The Oxford Handbook of Pensions and Retirement Income
Clark, Gordon L. Halford Mackinder Professor of Geography, University of Oxford
Munnell, Alicia H. Peter F. Drucker Professor, Carroll School of Management, and Director of the Centre for Retirement Research, Boston College
Orszag, J. Michael Head of Global Research Services and Chairman of the Global Research Committee of Watson Wyatt Worldwide
Print publication date: 2006 (this edition) Print ISBN-13: 978-0-19-927246-4
Published to Oxford Handbooks Online: September 2009




12 Structure and Performance of Defined Benefit Schemes
doi:10.1093/oxfordhb/9780199272464.003.0012

Warren McGillivray
Abstract: Description, Design, Operation – Financing of Defined Benefit Public Pension Schemes – Evolution of the Financing of Public Pension Schemes – Risks of Defined Benefit Schemes – Challenges for Defined Benefit Schemes – Conclusion

Keywords: retirement, performance, retire,

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Warren McGillivray is an overseas Policy Associate of the Caledon Institute, Ottawa, Canada. From 1993 to 2004 he was Chief of the Studies and Operations Branch of the International Social Security Association in Geneva. After lecturing at the Universities of Dar es Salaam and Lagos, in 1976 he joined the Social Security Department of the International Labour Office. He has undertaken social security advisory assignments in numerous countries and participated in projects involving social security policy and financing. His publications focus on financing social security, actuarial topics, and pensions reform. He is a graduate of the University of Saskatchewan and a Fellow of the Society of Actuaries. Address is 26 Belvédère du Moland, Chemin de la Planche Brûlée, FR-01210 Ferney-Voltaire, France. Email: mcgillivray@caledoninst.org
 
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Contents
 
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Full Book Contents
Preface
Introduction
1 The Agenda
2 Pension and Retirement Income in a Global Environment
I Retirement in Context
Creating Modern Retirement
3 The History of Retirement
4 The Development of Public Pensions from 1889 to the 1990s
5 The Development of Employer Retirement Income Plans: from the Nineteenth Century to 1980
6 Changing Work Patterns and the Reorganization of Occupational Pensions
7 Gender, the Family, and Economy
8 Social Solidarity
The Economic Context
9 Demography and Ageing
10 Life-Cycle Options and Preferences
11 Funding, Saving, and Economic Growth
II Public Retirement Plans
State Old-Age Pension Programs
12 Structure and Performance of Defined Benefit Schemes
13 The Structure and Performance of Mandated Pensions
14 Actuarial-Based Public Pension Systems
Entitlements and Pensions
15 Citizenship, Entitlement, and Mobility
16 Early Retirement
17 Meeting Health and Long-term Care Needs in Retirement
III Employer-Sponsored Retirement Plans
Structure of Employer-Sponsored Pensions
18 Employer–Sponsored Plans: The Shift from Defined Benefit to Defined Contribution
19 Organized Labor and Pensions
20 Corporate Finance and Capital Markets
Pension Plan Investments
21 Asset Liability Management
22 Strategic Asset Allocation for Pension Plans
23 Pension Fund Management and Investment Performance
Pension Plan Governance
24 Regulation of Pension Fund Governance
25 Regulatory Principles and Institutions
26 Accounting Standards for Pension Costs
IV Individual and Household Retirement Provision
Individual Pensions, Insurance, and Saving
27 Occupational Pension Scheme Design
28 Annuity Markets
29 Personal Pensions and Markets
Individual and Household Retirement Planning
30 Choice, Behavior, and Retirement Saving
31 Housing Wealth and Retirement Savings
32 The Elderly and Ethical Financial Decision-Making
V Looking Ahead
Prospective Models
33 Structural Pension Reform—Privatization—in Latin America
34 Private Pensions and Public Policy: The Public–Private Divide Reappraised
35 Unending Work
Challenges
36 Productivity, Compensation, and Retirement
37 Poverty and Inequality
38 The Politics of Pension Reform: Managing Interest Group Conflicts
Emerging Economies
39 Pensions for Development and Poverty Reduction
40 Retirement Income Systems in Asia
41 Pensions in Africa
Coda
42 Sustainable and Equitable Retirement in a Life Course Perspective
Index
 
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