Publication:
Pension Risk and Risk Based Supervision in Defined Contribution Pension Funds

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dc.contributor.authorRandle, Tony
dc.contributor.authorRudolph, Heinz P.
dc.date.accessioned2014-04-15T18:37:07Z
dc.date.available2014-04-15T18:37:07Z
dc.date.issued2014-03-18
dc.description.abstractThe main goal of any pension system is to ensure that members receive an adequate pension income when they retire. Whilst traditional defined benefit (DB) pension plans set out what that pension income will be in advance and then strive to deliver it, the growing number of defined contribution (DC) plans accumulates a sum of assets which can then be turned into a pension income on retirement. However, the amount of this retirement income is not set in advance. In the absence of a proper regulatory framework, feature n DC plans leads to a focus by not only pension providers, but also regulators and pension plan members themselves on the short-term accumulation of pension assets rather than the longer-term goal of securing an adequate retirement income. The paper is organized as follows: chapter two discusses the origins of risks based supervision and discusses the role of capital in the alignment of incentives in financial institutions. Chapter three discusses the concept of risk based supervision for pension funds, and its limitations in the case of DC pension schemes. Chapter four discusses the effectiveness of RBS schemes in DC systems in emerging economies, and the last section provides some lessons learned.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/03/19330636/pension-risk-risk-based-supervision-defined-contribution-pension-funds-pension-risk-risk-based-supervision-defined-contribution-pension-funds
dc.identifier.doi10.1596/17791
dc.identifier.urihttps://hdl.handle.net/10986/17791
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CAPITAL
dc.subjectACCOUNTING
dc.subjectANNUAL RETURNS
dc.subjectASSET ALLOCATION
dc.subjectASSET ALLOCATIONS
dc.subjectASSET CLASS
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGERS
dc.subjectAVERAGE INTEREST
dc.subjectAVERAGE INTEREST RATE
dc.subjectBANK DEPOSITS
dc.subjectBANK POLICY
dc.subjectBANKING INDUSTRY
dc.subjectBANKS
dc.subjectBASIS POINTS
dc.subjectBOND RATES
dc.subjectBONDS
dc.subjectBOOK ENTRY
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL REQUIREMENT
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL DEPOSITORY
dc.subjectCONSERVATIVE INVESTMENT
dc.subjectCONTRIBUTION
dc.subjectCONTRIBUTION RATE
dc.subjectCONTRIBUTION SCHEMES
dc.subjectCONTRIBUTION SYSTEMS
dc.subjectCONTRIBUTIONS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCREDITORS
dc.subjectCUSTODIAN BANK
dc.subjectDEFINED BENEFIT PENSION
dc.subjectDEFINED CONTRIBUTION PENSION
dc.subjectDEFINED CONTRIBUTION PENSIONS
dc.subjectDEPOSIT
dc.subjectDERIVATIVE
dc.subjectDERIVATIVE INSTRUMENTS
dc.subjectDERIVATIVE PRODUCTS
dc.subjectDERIVATIVES
dc.subjectEARNINGS
dc.subjectELIGIBLE INSTRUMENTS
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEQUITIES
dc.subjectEQUITY INSTRUMENTS
dc.subjectEQUITY MARKETS
dc.subjectFINANCIAL EDUCATION
dc.subjectFINANCIAL GROUPS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL LITERACY
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL STATEMENTS
dc.subjectFIXED INCOME
dc.subjectFIXED INCOME PORTFOLIO
dc.subjectFRAUD
dc.subjectFUND MANAGEMENT
dc.subjectFUND MANAGERS
dc.subjectFUTURE VALUE
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT GUARANTEES
dc.subjectGOVERNMENT SECURITIES
dc.subjectHOLDING
dc.subjectINCOME INSTRUMENTS
dc.subjectINFLATION
dc.subjectINFLATION LINKED BONDS
dc.subjectINFLATION RATE
dc.subjectINFORMATION SYSTEMS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE PRODUCTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE RISK
dc.subjectINTEREST RATES
dc.subjectINTERNAL AUDITS
dc.subjectINVESTING
dc.subjectINVESTMENT ALTERNATIVES
dc.subjectINVESTMENT COMPANIES
dc.subjectINVESTMENT COMPANY
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT MANAGEMENT
dc.subjectINVESTMENT PERFORMANCE
dc.subjectINVESTMENT PROCESS
dc.subjectINVESTMENT REGULATION
dc.subjectINVESTMENT REGULATIONS
dc.subjectINVESTMENT RESTRICTIONS
dc.subjectINVESTMENT RETURNS
dc.subjectINVESTMENT RISK
dc.subjectINVESTMENT RISKS
dc.subjectINVESTMENT STRATEGIES
dc.subjectINVESTMENT STRATEGY
dc.subjectLABOR FORCE
dc.subjectLEGAL FRAMEWORK
dc.subjectLEVEL OF CONTRIBUTIONS
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY RISK
