Collective Pension Funds: International Evidence and Implications for China's Enterprise Annuities Reform
Collective pension funds (CPFs) - occupational pension funds that cover the employees of more than one employer (enterprise) - have been operating in OECD countries for decades. Generally speaking, there are two models, i.e. closed pension funds, with membership restricted to a particular industry o...
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| Format: | Elektronisch Artikel |
| Sprache: | English |
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Paris
OECD Publishing
2007
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| Online-Zugang: | Volltext |
| Zusammenfassung: | Collective pension funds (CPFs) - occupational pension funds that cover the employees of more than one employer (enterprise) - have been operating in OECD countries for decades. Generally speaking, there are two models, i.e. closed pension funds, with membership restricted to a particular industry or group of industries, and open pension funds, open to all types of companies. The governance structure of such funds also operates in two ways - via an internal model (with trustees appointed by employers and employees) and an external model (with professional, commercial trustees). In this report, we first describe and analyse how CPFs are operated in selected OECD countries and non-OECD economies. Then, we review occupational pensions (or Enterprise Annuities - EA - in Chinese terminology) in general and CPFs in particular. Given the problems holding back the development of EA plans among small and medium-sized enterprises (SMEs) in China, and bearing in mind both China's specific situations and international best practices, we propose a number of policy recommendations to promote the development of CPFs covering the SME sector. Our practical policy recommendations include: 1) industry funds with more open membership; 2) establishment of new purpose-built industry funds; 3) establishment of new regional EA administration centres acting as independent pension councils (trustees) for open pension funds; 4) in parallel to these policy initiatives in China, commercial trustees should be encouraged to establish CPFs targeting the SME sector. |
| Beschreibung: | 1 Online-Ressource (32 p.) |
| DOI: | 10.1787/fmt-v2007-art16-en |
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| 520 | |a Collective pension funds (CPFs) - occupational pension funds that cover the employees of more than one employer (enterprise) - have been operating in OECD countries for decades. Generally speaking, there are two models, i.e. closed pension funds, with membership restricted to a particular industry or group of industries, and open pension funds, open to all types of companies. The governance structure of such funds also operates in two ways - via an internal model (with trustees appointed by employers and employees) and an external model (with professional, commercial trustees). In this report, we first describe and analyse how CPFs are operated in selected OECD countries and non-OECD economies. Then, we review occupational pensions (or Enterprise Annuities - EA - in Chinese terminology) in general and CPFs in particular. Given the problems holding back the development of EA plans among small and medium-sized enterprises (SMEs) in China, and bearing in mind both China's specific situations and international best practices, we propose a number of policy recommendations to promote the development of CPFs covering the SME sector. Our practical policy recommendations include: 1) industry funds with more open membership; 2) establishment of new purpose-built industry funds; 3) establishment of new regional EA administration centres acting as independent pension councils (trustees) for open pension funds; 4) in parallel to these policy initiatives in China, commercial trustees should be encouraged to establish CPFs targeting the SME sector. | ||
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| spelling | Hu, Yu-Wei VerfasserIn aut Collective Pension Funds International Evidence and Implications for China's Enterprise Annuities Reform Yu-Wei, Hu ... [et al] Paris OECD Publishing 2007 1 Online-Ressource (32 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Collective pension funds (CPFs) - occupational pension funds that cover the employees of more than one employer (enterprise) - have been operating in OECD countries for decades. Generally speaking, there are two models, i.e. closed pension funds, with membership restricted to a particular industry or group of industries, and open pension funds, open to all types of companies. The governance structure of such funds also operates in two ways - via an internal model (with trustees appointed by employers and employees) and an external model (with professional, commercial trustees). In this report, we first describe and analyse how CPFs are operated in selected OECD countries and non-OECD economies. Then, we review occupational pensions (or Enterprise Annuities - EA - in Chinese terminology) in general and CPFs in particular. Given the problems holding back the development of EA plans among small and medium-sized enterprises (SMEs) in China, and bearing in mind both China's specific situations and international best practices, we propose a number of policy recommendations to promote the development of CPFs covering the SME sector. Our practical policy recommendations include: 1) industry funds with more open membership; 2) establishment of new purpose-built industry funds; 3) establishment of new regional EA administration centres acting as independent pension councils (trustees) for open pension funds; 4) in parallel to these policy initiatives in China, commercial trustees should be encouraged to establish CPFs targeting the SME sector. Finance and Investment China, People's Republic Pugh, Colin MitwirkendeR ctb Stewart, Fiona MitwirkendeR ctb Yermo, Juan MitwirkendeR ctb Enthalten in Financial Market Trends Vol. 2007, no. 2, p. 135-166 volume:2007 year:2007 number:2 pages:135-166 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/fmt-v2007-art16-en Volltext |
| spellingShingle | Hu, Yu-Wei Collective Pension Funds International Evidence and Implications for China's Enterprise Annuities Reform Finance and Investment China, People's Republic |
| title | Collective Pension Funds International Evidence and Implications for China's Enterprise Annuities Reform |
| title_auth | Collective Pension Funds International Evidence and Implications for China's Enterprise Annuities Reform |
| title_exact_search | Collective Pension Funds International Evidence and Implications for China's Enterprise Annuities Reform |
| title_full | Collective Pension Funds International Evidence and Implications for China's Enterprise Annuities Reform Yu-Wei, Hu ... [et al] |
| title_fullStr | Collective Pension Funds International Evidence and Implications for China's Enterprise Annuities Reform Yu-Wei, Hu ... [et al] |
| title_full_unstemmed | Collective Pension Funds International Evidence and Implications for China's Enterprise Annuities Reform Yu-Wei, Hu ... [et al] |
| title_short | Collective Pension Funds |
| title_sort | collective pension funds international evidence and implications for china s enterprise annuities reform |
| title_sub | International Evidence and Implications for China's Enterprise Annuities Reform |
| topic | Finance and Investment China, People's Republic |
| topic_facet | Finance and Investment China, People's Republic |
| url | https://doi.org/10.1787/fmt-v2007-art16-en |
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