Pension Institutions and Annuities in Denmark:
This paper considers the overall structure of the Danish pension system, reviews the relative role of different types of pension institutions, and discusses their asset allocation strategies and investment performance. The paper also examines the regulation and supervision of providers of pension se...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2008
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| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | This paper considers the overall structure of the Danish pension system, reviews the relative role of different types of pension institutions, and discusses their asset allocation strategies and investment performance. The paper also examines the regulation and supervision of providers of pension services, the growing reliance on risk-based supervision, and the application of the so-called contribution principle. The Danish pension system includes a modest universal social pension with a supplement for low-income pensioners and near universal participation in occupational and personal pensions that are primarily based on defined contribution plans. The annuity market is well developed: 50 percent of annual contributions are allocated to the purchase of deferred annuities, while immediate annuities are also purchased at or even after retirement. However, detailed comprehensive data on the rate of annuitization are lacking. Distinct features of the Danish pension system include the widespread use of profit participating contracts with minimum guaranteed benefits and regular provision of bonuses, covering both the accumulation and payout phases, and extensive use of group deferred annuity contracts. A new traffic light system with periodic stress testing has resulted in greater emphasis on asset liability matching and hedging strategies by pension institutions and a shift in investment policies in favor of foreign bonds and long-term swap contracts |
| Beschreibung: | 1 Online-Ressource (73 Seiten)) |
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| 520 | 3 | |a This paper considers the overall structure of the Danish pension system, reviews the relative role of different types of pension institutions, and discusses their asset allocation strategies and investment performance. The paper also examines the regulation and supervision of providers of pension services, the growing reliance on risk-based supervision, and the application of the so-called contribution principle. The Danish pension system includes a modest universal social pension with a supplement for low-income pensioners and near universal participation in occupational and personal pensions that are primarily based on defined contribution plans. The annuity market is well developed: 50 percent of annual contributions are allocated to the purchase of deferred annuities, while immediate annuities are also purchased at or even after retirement. However, detailed comprehensive data on the rate of annuitization are lacking. Distinct features of the Danish pension system include the widespread use of profit participating contracts with minimum guaranteed benefits and regular provision of bonuses, covering both the accumulation and payout phases, and extensive use of group deferred annuity contracts. A new traffic light system with periodic stress testing has resulted in greater emphasis on asset liability matching and hedging strategies by pension institutions and a shift in investment policies in favor of foreign bonds and long-term swap contracts | |
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| spelling | Andersen, Carsten Verfasser aut Pension Institutions and Annuities in Denmark Andersen, Carsten Washington, D.C The World Bank 2008 1 Online-Ressource (73 Seiten)) txt rdacontent c rdamedia cr rdacarrier This paper considers the overall structure of the Danish pension system, reviews the relative role of different types of pension institutions, and discusses their asset allocation strategies and investment performance. The paper also examines the regulation and supervision of providers of pension services, the growing reliance on risk-based supervision, and the application of the so-called contribution principle. The Danish pension system includes a modest universal social pension with a supplement for low-income pensioners and near universal participation in occupational and personal pensions that are primarily based on defined contribution plans. The annuity market is well developed: 50 percent of annual contributions are allocated to the purchase of deferred annuities, while immediate annuities are also purchased at or even after retirement. However, detailed comprehensive data on the rate of annuitization are lacking. Distinct features of the Danish pension system include the widespread use of profit participating contracts with minimum guaranteed benefits and regular provision of bonuses, covering both the accumulation and payout phases, and extensive use of group deferred annuity contracts. A new traffic light system with periodic stress testing has resulted in greater emphasis on asset liability matching and hedging strategies by pension institutions and a shift in investment policies in favor of foreign bonds and long-term swap contracts Online-Ausg Asset Liability Matching Bonds Debt Markets Emerging Markets Finance and Financial Sector Development Financial Systems Investment Policies Liability Pension Pension System Pension Systems Pensions Pensions and Retirement Systems Private Sector Development Social Protections and Labor Swap Andersen, Carsten Sonstige oth Skjodt, Peter Sonstige oth Andersen, Carsten Pension Institutions and Annuities in Denmark http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4437 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Andersen, Carsten Pension Institutions and Annuities in Denmark Asset Liability Matching Bonds Debt Markets Emerging Markets Finance and Financial Sector Development Financial Systems Investment Policies Liability Pension Pension System Pension Systems Pensions Pensions and Retirement Systems Private Sector Development Social Protections and Labor Swap |
| title | Pension Institutions and Annuities in Denmark |
| title_auth | Pension Institutions and Annuities in Denmark |
| title_exact_search | Pension Institutions and Annuities in Denmark |
| title_exact_search_txtP | Pension Institutions and Annuities in Denmark |
| title_full | Pension Institutions and Annuities in Denmark Andersen, Carsten |
| title_fullStr | Pension Institutions and Annuities in Denmark Andersen, Carsten |
| title_full_unstemmed | Pension Institutions and Annuities in Denmark Andersen, Carsten |
| title_short | Pension Institutions and Annuities in Denmark |
| title_sort | pension institutions and annuities in denmark |
| topic | Asset Liability Matching Bonds Debt Markets Emerging Markets Finance and Financial Sector Development Financial Systems Investment Policies Liability Pension Pension System Pension Systems Pensions Pensions and Retirement Systems Private Sector Development Social Protections and Labor Swap |
| topic_facet | Asset Liability Matching Bonds Debt Markets Emerging Markets Finance and Financial Sector Development Financial Systems Investment Policies Liability Pension Pension System Pension Systems Pensions Pensions and Retirement Systems Private Sector Development Social Protections and Labor Swap |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4437 |
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