DB or Not DB: The Choice of Pension Plan Provision by Employers – Pensions Institute Discussion Paper PI-0710 (2007)
The literature into employee choice in relation to DB and DC pension schemes is substantial. Yang (2005) looks at the factors influencing employee choice between DB and DC pension schemes; similarly, Choi et al (2002) and Huberman et al (2004) look at the factors...
Tax-Efficient Pension Choices in the UK – Pensions Institute Discussion Paper PI-0708 (2007)
The special tax treatment of UK pensions means that the decision on how to use pensions assets is more involved than in other tax jurisdictions. In particular, the ability to take up to 25% of pensions assets as a tax-free cash lump sum at retirement offers retirees...
Developments in Pension Fund Risk – Chapter in Frontiers of Risk Management (2007)
This publication identifies risk management issues that are likely to emerge in the future and the solutions that will be developed to meet these needs. This comprehensive text covers credit, market, operational, liquidity, outsourcing and insurance risks. Essential...
The Cost and Benefit of UK Defined Benefit Provision – Pensions Institute Discussion Paper PI-0618 (2006)
In this paper, I look at the effect of the change in the cost to an employer of providing a defined benefit ("DB") pension on the overall cost of remunerating an employee and compare that with the cost of remunerating an employee with no such pension benefits. I allow...
Correlation and the Pension Protection Fund – Fiscal Studies (2006)
In this paper, I use a stochastic approach to model the effect that correlations between pension scheme assets and firm values should have on the premiums chargeable by the Pension Protection Fund. In particular, I look at the effect on the aggregate premium that...
Pension Schemes and Fixed Income Investment – British Actuarial Journal (2004)
The purpose of this paper is to investigate the role that fixed income securities should play in pension scheme investment. In this paper I look at the investment characteristics of the various bond asset classes, including the nature of the income streams produced. I...