Pension Management between Financial Market Development and Intergenerational Solidarity: A Socio-Economic Analysis and a Comprehensive Model

Socio-Economic Review (2017). DOI: 10.1093/ser/mwx015

EGPA 2015 Annual Conference, Toulouse, 26-28 August 2015

26 Pages Posted: 18 Sep 2015 Last revised: 8 Apr 2017

See all articles by Yuri Biondi

Yuri Biondi

French National Center for Scientific Research (CNRS)

Marion Sierra

Université Paris Dauphine

Date Written: September 16, 2015

Abstract

In recent decades, management modes for pension obligations has been coevolving with political and financial economic strategies aimed to prompt and promote active financial markets and institutional investors, as well as transnational harmonisation and convergence of accounting standards between private and public sectors. In this context, our article provides a theoretical analysis of these management modes for pension obligations, drawing upon a comprehensive review of existing practice and regulation. The latter are still inconsistent with the actuarial representation that has been fostered by international institutions, including the World Bank, the European Commission and the International Public Sector Accounting Standards (IPSAS) Board. According to our frame of analysis, a variety of viable modes of pension management exists and may be acknowledged. Our article elaborates a model of pension management in view to clarify and improve on pension protection, that is, the assurance of continued provision of pension payments at their agreed levels under viable alternative modes of pension management. Drawing upon this model, we further develop policy recommendations for accounting and prudential regulations concerned with pension obligations.

Keywords: Pension provision, pension benefit, pension liability, IPSAS, EPSAS, pension fund management, actuarial evaluation, public sector accounting regulation, public finances

JEL Classification: H55, G23, G28, M41, M48, K23

Suggested Citation

Biondi, Yuri and Sierra, Marion, Pension Management between Financial Market Development and Intergenerational Solidarity: A Socio-Economic Analysis and a Comprehensive Model (September 16, 2015). Socio-Economic Review (2017). DOI: 10.1093/ser/mwx015; EGPA 2015 Annual Conference, Toulouse, 26-28 August 2015. Available at SSRN: https://ssrn.com/abstract=2661718 or http://dx.doi.org/10.2139/ssrn.2661718

Yuri Biondi (Contact Author)

French National Center for Scientific Research (CNRS) ( email )

IRISSO - University Paris Dauphine PSL
Place Marechal Lattre Tassigny
75016 Paris
France

HOME PAGE: http://yuri.biondi.free.fr/

Marion Sierra

Université Paris Dauphine ( email )

Place du Maréchal de Tassigny
Paris, Cedex 16 75775
France

HOME PAGE: http://https://www.linkedin.com/in/marionsierra

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