By Alberto R. Musalem, Robert J. Palacios, World Bank
"Until lately, 'public pension fund administration' is a space that bought little recognition by way of policymakers, practitioners, and improvement firms. although there's transforming into curiosity within the public pension fund reform either in rising and constructed nations, there should not many assets out there during this sector. the area financial institution determined to actively give a contribution to the foreign debate over the general public pension fund administration so one can greater propose its consumers and layout its courses during this quarter. the most vital facets of this attempt, and one during which the realm financial institution has a few comparative virtue, is in bringing jointly nation studies that allows you to research which rules were operating and which rules have failed. Public Pension Fund administration highlights the major topics and findings of the second one Public Pension Fund administration convention which was once geared up by way of the financial institution and came about in might 2003. This e-book addresses problems with governance, responsibility, and funding rules and goals to foster ongoing discussion and alternate of reviews throughout areas and among rising and built economies."
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Extra info for Public pension fund management: governance, accountability, and investment policies : proceedings of the second Public Pension Fund Management Conference, May 2003, Page 976
There may nevertheless be limited divergences in prudential standards. The most obvious of these is the minimum funding regulations typically imposed on the private sector. 12 The same principle applies to the minimum capital requirements often imposed on private sector managers. Public pension schemes should, however, generally be expected to comply with the same governance, accountability, and investment rules as their private sector counterparts. Canada has not placed its public fund under the jurisdiction of any of its private sector financial regulators, but it has imposed a similar set of standards, in terms of governance and investments, as those required of the private sector.
This book, with contributions from every part of the globe, hopes to be a first step toward the establishment of guidelines to ensure the secure and effective management and use of the retirement savings of workers around the world. Alberto R. Musalem Robert Palacios xxviii Chapter 1 4 1 A Framework for Public Pension Fund Management Jeffrey Carmichael and Robert Palacios Public pension schemes, or social security schemes, as they are known in some countries, have long been recognized as having major economic and social implications.
Where relevant and appropriate, modern market practices should be adopted. Liquidity risk also is a particular problem for pension funds. One source of liquidity risk arises through the need to meet the income entitlements of retirees. The board should ensure that the agency has a comprehensive system for measuring and monitoring the cash flows into and out of the fund, for projecting these forward, and for ensuring that the fund has access to assured sources of liquidity at lowest cost. In this respect public pension funds should meet the same liquidity standards as are applied to private pension funds.
Public pension fund management: governance, accountability, and investment policies : proceedings of the second Public Pension Fund Management Conference, May 2003, Page 976 by Alberto R. Musalem, Robert J. Palacios, World Bank