کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5076356 | 1477206 | 2016 | 15 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Pension scheme redesign and wealth redistribution between the members and sponsor: The USS rule change in October 2011
ترجمه فارسی عنوان
طرح بازنشستگی طرح مجدد و توزیع مجدد ثروت بین اعضا و حامیان: قانون ایالات متحده آمریکا در ماه اکتبر 2011 تغییر می کند
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
آمار و احتمال
چکیده انگلیسی
The redesign of defined benefit pension schemes usually results in a substantial redistribution of wealth between age cohorts of members, pensioners, and the sponsor. This is the first study to quantify the redistributive effects of a rule change by a real world scheme (the Universities Superannuation Scheme, USS) where the sponsor underwrites the pension promise. In October 2011 USS closed its final salary scheme to new members, opened a career average revalued earnings (CARE) section, and moved to 'cap and share' contribution rates. We find that the pre-October 2011 scheme was not viable in the long run, while the post-October 2011 scheme is probably viable in the long run, but faces medium term problems. In October 2011 future members of USS lost 65% of their pension wealth (or roughly £100,000 per head), equivalent to a reduction of roughly 11% in their total compensation, while those aged over 57 years lost almost nothing. The riskiness of the pension wealth of future members increased by a third, while the riskiness of the present value of the sponsor's future contributions reduced by 10%. Finally, the sponsor's wealth increased by about £32.5 billion, equivalent to a reduction of 26% in their pension costs.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Insurance: Mathematics and Economics - Volume 69, July 2016, Pages 14-28
Journal: Insurance: Mathematics and Economics - Volume 69, July 2016, Pages 14-28
نویسندگان
Emmanouil Platanakis, Charles Sutcliffe,