Finance and Occupational Pensions

Part 1. Introduction to Pension Schemes.- 1.1 The Three Pillars.- 1.2. Replacement Rate.- 1.3. Funded versus Unfunded Schemes.- 1.4. Macroeconomic and Inter-Generational Considerations.- 1.5. Pension Scheme Membership.- 1.6. Main Types of Occupational Scheme.- 1.7. Tax Benefits of Pensions.- 1.8. Life Expectancy.- 1.9. Auto-Enrolment.- Part 2. Selected Pension Scheme Topics.- 2.1. Why Do Employers Provide Pension Schemes?.- 2.2 The Death of DB Schemes.- 2.3. The Shift from DB to DC Schemes.- 2.4. Problems with DC Schemes.- 2.5. Pensions Buy-Outs and Buy-Ins.- 2.6. Closed or Frozen Schemes.- 2.7. Dealing With Rising Longevity.- 2.8. Pension Scheme Insurance.- 2.9. The Design of Pension Schemes.- 2.10. Age and Uniform Contribution and Accrual Rates.- 2.11. Compulsory Occupational Pension Scheme Membership.- 2.12. Redistribution by Pension Schemes.- 2.13. Economies of Scale.- 2.14. Chinese Pensions.- Part 3. Investment and Pension Schemes.- 3.1. DC Schemes.- 3.2. DB Schemes.- 3.3. Other Investment Topics.- Part 4. Corporate Finance and Pension Schemes.- 4.1. Consolidation with the Company.- 4.2. Leverage Effects.- 4.3. Liquidity Effects.- 4.4. Betas and Pension Schemes.- 4.5 Other Effects.- 4.6. Irrelevance of Scheme Funding and Asset Allocation.- 4.7. Equity Investment and Risk Sharing.- 4.8. Arguments for Over and Under-funding DB Pension Schemes.- 4.9. Tax Arbitrage and DB Pension Schemes.- 4.10. Tax Arbitrage, Default Insurance and Risk Sharing.- Part 5. Annuities.- 5.1. A Simple Annuity.- 5.2. Voluntary and Compulsory Annuities.- 5.3. The Increasing Importance of Annuities.- 5.4. A Simple Annuity Pricing Model.- 5.5. Other Influences on Annuity Prices.- 5.6. Mortality Discount or Mortality Credit or Mortality Drag.- 5.7. Tontines.- 5.8. Reasons for Buying an Annuity.- 5.9. The Annuity Puzzle.- 5.10. Some Partial Explanations for the Annuity Puzzle.- 5.11. Evaluating Annuity Prices.- 5.12. Some Other Types of Annuity.- 5.13. Annuity Timing Decision.- 5.14. The Annuity Decision and the Open Market Option (OMO).- 5.15. Historical Perspective on Mortality Tables.- 5.16. Long Term Care and Adverse Selection.- 5.17. Did Joint Life Annuities Indirectly Cause the Credit Crisis?.- 5.18. Guaranteed Annuity Rates (GAR).- 5.19. Deferred Annuities.- 5.20. A Long Term Solution? Single Premium Deferred Annuities (SPDA).-... Mehr