Implementing the NDC model: a comparison between Italy and Sweden
|
|
- Briana Stevens
- 5 years ago
- Views:
Transcription
1 Sandro Gronchi ( La Sapienza University of Rome) Implementing the NDC model: a comparison between Italy and Sweden
2 The NDC scheme guarantees actuarial fairness The principal purpose of the NDC scheme is to preclude differences in individual returns on contributions, so as to guarantee actuarial fairness. The NDC scheme conceives the pay-as-you-go system as a virtual bank in which the contributions are deposited up to retirement and from which the pension annuities are withdrawn afterwards. The deposit-exhaustion constraint must be satisfied which means that (on the average) the account balance must be zero after the last annual benefit has been withdrawn. In other words, the money withdrawn must equal the money deposited, including the interest accrued. The deposit-exhaustion constraint relies on conversion coefficients which are entitled to spread the notional capital accrued at retirement over the life expectancy.
3 The NDC scheme guarantees sustainability The NDC scheme can also ensure sustainability if personal accounts are awarded with a sustainable rate of return. The question is: which is such a rate? In the presence of constant longevity, the sustainable rate is proved to be equal to the wage bill growth rate. In the presence of increasing longevity, the sustainable rate can be determined by monitoring the distance between the mean age at which contributions are deposited and the mean age at which pension annuities are withdrawn. Such a method is called the balance mechanism
4 Sweden and Italy: different rates of return on contributions A first difference concerns the rate of return on contributions ( indexation rate in the Swedish glossary). Swedish rate appears to be sustainable in the long run since it was put equal to the nominal wage growth adjusted by the balance mechanism. The latter is intended to take into account not only increasing longevity but also variations in employment. The Italian rate of return is at risk since 1) it is the nominal GDP growth instead of the wage bill growth, 2) it takes no precaution against increasing longevity.
5 Sweden and Italy: different indexation mechanisms A second difference concerns the indexation rate, i.e. the rate at which a pension evolves over time ( adjusting rate in the Swedish glossary). Making retirees return equal to workers return is committed to the indexation rate which must be equal to workers return minus the quota eventually credited to conversion coefficients. The Swedish rate is actuarially right since it equals the rate of return of active workers minus 1.6% credited to conversion coefficients. The Italian rate is actuarially wrong since it equals inflation (instead of the rate of return of active workers minus 1.5% credited to conversion coefficients). Such a choice produces different returns for workers and pensioners which betray actuarial fairness.
6 Sweden and Italy: different retirement rules A third difference concerns the retirement rules. Notice that the free choice of retirement age (within a reasonably wide range) is a value that the NDC scheme is conceived to allow for. In fact those who retire earlier actually self-finance their choice by accepting lower conversion coefficients. Freedom is not safeguarded by the Italian legislation. Indeed it was safeguarded in the 1996 original draft, but later on retirement rules were very much restricted and now they wrongly refer not only to age but also to contribution seniority. No such neglect is to be found in the Swedish legislation where retirement rules are based on age alone and workers are allowed to retire from 61 to 67 independently from gender.
7 Sweden and Italy: different survivor choices A fourth difference concerns the survivor benefit. In this area both NDC reforms retained the pre-existing rules. Sweden has retained a 1990 law that had abolished the survivor s pension. Italy kept the survivor s benefit though women s participation rate is increasing. Sweden has retained a 1990 law that had abolished the survivor s pension. Italy kept the survivor s benefit though women s participation rate is increasing. Italy kept the survivor s benefit though women s participation rate is increasing. The Italian choice requires higher contribution rates in order to prevent too low replacement rates. In fact survivor benefit tends to lower annuities because the notional capital accrued at retirement must be spread over a longer period.
8 Sweden and Italy: different updating of the conversion coefficients The fifth difference concerns the updating of the conversion coefficients. Notice that three main needs should be taken into account: 1) system sustainability requires continuous updating, 2) on the contrary, workers right to plan retirement requires stability, 3) updating must prevent intra generational inequalities, i.e. different mortality tables must not be imputed to individuals in the same cohort. Sweden was able to reconcile these three needs by devising an updating procedure that assigns temporary conversion coefficients to each cohort at the age of 61 which are substituted by definitive coefficients at 65. Italy has chosen an updating procedure that does not satisfy any need. The 1996 reform established that updating takes place every ten years, now insufficiently reduced to three, and that the new coefficients apply to all workers regardless of cohort. Therefore the procedure 1) does not guarantee sustainability, 2) does not allow workers to plan their retirement on the basis of stable coefficients, 3) imputes different mortality tables to individuals in the same cohort.
