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Author: Yu-Wei Hu Publisher: International Monetary Fund ISBN: 145187393X Category : Business & Economics Languages : en Pages : 52
Book Description
The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the key components of the system, highlights the progress made to date and identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management standards.
Author: Yu-Wei Hu Publisher: International Monetary Fund ISBN: 145187393X Category : Business & Economics Languages : en Pages : 52
Book Description
The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the key components of the system, highlights the progress made to date and identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management standards.
Author: Sudhir Rajkumar Publisher: World Bank Publications ISBN: 0821384708 Category : Social Science Languages : en Pages : 364
Book Description
And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.
Author: Gregorio Impavido Publisher: World Bank Publications ISBN: Category : Fondo de pensiones Languages : en Pages : 44
Book Description
The author surveys the empirical literature on the relationship between governance of public pension fund management and investment performance. He makes a preliminary attempt to identify good governance practices and distill governance guidelines aimed at reducing the political risk that is associated with central, public pension fund management. The author highlights the need for further work to support the development of a satisfactory set of governance guidelines.
Author: Jun Peng Publisher: Taylor & Francis ISBN: 1040026923 Category : Political Science Languages : en Pages : 108
Book Description
Since 1978, when China started remaking its economy, it has also embarked on an unparalleled effort at remaking its pension system to accommodate its hybrid economic model. This book tells the story of how China has managed to build a national pension system that now covers most of its population and what this system holds for its future. This book covers the following topics: evolution of Chinese pension system to its current form; benefit design, financing, and governance of current pension system; challenges facing the pension system, especially the looming funding shortage due to accelerating population ageing; solutions to the challenges; and lessons learned from the Chinese experience. Due to the fragmentation of pension system among 31 mainland provinces, we also select three provinces as case studies to help readers gain a richer understanding of how economic and geographic diversity has created disparity in pension benefit design and financing between provinces and within a province and how such disparity adds complexity and challenges to the pension system. This timely and important study provides up-to-date and in-depth analyses for policymakers and stakeholders to make informed decisions and will be relevant for all scholars and students of public administration and public policy studies.
Author: Mark C. Dorfman Publisher: World Bank Publications ISBN: 0821395408 Category : Business & Economics Languages : en Pages : 265
Book Description
Comprehensive reform of China’s pension and social security system is an essential element of achieving its objectives of a harmonious society and sustainable development. Over the past few years, the Government has considered various options and initiated several significant measures. In 2009 the authorities established a national framework for rural pensions, the Rural Pension Pilot Program (RPPP) and in 2011 a Pilot Social Pension Insurance for Urban Residents announced. In this process, it has articulated principles for a reformed urban pension system (indicated by 12 Chinese characters ) which are “broad coverage, protects at the basic level, is multi-layered, and sustainable” while the principles for the rural system (indicated by 12 characters ) are “broad coverage, protects at the basic level, flexible, and sustainable.” These principles underpin the commitments made at the 17th Party Congress towards a comprehensive and integrated social security system by 2020. Although substantial reforms of the pension system have been undertaken over the past two decades, some policymakers have suggested that additional reforms are needed to meet the needs of China’s rapidly changing economy and society. Issues such as legacy costs, system fragmentation and limited coverage have not been fully addressed. At the same time, many new challenges have emerged such as rapid urbanization, increased income inequality and urban-rural disparities, greater informalization of the labor force, changes in family structure, and the effects of increased globalization. This report has been prepared at the request of the Ministry of Finance to develop a medium term vision of a holistic framework that could be realized by 2040 for strengthening old age income protection in China which is consistent with the principles outlined in the 12 characters and design options towards achieving it. The main body of this report outlines this vision – summarizing the key features of a proposed medium-term pension system – while the annexes provide the deeper analysis and context which underpins the recommendations contained herein.
Author: David Hess Publisher: World Bank Publications ISBN: Category : Corporate governance Languages : en Pages : 40
Book Description
An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit, and proper governing body for public pension funds, thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.
Author: Michael Orszag, John Evans, John Piggott Publisher: Edward Elgar Publishing ISBN: 1781007667 Category : Business & Economics Languages : en Pages : 284
Book Description
'This collection of essays on a rapidly developing topic is a valuable addition to the field and the editors must be congratulated on beginning to bring the area to the attention of thinkers and government (not necessarily the same thing), who are charged with dealing with the challenge of controlling private pension provision.' - Robin Ellison, Pensions
Author: John R. Evans Publisher: Edward Elgar Publishing ISBN: Category : Business & Economics Languages : en Pages : 296
Book Description
The academic literature on pension governance is sparse and this book will fill some important gaps by bringing together original contributions from around the world on subjects related to the area. The book initially lays out the main frameworks for pension fund governance and then goes on to examine global governance practice and experience and country studies on pension funds in the United States and Australia. The final section of this in-depth study discusses the role of government guarantees. The editors and contributors to this book have struck a balance between the various dimensions of the governance problem. Whilst ensuring that the theoretical frameworks are represented, at the same time, they have also recognized that it is vital to report on empirical work. Private pensions are examined closely, while also acknowledging that public pension funds are extremely important actors. Pension Fund Governance will appeal to academics and researchers of financial economics and financial management, as well as those in the fields of public finance and public sector economics. Furthermore the book will also find an audience among those in commercial and policy roles which involve pensions, including pension actuaries.
Author: Yu-Wei Hu
Author: Yu-Wei Hu
Author: Gregorio Impavido
Author: Sudhir Rajkumar
Author: Gregorio Impavido
Author: Jun Peng
Author: Mark C. Dorfman
Author: David Hess
Author: Michael Orszag, John Evans, John Piggott
Author: World Bank. Resident Mission in China
Author: John R. Evans