This study examines various factors that potentially explain cross-sectional variations in UK firms’ managerial discretion to switch towards a market-based actuarial pension valuation method for pension funding and reporting purposes. Evidence is based on accounting, actuarial and share market data for an industry-matched pair sample of 62 UK firms. We find a significant relationship between th...

The aim of this article is to describe the Lithuanian pension system, its reform process and its long-term financial sustainability. We define therefore the current reforms in the public pension system, influenced by the last economic crisis and social challenges. Also, we forecast the financial dynamics of the public pension system, in the light of raising social expenses (due to second pillar...

The paper focuses on the stochastic forecast of the financial sustainability ofbasic pension, based on predictions for the population of China. The population was calculated iteratively by using Leslie matrix. An auto-regressive moving average model was adapted for the predictions of the fertility rates and the mortality rates. The Monte Carlo stochastic method was adapted for the projections o...

Three kinds of the insurance policies for the net premium calculation for married couples are considered. The net premium equation principle is used in all premium calculations. The particular quality of the additional pension assurance is the individual form of its undertaking and the limitation of annual (monthly) pension payments. Due to this fact the biggest interest to the individual insur...

 Paid employment determines pension levels, for both women and men. In those European countries in which women have been integrated into the labour market at an early stage their protection in old age is higher today for that reason alone. Germany lags behind in this respect.  Gender-specific differences in the employment participation of the low educated are greater than those between the ed...

This paper finds that footnote transparency is effective at disciplining managerial discretion and that the market will use information provided in footnotes to assess firm value. After the introduction of FAS132R, firms used less discretion in setting pension assumptions, and the distribution of discretion across firms was reduced. The primary driver of changes in pension expense resulting fro...

The Health Implications of Social Pensions: Evidence from China’s New Rural Pension Scheme* This paper estimates the causal effect of income on health outcomes of the elderly and investigates underlying mechanisms by exploiting an income change induced by the launch of China’s New Rural Pension scheme (NRPS). Using this policy experiment, we address the endogeneity of pension income by applying...

This article reviews the retirement options available to Swedes aged 60 to 64 under their national pension system. Summaries of the various options are followed by an analysis of the relative attractiveness of each option using hypothetical 60-year-old workers with varying characteristics. The proportion of 60- to 64-year-old Swedes selecting each option corresponds closely to the relative attr...

We examine pension buyout transactions and longevity risk securitization in a common framework, emphasizing the role played by asymmetries in capital requirements and mortality forecasting technology. The results are used to develop a coherent model of intermediation of longevity exposures, between defined benefit pension schemes and capital market investors, through insurers operating in the p...

We compare firm-optimizing and institutional models of labor contracts to investigate how certain types of pension plans affect training. Unlike previous studies, we consider an expanded voice model of training and pension coverage in which worker and union preferences feed back upon firm decisions and we test for this bi-directional causality between pensions and training. The data consist of ...