9 Sweden and Italy: different tax rates The sixth difference concerns the tax rate. Notice that uniqueness of the rate is essential for sustainability of NDC systems since it prevents temporary unbalances due to changes in the distribution of the overall employment between categories paying different rates. Italy has an overall tax rate of 33% for payroll employees and of 20% for the self-employed. In Sweden the overall tax rate is slightly less then 15% both for payroll employees and for self-employed. Sweden s enormously lower contribution rate is only partly reflected in lower replacement rates, mostly thanks to the absence of survivor s benefits.
10 Sweden and Italy: different organizations of the pension system Notice that also uniqueness of the pension system is essential for sustainability since fragmentation into different occupational funds generates unbalances (even if the contribution rate would be the same for all funds) due to different growth rates of labor categories. In Italy the NDC reform was not able to unify the pension system, which remains divided into a number of different funds. In Sweden the pension system is totally unified.
Women s and men s Premium pensions today and in the future
SUMMARY OF REPORT 2017:14 Women s and men s Premium pensions today and in the future An analysis of gender differences and Premium pension dispersion Swedish Social Insurance Inspectorate www.inspsf.se
More informationTRANSLATING RESEARCH INTO POLICIES The case of the Italian Pension Reform
TRANSLATING RESEARCH INTO POLICIES The case of the Italian Pension Reform Elsa Fornero University of Turin CeRP- Collegio Carlo Alberto The World Bank, Washington 2014 Pension reforms: why are they needed?
More informationSocial Security: Is a Key Foundation of Economic Security Working for Women?
Committee on Finance United States Senate Hearing on Social Security: Is a Key Foundation of Economic Security Working for Women? Statement of Janet Barr, MAAA, ASA, EA on behalf of the American Academy
More informationImplementing the NDC Theoretical Model: A Comparison of Italy and Sweden
Chapter 19 Implementing the NDC Theoretical Model: A Comparison of Italy and Sweden Sandro Gronchi and Sergio Nisticò* IN THE COURSE OF THE LAST CENTURY, MOST OF THE INDUSTRIAL COUNTRIES adopted public
More informationMeasuring Pension Funding. Peter Diamond April 17, 2018
Measuring Pension Funding Peter Diamond April 17, 2018 Pension plan types Traditional contributory plans Defined contribution (DC) Defined benefit (DB) Hybrid contributory plans Notional defined contribution
More informationEnhancing Singapore s Pension Scheme: A Blueprint for Further Flexibility
Article Enhancing Singapore s Pension Scheme: A Blueprint for Further Flexibility Koon-Shing Kwong 1, Yiu-Kuen Tse 1 and Wai-Sum Chan 2, * 1 School of Economics, Singapore Management University, Singapore
More informationPBSS Section Meetings, Session 3 DC Risks in Pensions and Social Security
PBSS Section Meetings, Session 3 DC Risks in Pensions and Social Security Shifting the Burden of Risk with NDC: The Swedish example Tuesday May 30th, 08:30 10:00 (Room 341) Jan Hagberg, PhD Chief Actuary,
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES ITALY
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions ITALY Italy: pension system in 2008 The new
More informationJuly 30, The Retirement Board City of Taylor Police and Fire Retirement System Taylor, Michigan
July 30, 2018 The Retirement Board Retirement System Taylor, Michigan Dear Board Members: The purpose of the annual actuarial valuation of the Retirement System as of June 30, 2017 is to: Compute the liabilities
More informationORANGE REPORT ANNUAL REPORT OF THE SWEDISH PENSION SYSTEM 2009
ORANGE REPORT ANNUAL REPORT OF THE SWEDISH PENSION SYSTEM 29 Contents Did You Know This About Pensions? 2 How the National Pension System Works 4 Costs of Administration and Capital Management 1 Changes
More informationOctober 7, The Board of Trustees City of Pontiac General Employees Retirement System Pontiac, Michigan
October 7, 2011 The Board of Trustees Retirement System Pontiac, Michigan Dear Board Members: The purpose of the annual actuarial valuation of the City of Pontiac General Employees Retirement System, as
More informationIncome inequality in Italy: tendencies and policy implications
