Saturday, July 28, 2007
Thursday, July 26, 2007
Pensions in Central & Eastern Europe
Monday, July 23, 2007
Discriminatory dividend taxation
Wednesday, July 18, 2007
Thursday, July 12, 2007
UK pensions to become mandatory?
The new Pensions Bill will ensure that for the first time not just some but all working people have the right to a workplace pension with a duty on every employer to contribute towards it.
We can only interpret this to mean that occupational pensions will go from contingent to mandatory for everyone in the UK. The implications of this change for the European first and second pillar classification, which critically relies on the non-mandatory nature of occupational pensions in contradistinction to social security, may be huge. This criterion, which is dispensable in our view, would be a major technical impediment to the eventual application of the Pensions Directive to Switzerland with its mandatory occupational pensions system.
Wednesday, July 11, 2007
The British actuarial profession is leading the pack again with its publication of a draft library of mortality projections, indicating that it may be reasonable to utilise a number of scenarios in mortality projections. But more closely to home, and indicative of imminent changes to current mortality assumptions and thus liability valuations, they warn that currently employed mortality tables may considerably underestimate improvements in future mortality. We understand this to imply that more realistic tables will assume higher average life expectancies and, consequently, higher pension liabilities.
Tuesday, July 10, 2007
Lifetime financial advice
The largest asset that most human beings have, at least when they are young, is their human capital? that is, the present value of their expected future labor income. Human capital interacts with traditional investments, such as stocks, bonds, and real estate, through the correlation structure. But human capital interacts in even more interesting and profitable ways with life insurance and annuities because these assets have payoffs linked to the holder?s longevity. The authors of Lifetime Financial Advice present a framework for understanding and managing all of these assets holistically.
This complex issue is approached in a systematic, model based fashion from the perspective of the individual investor. It may not, therefore, hold as much interest to the traditional institutional investor managing retirement monies collectively. Private wealth & insurance product managers should be able to find plenty of food for thought, though. But not only them: this short monograph should be essential reading for everyone
Monday, July 09, 2007
Sunday, July 08, 2007
DNB on pensions
Saturday, July 07, 2007
New interpretations for IAS 19
Friday, July 06, 2007
Mediation mechanism for supervisors
Thursday, July 05, 2007
ECJ deals first blow
This is the first decision dealing with an issue that is critically important to the establishment of cross-border pensions, and its favourable, albeit unsurprising outcome virtually removes yet another area of legal uncertainty. It is interesting to note that the Court evaluates the equivalent applicability of its reasoning to the EEA, which it confirms.