Benefit Protection: Priority Creditor Rights for Pension Funds
Underfunded pension funds are in the same position as other creditors when their sponsoring firm becomes insolvent, having to join the queue claiming the remaining assets of the firm. Arguments for granting pension fund priority rights over other creditors are the same as for introducing pension ben...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2007
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| Schriftenreihe: | OECD Working Papers on Insurance and Private Pensions
no.6 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Underfunded pension funds are in the same position as other creditors when their sponsoring firm becomes insolvent, having to join the queue claiming the remaining assets of the firm. Arguments for granting pension fund priority rights over other creditors are the same as for introducing pension benefit guarantee schemes - i.e. market failure and diversification. Arguments against such a priority position focus around the impact on other creditors and potential disruptions to capital markets. The OECD's report on priority pension claims within bankruptcy found that pension claims (unlike wages) rarely receive priority over other creditors. More concerning, it can be difficult for pension fund creditors (being a diverse group without strong financing) to get their voice heard properly within insolvency procedures. Difficulties with providing such priority status to pension creditors stem from problems with changing bankruptcy laws and the strength of other financial creditors. The OECD's report concludes that priority rights should be given to unpaid and due contributions from the plan sponsor and that care should be taken that pension beneficiaries be treated at least as well as other creditors in any bankruptcy or restructuring process (e.g. ensuring their representation on creditor committees). |
| Beschreibung: | 1 Online-Ressource (29 p.) 21 x 29.7cm. |
| DOI: | 10.1787/267415864801 |
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| 520 | |a Underfunded pension funds are in the same position as other creditors when their sponsoring firm becomes insolvent, having to join the queue claiming the remaining assets of the firm. Arguments for granting pension fund priority rights over other creditors are the same as for introducing pension benefit guarantee schemes - i.e. market failure and diversification. Arguments against such a priority position focus around the impact on other creditors and potential disruptions to capital markets. The OECD's report on priority pension claims within bankruptcy found that pension claims (unlike wages) rarely receive priority over other creditors. More concerning, it can be difficult for pension fund creditors (being a diverse group without strong financing) to get their voice heard properly within insolvency procedures. Difficulties with providing such priority status to pension creditors stem from problems with changing bankruptcy laws and the strength of other financial creditors. The OECD's report concludes that priority rights should be given to unpaid and due contributions from the plan sponsor and that care should be taken that pension beneficiaries be treated at least as well as other creditors in any bankruptcy or restructuring process (e.g. ensuring their representation on creditor committees). | ||
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| spelling | Stewart, Fiona VerfasserIn aut Benefit Protection Priority Creditor Rights for Pension Funds Fiona, Stewart = Reconnaître aux membres des fonds de pension la qualité de créanciers privilégiés / Fiona, Stewart Reconnaître aux membres des fonds de pension la qualité de créanciers privilégiés Paris OECD Publishing 2007 1 Online-Ressource (29 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Working Papers on Insurance and Private Pensions no.6 Underfunded pension funds are in the same position as other creditors when their sponsoring firm becomes insolvent, having to join the queue claiming the remaining assets of the firm. Arguments for granting pension fund priority rights over other creditors are the same as for introducing pension benefit guarantee schemes - i.e. market failure and diversification. Arguments against such a priority position focus around the impact on other creditors and potential disruptions to capital markets. The OECD's report on priority pension claims within bankruptcy found that pension claims (unlike wages) rarely receive priority over other creditors. More concerning, it can be difficult for pension fund creditors (being a diverse group without strong financing) to get their voice heard properly within insolvency procedures. Difficulties with providing such priority status to pension creditors stem from problems with changing bankruptcy laws and the strength of other financial creditors. The OECD's report concludes that priority rights should be given to unpaid and due contributions from the plan sponsor and that care should be taken that pension beneficiaries be treated at least as well as other creditors in any bankruptcy or restructuring process (e.g. ensuring their representation on creditor committees). Finance and Investment FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/267415864801 Volltext |
| spellingShingle | Stewart, Fiona Benefit Protection Priority Creditor Rights for Pension Funds Finance and Investment |
| title | Benefit Protection Priority Creditor Rights for Pension Funds |
| title_alt | Reconnaître aux membres des fonds de pension la qualité de créanciers privilégiés |
| title_auth | Benefit Protection Priority Creditor Rights for Pension Funds |
| title_exact_search | Benefit Protection Priority Creditor Rights for Pension Funds |
| title_full | Benefit Protection Priority Creditor Rights for Pension Funds Fiona, Stewart = Reconnaître aux membres des fonds de pension la qualité de créanciers privilégiés / Fiona, Stewart |
| title_fullStr | Benefit Protection Priority Creditor Rights for Pension Funds Fiona, Stewart = Reconnaître aux membres des fonds de pension la qualité de créanciers privilégiés / Fiona, Stewart |
| title_full_unstemmed | Benefit Protection Priority Creditor Rights for Pension Funds Fiona, Stewart = Reconnaître aux membres des fonds de pension la qualité de créanciers privilégiés / Fiona, Stewart |
| title_short | Benefit Protection |
| title_sort | benefit protection priority creditor rights for pension funds |
| title_sub | Priority Creditor Rights for Pension Funds |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/267415864801 |
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