Pension Schemes and Early Retirement.

1987 ◽  
Vol 30 ◽  
pp. 141-161
Author(s):  
D. J. Parsons
Keyword(s):  
Early Retirement ◽  
Pension Scheme ◽  
Limited Extent ◽  
Dual Purpose ◽  
Pension Schemes ◽  
Practical Implications

An actuary has two major responsibilities in respect of a fully functional pension scheme: (i) To perform (and report on) periodic actuarial investigations; these have the dual purpose of confirming the security of the members' accumulated benefits and of determining, with the agreement of the employers, an appropriate scheme of funding; (ii) To provide tables for application to early leaver benefits for the determination of alternative options. Much has been written on the first of these functions and I expand on this only to a limited extent in §2. This paper addresses itself more to the practical implications of the second of them and, in particular, to the early retirement option.

scholarly journals Trustees and pension schemes in Ireland

2014 ◽  
Vol 22 (1) ◽  
pp. 2-14 ◽  
Author(s):  
Jim Stewart ◽  
Bridget McNally
Keyword(s):  
Pension Fund ◽  
Good Governance ◽  
Secondary Data ◽  
Pension Scheme ◽  
Occupational Pension ◽  
Content Type ◽  
Pension Schemes ◽  
Pension Governance ◽  
And Performance ◽  
Practical Implications

Purpose – This article aims to highlight the gap between the legal responsibilities and the practice of pension fund trustees in Ireland. Design/methodology/approach – The paper relies on primary and secondary data analysis of trustee practice and enforcement cases to highlight the gap between law and practice. Findings – The article finds that there is an inconsistency between legal requirement and practice in the calibre of trustee and trustee training across Irish occupational pension schemes. This has adverse consequences for pension governance and performance. Practical implications – The findings raise the question as to whether there should be mandatory qualifications for trustees or mandatory standardised trustee training in a prescribed format, with which trustees should comply. It also questions whether there should be a governance code for trustees to ensure a minimum standard or target level of competence and good governance on the part of pension scheme trustees. Originality/value – There is a distinct lack of emphasis in the literature and in practice on the inconsistency between the extent of the responsibilities which trustees ultimately carry, and the legal exposure this potentially creates for trustees who unduly rely on other trustees or third parties in the trustee decision making process.

scholarly journals Stochastic Fuzzy Algorithms for Impairment of Assets Management

2020 ◽  
Vol 15 (1) ◽  
Author(s):  
Marcel Ioan Bolos ◽  
Victoria Bogdan ◽  
Ioana Alexandra Bradea ◽  
Claudia Diana Sabau Popa ◽  
Dorina Nicoleta Popa
Keyword(s):  
Artificial Intelligence ◽  
Decision Making ◽  
Fuzzy Numbers ◽  
Cash Flows ◽  
The Other ◽  
Dual Purpose ◽  
Fuzzy Algorithms ◽  
Tangible Assets ◽  
The Impact

The present paper aims to analyze the impairment of tangible assets with the help of artificial intelligence. Stochastic fuzzy numbers have been introduced with a dual purpose: on one hand to estimate the cash flows generated by tangible assets exploitation and, on the other hand, to ensure the value ranges stratifications that define these cash flows. Estimation of cash flows using stochastic fuzzy numbers was based on cash flows generated by tangible assets in previous periods of operation. Also, based on the Lagrange multipliers, were introduced: the objective function of minimizing the standard deviations from the recorded value of the cash flows generated by the tangible assets, as well as the constraints caused by the impairment of tangible assets identification according to which the cash flows values must be equal to the annual value of the invested capital. Within the determination of the impairment value and stratification of the value ranges determined by the cash flows using stochastic fuzzy numbers, the impairment of assets risk was identified. Information provided by impairment of assets but also the impairment risks, is the basis of the decision-making measures taken to mitigate the impact of accumulated impairment losses on company’s financial performance.

