It provides in-depth information on the application of these methods in OECD countries and analyses their advantages and drawbacks. Methods of risk sharing amongst pension fund beneficiaries, providers and sponsors are discussed through an analysis of insured pension contracts and of the pension systems in place in Denmark and Iceland. This publication offers unique international comparative and analytical data for policy makers and pension industry participants globally.

Fuente: Organización para la Cooperación y el Desarrollo Económico (OCDE)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
Idioma:

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