The Future of Pension Management

Integrating Design, Governance, and Investing

Keith P. Ambachtsheer

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Hardback

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English

John Wiley & Sons Inc
04 March 2016

Pensions

Series: Wiley Finance

A real-world look at the pension revolution underway The Future of Pension Management offers a progress report from the field, using actual case studies from around the world. In the mid-70s, Peter Drucker predicted that demographic dynamics would eventually turn pensions into a major societal issue; in 2007, author Keith Ambachsheer's book Pension Revolution laid out the ways in which Drucker's predictions had come to pass. This book provides a fresh look at the situation on the ground, and details the encouraging changes that have taken place in pension management concepts and practices. The challenges identified in 2007 are being addressed, and this report shows how design, management, and investment innovation have led to measurably better pension outcomes.

Pensions have become an everyday news item, and people are rightly concerned about the security of their retirement in light of recent pension scandals and the global financial crisis. This book provides a note of encouragement, detailing the ways in which today's pensions are becoming more and more secure, and the new ideas and practices that are chipping away at the challenges.

Learn how pension management practices are improving Examine the uptick in positive outcomes over recent years Discover why pension investing is turning toward the long-term Consider the challenges that remain and their possible solutions

Drucker's vision of a needed pension revolution is unfolding in real time. Better pension designs, more effective pension governance, and more productive pension investing are mitigating many of the issues that threatened collapse. The Future of Pension Management provides a real-world update on the state of pensions today and a look forward to the changes we still need to make.

By: Keith P. Ambachtsheer
Imprint: John Wiley & Sons Inc
Country of Publication: United States
Dimensions: Height: 231mm, Width: 150mm, Spine: 25mm
Weight: 454g
ISBN: 9781119191032
ISBN 10: 1119191033
Series: Wiley Finance
Pages: 256
Publication Date: 04 March 2016
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Preface xi Part One Touchstones Chapter 1 Improved Pension Designs and Organizations: Gateways to a More Functional Capitalism 3 Chapter 2 Pension Plans for the Masses: Good Idea or Pipe Dream? 11 Chapter 3 Does Institutional Investing Have a Future? 17 Chapter 4 Thomas Piketty’s Capital in the 21st Century: Its Relevance to Pension Fund Management 25 Part Two Pension Design Chapter 5 Why We Need to Change the Conversation about Pension Reform 33 Chapter 6 On the Costing and Funding of Defined-Benefit Pensions: Separating Fact and Fiction 41 Chapter 7 Defining Defined-Ambition Pension Plans: Conclusions from an International Conversation 49 Chapter 8 What Are Target-Benefit Plans and Why Should You Care? 55 Chapter 9 Designing 21st-Century Pension Plans: We’re Making Progress! 61 Part Three Pension Governance Chapter 10 How Effective Is Pension Fund Governance Today?: Findings from a New Survey 69 Chapter 11 The Evolving Meaning of Fiduciary Duty: Is Your Board of Trustees Keeping Up? 81 Chapter 12 Pension Organizations and Integrated Reporting: Improving Stakeholder Communications 87 Chapter 13 Measuring Value-for-Money in Pension Organizations: A New Look 93 Chapter 14 Measuring Value for Money in Private Markets Investing: Why Investors Need a Standard Protocol 101 Chapter 15 How Pension Funds Pay Their Own Investment People 107 Chapter 16 Investment Beliefs and Organization Design: Are They Aligned in Your Organization? 127 Chapter 17 Norway versus Yale—or versus Canada?: A Comparison of Investment Models 133 Chapter 18 Does Culture Matter in Pension Organizations? 141 Part Four Pension Investing Chapter 19 Are Investment Returns Predictable? 151 Chapter 20 Investment Returns in the 21st Century 157 Chapter 21 Long-Termism as the Dominant Investment Paradigm 163 Chapter 22 Investing for the Long Term I: From Saying to Doing 169 Chapter 23 Investing for the Long Term II: How Should We Measure Performance? 177 Chapter 24 Investing for the Long Term III: Does It Produce Better Outcomes? 183 Chapter 25 Are Alphas and Betas Bunk? 189 Chapter 26 Risk Management Revisited 195 Chapter 27 From an Unknown to a Known: Managing Climate Change Risk 201 Conclusion 207 Notes 209 About the Author 219 Index 221

KEITH P. AMBACHTSHEER is Director Emeritus of the International Centre for Pension Management at the Rotman School of Management, University of Toronto, and President of KPA Advisory Services, which provides strategic advice to a global clientele of pension and investment organizations. He is the author of three bestselling books and has been a regular contributor to industry journals since the 1970s.

Reviews for The Future of Pension Management: Integrating Design, Governance, and Investing

""Ambachtsheer's precise and clear discussion of the issues is a valuable contribution to furthering their message and, by extension, the interests of long-term savers."" (Investments & Pensions Europe, April 2016)