Securing Public Pension Promises through Funding

Olivia S. Mitchell and Kent Smetters

in The Pension Challenge

Published in print November 2003 | ISBN: 9780199266913
Published online August 2004 | e-ISBN: 9780191601323 | DOI:
 Securing Public Pension Promises through Funding

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This chapter examines how public pension funds can be shielded from government inference in the investment process, and reviews initiatives developed in Canada, Ireland, Japan, New Zealand, and Sweden. It highlights a number of good practices not commonly observed in most public funds. These include explicit funding targets and mechanisms to trigger action in case of deviation from objective, commercial investment policies aimed at maximising risk-adjusted returns, and professional boards selected through process that maintain distance from government officials.

Keywords: public pension fund management; pension policy; centralised funding; Canada; Ireland; Japan; New Zealand; Sweden

Chapter.  15162 words.  Illustrated.

Subjects: Financial Markets

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