Morris Management and Regulation of Pension Schemes

Australia a Cautionary Tale
1. Auflage 2018
ISBN: 978-1-351-97515-5
Verlag: Taylor & Francis
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 218 Seiten

Reihe: Routledge Research in Finance and Banking Law

Perhaps the greatest long-term challenge facing modern economies is how to pay for the living expenses and care costs of the elderly. With people on average living longer a substantial part of the pension requirements of the next cohort of retirees needs to be met from savings accumulated during working years. The effective management of these savings is crucial. If they are invested wisely, the assets available to fund pensions and care will grow; if not, they will stagnate or even decline. Unfortunately, there is considerable evidence worldwide that the management of funds attracts rent-seeking behaviour by the financial services industry which erodes much of the potential return.

This book provides a detailed evaluation of the Australian experience and highlighting the extent to which the financial services industry has extracted rents from Australian pensioners, and how and why this occurred. Australia introduced compulsory superannuation contributions for its working population in 1991, leading to a proliferation of funded schemes which are largely run by the private sector. Based on original empirical research, and examination of industry reviews and relevant literature, the book will demonstrate the numerous problems which have emerged in Australia which include inefficiency and industrial-scale rent extraction. The book goes on to draws lessons from Australia for other developing economies wishing to enact pension reform.

Autoren/Hrsg.

Morris, Nicholas

Fachgebiete

• Rechtswissenschaften Wirtschaftsrecht
• Rechtswissenschaften Arbeitsrecht Betriebliche Altersvorsorge, Vermögensbildung

Inhaltsverzeichnis

Chapter 1: Introduction

Chapter 2: System Design and Problems

Chapter 3: The Evolution of the Australian Pension System

Chapter 4: Empirical evidence on costs and performance

Chapter 5: Lessons from Australia

Chapter 6: What can be done now

Chapter 7: Conclusions

Über Autor(innen)

Nicholas Morris is a Senior Research Associate and Academic Visitor at Balliol College, University of Oxford, UK. He has also served as an economist in the UK Government Economic Service, was Deputy Director of the influential UK policy think-tank, the Institute for Fiscal Studies (IFS), and founder and CEO of London Economics.