dc.subjectLONG-TERM GOAL
dc.subjectLONG-TERM INVESTORS
dc.subjectMANDATORY PENSION FUNDS
dc.subjectMARGIN REQUIREMENTS
dc.subjectMARK-TO-MARKET
dc.subjectMARKET DISCIPLINE
dc.subjectMARKET FAILURE
dc.subjectMARKET FAILURES
dc.subjectMARKET OVERSIGHT
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET PRACTICES
dc.subjectMARKET RISK
dc.subjectMARKET SURVEILLANCE
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMINIMUM CAPITAL REQUIREMENT
dc.subjectMONETARY POLICY
dc.subjectMUTUAL FUNDS
dc.subjectNOMINAL YIELD
dc.subjectPENSION
dc.subjectPENSION ASSET
dc.subjectPENSION ASSETS
dc.subjectPENSION AT RETIREMENT
dc.subjectPENSION BENEFITS
dc.subjectPENSION FUND
dc.subjectPENSION FUND ASSETS
dc.subjectPENSION FUND PERFORMANCE
dc.subjectPENSION FUNDS
dc.subjectPENSION INCOME
dc.subjectPENSION INCOMES
dc.subjectPENSION INVESTMENT
dc.subjectPENSION PLAN
dc.subjectPENSION PLANS
dc.subjectPENSION PROVIDERS
dc.subjectPENSION SCHEME
dc.subjectPENSION SCHEMES
dc.subjectPENSION SECTOR
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONERS
dc.subjectPENSIONS
dc.subjectPERFORMANCE MEASUREMENT
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO ALLOCATION
dc.subjectPORTFOLIO ALLOCATIONS
dc.subjectPORTFOLIO CHOICE
dc.subjectPORTFOLIO PERFORMANCE
dc.subjectPORTFOLIOS
dc.subjectPORTFOLIOS OF PENSION FUNDS
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE PENSION FUND
dc.subjectPRIVATE PENSIONS
dc.subjectPROBABILITY
dc.subjectPROTECTION OF INVESTORS
dc.subjectPRUDENTIAL REGULATION
dc.subjectPRUDENTIAL STANDARD
dc.subjectRATE OF INFLATION
dc.subjectRATE OF RETURN
dc.subjectRATES OF RETURN
dc.subjectRATES OF RETURNS
dc.subjectREGULATORY AUTHORITY
dc.subjectREGULATORY FRAMEWORK
dc.subjectREINVESTMENT
dc.subjectREINVESTMENT RISK
dc.subjectREPLACEMENT RATE
dc.subjectREPLACEMENT RATES
dc.subjectRESEARCH ASSISTANCE
dc.subjectRESERVE
dc.subjectRESERVE REQUIREMENT
dc.subjectRESERVE REQUIREMENTS
dc.subjectRESERVES
dc.subjectRETIREMENT
dc.subjectRETIREMENT AGE
dc.subjectRETIREMENT INCOME
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK ASSESSMENT
dc.subjectRISK BEHAVIOR
dc.subjectRISK MANAGEMENT
dc.subjectRISK MANAGEMENT SYSTEM
dc.subjectRISK MANAGEMENT SYSTEMS
dc.subjectRISK PROFILE
dc.subjectRISK PROFILES
dc.subjectSECURE PENSION
dc.subjectSECURE PENSIONS
dc.subjectSECURITIES TRANSACTIONS
dc.subjectSENIOR
dc.subjectSETTLEMENT
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSHORT-TERM INTEREST RATES
dc.subjectSOLVENCY
dc.subjectSUPERVISION OF PENSION FUNDS
dc.subjectSUPERVISORY AGENCIES
dc.subjectSUPERVISORY AGENCY
dc.subjectSUPERVISORY AUTHORITIES
dc.subjectSUPERVISORY AUTHORITY
dc.subjectTRADING
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTREASURY RATES
dc.subjectTRUSTEES
dc.subjectTYPES OF INVESTMENTS
dc.subjectTYPES OF PENSION
dc.subjectUSE OF DERIVATIVES
dc.subjectVALUABLE
dc.subjectVALUATION
dc.subjectVALUATIONS
dc.subjectVALUE OF CONTRIBUTIONS
dc.subjectVALUE OF PENSIONS
dc.subjectWAGE
dc.subjectYIELD CURVE
dc.subjectYIELD CURVES
dc.titlePension Risk and Risk Based Supervision in Defined Contribution Pension Fundsen
dspace.entity.typePublication
okr.date.disclosure2014-04-02
okr.date.doiregistration2025-05-07T10:19:47.712761Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2014/03/19330636/pension-risk-risk-based-supervision-defined-contribution-pension-funds-pension-risk-risk-based-supervision-defined-contribution-pension-funds
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid785881468331885929
okr.identifier.externaldocumentum000333037_20140402141308
okr.identifier.internaldocumentum19330636
okr.identifier.report86428
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/04/02/000333037_20140402141308/Rendered/PDF/864280WP0P11660dle0and0Heinz0final.pdfen
okr.sectorNon-compulsory pensions and insurance
okr.sectorFinance
okr.themeFinancial and private sector development :: Corporate governance
okr.themeFinancial and private sector development :: Regulation and competition policy
okr.themeFinancial and private sector development :: Other financial and private sector development
okr.topicFinance and Financial Sector Development::Financial Literacy
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPensions and Retirement Systems
okr.topicFinance and Financial Sector Development::Mutual Funds
okr.topicPrivate Sector Development::Emerging Markets
okr.topicSocial Protections and Labor
okr.unitNon-Bank Fin Institutions - WB (FCMNB)
okr.volume1 of 1
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