| 词汇 | example_english_pension-fund |
| 释义 | Examples of pension fundThese examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. Furthermore, trustees, on a regular basis, should obtain educational training with a view to providing and improving core competencies of importance for pensionfund management. This means that in order to avoid the short-term mismatch between assets and liabilities, pension fund asset allocation should be more heavily weighted towards bonds. We view this model as appropriate in that pensionfund assets' impact on output might show marked differentials across countries. The expression in brackets gives the net balance of the pensionfund. The investment risk of each individual pensionfund is borne by each pensioner individually. Section 3 reviews what we know and need to know about these different types of pensionfund actions aimed at improving corporate governance. However, pensionfund governance has a much broader scope and includes overall management, organizational design and decision-making processes. In order for a pensionfund to realize further cost economies, these factors would thus primarily need to be influenced. In effect, we test whether owing to better resource allocation, incentives etc., pensionfund growth makes the capital stock more productive. At best, the pensionfund may aim to hold the minimum-variance portfolio regarding mismatch risk. This is most obvious when considering pensionfund investment management functions, but can be extended to consider any issue involving judgement about beneficiaries' welfare. These countries provide a large number of studies which evaluate the effectiveness of pensionfund activism. If it accepted that the asset allocation of a pensionfund should match the liabilities, the derivation of the entire efficiency frontier is unnecessary. This is surely the reality experienced by many in pensionfund management. The complexity of the charge structure means that, in general, charges are poorly understood by the average pensionfund member. A pensionfund is not required to submit a quarterly return when assets of the fund fall below $60 million for three consecutive quarters. They analytically prove that pensionfund governance matters. A typical characteristic of these average-salary schemes is that indexation of all accrued liabilities is made dependent on the solvency position of the pensionfund. Even for defined benefit funds there is no explicit capital base of a pensionfund, unlike an insurer. Generally, switching is only possible when an employee moves to an employer connected to a different pensionfund. Another of the volume's shortcomings is that it is silent on the overall question of whether a nation's pensionfund commands sufficient assets. When their reasoning is applied to the pensionfund world, real estate seems to be an essential part of a pension fund's portfolio. On the one hand, our index is likely to cover not all important aspects of pensionfund governance. Correlations of the factors explaining pensionfund performance. The pensionfund faces the following economic variables. These factors include, for example, the regulatory environment, the view of the pension liability, the funded status of a pensionfund, and the sponsor's interests. Risks of pension funds, however, are borne by the fund's stakeholders, not by the pensionfund. Changes in the asset mix of the pensionfund will be overruled by the risk-bearing stakeholders. A renewal of pensionfund risk management would require finding a new balance in the interests of the fund stakeholders. Using quarterly return data for 225 pension funds comprising 68 % of total prudentially regulated pensionfund assets, we find significant differences exist across fund types. The optimal asset allocation for a pensionfund depends on many factors. Therefore, we investigate the effect of pensionfund governance on the two sources of value creation separately. Pensionfund deficits are not an inevitable consequence of increasing numbers of benefit payments. The costs this involves are in many cases not (fully) passed on to the pensionfund. Thus, a direct regulatory structure is required in connection with these variables so that there are proper incentives to maximize retirement and pensionfund accumulation. Alternatively, the pensionfund could conduct biddings among private-sector providers to allocate cohorts of annuitants. A company's own pensionfund can provide specific benefits, both to its participants and the sponsor company. Appendices 1 and 2 show the plots of both equity investments and fixed income investments with respective pensionfund average ages. Two simple measures of performance of a pensionfund are its average return on assets and the volatility in its returns. However, there are additional dialog partners besides pensionfund members. Therefore, pensionfund members should receive information on important activities and results on a regular basis (2). Our results support the widespread hypothesis of a positive relationship between pensionfund governance and investment performance. In effect, the pensionfund has become a profit centre. It is aimed at people who are not eligible for an occupational pension, or for whom a personal pensionfund would be too expensive. By taking over private pension schemes, the state effectively granted itself a monopoly of pensionfund management. In a funded system, the timing of pensionfund returns matters. This source of financing, in turn, should preferably be channelled through investment and pensionfund holdings of medium- and long-term assets. As the number of retirees has grown considerably over time, retiree organizations have increasingly claimed a say in pensionfund management. Administrative costs