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The transition to a low-carbon economy should lead to significant economic opportunity. That said, the OECD noted the greatest concerns resulting from the economic turmoil are sponsor solvency in defined benefit DB plans and the impact on larger, more mature defined contribution DC systems, such as the US and Australia, where there are a number of older workers with high equity exposure in their accounts.

The OECD said the need for a better design of default investment strategies in DC plans, with the suggestion governments should do more to promote the use of lifecycle approaches and guarantee products such as annuities. Research into costs and fees of running private pensions revealed countries with many small pension funds, such as the UK, have higher operating costs, so the OECD suggested this could be reduced through consolidation of occupational schemes, or centralising account management in countries with personal account systems.

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Asset class: Large Cap Growth Equities. Asset region: Global Developed Markets. Closing date: Asset class: Local Currency Bonds. Asset region: Global Emerging Markets. Sign In Register. Latest Analysis A Franco-German challenge France and Germany are the two countries that stand out the most for their comprehensive state pension systems and for underdeveloped second-pillar framework Connecting climate dots The transition to a low-carbon economy should lead to significant economic opportunity. Search this site Search. Home News News. Chile is leading Latin America in terms of allocation of its pension to foreign thanks to the flexibility of its local regulator, which allows up to 8 of abroad.

Based on past data and thanks to the large regulatory limit, we expect the relative size of total foreign to maintain slow but steady growth. Nevertheless, the share of alternative is not expected to perform a significant increase. The asset allocation of Colombian pension is fairly diversified with 42 of total assets invested in equities, 49 in bonds, 4 in money market products and 5 in alternative mainly private equity and derivatives. The share of alternative has increased slightly in recent years, from 3 in to 5 in Looking forward, infrastructure are set to grow, as the finance ministry recently issued a decree allowing pension to invest up to 7 of their assets in infrastructure projects.

The assets of Colombian pension allocated to equities are the equivalent of 13 of the total market capitalisation of listed domestic companies. Despite this low, 54 of Colombian equity are domestic. Currently, Colombian pension foreign exposure is moderate, having increased from 13 to 23 in the past four years. Allocation to investment Pension in Colombia invest approximately 76 of their assets directly and the remaining through investment. Currently, 94 of Colombian pension foreign are made through investment. While they recently started that process, there is still room for improvement current foreign allocation remains far below the permitted limit.

In terms of diversification by asset class, infrastructure should boost the share of alternative within pension total asset allocation in the coming years. The market is quite concentrated as well, with the largest five pension holding 74 of the total pension assets. The asset allocation of Czech pension is very conservative with about 87 of total assets invested in bonds; 11 in money market products and merely 3 in equities and alternative in The share of equities and alternatives has decreased in the recent years from 11 in 28 to 3 in The assets of Czech pension allocated to equities are equivalent to.

This highlights the need for Czech pension to diversify their assets towards more aggressive asset classes. Foreign According to the OECD, Czech Republic does not set any quantitative limit on overall foreign or any specific asset classes within pension. If they choose to, pension in Czech Republic can invest 1 in foreign equities, bonds and investment.

In , 12 of their assets were directed to foreign. Allocation to investment As a result of conservative asset allocation, pension in Czech Republic invest only 1 of their assets through investment, a decrease from 3 in We expect the decreasing trend of foreign to change in the coming years. With a critically high and increasing old-age 25 in and a DC dominant pension structure, we expect Czech pension to increase diversification through equities and alternative, and to also increase foreign exposure. The of pension assets to GDP has been increasing during the last few years as pension assets grew much faster than GDP with a 3.

However, the market is highly concentrated, with the largest ten pension holding In , 7 of Danish pension were Defined s DB. The asset allocation of Danish pension is diversified with 34 invested in equities, 38 in bonds, 19 in and almost 9 in alternative. The assets of Danish pension allocated to equities are the equivalent of 41 of the total market capitalisation of listed domestic companies.

