Publication:
A Short Note on the ATP Fund of Denmark

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dc.contributor.authorVittas, Dimitri
dc.date.accessioned2012-05-24T18:07:09Z
dc.date.available2012-05-24T18:07:09Z
dc.date.issued2008-02
dc.description.abstractThe Danish ATP (Arbejdmarkedets TillaegsPension or Labor Market Supplementary Pension) fund is a public pension fund that was created in 1964 to complement the universal pension benefit that is financed from general tax revenues and is paid to all old-age residents. When it was created, participation in ATP was compulsory on most working people. But over the last decade or so compulsory coverage has been expanded to most recipients of transfer income. Contribution amounts are set in absolute terms, but are low relative to earnings (less than 1 percent of average earnings). ATP has benefited from scale economies and compulsory worker participation and has been able to operate with high efficiency and low costs. Its investment performance has been uneven over the years, reflecting the applied investment policies and rules as well as prevailing financial conditions. In recent years, it has been a leader among Danish pension institutions in adopting innovative investment policies and has enjoyed an enviable record of high investment returns and low operating costs. In addition, it has long offered deferred group annuities with guaranteed benefits and periodic bonuses (with profits policies). However, ATP also suffers from several weaknesses and shortcomings. It has a cumbersome governance structure, rooted in labor market relations and the role of social partners, while its group annuities have been based on rather 'idiosyncratic' risk-sharing arrangements. Nevertheless, it took the lead in using long-dated interest-rate swaps in euro markets and recently created a department that specializes in hedging its pension liabilities. And it is in the process of adopting a new plan for guaranteed benefits that aims to enhance the management of both investment and longevity risks.en
dc.identifierhttp://documents.worldbank.org/curated/en/2008/02/8985431/short-note-atp-fund-denmark
dc.identifier.doi10.1596/1813-9450-4505
dc.identifier.urihttps://hdl.handle.net/10986/6367
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 4505
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectABSOLUTE AMOUNTS
dc.subjectACCOUNT HOLDERS
dc.subjectACCOUNTING
dc.subjectACCOUNTING RULES
dc.subjectALTERNATIVE ASSET
dc.subjectANNUAL CONTRIBUTION
dc.subjectANNUAL RATE OF RETURN
dc.subjectASSET ALLOCATION
dc.subjectASSET ALLOCATIONS
dc.subjectASSET CLASS
dc.subjectASSET CLASSES
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGERS
dc.subjectAVERAGE EARNINGS
dc.subjectAVERAGE EXCHANGE RATE
dc.subjectBALANCE SHEET
dc.subjectBASIS POINTS
dc.subjectBENEFICIARY
dc.subjectBENEFIT PLAN
dc.subjectBOND
dc.subjectBOND ISSUERS
dc.subjectBOND PORTFOLIO
dc.subjectBOND PORTFOLIOS
dc.subjectBONDS
dc.subjectBUDGETING
dc.subjectCALCULATION
dc.subjectCALCULATIONS
dc.subjectCAPITAL GAINS
dc.subjectCONFLICT OF INTEREST
dc.subjectCONSUMER
dc.subjectCONTRIBUTION
dc.subjectCONTRIBUTION RATE
dc.subjectCONTRIBUTIONS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOST RECOVERY
dc.subjectCREDIT INSTITUTIONS
dc.subjectCURRENCY
dc.subjectCURRENCY HEDGING
dc.subjectCURRENCY RISK
dc.subjectDEFERRED ANNUITIES
dc.subjectDEFERRED ANNUITY
dc.subjectDISABILITY
dc.subjectDISABILITY PENSIONS
dc.subjectDISCOUNT RATE
dc.subjectDISSEMINATION OF INFORMATION
dc.subjectDIVERSIFICATION
dc.subjectDOMESTIC BOND
dc.subjectDOMESTIC BONDS
dc.subjectDOMESTIC EQUITIES
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC SECURITIES
dc.subjectEARLY RETIREMENT
dc.subjectEARNINGS
dc.subjectELECTRONIC FUND
dc.subjectEMPLOYER PENSION
dc.subjectEQUITIES
dc.subjectEQUITY MARKETS
dc.subjectEQUITY PORTFOLIO
dc.subjectEURO MARKETS
dc.subjectEXCESS RETURNS
dc.subjectEXPOSURE
dc.subjectEXPOSURES
dc.subjectEXTERNAL ASSET
dc.subjectFINANCIAL DEVELOPMENTS
dc.subjectFINANCIAL IMPACT
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL POLICY
dc.subjectFINANCIAL POSITION
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL SYSTEMS
dc.subjectFIXED ANNUITY
dc.subjectFIXED BENEFIT
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN EQUITIES
dc.subjectFUTURES
dc.subjectGOVERNMENT BONDS
dc.subjectHEDGES
dc.subjectHOLDINGS
dc.subjectINCOME
dc.subjectINDIVIDUAL ACCOUNTS
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINFORMATION SYSTEMS
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE
dc.subjectINSURANCE PREMIUMS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE CHANGES
dc.subjectINTEREST RATE SPREAD
dc.subjectINTEREST RATE SWAPS
dc.subjectINTEREST RATES
dc.subjectINTERNAL CONTROL
dc.subjectINTERNAL CONTROLS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL DIVERSIFICATION
dc.subjectINTERNATIONAL INTEREST
dc.subjectINTERNATIONAL MARKETS
dc.subjectINVESTING
dc.subjectINVESTMENT ASSETS
dc.subjectINVESTMENT BEHAVIOR
dc.subjectINVESTMENT COMPANY
dc.subjectINVESTMENT EXPENSES
dc.subjectINVESTMENT FIRM
dc.subjectINVESTMENT FUND
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT INSTITUTION
dc.subjectINVESTMENT PERFORMANCE
dc.subjectINVESTMENT POLICIES
dc.subjectINVESTMENT POLICY
dc.subjectINVESTMENT PORTFOLIO
dc.subjectINVESTMENT RATE
dc.subjectINVESTMENT RETURN
dc.subjectINVESTMENT RETURNS
dc.subjectINVESTMENT STRATEGY
dc.subjectLABOR MARKET
dc.subjectLEVEL OF CONTRIBUTIONS
dc.subjectLEVELS OF RISK
dc.subjectLIABILITY
dc.subjectLIFE EXPECTANCY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE COMPANIES
dc.subjectLIFETIME
dc.subjectLIMITED PARTNERSHIPS
dc.subjectLOCAL MARKET
dc.subjectLOW COSTS
dc.subjectLUMP SUM
dc.subjectLUMP SUMS
dc.subjectMACROECONOMIC PERFORMANCE
dc.subjectMALFEASANCE
dc.subjectMARKET CONDITIONS
dc.subjectMARKET INDEX
dc.subjectMARKET RETURNS
dc.subjectMARKET VALUATION
dc.subjectMARKETING
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMINIMUM BENEFITS
dc.subjectMORTGAGE
dc.subjectMORTGAGE BONDS
dc.subjectMORTGAGE CREDIT
dc.subjectMUTUAL FUNDS
dc.subjectNORMAL RETIREMENT AGE
dc.subjectOCCUPATIONAL PENSION
dc.subjectOCCUPATIONAL PENSION COVERAGE
dc.subjectOCCUPATIONAL SCHEMES
dc.subjectOLDER WOMEN
dc.subjectOTHER ASSETS
dc.subjectPENSION
dc.subjectPENSION BENEFIT
dc.subjectPENSION BENEFITS
dc.subjectPENSION FUND
dc.subjectPENSION INCOME
dc.subjectPENSION ISSUES
dc.subjectPENSION LIABILITIES
dc.subjectPENSION PLANS
dc.subjectPENSION POLICY
dc.subjectPENSION PROVIDER
dc.subjectPENSION RIGHTS
dc.subjectPENSION SAVINGS
dc.subjectPENSION SCHEMES
dc.subjectPENSION SYSTEM
dc.subjectPENSIONABLE AGE
dc.subjectPENSIONERS
dc.subjectPENSIONS
dc.subjectPERSONAL PENSION
dc.subjectPERSONAL PENSION PLANS
dc.subjectPERSONAL SAVINGS
dc.subjectPOOR INVESTMENT
dc.subjectPORTFOLIO MANAGER
dc.subjectPORTFOLIOS
dc.subjectPRIVATE EQUITIES
dc.subjectPRIVATE EQUITY
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE PENSION FUNDS
dc.subjectPRIVATE PENSIONS
dc.subjectPUBLIC ACCOUNTABILITY
dc.subjectPUBLIC PENSION
dc.subjectPUBLIC PENSIONS
dc.subjectRATE OF INFLATION
dc.subjectRATE OF INTEREST
dc.subjectRATE OF RETURN
dc.subjectRATES OF RETURN
dc.subjectREAL ESTATE
dc.subjectRECORD KEEPING
dc.subjectREPLACEMENT RATE
dc.subjectRESERVES
dc.subjectRESPONSIBILITIES
dc.subjectRETIRED
dc.subjectRETIRED WORKERS
dc.subjectRETIREMENT
dc.subjectRISK MANAGEMENT
dc.subjectRISK SHARING
dc.subjectSALARY
dc.subjectSECURITIES
dc.subjectSENIOR
dc.subjectSHARE OF EQUITIES
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDER RIGHTS
dc.subjectSHAREHOLDERS
dc.subjectSOCIAL SECURITY
dc.subjectSOCIALLY RESPONSIBLE INVESTMENTS
dc.subjectSUPERVISORY BOARD
dc.subjectSWAP
dc.subjectSWAPS
dc.subjectTAX
dc.subjectTRADE UNIONS
dc.subjectTRADING
dc.subjectTRANSFER PAYMENTS
dc.subjectTRANSPARENCY
dc.subjectTRUSTEES
dc.subjectUNEMPLOYED
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT BENEFITS
dc.subjectUSE OF DERIVATIVES
dc.subjectVALUATION
dc.subjectVALUE OF CONTRIBUTIONS
dc.subjectVALUE OF PENSION
dc.subjectVALUE OF PENSIONS
dc.subjectVOLATILITY
dc.subjectWAGE
dc.subjectWAGE GROWTH
dc.subjectWHITE-COLLAR WORKERS
dc.subjectYIELD CURVE
dc.subjectYOUNGER COHORTS
dc.titleA Short Note on the ATP Fund of Denmarken
dspace.entity.typePublication
okr.crossref.titleA Short Note On The ATP Fund Of Denmark
okr.date.doiregistration2025-04-10T09:38:21.890610Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2008/02/8985431/short-note-atp-fund-denmark
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid273361468026054863
okr.identifier.doi10.1596/1813-9450-4505
okr.identifier.externaldocumentum000158349_20080204094315
okr.identifier.internaldocumentum8985431
okr.identifier.reportWPS4505
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/02/04/000158349_20080204094315/Rendered/PDF/wps4505.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryDenmark
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicPensions and Retirement Systems
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicSocial Protections and Labor
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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