Greatest Good 2: Response to the Department for Work & Pensions Green Paper 'Security and Sustainability in Defined Benefit Pension Schemes'

2017 ◽  
Author(s):  
David P. Blake ◽  
Matthew Roy
Keyword(s):  
Green Paper ◽  
Defined Benefit ◽  
Pension Schemes

scholarly journals Economic capital for defined benefit pension schemes: An application to the UK Universities Superannuation Scheme

2012 ◽  
Vol 11 (4) ◽  
pp. 471-499 ◽  
Author(s):  
BRUCE T PORTEOUS ◽  
PRADIP TAPADAR ◽  
WEI YANG
Keyword(s):  
European Commission ◽  
Capital Requirements ◽  
Economic Capital ◽  
Green Paper ◽  
Pension Scheme ◽  
Defined Benefit ◽  
Pension Schemes ◽  
The Future ◽  
Regulatory Regimes ◽  
The Uk

AbstractThis article considers the amount of economic capital that defined benefit (DB) pension schemes potentially need to cover the risks they are running. A real open scheme, the Universities Superannuation Scheme, is modelled and used to illustrate our results and, as expected, economic capital requirements are large. We discuss the appropriateness of these results and what they mean for the DB pension scheme industry and their sponsors. The article is particularly pertinent following the recent European Commission Green Paper on the future of European pensions systems, its call for advice on reviewing the Institutions for Occupational Retirement Provision Directive and the introduction of the Basel 2 and Solvency 2 risk-based regulatory regimes for banking and insurance, respectively.

scholarly journals Funding defined benefit pension schemes: an integrated risk management approach – Abstract of the London Discussion

2019 ◽  
Vol 24 ◽  
Keyword(s):  
Risk Management ◽  
Management Approach ◽  
Defined Benefit ◽  
Publication Type ◽  
Cambridge University ◽  
Pension Schemes ◽  
Integrated Risk ◽  
Integrated Risk Management

This abstract relates to the following paper: Cowling, C. A., Fisher, H. J., Powe, K. J., Sheth, J. P. and Wright, M. M. (2019) Funding defined benefit pension schemes: An integrated risk management approach. British Actuarial Journal, Cambridge University Press, 24. doi: 10.1017/S135732171800034X .

scholarly journals IRM: Putting theory into practice for UK defined benefit pension schemesy ‐ Abstract of the London Discussion

2018 ◽  
Vol 23 ◽  
Keyword(s):  
Risk Management ◽  
Defined Benefit ◽  
Publication Type ◽  
Cambridge University ◽  
Practical Guide ◽  
Pension Schemes ◽  
Integrated Risk ◽  
Integrated Risk Management

This abstract relates to the following paper: HitchcoxA. N., PatelC., RamseyC. J., StuddE. L., MaL. T., ElliottM. B. and KeoghT. W. (2018) “Integrated risk management for defined benefit pension schemes: a practical guide,” British Actuarial Journal. Cambridge University Press, 23, e1. doi: 10.1017/S1357321717000095.

scholarly journals Role of the Pension Protection Fund in financial risk management of UK defined benefit pension sector: a multi-period economic capital study

2014 ◽  
Vol 9 (1) ◽  
pp. 134-166 ◽  
Author(s):  
Wei Yang ◽  
Pradip Tapadar
Keyword(s):  
Risk Management ◽  
Financial Risk ◽  
Capital Requirements ◽  
Economic Capital ◽  
Defined Benefit ◽  
Policy Makers ◽  
Financial Risk Management ◽  
The United Kingdom ◽  
Pension Schemes ◽  
The Impact

AbstractWith the advent of formal regulatory requirements for rigorous risk-based, or economic, capital quantification for the financial risk management of banking and insurance sectors, regulators and policy-makers are turning their attention to the pension sector, the other integral player in the financial markets. In this paper, we analyse the impact of applying economic capital techniques to defined benefit pension schemes in the United Kingdom. We propose two alternative economic capital quantification approaches, first, for individual defined benefit pension schemes on a stand-alone basis and then for the pension sector as a whole by quantifying economic capital of the UK’s Pension Protection Fund, which takes over eligible schemes with deficit, in the event of sponsor insolvency. We find that economic capital requirements for individual schemes are significantly high. However, we show that sharing risks through the Pension Protection Fund reduces the aggregate economic capital requirement of the entire sector.

The supervision and control of pension funding in the United Kingdom

1993 ◽  
Vol 120 (1) ◽  
pp. 67-129
Author(s):  
D. J. D. McLeish ◽  
C. M. Stewart
Keyword(s):  
United Kingdom ◽  
Defined Benefit ◽  
Pension Funding ◽  
The United Kingdom ◽  
Pension Schemes ◽  
And Control

AbstractThis paper looks at the existing controls on minimum funding standards and the solvency of defined benefit pension schemes in the United Kingdom. It considers the definition and disclosure of solvency margins and then goes on to look at the operation of a ‘Pensioners’ Protection Fund which would underwrite the solvency of schemes in a winding-up. With submissions due to the Goode Committee before the end of 1992, this paper will provide a well-timed opportunity to discuss some of the issues to be addressed by that Committee.

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