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date: 17 June 2021

(p. xxv) List of Contributors

(p. xxv) List of Contributors

William C. Apgar is a Lecturer in Public Policy at the Harvard's Kennedy School of Government and a Senior Scholar at the Joint Center for Housing Studies. From 1997 to 2001, Apgar took a leave of absence from Harvard and served as the Assistant Secretary of Housing at the US Department of Housing and Urban Development (HUD). His research interests are in housing, community and economic development, as well as housing finance and capital markets. He leads the Joint Center's Credit, Capital, and Communities Project, an ongoing evaluation of the impact of the changing structure of the mortgage banking industry on efforts to expand access to affordable homeownership and rental housing opportunities. Address is Kennedy School, Joint Center for Housing Studies, 79 John F. Kennedy Street, Cambridge, MA 02138, USA. Email:

Camila Arza is Marie Curie Fellow at the Robert Schuman Centre (European University Institute, Florence) and researcher at the Economics Department of the Latin American School of Social Sciences (FLACSO-Argentina). She is currently conducting a research project dealing with comparative analysis of pension reform trajectories in European countries, with a focus on the distributional outcomes of the latest reforms in Italy, Sweden, Poland, and the United Kingdom. Previous research focused on the social and distributional impacts of social policy, structural reform, and privatization both in developed and developing countries. Address is VF008, Villa La Fonte, Via delle Fontanelle, I-50016 San Domenico di Fiesole, Italy. Email:

Anthony Asher is a Senior Policy Manager with the Australian Prudential Regulation Authority, and a Visiting Fellow at Macquarie University. Recent publications include chapters on benefit design and pricing in Understanding Actuarial Management: The Actuarial Control Cycle (Institute of Actuaries of Australia, 2003) and on old age pensions and the financing of social security in Social Security—a Legal Analysis (Butterworths, 2003). He was previously Professor of Actuarial Science at the University of Witwatersrand, Johannesburg. Research interests include prudential capital and superannuation administration costs. Address is APRA, Level 26, 400 George St., Sydney NSW 2000, Australia. Email: anthony.asher@

Vickie L. Bajtelsmit is a Professor in the Department of Finance and Real Estate at Colorado State University and First Community Bank Faculty Fellow. She holds a Ph.D. in Insurance and Risk Management from the University of Pennsylvania's Wharton School of Business (1994) and a J.D. from Rutgers University School of Law (1982). Dr Bajtelsmit has published in a variety of academic and professional journals, including the Journal of Risk and Insurance, Journal of Pension Economics and Finance, and Benefits Quarterly. She is also the author of two books, The Busy Woman's Guide to Financial Freedom (AMACOM, 2002) and Personal Finance (John Wiley & Sons, 2005). Address is Department of Finance and Real Estate, Colorado State University, Fort Collins, CO 80523, USA. Email:

Armando Barrientos is Research Fellow at the Institute of Development Studies at the University of Sussex in the UK and Senior Researcher at the Chronic Poverty Research Centre. His research interests cover the interaction of labor markets and welfare production, pensions and ageing, and social protection in developing countries. His articles have appeared in journals such as World Development, Applied Economics, and Geneva Papers in Risk and Insurance, and he is the author of Pension Reform in Latin America (Ashgate, 1988). He has acted as an adviser to the ILO, the World Bank, DFID, UNRISD, IADB, and the Caribbean Development Bank. Address is Institute of Development Studies, University of Sussex, Brighton, BNI 9RE, UK. Email:

Rob Bauer is Manager of the Research Department of ABP Investments and Professor of Finance at Maastricht University in the Netherlands. His present research focus is on asset liability management, risk budgeting, stock selection models, socially responsible investments (SRI), and corporate governance. His recent work has been published in The Journal of Banking and Finance and Financial Analysts Journal. He is a member of the board of the postgraduate course on investments at the Free University of Amsterdam, and teaches on various executive courses, among others IIR, TIAS, AIF, and the Dutch Financial Analysts Association (VBA). Address is Limburg Institute of Financial Economics, University of Maastricht, PO Box 616, 6200 MD Maastricht, Netherlands. Email:

