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Retirement Provision in Scary Markets

Edited by Hazel Bateman, Director, Australian Institute for Population Ageing Research and Associate Professor, School of Economics, University of New South Wales, Australia
The past few decades have witnessed a global move towards private provision for retirement through individual defined contribution pensions at the expense of publicly provided and employer-sponsored defined benefit pensions. As a consequence, workers and retirees are becoming increasingly exposed to uncertainties in financial, labour and economic markets. The contributors to this book analyse the implications for retirement income policy, workers and retirees in view of the current climate of heightened exposure to scary markets.

The implications of a broad range of scary market scenarios are presented, and novel solutions prescribed. Retirement incomes across a number of countries including the US, the UK, Japan and Australia are explored.
Extent: 256 pp
Hardback Price: $128.00 Web: $115.20
Publication Date: 2007
ISBN: 978 1 84376 906 4
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  • Economics and Finance
  • Financial Economics and Regulation
  • Social Policy and Sociology
  • Ageing
The past few decades have witnessed a global move towards private provision for retirement through individual defined contribution pensions at the expense of publicly provided and employer-sponsored defined benefit pensions. As a consequence, workers and retirees are becoming increasingly exposed to uncertainties in financial, labour and economic markets. The contributors to this book analyse the implications for retirement income policy, workers and retirees in view of the current climate of heightened exposure to scary markets.

The implications of a broad range of scary market scenarios are presented, and novel solutions prescribed. Retirement incomes across a number of countries including the US, the UK, Japan and Australia are explored, and uncertainties examined include:

• extreme stock price volatility;
• discontinuous labour market participation; and
• regulatory failure and macroeconomic instability.

Concluding with the observation that regulatory reforms could be almost as scary as the underlying macroeconomic conditions, this book will prove a fascinating read for scholars, researchers, practitioners and policymakers with an interest in pensions and pension policy, financial economics and public sector economics.
Contributors: A. Asher, A. Au, H. Bateman, R. Bewley, G. Brianton, S. Ferris, D.R. Gallagher, J. Gardner, N. Ingram, G. Kingston, V. Livera, D. McCarthy, O.S. Mitchell, M. Orszag, J.W.R. Phillips, F.M. Rabelo, S. Thompson, S. Thorp, M. Usuki
Contents:

Preface

1. Introduction
Hazel Bateman

2. Who’s Afraid of the Big Bad Bear? Or, Why Investing in Equities for Retirement is not Scary and Why Investing without Equities is Scary
Ronald Bewley, Nick Ingram, Veronica Livera and Sheridan Thompson

3. Assessing the Risks in Global Fixed Interest Portfolios
Geoffrey Brianton

4. The Role of Index Funds in Retirement Asset Allocation
David R. Gallagher

5. Retirement Wealth and Lifetime Earnings Variability
Olivia S. Mitchell, John W.R. Phillips, Andrew Au and David McCarthy

6. How Have Older Workers Responded to Scary Markets?
Jonathan Gardner and Mike Orszag

7. Financial Engineering for Australian Annuitants
Susan Thorp, Geoffrey Kingston and Hazel Bateman

8. Smoothing Investment Returns
Anthony Asher

9. Ansett’s Superannuation Fund: A Case Study in Insolvency
Shauna Ferris

10. Pension Funds and Retirement Benefits in a Depressed Economy: Experience and Challenges in Japan
Masaharu Usuki

11. The Structure and Regulation of the Brazilian Private Pension System
Flávio Marcílio Rabelo

Index