as a percentage of total assets are, again, negatively related to the size of the pensionfund. They argue that it has important implications for pensionfund strategy, for labor negotiations and for corporate finance. The fact that a pensionfund is public equals lower equity shares and higher real estate investment. Changes in the policy setup of a pensionfund may easily lead to redistribution of value and risk among the members. A policy ladder relates the contribution policy and indexation policies explicitly one-to-one to the financial position of the pensionfund. Other pensionfund characteristics play a minor role. For this reason, to alleviate criticism, state pensionfund management tends to operate on passive investment strategies. The size of a pensionfund should therefore be negatively related to administrative and asset management costs. The choice is both important from a fiscal point of view and from the perspective of the pensionfund. However, only action-oriented real-time decisions bring the pensionfund back on track. Surprisingly, the meeting frequency of the board and of the investment committee seems to have no effect on pensionfund performance. The ultimate goal of a pensionfund is to provide a secure retirement income to its plan members. In contrast, empirical research on the relation between pensionfund governance and investment performance is scarce. In particular, the index does not consider soft factors that cannot be objectively measured such as board member competence or skills of pensionfund staff. On the other hand, pensionfund governance should not only be aimed at increasing value creation and performance. This is a rather surprising result given that most authors argue that this is the key requirement for a good governed pensionfund. Even though there are many dialog partners, pensionfund members remain the key addressees. A broadly accepted pensionfund governance index might be a feasible way of setting such a standard. In most final-wage pension plans, indexation of pension benefits was, at least on paper, dependent on the solvency position of the pensionfund. An additional factor, which will influence the portfolio distributions of an individual pensionfund, is maturity - the ratio of active to retired members. Workers usually pay the same fraction of wages as contributions to the pensionfund. The actuarial approach leads to a selfconstructed representation of the solvency position of the pensionfund without any link to financial markets. Value-based generational accounting provides a tool for testing a pensionfund policy for these two criteria. We employ the value-based approach for a pensionfund based on intergenerational risk sharing. Therefore, rational investors will adjust their portfolio of risky assets whenever the pensionfund changes the asset mix towards more or less risky assets. The standard deviation of pensionfund returns is the standard deviation of annual returns across funds. The second policy change considered is an increase in the proportion of the government pensionfund invested in equity (a reduction in the parameter c). Regarding the immediate macroeconomic effects of the abolition of pensionfund specific capital controls, the literature is ambiguous. The amount of foreign shares in pensionfund portfolios is usually small. We need to study the behavior of pensionfund managers in corporate meetings as well. If this is the case, the shareholders' (pensioners) consent to rules voted by pensionfund managers is ' tainted ' by a conflict of interest. The competency model of pensionfund governance implies that plan officers are best seen as consumers of expertise rather than the locus of expertise. At the core of this model of pensionfund governance is the management of contract. The total economic value to be distributed amongst the generations is equal to the value of pensionfund assets. The liability structure of a pensionfund defines how much risk the fund can take. The main parameters of pensionfund used in this study are asset allocation figures, liability structure information, and solvency margin limits. This already became evident in the descriptive statistics where the wide dispersion among pensionfund allocations was reported. Finally, the results of this paper offer useful guidelines for pensionfund reforms in other countries that have followed conservative fund investment policies. Over the long term, it is arguable that pensionfund should seek ways of sharing resources or merging into larger entities. It is common that several (related or unrelated) employers are affiliated with a pensionfund, for example as part of an industry grouping. Nevertheless, few pension administrators and finance managers are represented, so that much of the material is not closely related to pensionfund investment issues. A pensionfund is deemed underfunded if the present value of all future liabilities is higher than the value of its assets. Pensionfund liabilities are linked explicitly or implicitly to average earnings, which grow in real terms. A higher number of individual benefit payouts anticipated in the short-run points to increased administrative expenses of a pensionfund. During the prosperous years up to 1999, pensionfund governors applied serious cuts in the contribution rate or even repaid formerly paid contributions. As a result, firms use the pensionfund as a means of building financial slack. Yet there is flexibility in the funding rules, and it is often difficult to assess the current health of a corporate pensionfund. The share price of the employer is unaffected by the asset allocation of the pensionfund. These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. |
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