Book contents
- Frontmatter
- Contents
- Figures
- Tables
- Contributors
- Abbreviations
- 1 Introduction
- 2 Regulatory and supervisory context for occupational pension provision
- 3 Pension funds and the capital markets
- 4 Social responsibility and fiduciary duties of trustees
- 5 Good trusteeship
- 6 Conflicts of interest
- 7 The pension scheme in the employment package
- 8 Employer support and the development of the sponsor covenant concept
- 9 Establishing the funding requirements of pension schemes
- 10 Effective oversight of pension administration
- 11 Investment governance of defined benefit pension funds
- 12 Hedging investment risk
- 13 Managing longevity risk
- 14 The role of insurance in the occupational pensions market
- 15 Pensions – a corporate perspective
- 16 A note on the investment management of defined contribution schemes
- 17 Effective investment governance in defined contribution schemes
- 18 Inside pension scheme governance
- Index
- References
18 - Inside pension scheme governance
Published online by Cambridge University Press: 05 July 2011
- Frontmatter
- Contents
- Figures
- Tables
- Contributors
- Abbreviations
- 1 Introduction
- 2 Regulatory and supervisory context for occupational pension provision
- 3 Pension funds and the capital markets
- 4 Social responsibility and fiduciary duties of trustees
- 5 Good trusteeship
- 6 Conflicts of interest
- 7 The pension scheme in the employment package
- 8 Employer support and the development of the sponsor covenant concept
- 9 Establishing the funding requirements of pension schemes
- 10 Effective oversight of pension administration
- 11 Investment governance of defined benefit pension funds
- 12 Hedging investment risk
- 13 Managing longevity risk
- 14 The role of insurance in the occupational pensions market
- 15 Pensions – a corporate perspective
- 16 A note on the investment management of defined contribution schemes
- 17 Effective investment governance in defined contribution schemes
- 18 Inside pension scheme governance
- Index
- References
Summary
Pension scheme governance is a subject that defies straightforward categorisations. From a legal point of view, it is a hybrid of trust law, company law, fiscal law and employment law, with a dense and detailed statutory overlay. For financial economists, the focus is on pension schemes as capital market actors with a distinctive approach to investment strategy, which has wider macroeconomic implications. Management studies would see pension funds as institutional shareholders with the potential to shape the governance structures and managerial practices of their investee companies. For historians of social policy, occupational pension schemes are understood as mostly complementing, but in some contexts as competing with, the various forms of direct state provision for retirement. Few of these disciplines have seen pension scheme governance as a subject of study in its own right, but that is changing as the enormous practical significance of the issues at stake becomes clear. Pension scheme governance directly affects the savings plans and income security of millions of workers and beneficiaries, with consequences for the efficiency and sustainability of the corporate sector, macroeconomic stability and the capacity of government to deliver on social policy goals.
- Type
- Chapter
- Information
- Good Governance for Pension Schemes , pp. 289 - 296Publisher: Cambridge University PressPrint publication year: 2011