Protecting Pension Rights in Times of Economic Turmoil

This book analyses the reaction of some countries to the financial and economic crisis of 2007 with regard to the effect of this economic downturn on pensions. Both European and Anglo-Saxon countries are examined. It thus clarifies the main problems with regard to accounting standards for occupational retirement schemes, the funding of both DC and DB pension schemes, the governmental troubles with PAYG schemes. Recommendations and lessons from these various countries give an insight in possible solutions.
Auteur(s):
Yves Stevens
Reeks:
Social Europe Series
Volume:
26
boek | verschenen | 1e editie
januari 2011 | xiv + 196 blz.

Paperback
€ 49,-


ISBN 9789400001619


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Inhoud

The financial and economic crisis of 2007 to the present led to the failure of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. The crisis meant the failure of key businesses, the decline of consumer wealth and the birth of substantial financial commitments by governments all over the world. This significant decline in economic activity has had its impact on the design of pension schemes. Statutory pensions, occupational retirement schemes and individual retirement accounts have all been hit by the economic malaise.

This book analyses the reaction of some countries with regard to the effect of the economic downturn on pensions. Both European and Anglo-Saxon countries are examined. It thus clarifies the main problems with regard to accounting standards for occupational retirement schemes, the funding of both defined contribution and defined benefit pension schemes, the governmental troubles with pay-as-you-go schemes. Recommendations and lessons from these various countries give an insight in possible solutions.

All professionals in the field of social protection will find this book of interest. Due to its multidisciplinary approach (economy, law and sociology) the book gives a detailed insight into the mechanisms of pension schemes throughout the world.

This volume was written under the auspices of the European Network of Researchers of Supplementary Pensions (ENRSP), a multidisciplinary network of academics and professionals for the promotion of independent studies of retirement systems. All authors are members of this network.

Hoofdstukken

Table of Contents (p. 0)

Myths with respect to accounting for pensions (p. 1)

Reforming the American pension system: The impact of the economic crisis (p. 27)

Can personal accounts provide a secure future for UK pensioners? (p. 49)

Retirement incomes in Australia in the wake of the global financial crisis (p. 63)

Pension policy for financial crises: Experience in Ireland, the UK and the US (p. 93)

The effect of the financial crisis on U.S. Pensions – A comparative perspective on financial services regulatory reform (p. 123)

The handling of crises in funded pension schemes: The experience of Denmark and some new proposals (p. 153)

The financial crisis and pension funds in Ireland (p. 169)

The impact of the financial crisis on funded defined contribution occupational pension schemes: The experience of Poland and some proposals for Pan-European solutions (p. 185)

Over de reeks

Social Europe Series

The Social Europe Series gives the reader more than an introduction to the social systems of the member states of the European Union. It offers the social security expert with comparative experience the opportunity to place his or her knowledge of (aspects of) foreign social security systems in a broader national context. The series facilitates the broad comparison of the national systems, by describing them according to a uniform structure.

Editorial board: Michael Adler (University of Edinburgh), Anne Davies (University of Oxford), Guus Heerma van Voss (University of Leiden), Frank Hendrickx (University of Leuven & Tilburg University), Frans Pennings (Utrecht University), Sophie Robin-Olivier (University of Paris X Nanterre), Achim Seifert (University of Luxembourg ), Sara Stendahl (Göteborg University) and Bernd Waas (Johann Wolfgang Goethe-University Frankfurt).

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