Currently, Danish pension allocate 24 of their assets to foreign. Allocation to investment Pension in Denmark invest most of their assets directly, with the remaining 19 allocated through investment. For these reasons, Denmark s pension are expected to take a balanced investment approach. Considering the well diversified investment portfolios, we believe that the current assets allocation will not significantly change in the near future.

The ten largest pension account for almost 88 of total pension assets, with Varma Mutual Pension Insurance Co. In , all Finnish pension were Defined s DB. The asset allocation of Finnish pension is well diversified with 49 invested in equities, 34 in bonds, 4 in money market products and 13 in alternative mainly real estate and loans. The allocation to equity increased from 33 in 28 to 49 in , showing a strong trend of Finnish pension to invest in equity. The assets of Finnish pension allocated to equities are the equivalent of 53 of the total market capitalisation of listed domestic companies.

Foreign Currently, Finnish pension invest heavily in foreign assets: 74 of their assets are directed to foreign, mainly equity 54 of foreign. However, Finland sets quantitative limits on overall foreign. Voluntary and statutory pension plans are allowed to invest only 1 and 2 respectively of their total assets in non-oecd countries. Allocation to investment In , pension in Finland invested approximately 26 of their assets through investment.

This figure has increased from 12 in Statutory pension plans are allowed to invest only 28 in non-oecd countries. In light of a critically high and increasing old-age 31 in and only DB, Finnish pension have already taken appropriate measures to diversify their investment portfolios in terms of assets class 13 in alternatives and geographical exposure 74 of foreign. We expect this trend to continue, but it may be hindered by local regulations maximum from 1 to 2 in non-oecd countries. Regarding the use of investment, with 3, cross-border UCITS distributed in Finland as at the end of and new registns during , the Finnish market is quite open to foreign investment.

In the past, individuals relied predominantly on statutory pension insurance. With mounting demographic challenges, this model is beginning to change and private pension are becoming more common. All German pension are Defined DB. The asset allocation of German pension is rather conservative, with 52 invested in bonds, 4 in equities, 4 in money market products and 4 in alternative mainly loans.

The government is set to introduce new rules for private equity and real estate with the aim of promoting alternative. The assets of German pension allocated to equities are the equivalent of only. However, low interest rates are forcing German pension to consider less conservative, in particular equities, both domestic and foreign. Foreign According to the OECD, Germany does not set any detailed quantitative limit on overall foreign or specific asset classes for pension.

However, foreign of pension have to be kept at prudential level. German pension have steadily increased their allocation to foreign assets from 8 in to 12 in Allocation to investment Pension in Germany invest approximately 59 of their assets directly and the remaining through investment. Local authorities allow pension to invest in UCITS and are discussing a legal amendment which will permit them to invest in the so-called Spezialfonds. Looking forward, the alternative pocket is likely to be much more diversified thanks to private equity and real estate.

Exposure to foreign may increase, especially on the equity side. Germany appears to be a promising market for foreign investment. With already 41 of pension assets invested in investment, Germany is the most important market worldwide in terms of penetn of UCITS 7, registns as at the end of Under the MPF System, each trustee offers one or more MPF, and each scheme has different constituent for scheme members to choose from. The MPF market is fairly concentrated with top five trustees accounting for 66 of the total market.

In , Hong Kong pension allocated 67 of their assets to equities. This is equivalent to 3 of the total market capitalisation of listed domestic companies, which is far below the average level. Despite the large capacity of the local stock market, MPF sends 43 of its equity abroad. Pension in Hong Kong can invest in securities listed in the stock exchange approved by the Hong Kong regulator. Currently, 39 of their assets are directed to foreign. With a relatively high and increasing old-age 2 in and a DC dominant pension structure, Hong Kong pension will likely diversify their portfolios geographically.

Moreover, the market is highly concentrated, with the largest ten pension holding In , 7 of Italian pension were Defined s DB. After several reforms all pension now operate on a defined contribution DC basis, as this is the only permitted type of pension plan. Defined benefit DB plans are restricted to pre-existing. The asset allocation of Italian pension is diversified with 13 invested in equities, 51 in bonds, 4 in money market products and almost 32 in alternative mainly real estate.

