Risk-Based Supervision of Pension Funds : A Review of International Experience and Preliminary Assessment of the First Outcomes
Keywords
LIQUIDITYPENSION COMPANIES
LIFE INSURANCE COMPANIES
MARKET DISCIPLINE
EFFICIENT INVESTMENT
CREDIT RISKS
INCOME INSTRUMENTS
MARKET DEVELOPMENTS
MARKET VALUES
MINIMUM CAPITAL REQUIREMENTS
BALANCE SHEETS
CENTRAL BANK
INTERNATIONAL BANK
DEFERRED COMPENSATION
OTHER ASSETS
ASSESSMENT OF RISK
MARKET RISK
PUBLIC DEBT STOCK
ASSET PRICES
MARKET CONDITIONS
BOND PORTFOLIO
FIXED INCOME PORTFOLIOS
INVESTMENT POLICIES
MARKET COMPETITION
MARKET ANALYSIS
CALCULATION
ACCOUNTING STANDARDS
RISK MANAGEMENT STRATEGIES
VALUATION
LONG-TERM INTEREST
ASSET LIABILITY MATCHING
CAPITAL REQUIREMENT
CAPITAL REQUIREMENTS
FINANCIAL INTERMEDIARIES
PENSION FUND
RETIREMENT BENEFITS
FINANCIAL INSTITUTION
SUPERVISION OF PENSION FUNDS
TAX
PENSION SYSTEM
CALL OPTIONS
OLDER WORKERS
MARKET ANALYSTS
FINANCIAL SECTOR
INTEREST RATE RISKS
FIXED INCOME PORTFOLIO
EQUITY INVESTMENTS
INVESTMENT RISK
DOMESTIC BONDS
FINANCIAL SERVICE
FOREIGN EQUITY
INVESTMENT REGIME
MARKET LIQUIDITY
MATURITY
RISK SCORE
RATES OF RETURN
RISK SCORES
RISK CAPITAL
PENSION
PENSION PROVIDERS
BASIS POINT
PRIVATE LOANS
DEPOSITS
BOND
FINANCIAL STATEMENTS
MARKET YIELD
EQUITY RETURNS
INSURANCE INDUSTRY
FINANCIAL INSTRUMENTS
CAPITAL ALLOCATION
ASSET BASE
MORTGAGE LOANS
GOVERNMENT SECURITIES
INTEREST RATE SWAPS
PORTFOLIO
ASSET CLASS
CONTRIBUTIONS
RISK MANAGEMENT SYSTEMS
SUPERVISION OF BANKS
FINANCIAL RISKS
HOLDINGS
MARKET PARTICIPANTS
FINANCIAL RISK
SWAP CURVE
RATE OF RETURNS
BANKING SYSTEM
FINANCIAL INDUSTRY
PRIVATE PENSION PLANS
DOMESTIC EQUITY
TRANSPARENCY
INVESTMENT STRATEGIES
FINANCIAL SYSTEMS
RISK CONTROLS
PENSION SYSTEMS
SENIOR
TRADITIONAL FINANCIAL INSTITUTIONS
PENSIONS
INTEREST RATES
GOVERNMENT BONDS
CONTRIBUTION
RESPONSIBILITIES
TRUSTEES
SOCIAL INSURANCE SYSTEMS
RISK EXPOSURE
FOREIGN EQUITIES
PRIVATE PENSION FUNDS
ACCOUNTING
CAPITAL ADEQUACY
FINANCIAL STABILITY
FINANCIAL CRISIS
RETIREMENT SAVINGS
INSURANCE
MARGIN REQUIREMENTS
RETIREMENT INCOME
TAX LAWS
SOLVENCY
DOMESTIC EQUITIES
FINANCIAL POSITION
PENSIONERS
FAIR VALUATION
PUBLIC SECTOR BONDS
PARENT COMPANIES
INTEREST RATE RISK
SOCIAL INSURANCE
SUPERVISORY AGENCY
EQUITY MARKET
BENEFICIARIES
CONTRIBUTION ARRANGEMENTS
MARKET DEVELOPMENT
EQUITIES
BALANCE SHEET
ACCURATE INFORMATION
ASSET-LIABILITY MANAGEMENT
RISK FACTOR
REGULATORY AUTHORITY
WITHDRAWAL
RISK FACTORS
LIFE INSURANCE
LONG-TERM INTEREST RATE
CURRENCY
RETIREMENT
TRUSTEE
STAKEHOLDERS
LABOR FORCE
FUND MANAGERS
CORPORATE GOVERNANCE
PENSION FUNDS
DISCOUNT RATE
SUPERVISORY AUTHORITY
RISK ASSESSMENT
INFORMED DECISIONS
CRISIS MANAGEMENT
INSURANCE COMPANIES
