Proving Incentives for Long-Term Investment by Pension Funds : The Use of Outcome-based Benchmarks

A fundamental goal of any pension system is to ensure that members receive an adequate income when they retire. Although traditional defined benefit pension plans set out how pension income will be determined in advance and then strive to deliver t...

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Bibliographic Details
Main Author:	Stewart, Fiona
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCOUNTING AMOUNT OF RISK ANNUITY ARBITRAGE ASSET CLASS ASSET CLASSES ASSET MANAGEMENT ASSET MANAGERS ASSET VALUE BALANCE OF PAYMENT BANK POLICY CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CONFLICT OF INTEREST CONTRACTUAL SAVINGS CONTRIBUTION RATE CORPORATE BONDS CREDIBILITY DEBT DEBT FINANCING DEFERRED ANNUITY DEFINED BENEFIT DEFINED BENEFIT PENSION PLANS DEFINED CONTRIBUTION PENSIONS DEFINED CONTRIBUTION PLANS DEMOGRAPHIC DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPING ECONOMIES DIVERSIFIED PORTFOLIOS DOMESTIC GOVERNMENT BONDS DOMESTIC MARKETS ECONOMIC CRISIS EQUITIES EQUITY FUND EQUITY INVESTMENTS EQUITY RETURNS ETHICAL FUND EXPOSURE EXPOSURES EXTERNAL ASSET FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL DEFICITS FIXED ANNUITIES FIXED INCOME FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FUND MANAGEMENT FUND MANAGERS FUND PERFORMANCE FUNDED PENSION FUNDED PENSION SYSTEMS FUNDED SYSTEMS FUTURE PENSION FUTURE PENSIONS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL EQUITIES GLOBAL EQUITY GOVERNMENT POLICY INCOMES INDEXED BONDS INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNTS INFLATION INSTITUTIONAL INVESTORS INSURANCE INTERNATIONAL BANK INTERNATIONAL DIVERSIFICATION INTERNATIONAL FINANCIAL MARKETS INVESTING INVESTMENT APPROACH INVESTMENT APPROACHES INVESTMENT CHOICES INVESTMENT DECISIONS INVESTMENT GUIDELINES INVESTMENT HORIZON INVESTMENT OPPORTUNITIES INVESTMENT PERFORMANCE INVESTMENT REGULATION INVESTMENT REGULATIONS INVESTMENT RESTRICTIONS INVESTMENT RETURN INVESTMENT RETURNS INVESTMENT RISK INVESTMENT STRATEGIES INVESTMENT STRATEGY INVESTOR PROTECTION JURISDICTION JURISDICTIONS LABOR MARKET LABOUR INCOME LEGAL FRAMEWORK LIABILITY LIQUID ASSETS LIQUIDITY LOCAL CAPITAL MARKETS LOCAL MARKET LONG-TERM INVESTMENT LONG-TERM INVESTORS MANDATORY SYSTEMS MARKET INDEXES MORTALITY NATIONAL PENSION NATIONAL PENSIONS NATIONAL SAVINGS NET RETURNS OPTIMAL INVESTMENT OPTIMAL PORTFOLIO OPTIMAL PORTFOLIOS OUTPUT PENSION PENSION ASSETS PENSION AT RETIREMENT PENSION AWARENESS PENSION BENEFITS PENSION FUND PENSION FUND ASSET PENSION FUND ASSETS PENSION FUND MANAGEMENT PENSION FUND MANAGERS PENSION FUND MEMBERS PENSION FUNDS PENSION INCOME PENSION INCOMES PENSION INVESTMENT PENSION LIABILITIES PENSION PAYMENTS PENSION PLAN PENSION PROVIDERS PENSION REFORM PENSION REFORMS PENSION REGULATION PENSION REGULATORS PENSION RESERVES PENSION SAVINGS PENSION SCHEME PENSION STATEMENTS PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS PILLAR SYSTEMS PORTFOLIO PORTFOLIOS PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PENSIONS PRIVATE PILLARS PRIVATE SECTOR DEVELOPMENT PUBLIC PENSION PUBLIC PENSIONS PUBLIC SYSTEM RATE OF RETURN RATES OF RETURN REGULATOR REGULATORS REGULATORY AUTHORITY REGULATORY BODY REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REPLACEMENT RATE REPLACEMENT RATE TARGET REPLACEMENT RATES RESERVE RESERVE FUNDS RESERVE REQUIREMENT RESERVES RETIREMENT RETIREMENT AGE RETIREMENT DATE RETIREMENT FUND RETIREMENT INCOME RETIREMENT INCOME SYSTEM RETIREMENT POLICIES RETIREMENT SAVINGS RETURN RETURN ON ASSETS RETURNS RISK AVERSION RISK CONTROLS RISK MANAGEMENT RISK MANAGEMENT SYSTEM RISK PROFILE RISK PROFILES RISK-FREE RATE RISKY ASSETS SECURITIES SHORT-TERM VOLATILITY SOCIAL INSURANCE SOCIAL INSURANCE PROGRAM SOLVENCY SOVEREIGN BONDS STOCKS SUPERVISORY AGENCY SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY SYSTEMIC RISKS TAX TRANSACTION TRANSITION COUNTRIES TREASURY TREASURY BILLS TRUSTEE TRUSTEES UNDERDEVELOPED CAPITAL MARKETS VARIABLE ANNUITIES WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/2014/05/19548017/proving-incentives-long-term-investment-pension-funds-use-outcome-based-benchmarks-proving-incentives-long-term-investment-pension-funds-use-outcome-based-benchmarks http://hdl.handle.net/10986/18800

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http://documents.worldbank.org/curated/en/2014/05/19548017/proving-incentives-long-term-investment-pension-funds-use-outcome-based-benchmarks-proving-incentives-long-term-investment-pension-funds-use-outcome-based-benchmarks
http://hdl.handle.net/10986/18800

Proving Incentives for Long-Term Investment by Pension Funds : The Use of Outcome-based Benchmarks

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