Income inequality in Italy: tendencies and policy implications Maurizio Franzini (Sapienza University of Rome) Michele Raitano (Sapienza University of Rome) Main questions Which are the main determinants
More informationTHE IMPLICATIONS OF LONGEVITY FOR RISK-SHARING IN PUBLIC AND PRIVATE PENSION SCHEMES
THE IMPLICATIONS OF LONGEVITY FOR RISK-SHARING IN PUBLIC AND PRIVATE PENSION SCHEMES Chris Daykin, UK Government Actuary Chairman, PBSS Section of IAA Helsinki, 21 May 2007 POPULATION AGEING Expectation
More informationON THE ASSET ALLOCATION OF A DEFAULT PENSION FUND
ON THE ASSET ALLOCATION OF A DEFAULT PENSION FUND Magnus Dahlquist 1 Ofer Setty 2 Roine Vestman 3 1 Stockholm School of Economics and CEPR 2 Tel Aviv University 3 Stockholm University and Swedish House
More informationIssue 1. b) Without means test, how can be minimum pension benefits correctly assessed? Tokyo 15 December 2005 / Ole Settergren
Issue 1 a) What difficulties confronted Swedish reformers who advocated for abolishing the flat basic pension and re-establishing the wageearnings proportional pension benefits together with the newly
More informationDefined benefit plans, such as the Retirement Fund, are required by federal law to provide plan participants
To: All YWCA Retirement Fund Participants, Annuitants, Beneficiaries and Participating YWCAs ANNUAL FUNDING NOTICE For year ended December 31, 2017 Defined benefit plans, such as the Retirement Fund, are
More informationANALYSIS OF PENSION REFORMS IN EU MEMBER STATES
Annals of the University of Petroşani, Economics, 12(2), 2012, 117-126 117 ANALYSIS OF PENSION REFORMS IN EU MEMBER STATES ELENA LUCIA CROITORU * ABSTRACT: The demographic situation in the European Union
More informationJuly 31, The Board of Trustees City of Pontiac General Employees Retirement System Pontiac, Michigan
July 31, 2014 The Board of Trustees Retirement System Pontiac, Michigan Dear Board Members: The purpose of the annual actuarial valuation of the City of Pontiac General Employees Retirement System, as
More informationCity of Manchester Employees Contributory Retirement System Annual Actuarial Valuation Report December 31, 2017
City of Manchester Employees Contributory Retirement System Annual Actuarial Valuation Report December 31, 2017 Contents Section Page 1-2 Introduction A Valuation Results 1 Executive Summary 2 Summary
More informationC1.03: CONTRACTING OUT OCCUPATIONAL SCHEMES
C1.03: CONTRACTING OUT OCCUPATIONAL SCHEMES SYLLABUS Nature of contracting out Nature of NI rebate or reduction Reference scheme basis GMP and WGMP Money purchase basis Protected Rights Extent of guarantees
More informationThe Italian Pension Reform and Pensioner Poverty Prevention. Elsa Fornero University of Turin and CeRP (http://
The Italian Pension Reform and Pensioner Poverty Prevention Elsa Fornero University of Turin and CeRP (http:// http://cerp.unito.it) Pensioner Poverty Conference, 4-5.12.2006, 4 Helsinki The Italian pension
More informationSelection of Mortality Assumptions for Pension Plan Actuarial Valuations
Educational Note Second Revision Selection of Mortality Assumptions for Pension Plan Actuarial Valuations Committee on Pension Plan Financial Reporting December 2017 Document 217128 Ce document est disponible
More informationCONTENTS. 1-2 Summary of Benefit Provisions 3 Asset Information 4-6 Retired Life Data Active Member Data Inactive Vested Member Data
CITY OF ST. CLAIR SHORES POLICE AND FIRE RETIREMENT SYSTEM 66TH ANNUAL ACTUARIAL VALUATION REPORT JUNE 30, 2015 CONTENTS Section Page 1 Introduction A Valuation Results 1 Funding Objective 2 Computed Contributions
More informationAutopilot: Self-Adjusting Mechanisms for Sustainable Retirement Systems
Autopilot: Self-Adjusting Mechanisms for Sustainable Retirement Systems John A. Turner 1 April 2007 Foreword The Society of Actuaries Retirement 20/20 project kicked off in 2006 with a conference titled
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: January 5, 2007 TO: FROM: OPERS Retirement Board Members Julie
More informationS TAT E U NIVERSITIES R E T I REMENT SYSTEM OF I L L INOIS
S TAT E U NIVERSITIES R E T I REMENT SYSTEM OF I L L INOIS G A S B S T A T E M E N T N O. 6 7 P L A N R E P O R T I N G A N D A C C O U N T I N G S C H E D U L E S J U N E 3 0, 2 0 1 4 October 10, 2014