The share of alternative has decreased from 36 in The assets of Italian pension allocated to equities are the equivalent of 5 of the total market capitalisation of listed domestic companies. Some restrictions were introduced with regards to securities debts and equities issued by non- OECD countries: 5 limit if traded on regulated markets; no trades on unregulated markets. Currently, Italian pension allocate 53 of their assets to foreign.

Allocation to investment Pension in Italy invest most of their assets directly, with the remaining 1 allocated through investment. However, the Italian pension system is experiencing a gradual structural change with an increasing participation of the private sector in order to meet the long term liabilities of the entire system. As a consequence, increased exposure to equity may be expected in order to further diversify the portfolios.


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Pension assets grew at a 6-year CAGR of 4. Japan has one of the largest pension markets in the world with assets amounting to JPY The pension market in Japan is quite concentrated with the largest three pension, including the largest pension fund in the world, Government Pension Investment Fund GPIF , accounting for more than 92 of the markets.

In , 97 of Japanese pensions were Defined DB. The asset allocation of Japanese pension is less diversified with 66 of their assets in bonds, most of which are government bonds. However in recent years, Japanese pension have shown a clear trend from bonds to equities. The share of equities increased from 17 in 28 to 32 in The assets of Japanese pension allocated to equities are the equivalent of 13 of the total market capitalisation of listed domestic companies.

This implies there is still enough space for the bond-to-equity-shift trend. Foreign According to the OECD, Japan does not set any quantitative limit on overall foreign or any specific asset classes at the country level. However, at the fund level, each pension fund can set up its own target allocation for each asset classes e. Allocation to investment Pension in Japan prefer to give mandates to the external asset manager. For example, GPIF hired three transition managers to help it shift the money from domestic bonds into stocks and foreign. Based on past data and the change of target pension allocation s, we expect the relative size of total foreign to continue growing.

Nevertheless, regarding the use of foreign investment, only 93 cross-border UCITS were distributed in Japan as at the end of , making the Japanese market quite closed. That year, 8 of Luxembourgish pensions were Defined s DB. The asset allocation of Luxembourgish pension is not well diversified; 23 of assets are invested in equity, 67 in bonds and 1 in alternative. Whereas the share of equity saw an increase from 15 in 21 to 23 in , alternative decreased during that period. The assets of Luxembourgish pension allocated to equities are equivalent to only.

Foreign Although data about foreign of Luxembourg s pension are not readily available from the regulator CSSF , Luxembourgish pension do invest in foreign assets. Allocation to investment Luxembourgish pension have increased their through investment in the past four years. The of through investment UCIs to total pension assets was 24 in 21 and grew to 44 in For the period 21 to , the investment fund assets in total pension assets grew by In , Equity UCIs accounted for 56 of total via investment.

Luxembourg is by far the number one domicile for cross-border UCITS in the world with a 67 market share. Moreover, the market is highly concentrated, with the largest four pension holding more than 5 of total pension assets.

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The asset allocation of Mexican pension is very conservative with 75 of total assets invested in bonds and 24 in equities. Despite a 2 investment restriction applied to alternatives, less than 1 is allocated both to this asset class and to money market products. This is partly due to a lack of flexibility in the domestic legal framework. Whereas the share of total allocated to bonds decreased from 82 in 28 to 75 in , the share of equity increased from 11 in 28 to 24 in The assets of Mexican pension allocated to equities are the equivalent of 6 of the total market capitalisation of listed domestic companies.

In line with the overall growing equity investment trend, foreign equity has increased substantially from 28 to Foreign According to the OECD, Mexican pension are not allowed to invest more than 2 of their portfolios in foreign assets. Nevertheless, since 28, Mexican pension have been increasing the portion of foreign assets from 6 in 28 to 12 in As of , 87 of foreign assets were invested in equities. Allocation to investment Pension in Mexico invest approximately 96 of their assets directly and only 4 through investment. This figure has remained steady from 28 to We expect the exposure to foreign to increase as there is still room to reach the 2 regulatory limit.

