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.accessioned2014-05-15T18:20:20Z
dc.date.available2014-05-15T18:20:20Z
dc.date.issued2014-03
dc.description.abstractDefined contribution pension systems have faced criticism in the wake of the financial and economic crisis for not delivering adequate and sustainable pension incomes at retirement. Much of the problem has centered around the misalignment of pension fund management companies and the interests of pension fund members, with the focus on short-term volatility rather than delivering adequate pension income over the long term. Although pension fund supervisors in emerging economies have attempted to correct for these market failures, they have not focused sufficiently on the ultimate long-term pension income objective. The paper suggests that in order to have a meaningful impact on future pensions, the supervision of defined contribution pension systems needs to take a more proactive role in minimizing pension risk. This objective would require ensuring that investment risks are aligned with the probability of achieving a target pension at retirement age. The paper also suggests that a proper institutional design of the pension fund industry and intensive use of market surveillance are efficient tools for dealing with most of the operational risks of funded pension fund schemes in emerging economies.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/03/19288694/pension-risk-risk-based-supervision-defined-contribution-pension-funds
dc.identifier.doi10.1596/1813-9450-6813
dc.identifier.urihttps://hdl.handle.net/10986/18355
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 6813
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.subjectAPR
dc.subjectASSET ALLOCATION
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.subjectBASIC PENSION
dc.subjectBASIS POINTS
dc.subjectBOND RATES
dc.subjectBONDS
dc.subjectBOOK ENTRY
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL MARKET
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.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 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.subjectGLOBAL CAPITAL
dc.subjectGLOBAL CAPITAL MARKETS
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.subjectINTERNATIONAL BANK
dc.subjectINVESTING
dc.subjectINVESTMENT ALTERNATIVES
dc.subjectINVESTMENT COMPANIES
dc.subjectINVESTMENT COMPANY
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT GUIDELINES
dc.subjectINVESTMENT MANAGEMENT
dc.subjectINVESTMENT PERFORMANCE
dc.subjectINVESTMENT POLICIES
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.subjectLARGE COMPANIES
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.subjectMONIES
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 FUNDS
dc.subjectPENSION INCOME
dc.subjectPENSION INCOMES
dc.subjectPENSION INVESTMENT
dc.subjectPENSION PLAN
dc.subjectPENSION PLANS
dc.subjectPENSION PROVIDERS
dc.subjectPENSION REFORMS
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.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 PENSIONS
dc.subjectSECURITIES TRANSACTIONS
dc.subjectSENIOR
dc.subjectSETTLEMENT
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSHORT-TERM INTEREST RATES
dc.subjectSOLVENCY
dc.subjectSTOCK MARKET
dc.subjectSUPERVISORY AGENCIES
dc.subjectSUPERVISORY AGENCY
dc.subjectSUPERVISORY AUTHORITIES
dc.subjectSUPERVISORY AUTHORITY
dc.subjectTERM DEPOSITS
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.crossref.titlePension Risk and Risk-Based Supervision in Defined Contribution Pension Funds
okr.date.doiregistration2025-04-10T09:30:53.591248Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2014/03/19288694/pension-risk-risk-based-supervision-defined-contribution-pension-funds
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid529911468182352436
okr.identifier.doi10.1596/1813-9450-6813
okr.identifier.externaldocumentum000158349_20140324170459
okr.identifier.internaldocumentum19288694
okr.identifier.reportWPS6813
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/03/24/000158349_20140324170459/Rendered/PDF/WPS6813.pdfen
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.unitGlobal Capital Markets Non-Bank Financial Institutions Group, Financial and Private Sector Development
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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