Pension Studies and Papers 

Whether or not to invest socially responsible is a major issue for pension funds. Specialists expect pension funds to significantly increase their Socially Responsible Investment (SRI) in the future. SRI is also likely to be extended to asset classes other than equities. However, not for the reasons one might anticipate, a survey conducted by Allianz Global Investors among pension experts in six European countries shows. Read more in the study. 

Pension reform has topped the political agendas of countries around the world for many years now. The primary driving force for this has been unfavorable demographic developments coupled with unsustainable or outdated pension systems. Over the last decade many countries have already trimmed their public pension systems in order to strengthen sustainability. Which government has progressed most on pension reform and which countries still have to initiate reforms? The “Pension Sustainability Index 2009” provides this information in a concise way. It measures and illustrates the pressure on governments to reform their pension systems by consistently examining the various dimensions which have an impact on pension systems.

The shift towards defined contribution (DC) schemes has not been impeded by the financial crisis – if anything it has been accelerated. The insight is one of the many offered in an survey of leading pension experts conducted by Allianz Global Investors. With the exception of the Dutch, the majority expect DC schemes to dominate future occupational pensions markets with cost calculability rather cost cutting being the key driver. Read more in the survey. 

> Defining the Direction of Defined Contributions in Europe: Results of an Expert Survey, 04/2009

The baby boomer generation is on the verge of retirement and has accumulated a massive stockpile of assets. At least a portion of those assets will be needed to finance some of their spending needs in retirement. Their focus is shifting from asset accumulation to income generation. The major financial events that have taken place since 2007 have had a lasting effect on the overall retirement landscape.

Private households around the world suffered savage blows to their savings in 2008, the likes of which have not been seen for many decades. How quickly and sustainably private households can recover their financial losses will depend largely on the extent and length of the recession, especially since unemployment and a fall in disposable income will also limit savings potential. 

 > Private household financial assets - The golden days of the past are a long way off, 01/2009

New research from Allianz Global Investors AG in conjunction with the Organisation for Economic Cooperation and Development (OECD), shows that quantitative regulations may help in limiting retirement income risk in Defined Contribution (DC) systems in those countries where payments from DC are the main source of income at old age. 

How would an application of Solvency II affect defined benefit pension funds? Our new study explains why it could force sponsors to increase funding, change asset allocations, move to a risk-sharing structure and reconsider their commitment to defined benefit schemes. The report aims to illustrate how and why defined benefit schemes require a different approach from that applied to insurance companies.

> Evaluating the Impact of Risk Based Funding Requirements on Pension Funds, pdf (142 KB)

Asia has not been spared from the global trend of ageing populations. Japan and South Korea are among the most rapidly ageing societies in the world while China will age within one generation - a situation that presents major challenges for policy-makers. This, our second study on Asia, examines the pension systems and markets of nine countries: Australia, China, Hong Kong, Japan, India, Singapore, South Korea, Taiwan and Thailand. It is required reading for pensions professionals.

> Asia-Pacific Pensions 11/2007, pdf (1.92 MB)

After the fall of the Iron Curtain, governments across the region faced economic upheaval and unfavorable demographic development. Both had a crippling effect on state-run pension systems. Some governments feel the impact of demographic trends even more than Western European counterparts, meanwhile their populations continue to age rapidly. As a result, pension system reform is at the top of the political agenda, with most countries introducing significant structural reforms.

> Central and Eastern European Pensions 07/2007, pdf (3.75 MB)

This study assesses of the impact of pension fund regulations and accounting rules on contribution and investment strategies, examining the situation in Germany, Japan, the Netherlands, UK and the U.S. A joint research project in cooperation with risklab germany, the Institut for Actuarial Science and the OECD, this working paper forms the basis for an additional OECD report on funding and benefit security in occupational pension plans.

> Pension Fund Regulation and Risk Management 05/2007, pdf (305kb)