Gary Burtless holds the Whitehead Chair in Economic Studies at the Brookings Institution, Washington, DC. His research is on issues connected with public finance, ageing, saving, labor markets, income distribution, social insurance, and the behavioral effects of government tax and transfer policy. Burtless graduated from Yale College in 1972 and earned a Ph.D. in economics from the Massachusetts Institute of Technology in 1977. Before coming to Brookings in 1981, he served as an economist in the US Departments of Labor and of Health, Education, and Welfare. In 1993 he was Visiting Professor of Public Affairs at the University of Maryland. (p. xxvii) Address is The Brookings Institution, 1775 Massachusetts Ave, N.W., Washington, DC 20036, USA. Email:

John Y. Campbell is the Morton L. and Carole S. Olshan Professor of Economics at Harvard University. Campbell has published over 60 articles on various aspects of finance and macroeconomics, including fixed-income securities, equity valuation, and portfolio choice. His two books, The Econometrics of Financial Markets (with Andrew Lo and Craig MacKinlay, Princeton University Press, 1997) and Strategic Asset Allocation: Portfolio Choice for Long-Term Investors (with Luis Viceira, Oxford University Press, 2002), each won Paul Samuelson Awards for Outstanding Scholarly Writing on Lifelong Financial Security from TIAA-CREF. Campbell has coedited the American Economic Review and the Review of Economics and Statistics, and was the 2005 President of the American Finance Association. He is a founding partner of Arrowstreet Capital, LP, a Cambridge-based quantitative asset management firm specializing in global equities. Address is Department of Economics Littauer 213, Harvard University, 1875 Cambridge Street, Cambridge, MA 02138, USA. Email:

Adam Creighton is a Senior Analyst at the Reserve Bank of Australia and a Research Associate of the Centre for Pensions and Superannuation. He has produced a UNSW School of Economics Discussion Paper on Australia–New Zealand currency union and co-authored a Reserve Bank of Australia Research Discussion Paper on credit rating agencies in Australia. He holds a B.Econ. (Hons.) from the University of New South Wales, a B.A. from the University of Wollongong, and a diploma in music performance from the Australian Music Examinations Board. In 2005 he was awarded a Commonwealth Scholarship to study economics at Oxford University. Address is Reserve Bank of Australia, GPO Box 3947, Sydney, Australia. Email:

E. Philip Davis is Professor of Economics and Finance at Brunel University. He is also a Visiting Fellow at the National Institute for Economic and Social Research and has academic links with the Pensions Institute at Cass Business School, the Financial Markets Group at LSE, and the Royal Institute of International Affairs. Recent books include Financial Structure (with Joseph Byrne, Cambridge University Press, 2003), Foundations of Pension Finance (edited jointly with Zvi Bodie, Edward Elgar, 2000), and Institutional Investors (with Benn Steil, MIT Press, 2001). Davis has published widely in the fields of pensions, institutional investment, euromarkets, banking, corporate finance, financial regulation, and financial stability. Recent research linked to pension issues includes estimation of the impact of demographic change on asset prices, links of pension funds to economic growth, UK pension issues and studies of the regulation of annuity markets. Address is Economics and Finance, Brunel University, Uxbridge, Middlesex, UB8 3PH, UK. Email:

Johan J. De Deken is a Lecturer in the Department of Sociology at the University of Amsterdam. Before coming to Amsterdam he taught at the Humboldt University in Berlin. Recent publications include ‘Christian democracy, social democracy and the paradoxes of earnings-related social security’, International Journal of Social Welfare (2002) and ‘Pensions and non wage labour costs: modelling a decade of reforms in Germany’, Journal of European Social Policy (2002). His main current research interests include the assessment of the costs of mandated and private social security and issues of pension fund governance. Address is Department of Sociology and Anthropology OZ Achterburgwal 185 1012 DK Amsterdam, Netherlands. Email: J.J.

Zhu Xiao Di , a Senior Research Analyst at Harvard University's Joint Center for Housing Studies, has authored and co-authored numerous Joint Center publications, including Housing Wealth and Household Net Wealth in the United States (2003), The Importance of Housing to the Accumulation of Household Net Wealth (2003), and Intergenerational Wealth Transfer and its Impact on Housing (2002). He is the author of Thirty Years in a Red House, a Memoir of Childhood and Youth in Communist China (University of Massachusetts Press, 1998) and a contributor to the anthology, Father: Famous Writers Celebrate the Bond between Father and Child (Pocket Books, 2000). Address is Joint Center for Housing Studies, Harvard University, 1033 Massachusetts Avenue, Cambridge, MA 02138, USA. Email:

Richard Disney is Professor of Economics at the University of Nottingham, having previously been a Professor of Economics at Queen Mary College, University of London, and at the University of Kent at Canterbury. He is also a Research Fellow of the Institute for Fiscal Studies in London. He has published numerous articles on the economics of labor markets, and social security and pensions in particular. Books include Can We Afford to Grow Older? A Perspective on the Economics of Ageing (MIT Press, 1996) and Pension Systems and Retirement Incomes across OECD Countries (edited with Paul Johnson, Edward Elgar, 2001). Address is Experian Centre for Economic Modelling, School of Economics, University of Nottingham, University Park, Nottingham, NG7 2RD, UK. Email:

Bernhard Ebbinghaus is Professor of Macrosociology at the Faculty of Social Sciences, University of Mannheim, Germany. His research covers comparative social policy, industrial relations, and labor market developments in Europe, Japan, and the USA. Before being appointed to a Chair in Mannheim in 2004, he was Senior Researcher at the Max Planck Institute for the Study of Societies in Cologne, Kennedy Fellow at Harvard University, as well as Visiting Professor at the Universities of Wisconsin–Madison and Jena. He is the co-author (with Jelle Visser) of Trade Unions in Western Europe since 1945 (Macmillan, 2000), co-editor (with Philip Manow) of Comparing Welfare Capitalism (Routledge, 2001), and author of (p. xxix) Reforming Early Retirement in Europe, Japan and the USA (Oxford University Press, forthcoming). Address is Chair in Macrosociology, University of Mannheim, D-68131, Mannheim, Germany. Email:

Robin Ellison is a partner in Pinsent Masons, a UK law firm specializing in the development of pensions and related financial services products for insurers and other providers, and in European and international pensions, pensions trustee law, and pensions in matrimonial matters. He is a director of the boards of a number of companies, including as Chairman of Pendragon Professional Information, which provides technical information to pension funds and financial services advisers, Chairman of London & Colonial Insurance, and is a trustee of several pension funds, both as independent trustee and as chairman. He is the author of numerous books on pensions including a four volume loose-leaf Pensions Law and Practice (Sweet & Maxwell), the Pension Trustees Handbook (Thorogood) and Family Breakdown and Pensions (Butterworths, 2001, 2nd edn.) and is editor of Pensions Benefits Law Reports. He is also Chairman of the UK National Association of Pension Funds. Address is Pinsent Masons, Dashwood House, 69 Old Broad Street, London, EC2M 1NR, UK. Email:

Ewald Engelen is currently cross-posted as researcher at the Scientific Council for Policy Research in the Hague and is affiliated with the Department of Geography, Planning and International Studies of the University of Amsterdam. Trained as a political philosopher with an empirical slant he has written extensively on economic issues. His articles have appeared in journals such as the Journal of Ethnic and Migration Studies, Economy and Society, Politics and Society, and Environment and Planning A. He is currently preparing a multidisciplinary research program on the Amsterdam financial services in a global context. Address is Department of Geography, Planning and International Studies, Faculty of Human and Behavioral Sciences, University of Amsterdam, Nieuwe Prinsengracht 130, 1018 VZ Amsterdam, Netherlands. Email:

Gosta Esping-Andersen is Professor of Political and Social Sciences at the Universitat Pompeu Fabra (Barcelona). His research has centered on comparative social policy, labor markets, and on social inequality. He is author and co-author of numerous books, among which the most recent include Social Foundations of Postindustrial Economies (Oxford University Press, 1999), Why Deregulate Labour Markets? (Oxford University Press, 2001) and Why We Need a New Welfare State (Oxford University Press, 2002). He has also worked extensively with international organizations, including the OECD, World Bank, and the UN, and governments, including the Portuguese and Belgian presidencies of the EU. Address is Department of Political and Social Science, Universitat Pompeu Fabra, Plaça de la Mercè, 10–12, E-08002 Barcelona, Spain. Email:

Teresa Ghilarducci is Associate Professor of Economics at the University of Notre Dame and director of the Higgins Labor Research Center at the University. Her new book The Attack on Retirement (Princeton University Press, forthcoming), investigates the effect of pension losses on older Americans. Her book Labor's Capital: The Economics and Politics of Employer Pensions (MIT Press) won an Association of American Publishers award in 1992. She co-authored Portable Pension Plans for Casual Labor Markets in 1995. Professor Ghilarducci testifies frequently before the US Congress, and served on the Pension Benefit Guaranty Corporation's Advisory Board from 1995–2002, and the Board of Trustees of the State of Indiana Public Employees’ Retirement Fund from 1997–2002. Address is 510 Flanner Hall, Department of Economics and Policy Studies, University of Notre Dame, Indiana 46556, USA. Email:

Tryggvi Thor Herbertsson is the Director of the Institute of Economic Studies and Professor of Economics at the University of Iceland. His areas of expertise include pensions and social security, demographics, macroeconomic policy, and economic growth. Herbertsson has published extensively in academic journals and books. He has been a consultant to private companies, institutions, international organizations, as well as number of governments around the world. Professor Herbertsson is a regular commentator on economic policy in the press and is a public speaker on issues regarding pensions and social security. Address is Institute of Economic Studies, University of Iceland, Aragata 14, IS-101 Reykjavik, Iceland. Email:

Roy Hoevenaars is Senior Researcher ALM at the financial and risk policy department, of ABP. He joined the research department of ABP Investments in 2001 where he did equity research and he was in the strategic and tactical issues group. He is also a Ph.D. candidate at Maastricht University where he does research on asset liability management and strategic asset allocation. He graduated from Maastricht University with an M.A. in econometrics and operations research. Address is PO Box 2889, 6401 DJ Heerlen, Oude Lindestraat 70, The Netherlands. Email:

Tony Hope is Professor of Medical Ethics at the University of Oxford, Honorary Consultant Psychiatrist, and Founder of the Ethox Centre. He has carried out research in basic neuroscience and Alzheimer's Disease. Since 1990 his work has focused on medical ethics in clinical practice. He was associate editor of the Journal of Medical Ethics for almost 20 years. In addition to papers in the fields of neuroscience, Alzheimer's disease and medical ethics, he has written a number of books including: the Oxford Handbook of Clinical Medicine (editions 1–4, with Murray Longmore and others, Oxford University Press, 1985–98); Manage Your Mind (with Gillian Butler, Oxford University Press, 1995); Medical Ethics and Law: The Core Curriculum (with Julian Savulescu and Judith Hendrick, Churchill Livingstone, 2003) and Medical Ethics: A Very Short Introduction (Oxford University (p. xxxi) Press, 2004). Address is The Ethox Centre, Departments of Public Health and Primary Health Care, Old Road Campus, Oxford, OX3 7LF, UK. Email: tony.hope@

Yu-Wei Hu is currently studying for a Ph.D. in economics at Brunel University, UK. Prior to that, he received a master's degree in Accounting and Finance from the University of Leeds, UK. His current research deals with the extent to which pension reform, pension-fund growth, economic growth, and financial development are linked together across both OECD countries and emerging market economies. In addition, issues on pension fund investment and regulations are investigated, with a particular focus on China. Address is Economics and Finance, Brunel University, Uxbridge, Middlesex, UB8 3PH, UK. Email:

Paul Johnson is Professor of Economic History and Deputy Director of the London School of Economics. He has written extensively on the history of welfare, and on the economics of ageing and pensions. His most recent publication is the co-edited Cambridge Economic History of Modern Britain (3 vols., Cambridge University Press, 2004). He has served as an adviser on pension reform to the World Bank and the UK government. Address is Department of Economic History, London School of Economics, Houghton Street, London, WC2A 2AE, UK. Email:

André Laboul is the Head of the Financial Affairs Division at the Organisation for Economic Co-operation and Development (OECD). This Division is in charge of financial markets, insurance, and private pensions and services eight OECD-related financial Committees and Groups. He is also the Secretary General of the International Organisation of Pensions Supervisors (IOPS) and the Managing Editor of the Journal of Pension Economics and Finance (Cambridge University Press). Before joining the OECD in 1987, he worked in Belgium at the Centre for European Policy Studies (CEPS), the Centre for Law and Economic Research (CRIDE), and the Prime Minister services for Science Policy. Address is OECD, 2, rue André Pascal, 75775 Paris Cedex 16, France. Email:

Florence Legros is Professor of Economics at the University Dauphine in Paris. Her research is on issues connected with ageing, pensions, social policies, savings and their effects on economic growth, and financial flows. Legros has served as senior economist in Caisse des depots et consignations, a major French financial institution, has been professor in Perpignan, deputy director of CEPII (a French economic think-tank) before joining Dauphine. She also chairs the prospective council of AF2I (French association of institutional investors) and acts as consultant for various international organizations in the field of retirement, pensions, and macroeconomics. As a specialist in retirement pensions schemes, savings, and financial markets, she has written numerous publications, papers, and books (p. xxxii) dealing with these topics. Address is University Dauphine, Place du Maréchal de Lattre de Tassigny, 75009 Paris, France. Email:

David McCarthy is a Lecturer of Finance at the Tanaka Business School at Imperial College London. He has researched, taught, and lectured widely on pension fund issues including annuities markets, pension scheme design, pension guarantee funds, and the role of pensions in household portfolios. Current research includes work on mandatory annuitization, the valuation of defined benefit pension promises, and optimal risk sharing in pension scheme design. Address is Tanaka Business School, Exhibition Road, South Kensington, London, SW7 2AZ, UK. Email:

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:

Carmelo Mesa-Lago is Distinguished Service Professor Emeritus of Economics and Latin American Studies at the University of Pittsburgh and has been a visiting professor/researcher in seven countries and a lecturer in 36 countries. The author of 60 books and more than 200 articles/chapters published in eight languages in 33 countries, half of them on social security, his most recent is Las Reformas de Pensiones en América Latina y los Principios de la Seguridad Social (Santiago: ECLAC, 2004). He has worked in all countries of Latin America as a regional adviser for ECLAC, a consultant with most international financial organizations, as well as with various UN branches and national and foreign foundations. He was President of the Latin American Studies Association, is a member of the National Academy of Social Insurance and of the Board of the International Social Security Review. He has received the Alexander von Humboldt Stiftung Senior Prize, two Senior Fulbrights, the Arthur Whitaker and Hoover Institution Prizes, and OISS and CISS Homages for his life's work on social security. Address is 1902 Beechwood Blvd., Pittsburgh, PA 15217, USA. Email:

Marilyn Moon is Vice President and Director of the Health Program at the American Institutes for Research. A nationally known expert on Medicare, she has served as Senior Fellow at the Urban Institute, senior analyst at the Congressional Budget Office, and public trustee for the Social Security and Medicare trust (p. xxxiii) funds. Marilyn Moon has written extensively on health policy, for both the elderly and the population in general, and on social insurance issues. From 1993 to 2000, Moon wrote a column for the Washington Post on health reform and coverage issues. Address is Health Program, American Institutes for Research, 10720 Columbia Pike, Suite 500, Silver Spring, MD 20901-4400, USA. Email:

John Myles is Canada Research Chair and Professor of Sociology at the University of Toronto and Visiting Research Scholar at Statistics Canada. He is the author of Old Age in the Welfare State: The Political Economy of Public Pensions and numerous papers related to the comparative politics of income security. He recently collaborated with Gosta Esping-Andersen, Duncan Gallie, and Anton Hemerijck on a report for the Belgian Presidency of the EU entitled Why We Need a New Welfare State (Oxford University Press, 2002). Address is Department of Sociology, 725 Spadina Ave., Room 396, Toronto, ON M5S 2J4, Canada. Email:

David Neumark is Professor of Economics at the University of California–Irvine, and a Senior Fellow at the Public Policy Institute of California. A labor economist, his research interests include minimum wages and living wages, affirmative action, gender differences in labor markets, the economics of ageing, the employment relationship, and school-to-work programs. He recently published Sex Differences in Labor Markets, and an edited volume titled The Economics of Affirmative Action. Prior to joining UCI, Neumark was an economist at the Federal Reserve Board, and held appointments at the University of Pennsylvania and Michigan State University. He is also a Research Associate of the National Bureau of Economic Research, and a Research Fellow at IZA. Address is Department of Economics, 3151 Social Science Plaza, UCI, Irvine, CA 92697, USA. Email: Policy Institute of California, 500 Washington Street, Suite 800, San Francisco, CA 94111, USA. Email:

Naohiro Ogawa is Professor of Economics and is Deputy Director of the Population Research Institute at Nihon University, Tokyo. Over the last 25 years, he has been written extensively on population and development in Japan and other Asian nations. His numerous papers have been published in international journals including Population and Development Review, Population Studies, American Economic Review, and Journal of Labor Economics. Address is Population Research Institute, Nihon University, 1-3-2 Misaki-cho, Chiyoda-ku, Tokyo 02-8360, Japan. Email:

Hanam S. Phang is a Senior Fellow at the Korea Labor Institute. He is also an Adjunct Professor of Sociology at the Chung-Ang University in Seoul, Korea. Recent publications include ‘The past and future of Korean pension system: a proposal for a coordinated development of the public-private pensions’, in Pensions in Asia (Maruzen Co., Ltd., 2005) and ‘Rapid ageing and labor force changes in (p. xxxiv) Korea’ (International Seminar on Low Fertility and Rapid Ageing, Seoul, Korea). He has been responsible for conducting a long-term research project aimed at introducing a corporate pension system in Korea and has been involved in various international policy initiatives on pension reform in Asian countries. He is currently a visiting scholar at the Institute for Social Research, the University of Michigan. Address is Korea Labor Institute, Yeoido PO Box 518, Seoul, Korea. Email:

John Piggott is Professor of Economics and Director of the Centre for Pensions and Superannuation at the University of New South Wales (UNSW). At UNSW, he is also Associate Dean (Research), Faculty of Commerce and Economics, and from 1999 to 2003 was a Director of UNSW Professorial Superannuation Ltd. His publications include more than 70 journal articles and chapters in books, as well as two co-authored books on pension issues published by Cambridge University Press. Professor Piggott has served on several committees related to superannuation and pension reform in Australia. Internationally, he has consulted with the Government of Mauritius on a World Bank-sponsored pension reform project, and for the last four years has been working on ageing issues with the Cabinet Office, Government of Japan. Address is School of Economics, University of New South Wales, Sydney 2052, Australia. Email:

Eduard Ponds is Head of Strategy in the Finance Department of ABP Pension Fund in the Netherlands. He is involved with strategic issues in pension plan design, ALM, and risksharing. Dr Eduard Ponds is also associated with Tilburg University (Netspar) and the University of Amsterdam as lecturer and researcher. His research interests are related to pension fund issues, in particular risk-sharing (Supplementary Pensions, Intergenerational Risk-sharing and Welfare, Tilburg University, 1995), pension plan design (Pensions, 2003), and generational accounting (Journal of Pension Economics and Finance, 2003). He is the author of many publications in Dutch related to the pension debate in the Netherlands. Email:

James M. Poterba is the Mitsui Professor of Economics at the Massachusetts Institute of Technology. He is also the Director of the Public Economics Research Program at the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, and the Econometric Society, and is one of the editors of the Journal of Public Economics. Dr Poterba's research focuses on the economic analysis of taxation and financial markets. His recent work has emphasized the effect of taxation on the financial behavior of households, and in particular on accumulation and spend-down behavior in tax-deferred retirement saving programs such as 401(k) plans. Address is MIT Department of Economics, E52-350, 50Memorial Drive, Cambridge, MA 02142-1347, USA. Email:

Neha Sand is an economist in the Watson Wyatt research centre in Delhi. She has an MA in economics from the Delhi School of Economics. At Watson Wyatt, she (p. xxxv) has led various projects on pension accounting and pension corporate finance. Her research interests also include pension communication and financial education. Address is Watson Wyatt Insurance Consulting Private Limited, 9th Floor, JMD Regent Square, Mehrauli Gurgaon Road, Gurgaon 122001, India. Email:

Steven Sass is Associate Director for Research at the Center for Retirement Research at Boston College. Before coming to Boston College he was an economist at the Federal Reserve Bank of Boston. Sass is the author of The Promise of Private Pensions (Harvard University Press, 1997) and co-edited Social Security Reform: Links to Saving, Investment, and Growth (Federal Reserve Bank of Boston, 1997). He is currently working on the reform of national retirement income systems, the labor market for older workers, and housing as a retirement income asset. Address is Center for Retirement Research, Boston College, 550 Fulton Hall, Chestnut Hill, MA 02467, USA. Email:

Julian Savulescu is the Uehiro Chair in Practical Ethics and Director of the Oxford Uehiro Centre for Practical Ethics at Oxford University. Previously, he was Director of the Ethics of Genetics Unit at the Murdoch Children's Research Institute, Royal Children's Hospital, Melbourne, Australia. Julian Savulescu is qualified in medicine, bioethics, and analytic philosophy. He has published many articles in journals such as the British Medical Journal, Lancet, Australasian Journal of Philosophy, Bioethics, the Journal of Medical Ethics, American Journal of Bioethics, Medical Journal of Australia and Philosophy, and Psychiatry and Psychology. Address is Oxford Uehiro Centre for Practical Ethics, Littlegate House, St Ebbes, Oxford, OX1 1PT, UK. Email:

Tom Steenkamp is Head of Allocation and Research and member of the board of ABP Investments. He is also (part-time) Professor of Investments at the Vrije Universiteit Amsterdam where he is responsible for the postgraduate course in Investments and Finance. Recent publications include ‘Simulation for the Long Run’, in Asset and Liability Management Tools (ed. B. Sherer, Risk Books, 2003), Asset Allocation and Portfolio Construction (Riskmatrix, 2004), and ‘Dynamic commodity Timing Strategies’, a working paper in review. Research interests are in the field of strategic asset allocation and asset and liability management. Address is PO Box 2889, 6401 DJ Heerlen, Oude Lindestraat 70, the Netherlands. Email:

Annika Sundén is a Senior Economist at the Swedish Social Insurance Agency. Previously, Dr Sundén was the Associate Director of Research at the Center for Retirement Research at Boston College. She has also worked as an Economist at the Federal Reserve Board in Washington, DC. Dr Sundén's research interests include the economics of social insurance, retirement, and household savings behavior. Recent publications include Coming Up Short: The Challenge of 401(k) Plans (p. xxxvi) (Brookings Institution Press, 2004 with Alicia Munnell), and ‘Portfolio choice, trading and returns in a large 401(k) plan’, The American Economic Review, 2003. Address is Swedish Social Insurance Agency, 103 51 Stockholm, Sweden. Email:

Noriyuki Takayama is Professor of Economics at Hitotsubashi University, Tokyo. He is Director General and CEO of the Project on Intergenerational Equity (PIE). He has published numerous books and articles in international publications including Econometrica and American Economic Review and he edited the book titled Taste of Pie: Searching for Better Pension Provisions in Developed Countries (Maruzen Co., Ltd., 2003) and Pensions in Asia: Incentives, Compliance and Their Role in Retirement (Maruzen Co., Ltd., 2005). He works as a key player on the pension policy of Japan. Address is Institute of Economic Research, Hitotsubashi University, 2-1, Naka, Kunitachi, Tokyo, 186-8603, Japan. Email:

Patricia Thane is Leverhulme Professor of Contemporary British History and Director of the Centre for Contemporary British History at the Institute of Historical Research, University of London. Relevant publications include: Old Age in English History: Past Experiences, Present Issues (Oxford University Press, 2000), Women and Ageing in British Society since 1500, co-edited with Lynn Botelho (Longman, 2001), and Old Age from Antiquity to Post-Modernity, co-edited with Paul Johnson (Routledge, 1998). Address is Institute of Historical Research, University of London, London, WC1E 7HU, UK. Email:

Ian Tonks is Director of the Xfi Centre for Finance and Investment at the University of Exeter. His research focuses on pension economics, fund manager performance, market microstructure and the organization of stock exchanges, directors’ trading, and the new issue market. He is a consultant to the Financial Markets Group, and the Centre for Market and Public Organisation. He has previously held positions at the University of Bristol, and the London School of Economics, and has held visiting positions at University of British Columbia, Solvay Business School, Brussels; City University Business School; Ecole Nationale Des Ponts et Chaussées, Paris; and LSE Summer Schools at Moscow and St Petersberg teaching finance courses. He has acted as a consultant to a number of commercial and regulatory organisations, and has advised the Department of Work and Pensions and the House of Commons Select Committee on issues in pensions. Address is Xfi University of Exeter, Xfi Building, Rennes Drive, Exeter, EX4 4ST, UK. Email:

Bart van Riel is Senior Policy Officer at the Netherlands Social-Economic Council (SER). He was involved in preparing several SER-advisory reports on pensions, population ageing, and economic and social aspects of European integration. He also participates in the European Studies Programme at Leiden University and is a (p. xxxvii) fellow of the Amsterdam Institute of Advanced Labour Studies. Recent publications include (together with Anton Hemerijck and Jelle Visser) ‘Is there a Dutch way to pension reform?’, in Gordon L. Clark and N.Whiteside (eds.), Pension Security in the 21st Century (Oxford University Press, 2003) and (together with Kees Goudswaard) ‘Social protection in Europe: do we need more coordination?’ (Tijdschrift voor Arbeidsvraagstukken, 2004). Address is Social and Economic Council, P.O. Box 90405, 2509 LK, The Hague, The Netherlands Email:

