Spanish abstract: El objetivo del presente trabajo es analizar los principales problemas que presenta el sistema de pensiones vigente en el Estado español para consecutivamente analizar y poner las guías para la implementación de nuevos modelos como es el del fondo soberano noruego. En primer lugar, se realizará un análisis del actual sistema público de pensiones español al mismo tiempo que se irán pormenorizando sus dos principales problemas y cuestionando su viabilidad a corto y largo plazo. Esta primera parte del trabajo concluirá con un examen de otros métodos de ahorro privado complementarios como son los planes de pensiones. Posteriormente y en una segunda parte, se presentará un exhaustivo estudio del “modelo noruego” del que se detallarán rentabilidad, diversificación de riesgo, transparencia y otros factores determinantes. Este apartado concluirá con una valoración de las posibilidades reales de implantar el sistema de pensiones noruego en nuestro país.
English abstract: The objective of this paper is to highlight the main problems of the current pension system in Spain to later analyse and put the guidelines for the implementation of new models, such as the Norwegian sovereign fund. In the first place, an analysis of the current Spanish public pension system will be carried out, being its two main problems detailed. At the same time, its viability will be questioned in the short and long term. This first part of the work will conclude with an examination of other complementary private savings methods, such as pension plans. Afterwards, an exhaustive study of the "Norwegian model" will be presented, in which yield, risk diversification, transparency and other determining factors will be specified. This section will eventually assess the real possibilities of implementing the Norwegian pension system in our country.
{"title":"Fondo De Pensiones: Modelo Español Y Noruego (Pension Funds: Spanish and Norwegian Model)","authors":"Asier Gómez Marroquín","doi":"10.2139/ssrn.3670711","DOIUrl":"https://doi.org/10.2139/ssrn.3670711","url":null,"abstract":"<b>Spanish abstract:</b> El objetivo del presente trabajo es analizar los principales problemas que presenta el sistema de pensiones vigente en el Estado español para consecutivamente analizar y poner las guías para la implementación de nuevos modelos como es el del fondo soberano noruego. En primer lugar, se realizará un análisis del actual sistema público de pensiones español al mismo tiempo que se irán pormenorizando sus dos principales problemas y cuestionando su viabilidad a corto y largo plazo. Esta primera parte del trabajo concluirá con un examen de otros métodos de ahorro privado complementarios como son los planes de pensiones. Posteriormente y en una segunda parte, se presentará un exhaustivo estudio del “modelo noruego” del que se detallarán rentabilidad, diversificación de riesgo, transparencia y otros factores determinantes. Este apartado concluirá con una valoración de las posibilidades reales de implantar el sistema de pensiones noruego en nuestro país.<br><br><b>English abstract:</b> The objective of this paper is to highlight the main problems of the current pension system in Spain to later analyse and put the guidelines for the implementation of new models, such as the Norwegian sovereign fund. In the first place, an analysis of the current Spanish public pension system will be carried out, being its two main problems detailed. At the same time, its viability will be questioned in the short and long term. This first part of the work will conclude with an examination of other complementary private savings methods, such as pension plans. Afterwards, an exhaustive study of the \"Norwegian model\" will be presented, in which yield, risk diversification, transparency and other determining factors will be specified. This section will eventually assess the real possibilities of implementing the Norwegian pension system in our country.","PeriodicalId":141915,"journal":{"name":"CGN: Public & Labor Pension Funds as Investors (Sub-Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128603412","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article summarizes the findings of a recent report commissioned by the Expert Group for Studies in Public Economics, a standing committee of the Swedish Ministry of Finance. The report makes the case that significant efficiency gains are possible through improving the management of the buffer capital in the Swedish public pension system. The current ten year old structure was based on the assumption that competition between the four AP Funds would produce such efficiency gains. However, the anticipated gains have not been realized, most likely due to agency costs. The report proposes improvements in three main areas: governance structure, investment rules, and the creation of greater economies of scale. Its recommendations have provoked an intense debate on how Swedish national pension reserves should be managed in the future.
{"title":"Restructuring Sweden’s AP Funds for Scale and Global Impact","authors":"Malin Bjorkmo, S. Lundbergh","doi":"10.2139/ssrn.1618831","DOIUrl":"https://doi.org/10.2139/ssrn.1618831","url":null,"abstract":"This article summarizes the findings of a recent report commissioned by the Expert Group for Studies in Public Economics, a standing committee of the Swedish Ministry of Finance. The report makes the case that significant efficiency gains are possible through improving the management of the buffer capital in the Swedish public pension system. The current ten year old structure was based on the assumption that competition between the four AP Funds would produce such efficiency gains. However, the anticipated gains have not been realized, most likely due to agency costs. The report proposes improvements in three main areas: governance structure, investment rules, and the creation of greater economies of scale. Its recommendations have provoked an intense debate on how Swedish national pension reserves should be managed in the future.","PeriodicalId":141915,"journal":{"name":"CGN: Public & Labor Pension Funds as Investors (Sub-Topic)","volume":"491 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126887133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The growing importance of private pension funds in the global financial, economic and public policy landscape has led to increasing regulatory and public interest in their governance and performance. Looking at the Australian private pension (superannuation) funds, this paper examines the impact of fund internal governance on investment performance. Utilising a unique dataset on Australian superannuation fund board attributes and director characteristics, we find that 1) board age diversity, 2) the presence of regular and independent review on performance and compliance, 3) non-busy board, and 4) directors’ fund ownership, are positively associated with fund performance. We find no evidence that more independent directors or higher director compensation are linked to better performance.
{"title":"Governance and Performance of Private Pension Funds: Australian Evidence","authors":"K. Liu","doi":"10.2139/ssrn.2484380","DOIUrl":"https://doi.org/10.2139/ssrn.2484380","url":null,"abstract":"The growing importance of private pension funds in the global financial, economic and public policy landscape has led to increasing regulatory and public interest in their governance and performance. Looking at the Australian private pension (superannuation) funds, this paper examines the impact of fund internal governance on investment performance. Utilising a unique dataset on Australian superannuation fund board attributes and director characteristics, we find that 1) board age diversity, 2) the presence of regular and independent review on performance and compliance, 3) non-busy board, and 4) directors’ fund ownership, are positively associated with fund performance. We find no evidence that more independent directors or higher director compensation are linked to better performance.","PeriodicalId":141915,"journal":{"name":"CGN: Public & Labor Pension Funds as Investors (Sub-Topic)","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116548025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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