Annuity Values in Defined Contribution Retirement Systems: The Case of Singapore and Australia

Pension Reforms and Public Sector Turnover

Journal of Public Administration Research and Theory ◽

10.1093/jopart/muz009 ◽

2019 ◽

Vol 30 (1) ◽

pp. 96-112 ◽

Cited By ~ 1

Author(s):

Evgenia Gorina ◽

Trang Hoang

Keyword(s):

Public Sector ◽

State Level ◽

Defined Benefit ◽

Defined Contribution ◽

Retirement Benefits ◽

Employment Benefits ◽

Pension Reforms ◽

Defined Contribution Plans ◽

Retirement Systems ◽

State Pension

Abstract Over the past decade, many states have reformed their retirement systems by reducing benefit generosity, tightening retirement provisions, introducing non-defined-benefit (DB) plan options and even replacing DB plans with defined-contribution plans. Many of these reforms have affected post-employment benefits that public workers will receive when they retire. Have these reforms also affected the attractiveness of public sector employment? To answer this question, we use state-level data from 2002 to 2015 and examine the relationship between state pension reforms and public employee turnover following the reforms. We find that employee responsiveness to the reforms was tangible and that it differed by reform type and worker education. These results are important because the design of public retirement benefits will continue to influence the ability of the public sector to recruit and retain high-quality workforce.

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Using a stochastic economic scenario generator to analyse uncertain superannuation and retirement outcomes

Annals of Actuarial Science ◽

10.1017/s1748499520000305 ◽

2020 ◽

pp. 1-18

Author(s):

Wen Chen ◽

Bonsoo Koo ◽

Yunxiao Wang ◽

Colin O’Hare ◽

Nicolas Langrené ◽

...

Keyword(s):

Probabilistic Approach ◽

Developed Countries ◽

Investment Model ◽

Defined Benefit ◽

Defined Contribution ◽

Pension Policy ◽

Policy Reforms ◽

Uncertain Future ◽

Retirement Systems ◽

Scenario Generator

Abstract The retirement systems in many developed countries have been increasingly moving from defined benefit towards defined contribution system. In defined contribution systems, financial and longevity risks are shifted from pension providers to retirees. In this paper, we use a probabilistic approach to analyse the uncertainty associated with superannuation accumulation and decumulation. We apply an economic scenario generator called the Simulation of Uncertainty for Pension Analysis (SUPA) model to project uncertain future financial and economic variables. This multi-factor stochastic investment model, based on the Monte Carlo method, allows us to obtain the probability distribution of possible outcomes regarding the superannuation accumulation and decumulation phases, such as relevant percentiles. We present two examples to demonstrate the implementation of the SUPA model for the uncertainties during both phases under the current superannuation and Age Pension policy, and test two superannuation policy reforms suggested by the Grattan Institute.

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From Defined-Contribution Towards Target-Income Retirement Systems

SSRN Electronic Journal ◽

10.2139/ssrn.3585154 ◽

2020 ◽

Cited By ~ 1

Author(s):

Daniel Mantilla-Garcia ◽

Miguel Martinez-Carrasco ◽

Manuel Enrique Garcia Huitron ◽

Arun Muralidhar

Keyword(s):

Defined Contribution ◽

Retirement Systems

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Annuity Values in Defined Contribution Retirement Systems: Australia and Singapore Compared

Australian Economic Review ◽

10.1111/j.1467-8462.2004.00341.x ◽

2004 ◽

Vol 37 (4) ◽

pp. 402-416 ◽

Cited By ~ 27

Author(s):

Suzanne Doyle ◽

Olivia S. Mitchell ◽

John Piggott

Keyword(s):

Defined Contribution ◽

Retirement Systems

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Designing successful post-retirement solutions by blending growth, income and protection

British Actuarial Journal ◽

10.1017/s1357321717000034 ◽

2017 ◽

Vol 22 (1) ◽

pp. 177-206

Author(s):

L.-A. Morgan ◽

S. A. Lothian

Keyword(s):

Later Life ◽

Defined Benefit ◽

Defined Contribution ◽

Key Factors ◽

Retirement Accounts ◽

Plan Member ◽

Solution Design ◽

Retirement Systems ◽

The Individual ◽

Retirement Investment

AbstractThe move from defined benefit to defined contribution (DC) has transferred the longevity and investment risks from the plan sponsor to the individual plan member. Without the actuarial cross-subsidies implied by pooling these risks, the danger of outliving one’s savings is significant. Much attention has been focussed on pre-retirement investment design but less on post-retirement. In most countries, the post-retirement systems in place are insufficient to solve this challenge for small asset sizes or small proportions of individuals’ retirement accounts. However, a number of DC markets are mature, such as Australia and Chile, and the principles of a solution that works for all must be identified. This paper researches a number of post-retirement systems around the world and identifies ten key factors that contribute to post-retirement solution design. These factors can result in an inconsistency between countries regarding the most appropriate post-retirement solution. Additionally, a disconnect is apparent between what retirees need and want in post-retirement. Successful post-retirement solutions will inevitably blend investment and insurance components in a balanced manner. With lengthening life expectancies, research supports strategies that blend a growth and income account-based approach for the first 15–20 years after retirement with longevity protection in later life.

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An importance of soil humidification in forming of avifauna of arboreal plantation in the Biosphere reserve «Askania Nova» (un-reproductive period)

Ecology and Noospherology ◽

10.15421/031614 ◽

2016 ◽

Vol 27 (3-4) ◽

pp. 55-69

Author(s):

M. A. Listopadsky

Keyword(s):

Soil Moisture ◽

Influence Factors ◽

Data Communication ◽

Biosphere Reserve ◽

Reproductive Period ◽

Defined Contribution ◽

Separate Species ◽

Steppe Birds ◽

Reserve Forest ◽

Autumn And Winter

With gradient analysis investigated the role of soil moisture in the formation of the modern population of birds in the reserve forest plantations. Soil moisture was divided into seven grades. For this purpose used grass cover and the coefficient of local moistening. His proposed PhD L. P. Travleev. This method allows knowing the degree of influence of soil moisture at the birds. We analyzed birds species composition, population, placement in space and power of influence factors (soil moisture). Investigations were carried out on the territory of the Biosphere Reserve «Askania Nova». We studied the birds which live in the reserve at the end of the summer, autumn and winter. This happened from 2006 to 2013 years. Specially was studied as permanently specific form of birds is found in a particular humidity. The degree of coupling was studied using the amount of information that transmits to the local bird humidification. For 68 species of birds are the options of the population density, coefficient koligatsii and data communication with the seven variants of soil moisture. For all kinds of set information «price» of each option dampening that contributes to the formation of a particular community of birds. Thus, the defined contribution to the formation of soil moisture forest bird communities. Species representation and density gradient within the test moisture is not in direct linear relationship from moisture and ranges from 11 (very coldly) to 50 species (moist soil). The density of the community varies from 0,5 birds / hectare (very dry) to 269 birds / hectare (fresh soil). The strongest link between the information and the formation of moisture gradient structure avifauna is typical in a fresh soil – bird on the edge, and wet – forest representatives. These types of humidification function is performed starting in the formation of two major blocks dendrophilous community. The steppe birds give way to forest representatives when the soil slightly moist. The main conclusion of our study includes the following: than wetter the soil the more species of birds lives in the forest; some graduation humidity are the most important for separate species of birds; it is very important for birds, there are places where one can drink water. Further invasive alien species can occur where the soil is moist. Forest with dry soil is already fully occupied by birds.

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