More informationIssue Number 60 August A publication of the TIAA-CREF Institute
18429AA 3/9/00 7:01 AM Page 1 Research Dialogues Issue Number August 1999 A publication of the TIAA-CREF Institute The Retirement Patterns and Annuitization Decisions of a Cohort of TIAA-CREF Participants
More informationLife Assurance (Provision of Information) Regulations, 2001
ACTUARIAL STANDARD OF PRACTICE LA-8 LIFE ASSURANCE PRODUCT INFORMATION Classification Mandatory MEMBERS ARE REMINDED THAT THEY MUST ALWAYS COMPLY WITH THE CODE OF PROFESSIONAL CONDUCT AND THAT ACTUARIAL
More informationTHE SOCIETY OF ACTUARIES IN IRELAND
THE SOCIETY OF ACTUARIES IN IRELAND ACTUARIAL STANDARD OF PRACTICE PEN-12 STATEMENTS OF REASONABLE PROJECTION OCCUPATIONAL PENSION SCHEMES AND TRUST RACs Classification Mandatory MEMBERS ARE REMINDED THAT
More informationCurrently throughout the world most public
FUTURE PROSPECTS FOR NOTIONAL DEFINED CONTRIBUTION SCHEMES JOHN B. WILLIAMSON* Currently throughout the world most public old-age pension schemes are based on the Pay-As-You-Go Defined Benefit (PAYGO DB)
More informationThe Balance Sheet of the Swedish National Pension System
The Balance Sheet of the Swedish National Pension System Swedish pension reform - a long process 1991 Commission set up 1992 Draft of a new pension plan 1994 parliament adopts principles of the new pension
More informationAugust 22, The Pension Board Redford Township Police and Fire Retirement System Redford Township, Michigan. Dear Board Members:
August 22, 2016 The Pension Board Retirement System Redford Township, Michigan Dear Board Members: The purpose of the revised annual actuarial valuation of the Redford Township Police and Fire Retirement
More informationPENSIONS AT A GLANCE 2009: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES AUSTRALIA
PENSIONS AT A GLANCE 29: RETIREMENT INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions AUSTRALIA Australia: pension system in 26 Australia
More informationSelection of Mortality Assumptions for Pension Plan Actuarial Valuations
Revised Educational Note Selection of Mortality Assumptions for Pension Plan Actuarial Valuations Committee on Pension Plan Financial Reporting March 2014 Document 214029 Ce document est disponible en
More informationA GUIDE TO PENSION WITHDRAWAL TAKING BENEFITS UNDER NEW PENSION FREEDOM RULES
A GUIDE TO PENSION WITHDRAWAL TAKING BENEFITS UNDER NEW PENSION FREEDOM RULES OPTIONS AND CONSIDERATIONS FOR ACCESSING PENSION BENEFITS The aim of this guide is to provide a basic overview of the options
More informationORANGE REPORT ANNUAL REPORT OF THE SWEDISH PENSION SYSTEM 2010
ORANGE REPORT ANNUAL REPORT OF THE SWEDISH PENSION SYSTEM 21 Contents Did you know this about pensions? 2 How the National Pension System Works 4 Costs of Administration and Capital Management 1 Changes
More informationNBEH WORKING PAPER SERIES. Jerenr I. Bulow. NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge MA
NBEH WORKING PAPER SERIES EARLY RETIREMENT PENSION BENEFITS Jerenr I. Bulow Working Paper No. 65i NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge MA 02138 April 1981 This research
More informationLessons from Sweden. This presentation
Lessons from Sweden John A. Turner Pension Policy Center Presentation to Retirement 20/20 November 17, 2008 This presentation In this presentation, I will: Provide an overview of the Swedish retirement
More informationACTUARIAL REPORT. on the Pension Plan for the
on the Pension Plan for the ROYAL CANADIAN MOUNTED POLICE To obtain a copy of this report, please contact: Office of the Chief Actuary Office of the Superintendent of Financial Institutions Canada 16 th
More informationUniversity of Toronto Pension Plans. Annual Financial Report. For the Year Ended June 30, 2013
University of Toronto Pension Plans Annual Financial Report For the Year Ended June 30, 2013 University of Toronto Pension Plan (RPP) Highlights 1 As at July 1, 2013 With Comparative Figures at July 1,
More informationOnline Appendix for On the Asset Allocation of a Default Pension Fund
Online Appendix for On the Asset Allocation of a Default Pension Fund Magnus Dahlquist Ofer Setty Roine Vestman January 6, 26 Dahlquist: Stockholm School of Economics and CEPR; e-mail: magnus.dahlquist@hhs.se.
