This paper investigates whether employer sponsors manage their pension risk exposure as an integral part of firm risk, or manage these two risk exposures separately over an extended period (2003-2010) in the UK, when transition from a disclosure to a recognition pension accounting regime has taken place. We test three competing explanations of corporate pension investment policy: coordinated ri...

This paper studies how a major reform of the Norwegian pension system affected the labor supply and pension claiming behavior of older workers. The 2011 reform brought three major changes: (i) individuals may start claiming pensions anytime between ages 62 and 75; (ii) there are actuarially neutral pension adjustments for early/late claiming; and (iii) pension benefits are no longer earnings te...

This paper is a part of the author’s wider research on the current Polish pension fund system. It deals with the system’s efficiency from the point of view of the individual fund member. After over three years of functioning, the savings accumulated with the pension funds only slightly exceed the total premiums that have so far been paid. The study shows that the system is not cost effective an...

The Heterogeneous Impact of Pension Income on Elderly Living Arrangements: Evidence from China’s New Rural Pension Scheme This paper investigates the impact of pension income on living arrangements of the elderly. Taking advantage of a unique opportunity due to the recent establishment and expansion of the social pension system in rural China, we explicitly address the endogeneity of pension st...

Whether defined-benefit corporate pension plans should invest in risky assets has always been subject to debate, and the risky pension asset allocation frequently causes concerns. In this study, we model corporate pension decisions in a setting where a firm balances its risk management concern with employees’ preference for systematic risk exposure. For a reasonable set of parameter values, the...

BACKGROUND Whole-body-vibrations are often associated with adverse health effect but the long term effects are less known. This study investigates the association between occupational exposures to whole-body vibrations, and subsequent transition to disability pension. METHODS A total of 4215 male employees were followed up for subsequent disability pension retirement. Exposure to whole-body-v...

This article empirically examines the relationship between the funding of defined benefit pension plans and corporate debt ratings. The evidence indicates that unfunded pension liabilities reduce debt ratings more than an equivalent amount of excess pension assets increase debt ratings. This asymmetric relationship is consistent with the view that unfunded pension liabilities are corporate liab...

What is the impact of gender pay gap in academia over course a career and retirement? To quantify this impact, we used Canadian post-secondary institution as case study simulated effects reported difference salary across multiple academic trajectories. A starting wage less than $9,000 resulted $300,000–$400,000 career, further $148,000–$259,000 pension gap, for total $454,000–$660,000, dependin...

The last ten years of the 20 century was the decade of pension reforms in Central and Eastern European countries. A three-pillar pension system has been adopted in most of that countries, including Poland, where the second pillar is created by open pension funds (OFEs), managed by pension fund companies (PTEs). The aim of this article is to identify and analyze barriers to the increased effecti...

PURPOSE OF THIS STUDY Basic pension fund in China began investing in the capital market recently. This master’s thesis describes pension investments’ impact on the development of China’s capital market. Based on existing literature, it is shown that if the pension investment has a positive effect on the capital market, capital market development will enhance overall economic development, and it...