Mexican pension also have the opportunity to rely on alternatives in order to further diversify their portfolios. However, their use of investment may remain limited, due to the low penetn of foreign : only seven cross-border UCITS were distributed in Mexico as at the end of The pension market in the Netherlands is well developed and is one of the most mature in the world with AuM of about EUR 1. Moreover, the market is partially concentrated, with the largest three pension holding The asset allocation of Dutch pension is well diversified with 42 in equities, 38 in bonds, 4 in money market products and 16 in alternative mainly real estate, loans and derivatives.

For example, ABP, the largest pension fund in the Netherlands, allocated 25 of its assets to alternatives in The assets of Dutch pension allocated to equities are equivalent to 82 of the total market capitalisation of listed domestic companies. As a result, pension invest abroad in order to enlarge their asset pools. Foreign According to the OECD, the Netherlands does not set any quantitative limit on overall foreign or any specific asset classes in pension.

If they choose to, pension in the Netherlands can invest 1 in foreign equities, bonds and investment. Currently, Dutch pension invest heavily in foreign assets: 76 of their assets are directed to foreign. Allocation to investment Pension in the Netherlands invest approximately 5 of their assets directly, with the rest either through investment or via mandates to asset managers. We expect the growing trend of foreign to continue in the coming years. However, Norway held one of the biggest pension Sovereign Wealth Fund in the world, which is not included in the sector s total assets.

The market is highly concentrated, with the two largest pension holding more than 5 of total pension assets. The asset allocation of Norwegian pension is diversified with 36 invested in equities, 57 in bonds, 2 in money market products and 5 in alternative. The assets of Norwegian pension allocated to equities is equivalent to 5 of the total market capitalisation of listed domestic companies.

Currently, Norwegian pension allocate 29 of their portfolios to foreign assets. Allocation to investment Pension in Norway invest most of their assets directly and 3 through investment. Despite a reasonable proportion of Defined s DB 43 , Norway is experiencing an old age of 25 which may increase the inherent longevity risk in the long term.

We expect that the small increase in the percentage of foreign which started in will continue in the coming years. Government Pension Fund This fund is where the surplus wealth made by Norwegian oil income is deposited. It is managed by Norge Bank and its financial backing does not come from pension contributions. The market value was NOK 6,bn at the end of and it allocated 61 of its value to equity, 37 to bonds and 2 to real estate.

The Norwegian branch of this fund, called Folketrygdfondet National Insurance scheme , is managed by an external board and has been instructed to invest locally. The pension market in Peru is not well developed and is growing slowly with the four pension fund administrators AFPs operating in the country managing assets of about PEN The asset allocation of Peruvian pension is not well diversified with 55 invested in equities, 38 in bonds, 7 in money market products and no in alternatives. AFPs do not invest in alternatives due to strict national regulations.

However, they are gradually changing, expediting investment approvals, and allowing greater flexibility, particularly in the use of alternative. The assets of Peruvian pension allocated to equities are the equivalent of of the total market capitalisation of listed domestic companies. This explains why pension invest abroad in order to enlarge their asset pools. Foreign Peruvian pension increasingly invest in foreign assets. Currently, 41 of their assets are directed to foreign. Following a recent regional trend, the Peruvian regulator is steadily increasing the percentage AFPs can invest in foreign markets.

In , authorities begun gradually increasing the limit of permitted in foreign assets by. Allocation to investment Pension in Peru invest approximately 59 of their assets directly and the remaining through domestic and foreign investment. Basically, all foreign of Peruvian pension are made through investment. The use of foreign investment has increased significantly in the last four years, showing a With only DC and a low old-age 1 in , the growing trend of foreign depends on the new pending investment regulations which should allow more flexibility and remove impediments to diversification.