Pensions and Providence: Dutch Employers and the Creation of Funded Pension Schemes

2009 ◽  
Vol 10 (2) ◽  
pp. 265-303
Author(s):  
Erik Nijhof
Keyword(s):  
Old Age ◽  
Legal Framework ◽  
International Perspective ◽  
The State ◽  
Pension Scheme ◽  
Pension Schemes ◽  
Role Of The State ◽  
Private And Public ◽  
Corporate Pension ◽  
Demographic Shifts

From an international perspective, the Dutch system of old age provisions stands out for its wide coverage, fixed benefits, and an overall actuarial soundness that seem to make this system more shock proof to demographic shifts and economic adversities than those in other “Western” countries. Its actual foundation is a compulsory old age insurance for all citizens, enforced by law and implemented by the state; this insurance is supplemented by fully funded pension schemes for workers and employees, operating under legal control; and finally there is a variety of additional and noncompulsory pension benefits and individual insurance arrangements. The main impetus to the genesis of this system came from employers who, with different agendas, created various pension funds; eventually it was the state, which set a decisive example with a funded pension fund for its civil servants. This became the standard to all corporate pension schemes and provoked innovations like branch funds. These initiatives were supported and regulated by legislation that made these arrangements compulsory and guaranteed their juridical independence and actuarial soundness. Only after this legally promoted maturation of private funds, the state set out to create public arrangements on a “pay-as-you-go” basis for all citizens. This delicate interplay between private and public pension arrangements is highly characteristic of the Dutch variety of capitalism in a broader context. In the polarity between liberal and coordinated market economies, as developed by Soskice and Hall, the Dutch system of old age provisions has played a prominent role in ranking this country more firmly into the latter category. However, within this range of countries the Dutch system of old age provisions is also a bit atypical: private corporate and branch arrangements were encouraged and at the same time embedded in a legal framework. The role of the state was also remarkable: a supervisor of the private funds, a collector and distributor in a universal insurance system, and an employer with an exemplary pension scheme.

Relationship of Proactive Personality With Life Satisfaction During Late Career and Early Retirement

2017 ◽  
Vol 45 (4) ◽  
pp. 345-360 ◽  
Author(s):  
Todd J. Maurer ◽  
Elizabeth F. Chapman
Keyword(s):  
Life Satisfaction ◽  
Early Retirement ◽  
Life Stage ◽  
Proactive Personality ◽  
Future Research ◽  
Proactive Behavior ◽  
Full Time ◽  
Individual Household ◽  
Relationship Of ◽  
Practical Implications

This investigation of proactive personality focused on life satisfaction during a 10-year period in which people went from being full-time employees to being fully retired. The study contributes at the intersection of the literatures on proactive personality, careers, retirement, and life satisfaction. In a sample of 118 recent retirees across the U.S. workforce (mean age = 65), personality was correlated with assessments of life satisfaction over the prior 10-year period and a variety of control variables (individual, household, and previous job) were included so that we could examine the incremental and unique effects of proactive personality. Proactive people were more satisfied during this critical period of life. This was true whether differences in life satisfaction included or excluded differences in career satisfaction during that time. We discuss future research implications and potential practical implications for enhancing satisfaction during a life stage in which proactive behavior may be beneficial.

Protirement is coming – is your organization ready?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Timothy Alan Ringo
Keyword(s):  
Early Retirement ◽  
Aging Workforce ◽  
Organization Learning ◽  
Content Type ◽  
The Past ◽  
Hands On ◽  
Traditional Sense ◽  
Workplace Challenges ◽  
The 1960S ◽  
Practical Implications

Purpose This paper aims to outline an emerging trend that is replacing traditional retirement; this trend is called “protirement.” Protirement is defined as early retirement from professional work with the positive idea of pursuing something more fulfilling and has originated from the “blend of pro- and retirement.” Design/methodology/approach This paper’s approach is to define the trend of protirement and then back the idea with data and cases of where and how this is implemented by human resources (HR) organizations. Findings Retirement, in its traditional sense, is becoming increasingly unattainable for individuals but is also less necessary than it has been in the past. People are living longer and healthier lives, and in fact, data show that working in some meaningful and valuable manner actually increases life-span and allows more time to save for the day when one cannot work anymore. Research limitations/implications The findings in this paper should spark others to do more research into the area of aging workforce and new models that will leverage senior workers for the benefit of individuals, organizations and society at large. Practical implications HR executives and their organizations will need to drive change in the areas of recruitment (senior workers), pension planning and saving and HR policies around retirement. Social implications People productivity has been in decline for over 10 years now. The authors are going to need all hands on deck to help fix this and overcome the economic challenges created by the 2020 pandemic. Leveraging senior workers brings deep expertise into the workplace that could be lost otherwise, improving productivity and organization learning. Originality/value This paper takes an idea coined in the 1960s and brings it into the 21st century, when and where it is really needed. This long-forgotten idea is being resurrected to help deal with today’s workplace challenges.

