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The Pension ChallengeRisk Transfers and Retirement Income Security$
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Olivia S. Mitchell and Kent Smetters

Print publication date: 2003

Print ISBN-13: 9780199266913

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199266913.001.0001

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Securing Public Pension Promises through Funding

Securing Public Pension Promises through Funding

(p.116) Chapter 7 Securing Public Pension Promises through Funding
The Pension Challenge

Olivia S. Mitchell (Contributor Webpage)

Kent Smetters (Contributor Webpage)

Oxford University Press

This chapter examines how public pension funds can be shielded from government inference in the investment process, and reviews initiatives developed in Canada, Ireland, Japan, New Zealand, and Sweden. It highlights a number of good practices not commonly observed in most public funds. These include explicit funding targets and mechanisms to trigger action in case of deviation from objective, commercial investment policies aimed at maximising risk-adjusted returns, and professional boards selected through process that maintain distance from government officials.

Keywords:   public pension fund management, pension policy, centralised funding, Canada, Ireland, Japan, New Zealand, Sweden

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