Wharton Pension Research Council Working Papers
 

Title

Evolving Roles for Pension Regulations: Toward Better Risk Control?

Document Type

Article

Date of this Version

10-1-2013

Abstract

The role of regulators in pensions has been transformed in recent years, with underlying forces including the ongoing shift from defined benefit to defined contribution pensions, the shift to risk based supervision for defined benefit and defined contribution plans, the role of accounting standards and transparency (contributing to market discipline) and the turbulence in financial markets. We provide an overview of the evolution of regulation using evidence from selected countries under each topic. We contend that a number of the developments in regulation have played a part in the shift of pension portfolios towards lower risk, that may yet cause difficulties for future pension income. These shifts also leave open a number of outstanding questions, notably whether education of consumers is sufficient, the role of longevity risk and whether regulation can be made more counter cyclical.

Comments

The published version of this Working Paper may be found in the 2014 publication: Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk.

Working Paper Number

WP2013-26

Copyright/Permission Statement

All opinions, errors, findings, interpretations, and conclusions of this paper represent the views of the authors and not those of the Wharton School or the Pension Research Council. © 2013 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.

Share

COinS
 

Date Posted: 26 June 2019