More informationOverview of HMEPS Benefit Changes
The Houston Municipal Employees Pension System (HMEPS) and the City of Houston (City) negotiated pension reforms that strengthen the pension system for the long term. The Texas Legislature passed legislation
More informationMUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF MICHIGAN
MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF MICHIGAN Summary of Actuarial Assumptions and Actuarial Funding Method as of December 31, 2015 Actuarial Assumptions To calculate MERS contribution requirements,
More informationM INNESOTA STATE PATROL RETIREMENT FUND
M INNESOTA STATE PATROL RETIREMENT FUND 4 - YEAR EXPERIENCE STUDY JULY 1, 2011 THROUGH JUNE 30, 2015 GRS Gabriel Roeder Smith & Company Consultants & Actuaries 277 Coon Rapids Blvd. Suite 212 Coon Rapids,
More informationThe Swedish NDC system - A critical assessment
The 2nd Colloquium of the Pension, Benefits and Social Security Section of the International Actuarial Association Helsinki, Finland from 21 to 23 May 2007 The Swedish NDC system - A critical assessment
More informationCRS Report for Congress
Order Code RL30023 CRS Report for Congress Received through the CRS Web Federal Employee Retirement Programs: Budget and Trust Fund Issues Updated May 24, 2004 Patrick J. Purcell Specialist in Social Legislation
More informationComments on the OECD s Calculation of the Future Pension Level in Sweden
1 (13) Memorandum Department of Pension Development Tommy Lowen, Ole Settegren +46-10-454 20 50 Comments on the OECD s Calculation of the Future Pension Level in Sweden Pensions at a Glance 2011 is a comprehensive,
More informationCity of Clearwater Employees Pension Plan Actuarial Valuation Report as of January 1, 2018 Annual Employer Contribution for the Fiscal Year Ending
City of Clearwater Employees Pension Plan Actuarial Valuation Report as of January 1, 2018 Annual Employer Contribution for the Fiscal Year Ending September 30, 2019 TABLE OF CONTENTS Section Title
More informationMUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF MICHIGAN APPENDIX TO THE ANNUAL ACTUARIAL VALUATION REPORT DECEMBER 31, 2016
MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF MICHIGAN APPENDIX TO THE ANNUAL ACTUARIAL VALUATION REPORT DECEMBER 31, 2016 Summary of Plan Provisions, Actuarial Assumptions and Actuarial Funding Method as
More informationMINISTRY OF ECONOMY AND FINANCE
MINISTRY OF ECONOMY AND FINANCE DEPARTMENT OF GENERAL ACCOUNTS General Inspectorate for social expenditure 2015-round of EPC-WGA projections - Italy s fiche on pensions (*) (10 th November 2014) (*) For
More informationP H O E N I X P O L I C E D E P T. ( 022) A R I Z O N A P U B L I C S A F E T Y P E R S O N N E L R E T I R E M E N T S Y S T E M JUNE 30, 201 3
P H O E N I X P O L I C E D E P T. ( 022) A R I Z O N A P U B L I C S A F E T Y P E R S O N N E L R E T I R E M E N T S Y S T E M JUNE 30, 201 3 October 11, 2013 The Board of Trustees Arizona Public Safety
More informationTexas Municipal Retirement System. June 20, Retiree Mortality Study. Joseph Newton Mark Randall. Copyright 2012 GRS All rights reserved.
Texas Municipal Retirement System Retiree Mortality Study June 20, 2013 Joseph Newton Mark Randall Copyright 2012 GRS All rights reserved. Today s Agenda Mortality Assumption Overview Actuarial Standards
More informationFrom Unfunded to Funded Pension - The Road to Escape from the Ageing Trap
From Unfunded to Funded Pension - The Road to Escape from the Ageing Trap PREPARED BY HAODONG QI 1 PREPARED FOR PAA 2012 ANNUAL MEETING Abstract In response to population ageing and the growing stress
More informationTexas Municipal Retirement System. August 22, Retiree Mortality Study. Joseph Newton Mark Randall. Copyright 2013 GRS All rights reserved.