INVESTING
CORPORATE BONDS
INDIVIDUAL ACCOUNTS
PENSION FUND SUPERVISION
RISK MANAGEMENT
MORTGAGE
PUBLIC DEBT
INTERNAL AUDITS
USE OF DERIVATIVES
CREDIT RISK
ADVERSE PRICE MOVEMENTS
LIQUID ASSETS
CREDIT STANDING
DISCLOSURE REQUIREMENTS
ASSET CLASSES
PORTFOLIOS
PENSION PLAN
PRIVATE PENSION
VARIABLE RATE
PENSION SCHEMES
EURO MARKET
RISK MANAGEMENT SYSTEM
RISK ASSESSMENT PROCESS
MARKET VALUE
RISK PROFILE
FINANCIAL POLICY
RISK CONTROL
OCCUPATIONAL FUNDS
PROBABILITY
LEGAL OBLIGATION
LIABILITY
CONTRIBUTION SYSTEM
INVESTMENT PATTERNS
MORTGAGE BONDS
FIXED INCOME INVESTMENTS
FIXED INCOME
ASSET-LIABILITY MISMATCHES
FINANCIAL INSTITUTIONS
REGULATORY FRAMEWORK
RISK EXPOSURES
MORTGAGES
FINANCIAL SYSTEM
RATE OF RETURN
INSTITUTIONAL INVESTORS
DIVERSIFICATION
INFORMATION SYSTEMS
ASSET ALLOCATION
SWAP
FINANCIAL SERVICES
YIELD CURVE
BUSINESS PLAN
INTEREST RATE
SUPERVISORY AGENCIES
DERIVATIVES
FINANCIAL SERVICE PROVIDERS
RETURN
FUND PERFORMANCE
REGULATORY STANDARDS
FOREIGN CURRENCY
PERFORMANCE MEASUREMENT
SMALLER FUNDS
MINIMUM CAPITAL REQUIREMENT
REAL ESTATE
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http://hdl.handle.net/10986/6474Abstract
This paper provides a review of the
 design and experience of risk-based pension fund supervision
 in several countries that have been leaders in the
 development of these methods. The utilization of risk-based
 methods originates primarily in the supervision of banks.
 In recent years it has increasingly been extended to other
 types of financial intermediaries including pension funds
 and insurers. The trend toward risk-based supervision of
 pensions is closely associated with movement toward the
 integration of pension supervision with that of banking and
 other financial services into a single national authority.
 Although similar in concept to the techniques developed in
 banking, the application to pension funds has required
 modifications, particularly for defined contribution funds
 that transfer investment risk to fund members. The
 countries examined provide a range of experiences that
 illustrate both the diversity of pension systems and
 approaches to risk-based supervision, but also a commonality
 of the focus on sound risk management and effective
 supervisory outcomes. The paper provides a description of
 pension supervision in Australia, Denmark, Mexico and the
 Netherlands, and an initial evaluation of the results
 achieved in relation to the underlying objectives.Date
2012-05-25Type
Publications & ResearchIdentifier
oai:openknowledge.worldbank.org:10986/6474http://hdl.handle.net/10986/6474
Copyright/License
CC BY 3.0 IGOCollections
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