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date: 25 August 2019

(p. xvii) List of Figures

(p. xvii) List of Figures

  1. 4.1 The structure of pension schemes in selected countries 60

  2. 4.2 Level of public pension expenditure, 1990 64

  3. 4.3 Growth of public pension expenditure, 1960–1989 65

  4. 4.4 Pension structure in the United Kingdom since 1908 67

  5. 4.5 Pension structure in the United States since 1935 69

  6. 4.6 Pension structure in Argentina since 1904 70

  7. 5.1 Private sector employer plan coverage in the United States, 1940–1974 84

  8. 5.2 Capital income from employer plans and household financial assets in ‘Anglo-Saxon’ and ‘Bismarckian’ nations 90

  9. 5.3 Capital income from employer plans and household financial assets by income group in ‘Anglo-Saxon’ and ‘Bismarckian’ systems 92

  10. 5.4 The income of the elderly (age 65–74) in comparison to that of working-age adults 93

  11. 7.1 Ratio of women's median annual earnings to men's for full-time year-round workers, United States, 1960–2000 128

  12. 7.2 Labor force participation of women, 1950–2000 130

  13. 9.1 World population growth, 1950–2050 165

  14. 9.2 Population growth by region, 2000–2050 167

  15. 9.3 Changes in the proportion aged 60 and over in developed and developing regions, 1950–2050 168

  16. 9.4 Changes in the median age in developed and developing regions, 1950–2050 169

  17. 9.5 Growth of population aged 60 and over in developed and developing regions, 1950–2050 170

  18. 10.1 The basic model of the Life-Cycle Hypothesis (LCH) 185

  19. 10.2 A more complex LCH model of an individual's wealth profile 186

  20. 13.1 Classification of retirement policies 245

  21. 14.1 Internal rates of return (IRRs) to pension contributions, by country and cohort (generation) 274

  22. 14.2 Effective tax components, from inter-household variations in replacement rates 276

  23. (p. xviii)
  24. 16.1 Ratio of population aged 65+ to population aged 20 to 64 312

  25. 16.2a Labor force participation trends for men aged 60 to 64 313

  26. 16.2b Labor force participation trends for men aged 60 to 64 313

  27. 16.3 Unused productive capacity: men aged 55 to 65 314

  28. 16.4 United States retirement hazard rates for men by pension plan coverage 316

  29. 16.5 United Kingdom percentage of men and women remaining in the labor force, by age 317

  30. 16.6 Germany: base versus actuarial adjustment 318

  31. 16.7 Germany: pathways to retirement for men, 1960–1995 319

  32. 16.8 Sum of tax rates on work from early retirement age to 69 321

  33. 16.9 Unused capacity versus tax force to retire 321

  34. 16.10 Unused capacity versus tax force to retire (logarithm) 322

  35. 16.11 OLF change, 25 percent age plus 4 years, base versus 3-year delay: OV-S3 323

  36. 16.12 OLF change, 25 percent age plus 4 years, base versus common reform: OV-S3 324

  37. 16.13 Germany: base, three-year increment, actuarial adjustment, common reform 326

  38. 16.14 Total fiscal effect of three-year increment, as a percentage of base cost 327

  39. 16.15 Total fiscal effect of actuarial reform, as a percentage of base cost 327

  40. 16.16 Total fiscal effect of common reform, as a percentage of base cost 328

  41. 18.1 Percentage of US private sector workers covered by a pension plan, 1940–2001 362

  42. 18.2 Percentage of non-earned US retirement income by source, population 65 and over, 2001 363

  43. 18.3 Percentage of wage and salary workers with pension coverage, by type of plan, 1981–2001 366

  44. 18.4 401(k)/IRA actual and simulated accumulations, by age group, 2001 369

  45. 20.1 Relationship between funding level and volatility for the Nikkei 500 in Japan 407

  46. 20.2 Pension liability to market capitalization for the UK FTSE 350 409

  47. 20.3 Pension deficit to market capitalization for the UK FTSE 350 410

  48. 21.1 Balance sheet pension fund (liquidation basis) 419

  49. 21.2 Factors influencing the surplus 420

  50. 21.3 Probability distribution of nominal funding ratio and pension result of ALM study D 431

  51. 21.4 Asset-liability and asset-only risks 432

  52. (p. xix)
  53. 21.5 Average generational accounts as percentage of nominal liabilities in 2004 for all age cohorts from 1898 to 1979 435

  54. 23.1 Illustrating the problem of market timing 471

  55. 23.2 Evidence on performance of pension funds 475

  56. 24.1 Regimes of pension fund governance 493

  57. 25.1 Defined benefit funding ratio in 2003 509

  58. 25.2 Pension fund investment in equities in 2003 510

  59. 29.1 Cash flow for a unit-linked life insurance policy 589

  60. 32.1 The necessary criteria for the diagnosis of dementia 642

  61. 32.2 Four models of the adviser–client relationship 648

  62. 32.3 Summary of ethically relevant grounds for taking over someone's financial affairs 652

  63. 32.4 Some key legal principles relating to competence 653

  64. 32.5 Outline of the assessment of competence 656

  65. 35.1 Labor force participation aged 55–64 in the OECD, 2003 704

  66. 37.1 Relation between pension entitlement and worker's past earnings in six industrialized countries 745

  67. 37.2 Expected age at death among Americans surviving to age 25, by family income 750