Publication:
Upgrading the Investment Policy Framework of Public Pension Funds

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dc.contributor.authorVittas, Dimitri
dc.contributor.authorImpavido, Gregorio
dc.contributor.authorO'Connor, Ronan
dc.date.accessioned2012-05-30T21:53:38Z
dc.date.available2012-05-30T21:53:38Z
dc.date.issued2008-01
dc.description.abstractPublic pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.en
dc.identifierhttp://documents.worldbank.org/curated/en/2008/01/9434191/upgrading-investment-policy-framework-public-pension-funds
dc.identifier.doi10.1596/1813-9450-4499
dc.identifier.urihttps://hdl.handle.net/10986/6720
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper No. 4499
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTANT
dc.subjectACCOUNTING
dc.subjectALTERNATIVE ASSET
dc.subjectALTERNATIVE INVESTMENTS
dc.subjectANNUAL CONTRIBUTIONS
dc.subjectASSET ALLOCATION
dc.subjectASSET ALLOCATIONS
dc.subjectASSET CLASS
dc.subjectASSET CLASSES
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGERS
dc.subjectAUDIT COMMITTEE
dc.subjectAUDIT COMMITTEES
dc.subjectBALANCE SHEET
dc.subjectBASIS POINTS
dc.subjectBOND
dc.subjectBOND PORTFOLIO
dc.subjectCASH FLOWS
dc.subjectCENTRAL BANK
dc.subjectCOMMERCIAL BANKS
dc.subjectCONFLICT OF INTEREST
dc.subjectCONFLICTS OF INTEREST
dc.subjectCONSUMER PROTECTION
dc.subjectCONTRIBUTIONS
dc.subjectCORPORATE BONDS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCREDIT INSTITUTIONS
dc.subjectCREDIT RATING
dc.subjectCURRENCY
dc.subjectCUSTODY
dc.subjectDEBT
dc.subjectDEBT LEVEL
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT MANAGEMENT AGENCIES
dc.subjectDEBT SECURITIES
dc.subjectDERIVATIVE
dc.subjectDERIVATIVE INSTRUMENTS
dc.subjectDERIVATIVE PRODUCTS
dc.subjectDERIVATIVES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDIRECT INVESTMENT
dc.subjectDIVERSIFIED PORTFOLIOS
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC SECURITIES
dc.subjectECONOMIC POLICIES
dc.subjectEFFICIENT INVESTMENT
dc.subjectELIGIBLE INSTRUMENTS
dc.subjectELIGIBLE INVESTMENTS
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET COUNTRIES
dc.subjectEMERGING MARKETS
dc.subjectEQUITIES
dc.subjectEQUITY FUNDS
dc.subjectEQUITY INDEX
dc.subjectEQUITY INVESTMENTS
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKETS
dc.subjectEQUITY RETURNS
dc.subjectEXCHANGE CONTROL
dc.subjectEXPENDITURES
dc.subjectEXTERNAL ASSET
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL LIBERALIZATION
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL POLICY
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL SYSTEMS
dc.subjectFISCAL CONSTRAINTS
dc.subjectFISCAL DEFICITS
dc.subjectFIXED INCOME
dc.subjectFOREIGN EQUITIES
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFOREIGN INVESTORS
dc.subjectFOREIGN MARKETS
dc.subjectFUND MANAGEMENT
dc.subjectFUTURES
dc.subjectGLOBAL MARKETS
dc.subjectGOVERNANCE ISSUES
dc.subjectGOVERNMENT ACCOUNT
dc.subjectGOVERNMENT ACCOUNTS
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT BORROWING
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT BUDGET DEFICIT
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT FINANCES
dc.subjectGOVERNMENT INVESTMENT
dc.subjectGOVERNMENT PENSION
dc.subjectGOVERNMENT POLICY
dc.subjectGOVERNMENT SECURITIES
dc.subjectHEDGE FUNDS
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectHOLDINGS OF GOVERNMENT SECURITIES
dc.subjectHOME MARKETS
dc.subjectHOSTILE TAKEOVERS
dc.subjectINCOME INSTRUMENTS
dc.subjectINCOME SECURITIES
dc.subjectINFLATION
dc.subjectINFORMATION SYSTEMS
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINTEREST EXPENDITURE
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNAL AUDIT
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL INVESTMENT
dc.subjectINTERNATIONAL MARKETS
dc.subjectINVESTING
dc.subjectINVESTMENT ASSETS
dc.subjectINVESTMENT BANK
dc.subjectINVESTMENT CORPORATION
dc.subjectINVESTMENT DECISION
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT GUIDELINES
dc.subjectINVESTMENT HORIZON
dc.subjectINVESTMENT HORIZONS
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT INSTITUTIONS
dc.subjectINVESTMENT MANAGEMENT
dc.subjectINVESTMENT PERFORMANCE
dc.subjectINVESTMENT POLICIES
dc.subjectINVESTMENT POLICY
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTMENT RETURNS
dc.subjectINVESTMENT STRATEGIES
dc.subjectINVESTMENT STRATEGY
dc.subjectLABOR MARKET
dc.subjectLEVEL OF RISK
dc.subjectLIABILITY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE COMPANIES
dc.subjectLIQUID BENCHMARK
dc.subjectLIQUID INSTRUMENTS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY POSITION
dc.subjectLOCAL ECONOMY
dc.subjectLOCAL FINANCIAL MARKETS
dc.subjectLOCAL GOVERNMENT
dc.subjectLOCAL MARKET
dc.subjectLONG-TERM INVESTMENT
dc.subjectMARKET CONDITIONS
dc.subjectMARKET INDEX
dc.subjectMARKET LEVELS
dc.subjectMARKET RETURNS
dc.subjectMARKETABLE ASSETS
dc.subjectMARKETABLE INSTRUMENTS
dc.subjectMARKETABLE SECURITIES
dc.subjectMARKETING
dc.subjectMATURITIES
dc.subjectMORTGAGE
dc.subjectMORTGAGES
dc.subjectNATIONAL INVESTMENT
dc.subjectNATIONAL TREASURY
dc.subjectPENSION
dc.subjectPENSION FUND
dc.subjectPENSION FUND ASSETS
dc.subjectPENSION FUNDS
dc.subjectPENSION PLAN
dc.subjectPENSION PLANS
dc.subjectPENSION SYSTEM
dc.subjectPENSIONS
dc.subjectPERSONAL INCOME
dc.subjectPOOR INVESTMENT
dc.subjectPORTFOLIO MANAGEMENT
dc.subjectPRIVATE EQUITY
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE PENSION FUNDS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC FUND
dc.subjectPUBLIC FUNDS
dc.subjectPUBLIC MARKETS
dc.subjectPUBLIC PENSION
dc.subjectPUBLIC PENSIONS
dc.subjectRATE OF RETURN
dc.subjectRATES OF INTEREST
dc.subjectRATES OF RETURN
dc.subjectRECORD KEEPING
dc.subjectREPAYMENT
dc.subjectRESERVE
dc.subjectRESERVE FUND
dc.subjectRESERVES
dc.subjectRETURNS
dc.subjectRISK EXPOSURES
dc.subjectSAVINGS
dc.subjectSAVINGS PLAN
dc.subjectSECONDARY MARKET
dc.subjectSENIOR
dc.subjectSETTLEMENT
dc.subjectSETTLEMENT OF TRANSACTIONS
dc.subjectSHARE OF ASSETS
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSOCIAL INSURANCE FUND
dc.subjectSTAKEHOLDERS
dc.subjectSTOCK MARKET
dc.subjectSWAPS
dc.subjectTAX
dc.subjectTHRIFT
dc.subjectTRADE UNION
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectTRANSPARENCY
dc.subjectTREASURY BILLS
dc.subjectTRUST FUND
dc.subjectUSE OF DERIVATIVES
dc.subjectVALUATION
dc.subjectVALUATIONS
dc.subjectYIELD CURVE
dc.titleUpgrading the Investment Policy Framework of Public Pension Fundsen
dspace.entity.typePublication
okr.crossref.titleUpgrading The Investment Policy Framework Of Public Pension Funds
okr.date.doiregistration2025-04-10T09:34:11.555474Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2008/01/9434191/upgrading-investment-policy-framework-public-pension-funds
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid478211468099566323
okr.identifier.doi10.1596/1813-9450-4499
okr.identifier.externaldocumentum000158349_20080512143923
okr.identifier.internaldocumentum9434191
okr.identifier.reportWPS4499
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/05/12/000158349_20080512143923/Rendered/PDF/wps4499.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.administrativeEurope and Central Asia
okr.region.countryNorway
okr.region.countryNew Zealand
okr.region.countryIreland
okr.region.countryCanada
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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