Texas Municipal Retirement System Retiree Mortality Study August 22, 2013 Joseph Newton Mark Randall Copyright 2013 GRS All rights reserved. Today s Agenda Mortality Analysis Review Proposed Annuity Purchase
More informationDEMOGRAPHICS AND MACROECONOMICS
1 ITALY DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 1 572 GDP per capita (USD) 38 455 Population (000s) 59 366 Labour force (000s) 25 097 Employment rate 93.2 Population over 65 (%) 19.8 Dependency
More information3-6 Principal Valuation Results 7-8 Expected Termination from Active Employment 9-10 COMMENTS AND CONCLUSION. Data Furnished for Valuation
THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT ANNUAL ACTUARIAL VALUATION OF COMPONENT II JUNE 30, 2014 OUTLINE OF CONTENTS Pages Items 1 Cover letter Valuation Results 3-6 Principal Valuation
More informationMarch 18, Teachers Retirement Board California State Teachers Retirement System
1301 Fifth Avenue Suite 3800 Seattle, WA 98101-2605 USA Tel +1 206 624 7940 Fax +1 206 623 3485 milliman.com March 18, 2015 Teachers Retirement Board Re: Medicare Premium Payment Program Actuarial Valuation
More informationRetirement Income Covenant Position Paper
Manager, CIPRs Retirement Income Policy Division The Treasury Langton Crescent PARKES ACT 2600 superannuation@treasury.gov.au Retirement Income Covenant Position Paper Cbus welcomes the opportunity to
More informationCITY OF CLEARWATER EMPLOYEES PENSION PLAN ACTUARIAL VALUATION REPORT AS OF JANUARY 1, 2016
CITY OF CLEARWATER EMPLOYEES PENSION PLAN ACTUARIAL VALUATION REPORT AS OF JANUARY 1, 2016 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2017 TABLE OF CONTENTS Section Title
More informationFrançois Lequiller, OECD, December 2004
RECORDING LIABILITIES OF PENSION SCHEMES: THE VERY INTERESTING CASE OF THE SWEDISH INKOMSTPENSION 1 François Lequiller, OECD, December 2004 Started in the beginning of the 90s, the reform of the pension
More informationFUNDING DEFINED BENEFITS ACTUARIAL REPORTS
ACTUARIAL STANDARD OF PRACTICE PEN-1 FUNDING DEFINED BENEFITS ACTUARIAL REPORTS Classification Mandatory MEMBERS ARE REMINDED THAT THEY MUST ALWAYS COMPLY WITH THE CODE OF PROFESSIONAL CONDUCT AND THAT
More informationComposite Plans: A Better Approach to Variability
Composite Plans: A Better Approach to Variability Josh Shapiro Groom Law Group, Chartered NCCMP 2017 Annual Conference Current Multiemployer Pension Benefits Plans typically provide fixed-dollar benefits
More informationPension benefits in Chile: Is it possible to improve adequacy and solidarity?
Pension benefits in Chile: Is it possible to improve adequacy and solidarity? ILO / IZA Conference Assessing the effects of labor market reforms a global perspective Geneva 10-11 March 2016 Fabio Bertranou
More informationPreface...3 Background to the Principles and Practices of Financial Management Introduction to Standard Life With Profits...
Preface...3 Background to the Principles and Practices of Financial Management...5 1. Introduction to Standard Life With Profits...6 Types of with profits policy...6 Standard Life s Long-term Business
More informationM I N N E S O T A C O R R E C T I O N A L E M P L O Y E E S R E T I R E M E N T F U N D
M I N N E S O T A C O R R E C T I O N A L E M P L O Y E E S R E T I R E M E N T F U N D 4 - Y E A R E X P E R I E N C E S T U D Y J U L Y 1, 2 0 1 1 T H R O U G H J U N E 3 0, 2 0 1 5 GRS Gabriel Roeder
More informationO A K L A N D C O U N T Y E M P L O Y E E S ' R E T I R E M E N T S Y S T E M
O A K L A N D C O U N T Y E M P L O Y E E S ' R E T I R E M E N T S Y S T E M G A S B S T A T E M E N T N O. 6 7 P L A N R E P O R T I N G A N D A C C O U N T I N G S C H E D U L E S S E P T E M B E R
More informationThe NDC Reform in the Czech Republic
Chapter 21 The NDC Reform in the Czech Republic Agnieszka Chloń-Domińczak and Marek Mora* THE CZECH GOVERNMENT IS FACING THE NEED to reform its pension system. As projections show, the current system is
More informationTOWN OF LANTANA POLICE RELIEF AND PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014
TOWN OF LANTANA POLICE RELIEF AND PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2016 TABLE OF CONTENTS Section Title
More informationAllianz. European Embedded Value Report
Allianz European Embedded Value Report 2005 Contents 1 Introduction... 3 2 Basis of Preparation... 3 3 Covered Business... 3 4 Definitions... 4 4.1 Net asset value... 4 4.2 Present Value of Future Profits...