With cross-border UCITS distributed in Peru as at the end of and almost 2 new registns since 29, the Peruvian market is open to foreign investment. In December , the Polish government introduced a bill that requires open pension OPFs to transfer Because the new data, as at , have not yet been released, an estimation of the total assets is not easy to predict.

The market is extremely concentrated, with the three largest pension holding almost 6 of total pension assets. In , Polish pension allocated 4 of their to equities, 54 to bonds and 6 to money market products. The assets of pension allocated to equities are equivalent to 54 of total market capitalisation. In , the foreign investment of pension accounted for 1 of total pension assets. Allocation to investment Pension in Poland invested less than 1 of their assets via investment in The relative size of closed-end investment has been decreasing during the last five years.

According to the latest regulation, OPFs are permitted to invest a maximum of 1 of total assets in closed-end investment and 15 in open-end. We expect the portion of assets allocated to equity and bonds to remain steady in the coming years. The share of Polish treasury bonds and state-backed bonds will decrease due to the fact that OPFs are not allowed to invest in government bonds, as of February This change will increase OPFs allocation to other asset classes. Moreover, we expect foreign investment will increase in the future due to a rise in the amount are permitted to allocate to abroad: 1 in , 2 in and 3 in The of pension assets to GDP has been declining in recent years as pension assets decreased much faster than GDP from 29 to with a Two main measures have been taken by the Portuguese government in order to make the public retirement system more sustainable: cutting state pensions and raising the retirement age.

The market is extremely concentrated, with the three largest pension holding more than 6 of total pension assets. In , 85 of Portuguese pension were Defined s DB. This figure is decreasing slightly due to the recent statutory pensions system reform which encourages private pension savings. In , the asset allocation of Portuguese pension showed a sound degree of diversification with 2 of total assets allocated to equities, 44 to bonds, 12 to money market products and 24 to alternative mainly real estate.

The share of alternative has increased from 16 in The assets of Portuguese pension allocated to equities are equivalent to 5 of the total market capitalisation of listed domestic companies. Specifically, there is a 3 limit on in currencies other than the Euro and a 15 limit on in assets not traded in an EUor OECD-regulated market. Currently, Portuguese pension invest 57 of their assets in foreign.

Allocation to investment Pension in Portugal invest most of their assets directly and 26 through investment. In light of the current turmoil faced by the Portuguese pension system, recovering the former level of assets is a major priority. In terms of diversification, Portuguese pension may increase their exposure to equities, either foreign or domestic, in order to support the development of the local economy.

The use of foreign may be a solution for Portuguese pension to improve their diversification. They already allocate 26 of their pension assets to this vehicle, and 1, cross-border UCITS are already available in Portugal. Moreover, this of pension assets to GDP continues to increase rapidly. Assets grew at a 6-year CAGR of The pension market in South Korea is fairly developed and very concentrated, with one pension fund holding about 9 USD The asset allocation of the NPS is fairly diversified with 6 of total assets invested in equities, 3 in bonds and 1 in alternative.

The share of alternative, however, has increased in recent years from 4 in 28 to 1 in The NPS assets allocated to equities are the equivalent of 66 of the total market capitalisation of listed domestic companies. Currently, the NPS invests 22 of its assets abroad. Allocation to investment The NPS invests most of its assets directly and 27 through investment and mandates. This trend of foreign is expected to continue in the coming years, as plans were undertaken to increase overseas holdings by more than 1 within five years.

On the one hand, the NPS wants to continue to increase this allocation to attractive emerging markets, including China s domestic A-shares market as well as its exposure to alternative in its home region. On the other hand, it must invest more abroad to avoid roiling local financial markets. Regarding the use of investment, with cross-border UCITS distributed in South Korea as at year end and 37 new registns during that year, the South Korean market had an 11 increase over the previous year, and shows openness to foreign investment.

The Spanish government has introduced measures aimed at reducing the State deficit by cutting pensions together with encouraging the development of the second pillar employer contributions. Moreover, the largest pension fund already accounts for In , 28 of Spanish pension were Defined DB.