Altersrenten und sozialer Ausgleich in Deutschland und Österreich – ein Vergleich anhand von Modellrechnungen

2021 ◽  
Vol 70 (99) ◽  
pp. 2-25
Author(s):  
Florian Blank ◽  
Erik Türk
Keyword(s):  
Old Age ◽  
Early Retirement ◽  
Ideal Type ◽  
Public Pension ◽  
Pension Insurance ◽  
Model Calculations ◽  
Pension Schemes ◽  
Old Age Pensions ◽  
Life Courses ◽  
Stable Employment

Die Gegenüberstellung der Rentenansprüche für einheitliche, idealtypische Biografien ermöglicht den Vergleich von Unterschieden der Rentensysteme selbst. Die von der OECD erstellten Modellbiografien mit durchgehenden Erwerbsverläufen, abschlagsfreiem Renteneintritt und stabilen Einkommenspositionen bilden den Ausgangspunkt für den Vergleich der Rentenversicherungen Deutschlands und Österreichs. Die Vorgehensweise der OECD wird dargestellt, sofern erforderlich korrigiert, aktualisiert und weiterentwickelt. Zusätzlich werden Arbeitslosigkeit, vorzeitiger Renteneintritt sowie Kindererziehungszeiten berücksichtigt. Durch diese Ergänzungen werden eine höhere Realitätsanbindung erreicht und Elemente des sozialen Ausgleichs einbezogen. Es zeigt sich, dass die österreichische Pensionsversicherung in jeder Konstellation deutlich höhere Leistungen gewährt, die Elemente des sozialen Ausgleichs den Abstand teils vergrößern, teils verringern. Abstract: Old-age Pensions and Social Equalization in Germany and Austria – a Comparison Using Model Calculations A comparison of pension entitlements based on ideal-type biographies allows for an identification of differences between pensions systems. We compare public pension schemes in Germany and Austria, starting with the OECD’s model biographies. These biographies are signified by stable employment careers and income positions, and regular retirement without deductions. The OECD’s approach is discussed, revised, updated, and amended. Periods of unemployment and childcare and early retirement are included. This leads to more realistic life courses and means an inclusion of redistributive measures. The Austrian pension insurance delivers higher benefits in every constellation discussed; redistributive elements partly increase, partly reduce differences.

The Impact of National Insurance Act, 1959, on Private Pension Schemes

1961 ◽  
Vol 16 (04) ◽  
pp. 233-260
Author(s):  
T. Hugh Beech
Keyword(s):  
Subject Matter ◽  
Present Situation ◽  
Pension Scheme ◽  
Private Pensions ◽  
Contracting Out ◽  
Pension Schemes ◽  
National Insurance ◽  
History Of ◽  
The Subject ◽  
The Impact

Can the National Pension Scheme as a whole now be expected to maintain solvency? On what lines may the Scheme be expected to develop in the future? Should contracting out not have been permitted?The temptation to go into these and other fascinating questions will be resisted as far as possible; it is proposed instead to confine the subject matter of this paper reasonably closely within the area implied in the title. In order to establish the context in which the present situation has arisen, it is appropriate, however, to begin with a very brief survey of the more recent history of national and private pensions in Britain before the passing of the National Insurance Act 1959, which will be referred to henceforward simply as ‘the Act’; the situation before the Act comes into operation will similarly be referred to as ‘pre-Act’. When the Act comes into operation two new situations will arise; ‘Contracted-in’ and ‘Contracted-out’. There are thus three conditions to consider, and as far as possible when using expressions in connexion with contracting out such as saving, extra cost, etc., it will be stated whether these are by comparison with the contracted-in or pre-Act position, lack of clarity on this point having been a source of confusion in some of the literature on the subject.

scholarly journals The role of pension contributions in explaining inequalities in depressive symptoms. Results from SHARE

