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Administrative charges for funded pensions: Measurement concepts and international comparison and assessment

Administrative charges for funded pensions: Measurement concepts and international comparison and assessment
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Year:    2000

Author:    Whitehouse, Edward

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 120 (2000), Iss. 3 : pp. 311–361

Abstract

Pension fund charges reduce the rate of return on pension accounts in some countries by up to two percentage points. Do charges of this scale undermine the case for funded pension provision? How can governments hold back costs and charges? This paper looks at evidence from different countries, with policies ranging from complete liberalization of charge levels of structures to government imposed charge ceilings. The author stresses the trade-offs in limiting charges, especially in reduced competition and choice.

Journal Article Details

Publisher Name:    Global Science Press

Language:    Multiple languages

DOI:    https://doi.org/10.3790/schm.120.3.311

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 120 (2000), Iss. 3 : pp. 311–361

Published online:    2000-03

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    51

Author Details

Whitehouse, Edward

Section Title Page Action Price
Edward Whitehouse: Administrative charges for funded pensions:\rMeasurement concepts and international\rcomparison and assessment 311
Abstract 311
Zusammenfassung 311
1. Pension fund institutional structures and charges 313
2. Measuring charges 316
2.1 A formal analysis of administrative charges 317
2.2 Alternative measures of charges 318
2.3 Empirical comparisons 319
2.4 Robustness of charge measures to changes in assumptions: rate of return 320
2.5 Robustness of charge measures to changes in assumptions: earnings 322
2.6 Robustness of reduction in yield measure with contribution-based levies 323
2.7 Charge measures and duration of the pension policy 325
2.8 Gaps in contribution profiles 327
2.9 Conclusion: which is the appropriate measure of charges? 328
3. International comparison of charge levels 329
3.1 Australia 330
3.2 Sweden 332
3.3 United Kingdom 334
4. Strategies to control charges in funded pension systems 342
4.1 Improving transparency 343
4.2 Restricting charge structures 343
4.3 Restricting charge levels 345
4.4 Cross-subsidies to low-income workers 347
5. Strategies to control costs of funded pension systems 349
5.1 Alternative institutional arrangements for funded pension systems 349
5.2 Economies of scale: some evidence 350
5.3 Constraining portfolios 352
6. Conclusions 353
Bibliography 354