Url : https://www.edhec.edu/fr/publications/impact-regulations-alm-european-pension-funds

Contents : Contents

Introduction

1. The General Context of Pension Funds
1.1. The “Three-Pillar Structure” of the European Retirement System
1.2. Pension Funds
1.3. Types of Sponsors
1.4. From Defined Contributions to Defined Benefits: Main Types of Pension Plans
1.5. Defined Benefit Plans Improve Employee Welfare
1.6. Indexing of Defined Benefits (and Hybrid DB)

2. The Regulatory and Accounting Context
2.1. Accounting Standards
2.2. Prudential Regulations
2.3. Market Trends: Reaction to Tightening Regulations

3. Asset-Liability Management for Pension Funds Introduction
3.1. A Brief History of ALM Techniques
3.2. A Formal ALM Model
3.3. The Implementation of the Liability-Hedging Portfolio for Hedgeable Risks: Cash Contracts
and Derivatives
3.4. The Implementation of the LHP for Imperfectly Hedgeable Risks: Inflation, Wage-Indexed
Liabilities and Longevity Risk
Conclusion on Risk Management Techniques

4. Prudential and Accounting Constraints on Pension Fund ALM
Introduction
4.1. Biases in the Regulatory Measure of the Liabilities
4.2. The Impact of Short-Term Regulatory and Accounting Constraints on Long-Term Investors
Conclusion.

5, Appendices
5.1. Country Background and Prudential Regulations
5.2. OECD Pension Glossary

Language : English

Place of publishing : NICE

Figure(s) : Tableau(x) ; Schémas

Material : Paper ; Electronic

Owner : Bibliothèque