The asset allocation of Spanish pension was not well diversified with 11 of total assets invested in equities, 63 in bonds, 15 in money market products and 11 in alternative.

The share of alternative has remained stable in recent years between 11 and 12 of total assets in the last five years. The assets of Spanish pension allocated to equities are the equivalent of 2 of the total market capitalisation of listed domestic companies. Foreign According to the OECD, Spain does not set any quantitative limit on overall foreign or any specific asset classes for pension.

Pension can invest 1 of their assets in foreign equities, bonds and investment. Currently, they invest only 17 in foreign assets. Allocation to investment Pension in Spain invest most of their assets directly and 13 through investment. Coupled with the measures introduced by the government to ensure the sustainability of the pension system, Spanish pension may increase their exposure to foreign equities and allocation to alternatives in order to ensure a proper level of diversification.

The use of investment is still limited 13 but 4, cross-border UCITS are already distributed in Spain showing the openness of the country to foreign products. Moreover, the largest three pension already account for more than 5 of total pension assets, which indicates a high concentn within the pension market. In , 16 of Swedish pensions were Defined DB. The asset allocation of Swedish pension was not well diversified with 15 of total assets invested in equities, 75 in bonds, 4 in money market products and 6 in alternative real estate, private equity and hedge. The assets of Swedish pension allocated to equities are the equivalent of 9 of the total market capitalisation of listed domestic companies.

Foreign According to the OECD, Sweden does not set any quantitative limit on overall foreign or any specific asset classes for pension. Allocation to investment Pension in Sweden invest most of their assets through investment 58 and the rest are invested directly. Sweden is one of the few countries that distributes the accumulated capital of the deceased person among the survivors of the same birth cohort. Moreover, Sweden s current solvency requirement does not reflect significant inherent longevity risks associated with the country s old age of 31 in The percentage of foreign will likely increase in the coming years.

Moreover, the market is well fragmented with the largest pension not holding more than 4 of total pension assets. All Swiss pension are Defined DB. The asset allocation of Swiss pension is well diversified with 29 invested in equities, 36 in bonds, 8 in money market products, and 27 in alternative mainly real estate. Whereas the share of bonds has decreased in recent years, from 43 in 28 to 36 in , the share of equities has grown from 22 to 29 in the same time period.

The share of alternatives has remained constant during this period. The assets of Swiss pension allocated to equities are the equivalent of 16 of the total market capitalisation of listed domestic companies. Foreign According to the OECD, Switzerland sets foreign investment limits only on foreign currency, but there is no limit on overall foreign. Pension in Switzerland can invest up to 3 in foreign currency hedging allowed. Since 28, Swiss pension have been increasingly investing in foreign assets.

Currently, 39 of their assets are directed to foreign, steadily increasing from 35 in Allocation to investment Pension in Switzerland invest approximately 5 of their assets directly with the remaining invested through investment. We expect the slow but steady growth of foreign to continue in the coming years. However, the 3 foreign currency limit might hinder Swiss pension from increasing their geographical diversification. The pension market in the UK is well developed and fragmented.

The market is also well fragmented, with the largest nine pension holding In , 72 of British pension were Defined DB. The asset allocation of UK s pension is well diversified with 17 invested in equities, 21 in bonds, 3 in money market products, 28 in investment and 31 in alternative mainly direct loans and derivatives.

The share of alternative has increased in the recent years, from 25 in 28 to 31 in The assets of British pension allocated to equities are the equivalent of 15 of the total market capitalisation of listed domestic companies. Foreign According to the OECD, the United Kingdom does not set any quantitative limit on overall foreign or any specific asset classes for pension. Currently, British pension invest moderately in foreign assets: 28 of their assets are foreign. Allocation to investment Pension in the UK invest 72 of their assets directly and the remaining through investment. Overseas investment accounted for 37 of total investment fund in From 28 to , the allocation has grown faster to overseas investment than to domestic investment 6-year CAGR of 23 and 15, respectively.

