Pension Revolution: A Solution to the Pensions Crisis: 388 - Rilegato

Ambachtsheer, Keith P.

Rilegato

ISBN 10: 0470087234 ISBN 13: 9780470087237

Casa editrice: John Wiley & Sons Inc, 2007

Riassunto

Praise for Pension Revolution

"When Keith Ambachtsheer puts his keen mind to work on a problem, watch out! Here he exposes today's fragile arrangements for the most serious social dilemma of our times--financing retirement. Then he provides a compelling and powerful set of solutions. His writings are essential reading for all who care about the future of American living standards."
--Peter Bernstein, founder and President, Peter L. Bernstein, Inc., and author of Capital Ideas and Against the Gods

"This book describes one of the most ingenious inventions in the history of mankind: pension funds offering credible promises about old-age income. It reads like a thriller: how can well-governed pension funds be created in an imperfect world in which mortals wrestle with foibles and moral shortcomings? One of the world's leading experts on pensions searches for the answer--and finds it."
--Lans Bovenberg, Scientific Director, Network for Studies on Pensions, Aging, and Retirement, Tilburg University, The Netherlands

"Pension Revolution exposes the inadequacies of current pension systems and persuasively makes the case for the fundamental changes that are needed. It is essential reading for both the pension industry and policymakers."
--Elizabeth Bryan, Chair, Investment Committee, Unisuper Management PM Ltd, Australia

"Most analyses of complicated issues deal with complexity by simplifying or only looking at one piece-part, and, in doing so, provide limited value. In stark contrast, Keith Ambachtsheer boldly wades into the complexity in Pension Revolution to come up with a valuable integrative solution. He is a most welcome revolutionary!"
--Roger Martin, Dean, Joseph L. Rotman School of Management, University of Toronto, Canada

"We have known Keith for over ten years, and consistently over that time, he has constructively and comprehensively challenged conventional wisdom. He has done this so effectively that many of his initial thoughts have now become universally accepted norms. Such is his energy however that he continues to push the boundaries of pension and investment thinking."
--Peter Moon, Chief Investment Officer, Universities Superannuation Scheme Ltd, UK

"Pension Revolution not only explains the shortcomings of the existing pension system and the underlying design features that have resulted in the current pension upheaval. It also offers thoughtful and creative suggestions for prospective pension design. A must-read for anyone interested in the future of retirement finance."
--James Poterba, Professor of Economics, Massachusetts Institute of Technology and a member of the TIAA-CREF Board of Trustees

Su questo libro

Informazioni sull?autore

KEITH P. AMBACHTSHEER is the Director of the Rotman International Centre for Pension Management at the University of Toronto and founder of KPA Advisory Services, Ltd. He is an award-winning analyst of pensions and investment issues who advises governments, industry associations, pension plan sponsors, and money managers on pension governance, finance, and investment. His advisory publication, the Ambachtsheer Letter, regularly reaches 150 different institutional clients across the world. Ambachtsheer is also a cofounder of CEM Benchmarking Inc., which monitors the management quality of 300 of the world's largest DB and DC pension funds. He is the coauthor of Pension Fund Excellence: Creating Value for Stakeholders (Wiley).

Dalla quarta di copertina

Pension systems in the developed world are becoming increasingly risky propositions. More and more workers reach retirement age expecting lifetime security, only to find little more than empty promises and IOUs in their retirement packages.

How did we get here? And, more importantly, what must we do now to rethink, revamp, and revolutionize our failing pension systems?

Pension Revolution features a point-by-point analysis of the reasons for today's unfolding pensions crisis. Written by award-winning and globally recognized pension and investment analyst Keith Ambachtsheer, this well-researched exploration provides members of the business, labor, government, and professional communities with a timely, insightful look at everything from pension design, organizational structure, and investment beliefs, to risk management, performance measurement, and results disclosure. Its 46 chapters ask hard questions and provide workable solutions, including:

• What Australia and several European nations are doing to radically reshape the pension paradigm through both legislative and regulatory actions
• The dangers of using a return assumption with an embedded risk premium to value pension promises
• Strategies for using a "game theory" framework to design collaborative pension plans destined to remain collaborative
• How three highly successful pension plans combine optimal value and strong governance for their stakeholders
• Why decisions based on the "capital asset pricing model," long accepted as gospel by devotees of long-term stock market investing, can be dangerously wrong-headed

But more than just exposing the flaws of today's pension approaches, Pension Revolution proposes a new arrangement—the revolutionary and practical TOPS (The Optimal Pension System) approach. The TOPS approach, currently in use by only a handful of successful plans including the highly respected TIAA-CREF system in the United States, effectively controls costs and conflicts while creating a new class of informed, independent, long-horizon investors. Pension Revolution provides a step-by-step primer on how and why TOPS represents the future of responsive, responsible pension plan design and management, and what you can do to install TOPS-style effectiveness into your own program.

As decades of ineffective pension fund governance runs up against the hard reality of today's burgeoning class of retirees, traditional pension plans are living on borrowed dollars and borrowed time. Pension Revolution explains what decision-makers can and must do—starting today—to reverse this dangerous course, and place the provision of retirement income for millions of workers on a sustainable track.

Dettagli dell'edizione

• Editore: John Wiley & Sons Inc
• Data di pubblicazione: 2007
• Lingua: Inglese
• ISBN 10: 0470087234
• ISBN 13: 9780470087237
• Rilegatura: Copertina rigida
• Numero edizione: 1
• Numero di pagine: 336
• Contatto del produttore: non disponibile
• Persona responsabile: non disponibile