Steven F. Venti is the DeWalt H. Ankeny Professor of Economic Policy and Professor of Economics at Dartmouth College. He is also a Faculty Research Associate at the National Bureau of Economic Research. Professor Venti's research focuses on the relationship between tax policy and saving, the effectiveness of saving incentives, housing policy, and the process of wealth accumulation. Address is Department of Economics, Dartmouth College, 6106 Rockefeller Center, Hanover, NH 03755, USA. Email:

Luis M. Viceira is an Associate Professor at the Harvard Business School. His research focuses on the analysis of asset allocation strategies for long-term investors, both individuals and institutions, in the face of changing interest rates, risk premia, and risk. His book, co-authored with Professor John Y. Campbell, Strategic Asset Allocation (Oxford University Press), received the TIAA-CREF Paul Samuelson Award for ‘outstanding scholarly writing on lifelong financial security’. Professor Viceira is also the author of multiple articles published in leading academic finance journals, and of Harvard Business School cases on the investment and organizational problems of large, long-term institutional investors. He is a member of the Academic Advisory Board of ABP Investments in the Netherlands, a Faculty Research Fellow of the NBER, a Research Affiliate for the Centre for Economic Policy Research, and a member of the Scientific Council of Netspar, the network for research on the economics of pensions, ageing, and retirement. Address is Graduate School of Business Administration, Harvard University, Morgan Hall 395, Boston, MA 02163, USA. Email:

Noel Whiteside is Professor of Comparative Public Policy and Senior Fellow at the Institute of Governance and Public Management at Warwick University, UK. She works on labor markets and social security in historical and comparative perspective, including the public regulation of private systems. Recent publications include the co-edited Pension Security in the 21st Century (Oxford University Press, 2003) and numerous academic articles addressing income security in old age. Recent research, co-funded by government and Zurich Financial Services, has focused on European pension debates and the promotion of public value. She is currently writing a book on European welfare and the politics of capability. Address is Department of Sociology, University of Warwick, Coventry, CV4 7AL, UK. Email:

Geoffrey Whittington is a member of the International Accounting Standards Board with responsibility for liaison with the UK standard-setting body (the ASB). He is also a Senior Associate of the Judge Institute of Management Studies at Cambridge. He has held chairs of accounting at the Universities of Edinburgh, Bristol, and Cambridge, and has served as a member of the UK Monopolies and Mergers Commission. Honours include the ACCA/BAA Distinguished Academic of the Year Award in 1994, an honorary doctorate from the University of Edinburgh, and a CBE. In 2003, he was awarded the Founding Societies’ Centenary Award of the Institute of Chartered Accountants in England and Wales. His interest in accounting for pension costs dates from his service on the ASB at the time when FRS 17 was being developed. Address is IASB, 30 Cannon St., London, EC4M 6XH, UK. Email:

David A. Wise is the Stambaugh Professor of Political Economy at the John F. Kennedy School of Government at Harvard University. He is also the Area Director of Health and Retirement Programs, and Director of the Program on the Economics of Aging, at the National Bureau of Economic Research, and a Senior Fellow at the Hoover Institution at Stanford University. He has written extensively about the saving effect of personal retirement programs—such as Individual Retirement Accounts and 401(k) plans in the United States—and more recently has been evaluating the implications of the rapid spread of these programs, which now are the dominant form of saving for retirement in the Unites States. He has also written extensively on the retirement incentives of defined benefit pension programs in the Unites States. In addition, he has been analyzing the incentive effects and features of employer-provided health insurance programs, the financial implications of housing wealth for the elderly, social secutiry reform, and other economics of aging issues. He is currently engaged in analysis of the retirement incentives in public social security programs around the world. He can be reached at the National Bureau of Economic Research, Cambridge, MA 02138, USA. Email:

Juan Yermo is a Principal Administrator in charge of private pensions projects in the OECD's Financial Affairs Division. He is the secretary of the Working Party on Private Pensions, a body that brings together policy-makers and the private sector from the 30 member countries. He manages a broad research program on various issues related to the operation and regulation of privately managed retirement income systems. Previously, he was a consultant for the World Bank Group on pension reform projects in Latin America. He was educated at Cambridge and Oxford Universities. Address is OECD, 2, rue André Pascal, 75775 Paris Cedex 16, France. Email: