Download or read book A Short Note on the Atp Fund of Denmark written by Dimitri Vittas and published by World Bank Publications. This book was released on 2012 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 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.
Download or read book A Short Note on the ATP Fund of Denmark written by Dimitri Vittas and published by . This book was released on 2016 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Danish ATP (Arbejdmarkedets Tillaegs Pension 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.
Download or read book A Short Note on the Atp Fund of Denmark written by Dimitri Vittas and published by World Bank Publications. This book was released on 2008 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The 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.
Download or read book Upgrading the Investment Policy Framework of Public Pension Funds written by Dimitri Vittas and published by World Bank Publications. This book was released on 2008 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.
Download or read book Annuities and Other Retirement Products written by Roberto Rezende Rocha and published by World Bank Publications. This book was released on 2011 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1990s many emerging economies in Central Europe and Latin America initiated their pension reforms. While most analysis to date has focused on the accumulation phase, there are a number of lessons to be shared as countries start to prepare the retirement options for their contributors, with this book addressing these issues from a public policy perspective.
Download or read book Denmark written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-12-18 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note on Stress Testing the Banking, Insurance, and Pension Sectors on Denmark discusses that since the beginning of the global financial crisis, Danish banks have substantially increased their capital buffers. The banks’ capital buffers provide for substantial loss absorbing capacity in case macro-financial conditions deteriorate. Under the most severe stress scenario, the aggregate Tier 1 ratio of large Danish banks drops by almost 4 percentage points, but the solvency position would remain adequate even in such a downturn scenario—underlining the value of solid capital buffers. Under the restrictive assumptions of the stress test, the adverse scenarios have large negative effects on the solvency and profitability of life insurance companies. Nonlife insurers would see a small decline in solvency ratios in the first year of the stress test. Though starting from lower solvency levels than life insurers, the aggregated impact on solvency ratios in the adverse scenario is comparably smaller.
Download or read book The World Bank Research Program 2008 2009 written by World Bank and published by World Bank Publications. This book was released on 2009 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The World Bank Research Program 2008-2009: Abstracts of Current Studies' is a compendium of research projects initiated, ongoing, or completed in fiscal years 2008 to 2009 by World Bank staff and consultants.
Download or read book Denmark Investment and Trade Laws and Regulations Handbook Volume 1 Strategic Information and Basic Laws written by IBP USA and published by Lulu.com. This book was released on 2008-03-03 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: 2011 Updated Reprint. Updated Annually. Denmark Investment and Trade Laws and Regulations Handbook
Download or read book Denmark Business Law Handbook Volume 1 Strategic Information and Basic Laws written by IBP USA and published by Lulu.com. This book was released on 2013-08 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: Denmark Business Law Handbook - Strategic Information and Basic Laws
Download or read book Denmark Company Laws and Regulations Handbook Volume 1 Strategic Information and Basic Laws written by IBP, Inc. and published by Lulu.com. This book was released on with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Denmark written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-03-23 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of the Detailed Assessment of the Observance of the Insurance Core Principles for Denmark. Key recommendations arising from the assessment cover two main issues. First is the fact that the Danish Financial Supervisory Authority Finanstilsynet bases its system to assess the appropriateness of key functions on the assumption that it is the core responsibility of the senior management to ensure adequate personnel to be assigned to relevant tasks in the supervised companies. The second issue relates to a requirement that internal audit functions should be made compulsory for smaller companies.
Download or read book Concurrent Resolution on the Budget for Fiscal Year 2002 written by United States. Congress. Senate. Committee on the Budget and published by . This book was released on 2002 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Social Security written by Robert Julius Myers and published by University of Pennsylvania Press. This book was released on with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Automatic enrolment in workplace pensions and the National Employment Savings Trust written by Great Britain: Parliament: House of Commons: Work and Pensions Committee and published by The Stationery Office. This book was released on 2012-03-15 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Government established NEST as a low-cost pension scheme to help deliver the auto-enrolment programme and to address a market failure in the pensions industry which meant that many employers and employees were unable to access low-cost, good quality pension provision. However, the Committee believes that certain restrictions placed on NEST will create complexity for employers and will disadvantage some employees. The Committee's report recommends that, if state aid rules allow, the Government should remove the following restrictions: the cap on the annual contributions an individual can make to a NEST scheme; and the ban on individuals transferring existing pension pots into NEST. The Committee further urges the Government to proceed with its plans for State Pension reform, introducing a flat-rate State Pension and reducing the level of means-testing without delay. The report also highlights the difficulties and complexity employers and employees currently face in comparing the fees and charges applied by pension providers and recommends that, from 2013 onwards, if some auto-enrolment schemes still have hidden charges, or charges that represent poor value for money, the Government should use its powers to intervene. Auto-enrolment will impose new costs and may be particularly challenging for small employers however the Committee considers that the Government has taken appropriate steps to minimise the impact on businesses through its gradual and flexible approach ("staging and phasing") to implementation. Exempting small employers would create significant complexity, as well as excluding many employees from the benefits of workplace pension saving
Download or read book OECD Economic Surveys Denmark 2009 written by OECD and published by OECD Publishing. This book was released on 2009-11-05 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: OECD's periodic review of Denmark's economy. This issue includes chapters covering the recent developments and policies to overcome the crisis, the decline in productivity growth, and human capital.
Download or read book The Scandinavian Model written by Robert Erikson and published by M.E. Sharpe. This book was released on 1987 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part I of this book is devoted to the development of Scandanavian societies from agrarian societies to modern industrial economies and welfare states. Three of the chapters in Part II analyse particular welfare problems, those of inequality, poverty, and redistribution; the final essay deals with women's position in the welfare state. The papers included in Part III present theory and methods of welfare research.
Download or read book The Structure Regulation and Performance of Pension Funds in Nine Industrial Countries written by E. P. Davis and published by World Bank Publications. This book was released on 1993 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Company pension funds can make important contributions to retirement income and to capital market development. But they need to be regulated and supervised to avoid fraud; protect the interests of workers, and minimize restrictions on labor mobility.