More informationNotional Defined Contribution schemes: Old wine and a new Zeitgeist in a new bottle
Notional Defined Contribution schemes: Old wine and a new Zeitgeist in a new bottle Michael Cichon Social Security Department Paris, 30 May 2006 Structure of presentation Point One: A reminder: What are
More informationSTRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA. Table 1: Speed of Aging in Selected OECD Countries. by Randall S. Jones
STRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA by Randall S. Jones Korea is in the midst of the most rapid demographic transition of any member country of the Organization for Economic Cooperation
More informationContents. 1. Summary of Results ($000) Introduction...3 Report on the Actuarial Valuation as at July 1,
Contents 1. Summary of Results ($000)...1 2. Introduction...3 as at July 1, 2003...3 3. Financial Position of the Plan...6 Valuation Results Going-Concern Basis...6 Valuation Results Solvency Basis...7
More informationTwo Thousand Five Hundred Words on The Swedish Pension Reform
Two Thousand Five Hundred Words on The Swedish Pension Reform For the Workshop on Pension Reform at the German Embassy, Washington D.C. on behalf of The Urban Institute July 12, 2001 Ole Settergren Riksförsäkringsverket
More informationPension Plan for Non-Unionized Employees of Quebecor Media Inc. and its Participating Subsidiaries
Pension Plan for Non-Unionized Employees of Quebecor Media Inc. and its Participating Subsidiaries Report prepared on September 20, 2010 Registration number: Ontario and Canada Revenue Agency #1098474
More informationACTUARIAL REPORT. on the Pension Plan for the
on the Pension Plan for the MEMBERS OF PARLIAMENT Office of the Chief Actuary Office of the Superintendent of Financial Institutions Canada 16 th Floor, Kent Square Building 255 Albert Street Ottawa, Ontario
More informationThe Impact of Demographic Change on the. of Managers and
The Impact of Demographic Change on the Future Availability of Managers and Professionals in Europe Printed with the financial support of the European Union The Impact of Demographic Change on the Future
More informationSocial Security on Auto-Pilot: International Experience with Automatic Stabilizing Mechanisms
Social Security on Auto-Pilot: International Experience with Automatic Stabilizing Mechanisms BARRY BOSWORTH AND KENT WEAVER Social Security s Finances Program outlays began to exceed tax revenues in 2010
More informationWhat is the Orange Report?
What is the Orange Report? The Orange Report 2017 describes the financial status of the national income-based pension at year-end 2017, developments during 2017, and three future scenarios. In addition
More informationORLANDO UTILITIES COMMISSION PENSION PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
ORLANDO UTILITIES COMMISSION PENSION PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2018 TABLE OF CONTENTS Section Title
More informationCompute the City s recommended contribution rate for the Fiscal Year beginning December 1, 2015.
March 2, 2015 The Board of Trustees Employees Retirement System Livonia, Michigan 48154 Dear Board Members: The purpose of the annual actuarial valuation of the Employees Retirement System as of November
More informationFederal Employees Retirement System: Budget and Trust Fund Issues
Federal Employees Retirement System: Budget and Trust Fund Issues Katelin P. Isaacs Analyst in Income Security September 27, 2012 CRS Report for Congress Prepared for Members and Committees of Congress
More informationSocial security financing
Social security financing Importance of financing Its design influences: efficiency on a micro and macroeconomic level The effectiveness of redistributive mechanisms Economic sustainability Political economy
More informationTen years after. the Swedish Pension Reform. Design & Current Status. D.B. Mikula Swedish Pensions Agency. (Oslo, 16:th sept.
Ten years after the Swedish Pension Reform Design & Current Status D.B. Mikula Swedish Pensions Agency (Oslo, 16:th sept. 2010) The Reform Strategy contribution 16.0 % contribution 2.5% Defined Contribution
More informationCITY OF HOMESTEAD POLICE OFFICERS RETIREMENT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2015
CITY OF HOMESTEAD POLICE OFFICERS RETIREMENT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2015 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 30, 2017 TABLE
More informationEUROSTAT. September 2, Ernst & Young Actuaires-Conseils Contract No Eurostat
EUROSTAT Independent examination of the 2009 update of the 2004 actuarial assessment of the balance of the Pension Scheme of European Officials (PSEO) in accordance with Annex XII Rules for implementing
More informationSan Diego City Employees Retirement System San Diego County Regional Airport Authority
San Diego City Employees Retirement System San Diego County Regional Airport Authority GASB 67/68 Report as of June 30, 2016 Produced by Cheiron November 2016 TABLE OF CONTENTS Section Page Letter of Transmittal...
