Pension Revolution

Keith P. Ambachtsheer 지음

Wiley 2011년 07월 05일 출간

작품소개

책소개

Praise for Pension Revolutionquot;When Keith Ambachtsheer puts his keen mind to work on a problem, watch out! Here he exposes today's fragile arrangements for the most serious social dilemma of our times--financing retirement. Then he provides a compelling and powerful set of solutions. His writings are essential reading for all who care about the future of American living standards.quot;--Peter Bernstein, founder and President, Peter L. Bernstein, Inc., and author of Capital Ideas and Against the Godsquot;This book describes one of the most ingenious inventions in the history of mankind: pension funds offering credible promises about old-age income. It reads like a thriller: how can well-governed pension funds be created in an imperfect world in which mortals wrestle with foibles and moral shortcomings? One of the world's leading experts on pensions searches for the answer--and finds it.quot;--Lans Bovenberg, Scientific Director, Network for Studies on Pensions, Aging, and Retirement, Tilburg University, The Netherlandsquot;Pension Revolution exposes the inadequacies of current pension systems and persuasively makes the case for the fundamental changes that are needed. It is essential reading for both the pension industry and policymakers.quot;--Elizabeth Bryan, Chair, Investment Committee, Unisuper Management PM Ltd, Australiaquot;Most analyses of complicated issues deal with complexity by simplifying or only looking at one piece-part, and, in doing so, provide limited value. In stark contrast, Keith Ambachtsheer boldly wades into the complexity in Pension Revolution to come up with a valuable integrative solution. He is a most welcome revolutionary!quot;--Roger Martin, Dean, Joseph L. Rotman School of Management, University of Toronto, Canadaquot;We have known Keith for over ten years, and consistently over that time, he has constructively and comprehensively challenged conventional wisdom. He has done this so effectively that many of his init

목차

Preface: Peter Drucker&-s Pension Revolution: Here at Last.Introduction: Why a Pension Revolution Now?The Trouble with DB Plans.DC Plans Are Not the Answer Either.Expert Pension Co-ops.TOPS Tipping Points.PART ONE: The Pension Revolution: Touchstones.CHAPTER 1: Are Pension Funds "Irrelevant"?An "Unreasonable" Actuary?Exley&-s Four Irrelevance Propositions.So What Is Relevant?Responding to Exley.Relevant Pension Funds: Building the Case.Managing Retirement Income Risks.Leveling the Informational Playing Field.Getting the Execution of the Idea Right.CHAPTER 2: The Pension Revolution&-Are You a Believer Yet?A Revolutionary Reordering of the Pensions Firmament.From Fuzzy Pension Deals to "Risk-Sharing Co-ops."Toward Pension "Business Models" That Work: The Risk Issue.Toward Pension "Business Models" That Work: The Scale Issue.The Pension Governance Issue.Two Role Models.PGGM.SunSuper.Great Treasures?CHAPTER 3: After the Perfect Pension Storm: What Now?From Vegas to Oxford: In Search of Answers.Do Nothing or Something?The Corporate Context: Two Basic Choices.New DC Plan &-&-Business Model&-&- Also Needed.The Industry/Public-Sector Pension Context.The "Fair Value" Question.Better Public Pensions Policy.CHAPTER 4: Beyond Portfolio Theory: The Next Frontier.Investment Theory&-s Next Frontier: The Academic View.Investment Theory&-s Next Frontier: Two Further Considerations.The Next Frontier: "Integrative Investment Theory."CHAPTER 5: The United Airlines Case: Tipping Point for U.S. Pension System?The United Airlines Case.A Good Question and Two Very Different Answers.ERISA&-s "Sole Interest" Rule.Lessons from Abroad.Searching for "Supreme" Answers.The UAL Case in Context.CHAPTER 6: Peter Drucker&-s Pension Revolution After 30 Years: Not

출판사 서평

&"I enjoyed reading the book…Well documented, the author makes it clear that it is time to change our thinking about asset management.&" (Investment Pensions Europe,& April 2007)&&"This book is a valuable tool in raising awareness of the current climate and provides people with the information they need to create efficient pension solutions in the future." (Pensions World, May 2007)&

작가정보

저자(글) Keith P. Ambachtsheer

저자 :

저자 :

저자 :

저자 :

저자 :
저자 :
저자 :
KEITH P. AMBACHTSHEER is the Director of the Rotman International Centre for Pension Management at the University of Toronto and founder of KPA Advisory Services, Ltd. He is an award-winning analyst of pensions and investment issues who advises governments, industry associations, pension plan sponsors, and money managers on pension governance, finance, and investment. His advisory publication, the Ambachtsheer Letter, regularly reaches 150 different institutional clients across the world. Ambachtsheer is also a cofounder of CEM Benchmarking Inc., which monitors the management quality of 300 of the world's largest DB and DC pension funds. He is the coauthor of Pension Fund Excellence: Creating Value for Stakeholders (Wiley).