The Future of Pension Management: Integrating Design, Governance, and Investing PDF
Preview The Future of Pension Management: Integrating Design, Governance, and Investing
The Future of Pension Management TheWileyFinanceseriescontainsbookswrittenspecificallyforfinanceand investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce,riskmanagement,financialengineering,valuationandfinancial instrumentanalysis,aswellasmuchmore.Foralistofavailabletitles,visit ourWebsiteatwww.WileyFinance.com. Foundedin1807,JohnWiley&Sonsistheoldestindependentpublish- ing company in the United States. With offices in North America, Europe, AustraliaandAsia,Wileyisgloballycommittedtodevelopingandmarket- ingprintandelectronicproductsandservicesforourcustomers’professional andpersonalknowledgeandunderstanding. The Future of Pension Management Integrating Design, Governance, and Investing KEITH P. AMBACHTSHEER Copyright©2016byKeithP.Ambachtsheer.Allrightsreserved. PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedin anyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,or otherwise,exceptaspermittedunderSection107or108ofthe1976UnitedStatesCopyright Act,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthrough paymentoftheappropriateper-copyfeetotheCopyrightClearanceCenter,Inc.,222 RosewoodDrive,Danvers,MA01923,(978)750-8400,fax(978)646-8600,orontheWeb atwww.copyright.com.RequeststothePublisherforpermissionshouldbeaddressedtothe PermissionsDepartment,JohnWiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030, (201)748-6011,fax(201)748-6008,oronlineathttp://www.wiley.com/go/permissions. LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbest effortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttothe accuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimplied warrantiesofmerchantabilityorfitnessforaparticularpurpose.Nowarrantymaybecreated orextendedbysalesrepresentativesorwrittensalesmaterials.Theadviceandstrategies containedhereinmaynotbesuitableforyoursituation.Youshouldconsultwitha professionalwhereappropriate.Neitherthepublishernorauthorshallbeliableforanyloss ofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental, consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnicalsupport,please contactourCustomerCareDepartmentwithintheUnitedStatesat(800)762-2974,outside theUnitedStatesat(317)572-3993orfax(317)572-4002. Wileypublishesinavarietyofprintandelectronicformatsandbyprint-on-demand.Some materialincludedwithstandardprintversionsofthisbookmaynotbeincludedine-booksor inprint-on-demand.IfthisbookreferstomediasuchasaCDorDVDthatisnotincludedin theversionyoupurchased,youmaydownloadthismaterialathttp://booksupport.wiley.com. FormoreinformationaboutWileyproducts,visitwww.wiley.com. LibraryofCongressCataloging-in-PublicationDataisavailable: ISBN978-1-119-19103-2(Hardcover) ISBN978-1-119-19100-1(ePDF) ISBN978-1-119-19102-5(ePub) CoverDesign:Wiley PrintedintheUnitedStatesofAmerica. 10987654321 The reasonable man adapts himself to the world. The unreasonable one persists in trying to adapt the world to himself. Thus all progress depends on the unreasonable man. George Bernard Shaw Man and Superman, 1903 Contents Preface xi PARTONE Touchstones CHAPTER1 ImprovedPensionDesignsandOrganizations:GatewaystoaMore FunctionalCapitalism 3 CHAPTER2 PensionPlansfortheMasses:GoodIdeaorPipeDream? 11 CHAPTER3 DoesInstitutionalInvestingHaveaFuture? 17 CHAPTER4 ThomasPiketty’sCapitalinthe21stCentury:ItsRelevanceto PensionFundManagement 25 PARTTWO PensionDesign CHAPTER5 WhyWeNeedtoChangetheConversationaboutPensionReform 33 CHAPTER6 OntheCostingandFundingofDefined-BenefitPensions:Separating FactandFiction 41 CHAPTER7 DefiningDefined-AmbitionPensionPlans:Conclusionsfroman InternationalConversation 49 vii viii CONTENTS CHAPTER8 WhatAreTarget-BenefitPlansandWhyShouldYouCare? 55 CHAPTER9 Designing21st-CenturyPensionPlans:We’reMakingProgress! 61 PARTTHREE PensionGovernance CHAPTER10 HowEffectiveIsPensionFundGovernanceToday?:Findingsfroma NewSurvey 69 CHAPTER11 TheEvolvingMeaningofFiduciaryDuty:IsYourBoardofTrustees KeepingUp? 81 CHAPTER12 PensionOrganizationsandIntegratedReporting:Improving StakeholderCommunications 87 CHAPTER13 MeasuringValue-for-MoneyinPensionOrganizations:ANewLook 93 CHAPTER14 MeasuringValueforMoneyinPrivateMarketsInvesting:Why InvestorsNeedaStandardProtocol 101 CHAPTER15 HowPensionFundsPayTheirOwnInvestmentPeople 107 CHAPTER16 InvestmentBeliefsandOrganizationDesign:AreTheyAlignedinYour Organization? 127 CHAPTER17 NorwayversusYale—orversusCanada?:AComparisonof InvestmentModels 133 CHAPTER18 DoesCultureMatterinPensionOrganizations? 141
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