More informationAccumulated pension entitlements in Norway
From chapter 5.3 i Økonomisk utsyn (Rapporter 2018/09) Accumulated pension entitlements in Norway The estimated present value of Norwegian households total accrued-to-date pension entitlements in social
More informationCity of Boynton Beach Municipal Police Officers Retirement Fund Actuarial Valuation Report as of October 1, 2018
City of Boynton Beach Municipal Police Officers Retirement Fund Actuarial Valuation Report as of October 1, 2018 Annual Employer Contribution for the Fiscal Year Ending September 30, 2020 April 3, 2019
More informationCITY OF TAMARAC POLICE OFFICERS' PENSION TRUST FUND ACTUARIAL VALUATION REPORT
CITY OF TAMARAC POLICE OFFICERS' PENSION TRUST FUND ACTUARIAL VALUATION REPORT FOR THE YEAR BEGINNING OCTOBER 1, 2014 TABLE OF CONTENTS I Discussion a. Discussion of Valuation Results... 1 b. Financial
More informationPENSIONS POLICY INSTITUTE. Comparison of pension outcomes under EET and TEE tax treatment
Comparison of pension outcomes under EET and TEE tax treatment This report has been commissioned by the Association of British Insurers (ABI). A Research Report by John Adams and Tim Pike Published by
More informationCommonwealth of Pennsylvania State Employees Retirement System
Commonwealth of Pennsylvania State Employees Retirement System 2012 Actuarial Report COMMONWEALTH OF PENNSYLVANIA STATE EMPLOYEES RETIREMENT SYSTEM 2012 ACTUARIAL REPORT DEFINED BENEFIT PLAN HAY GROUP,
More informationAre Automatic Balancing Mechanisms Appropriate For Private Sector Defined Benefit Pension Plans? Overview
Are Automatic Balancing Mechanisms Appropriate For Private Sector Defined Benefit Pension Plans? Doug Andrews Presented To Retirement 2020 November 18, 2008 Overview Briefly describe key components of
More informationWikiLeaks Document Release
WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RS22439 The Market for Retirement Annuities Neela K. Ranade, Domestic Social Policy Division May 18, 2006 Abstract. Legislation
More informationPERSONAL RETIREMENT SAVINGS ACCOUNTS PRODUCT INFORMATION
ACTUARIAL STANDARD OF PRACTICE PRSA-2 PERSONAL RETIREMENT SAVINGS ACCOUNTS PRODUCT INFORMATION Classification Mandatory MEMBERS ARE REMINDED THAT THEY MUST ALWAYS COMPLY WITH THE CODE OF PROFESSIONAL CONDUCT
More informationThe Swedish Pension Reform Model: Framework and Issues
The Swedish Pension Reform Model: Framework and Issues Edward Palmer Abstract This paper describes the recent Swedish reform and available options on major issues within this reform framework. In June
More informationThe WRS Unique Design What It Means To You. David Stella, Secretary Wisconsin Department of Employee Trust Funds April 15, 2008
The WRS Unique Design What It Means To You David Stella, Secretary Wisconsin Department of Employee Trust Funds April 15, 2008 The WRS is a Hybrid Benefit Plan Formula Benefit Defined Benefit based on:
More informationEDUCATIONAL NOTE AGGREGATION AND ALLOCATION OF POLICY LIABILITIES COMMITTEE ON LIFE INSURANCE FINANCIAL REPORTING
EDUCATIONAL NOTE Educational notes do not constitute standards of practice. They are intended to assist actuaries in applying standards of practice in specific matters. Responsibility for the manner of
More informationThe Swedish old-age pension system. How the income pension, premium pension and guarantee pension work
The Swedish old-age pension system How the income pension, premium pension and guarantee pension work The Swedish old-age pension system How the income pension, premium pension and guarantee pension work
More informationThe Gender Impact of Pension Reform What Is It and Why? And how to increase coverage? by Estelle James Prepared for AIOS meeting, May 2006
The Gender Impact of Pension Reform What Is It and Why? And how to increase coverage? by Estelle James Prepared for AIOS meeting, May 2006 1 What is the impact of pension reform on women vs. men? Critics
More informationLEVERAGING A LIFE INSURANCE POLICY A GUIDE FOR LAWYERS, ACCOUNTANTS AND INSURANCE ADVISORS
ADVISOR USE ONLY LEVERAGING A LIFE INSURANCE POLICY A GUIDE FOR LAWYERS, ACCOUNTANTS AND INSURANCE ADVISORS Using life insurance as collateral for personal and business planning Life s brighter under the
More information