2020 ◽  
pp. 140349482090901
Author(s):  
Hanno Hoven ◽  
Nico Dragano ◽  
Thorsten Lunau ◽  
Christian Deindl ◽  
Morten Wahrendorf
Keyword(s):  
Depressive Symptoms ◽  
Labour Market ◽  
Pension Scheme ◽  
Health It ◽  
Men And Women ◽  
Working Lives ◽  
Pension Schemes ◽  
Employment Participation ◽  
Employment Histories

Aims: Research has established solid evidence that socioeconomic position impacts health. It is, however, still debated to what extent characteristics of entire employment histories are associated with health inequalities later on. This study investigates associations between contributing to pension schemes throughout entire employment histories and depressive symptoms in older men and women. Methods: We use retrospective life history data from the Survey of Health, Ageing and Retirement in Europe (SHARE), collected in 2008–2009 from retired men and women. Data include detailed information on previous employment histories (between age 25 and 60 years) that allows us to measure labour market involvements and pension contributions during past working lives. In addition, we measure elevated depressive symptoms using EURO-D. Results: We observe that employed work without contributing to pension schemes is associated with elevated depressive symptoms for women, even when taking the current household income into consideration. For men (but not for women), self-employed work without pension contributions is linked to elevated depressive symptoms. Conclusions: Our results indicate that studies linking previous employment participation to health after labour market exit should not only consider whether a person worked, but also whether he or she contributed to a pension scheme. In addition, our study points to interesting gender differences, where pension contributions matter most for women in employed work and for men in self-employed work.

Causality in qualitative market and social research

2019 ◽  
Vol 22 (3) ◽  
pp. 405-413
Author(s):  
Clive Roland Boddy
Keyword(s):  
Qualitative Research ◽  
Design Methodology ◽  
Social Research ◽  
Pragmatic Approach ◽  
Social Phenomena ◽  
Content Type ◽  
The Past ◽  
The Moment ◽  
Practical Implications

Purpose Academic qualitative researchers have been criticized for rejecting the idea that their research can establish causality while market and social researchers, with their realist and pragmatic approach to research, take for granted that it can. This paper aims to explore the ability of qualitative research to determine cause and effect in terms of market and social phenomena. Design/methodology/approach The literature on causality in qualitative research is reviewed and discussed. The discussion is further informed by the author’s own experience of undertaking commercial and academic market and social qualitative research over the past 33 years. Findings In qualitative market and social research, the determination of causality is often needed but rarely discussed. This paper explores this occurrence and brings to the fore, via discussion and the use of example, the ways in which causality can be determined by qualitative research. Practical implications A determination of what events bring about predictable changes in social and market environments can be established via qualitative research particularly at a probabilistic level of causality. This implies that policymakers should give a greater emphasis to qualitative findings than then sometimes do at the moment. Originality/value Causality in market and social research is rarely discussed by practitioners but is nevertheless a premise of much of the qualitative research that is undertaken. This paper is therefore distinctive in that it examines whether this premise is justifiable.

scholarly journals Pension Scheme Asset Allocation with Taxation Arbitrage, Risk Sharing and Default Insurance

2004 ◽  
Vol 10 (5) ◽  
pp. 1111-1131 ◽  
Author(s):  
C. M. S. Sutcliffe
Keyword(s):  
Private Sector ◽  
Asset Allocation ◽  
Risk Sharing ◽  
Pension Funds ◽  
The Other ◽  
Pension Scheme ◽  
Economic Factors ◽  
Risk Return ◽  
Pension Schemes ◽  
Arbitrage Risk

ABSTRACTThe asset allocation is a crucial decision for pension funds, and this paper analyses the economic factors which determine this choice. The analysis proceeds on the basis that, in the absence of taxation, risk sharing and default insurance, the asset allocation between equities and bonds is indeterminate and governed by the risk/return preferences of the trustees and the employer. If the employing company and its shareholders are subject to taxation, there is a tax advantage in a largely bond allocation. Risk sharing between the employer and the employees often means that one group favours a high equity allocation, while the other favours a low equity allocation. Underpriced default insurance creates an incentive for a high equity allocation. When taxation, risk sharing and underpriced default insurance are all present, it is concluded that the appropriate asset allocation varies with the circumstances of the scheme; but that a high equity allocation is probably inappropriate for many private sector pension schemes.

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