With more than 1 of pension fund assets allocated to foreign investment and already 5,66 cross-border UCITS distributed in the UK as at the end of , the British market appears to be a promising market for the distribution of foreign investment to local pension.

Assessing the sustainability of pension reforms in Europe

Moreover, the increased rapidly from 28 to , as pension assets grew at a 6-year CAGR of 9. The market is highly fragmented, with the largest ten pension holding 6. The asset allocation of America s pension is diversified with 49 invested in equities, 21 in bonds, 1 in money market products and 29 in alternative. Equity and alternative, in particular, saw a big increase from 28 to , with CAGRs of 1. The assets of US pension allocated to equities are the equivalent of 53 of the total market capitalisation of listed domestic companies.

Foreign According to the OECD, America does not set any quantitative limit on overall foreign or any specific asset classes for pension. Allocation to investment Currently, pension in the US invest 33 of their assets through investment. In , domestic equity remained the largest asset class within investment, accounting for World equity accounted for 13 of total investment fund assets, basically retaining the same share from 28 to While bond have increased their share, money market have decreased from 14 in 28 to 5 in Due to a relatively high and increasing old-age 21 in , we expect US pension to continue their investment strategy of investing more in equities and alternative.

Information regarding foreign made by pension is not readily available. However, world equity show demand for foreign exposure to increase diversification. We expect this scenario will not change in the foreseeable future. No limit 6. The FFR portfolio is composed of 53 bonds and cash, 34 equities and around 8 debt. Moreover, the fund s annual report indicated that 15 of its were made through investment. Initially, the fund was meant to guarantee the financial health of the CNAV National Pension Insurance Bank , Cancava Pension Bank of craftsmen and Organic pension bank for traders , with the objective of reaching EUR 15 bn by 22, the year in which payments are scheduled to begin.

Ireland Irish pension assets were the equivalent of 52 of the country s EUR The asset allocation of Irish pension is well diversified with 5 invested in equities, 31 in bonds, 1 in money market products and 9 in alternative. The assets of Irish pension allocated to equities are equivalent to 37 of the total market capitalisation of listed domestic companies. Regarding the use of investment, with 1, cross-border UCITS distributed in Ireland as at the end of and new registns during , the Irish market is quite open to foreign investment. The CPF regulates not only retirement, but also healthcare, home ownership and insurance for family protection.

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The remainder of the CPF s were directed to advance deposits around 4 , Statutory Board bonds, corporate bonds and Singaporean equities. Overall, Singapore s pension fund assets are invested in local nonmarketable bonds with a very small percentage of portfolios allocated to bank deposits. Our customers include companies in the financial sector, trade and industry, international institutions and government bodies. We are a one-stop shop for all your market research needs.

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Which countries are covered What methodology has. Manpower Employment Outlook Survey Global 3 Global Employment Outlook ManpowerGroup interviewed nearly 59, employers across 43 countries and territories to forecast labor market activity in Quarter. Worldwide Fund industry 2. European landscape 3. Luxembourg market 4. Luxembourg : hub for cross border distribution Agenda 1. A major feature of. Manpower Employment Outlook Survey Global 4 Global Employment Outlook Nearly 59, employers across 42 countries and territories have been interviewed to measure anticipated labor market activity between.

All participants. Economic Research Financial wealth of private households worldwide Munich, October Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate. Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out. ManpowerGroup Employment Outlook Survey Global 1 ManpowerGroup interviewed nearly 59, employers across 43 countries and territories to forecast labor market activity in Quarter 1 Average annual real net investment.

The Directors of the Company whose names appear in the Management and Administration section of the Prospectus accept responsibility for the information contained in this document. To the best of the knowledge. ManpowerGroup Employment Outlook Survey Netherlands 1 The ManpowerGroup Employment Outlook Survey for the first quarter was conducted by interviewing a representative sample of employers in.


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