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Pension Fund Governance and the Choice Between Defined Benefit and Defined Contribution Plans

Опубликовано на портале: 14-11-2003
Организация: London School of Economics and Political Science (LSE)
Недавние события в ряде стран показали важность качественного управления частными пенсионными накоплениями. В статье для анализа данной проблемы используется теория контрактов.

Recent events in several countries have underscored the importance of good governance in private occupational pension plans. The present paper uses contract theory to analyze the interplay of residual claims and control rights in private pensions. The residual claimant is the plan sponsor in a defined benefit (DB) plan and the pool of bene- ficiaries in a defined contribution (DC) plan. The main control rights we examine relate to decisions on funding, asset allocation, and asset management. Under complete contracting, governance can be shown to be neutral: DC and DB plans di.er only on risk allocation. If instead contracts are incomplete, a DB (DC) plan should: (1) Assign more vigilance responsibility to the sponsor (beneficiaries); (2) Rely less (more) on trustees; (3) Tend to employ trustees that are professional experts (caring insiders); (4) Assign asset allocation rights to the sponsor (beneficiaries); (5) have strict funding requirements.

Ссылки
текст статьи в формате pdf на сайте London School of Economics:
http://econ.lse.ac.uk/staff/tbesley/papers/pengov.pdf
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