Financial Management of the UK Pension Protection Fund

被引：1

作者：

Charmaille, J-P. ^{[1
]}

Clarke, M. G. ^{[1
]}

Harding, J. ^{[1
]}

Hildebrand, C. ^{[1
]}

Mckinlay, I. W. ^{[1
]}

Rice, S. R. ^{[1
]}

Reynolds, P. ^{[1
]}

机构：

[1] Pens Protect Fund, Knollys House,17 Addiscombe Rd, Surrey CR0 6SR, England

来源：

BRITISH ACTUARIAL JOURNAL | 2013年 / 18卷 / 02期

关键词：

Pension Protection Fund (PPF); Enterprise Risk Management; Funding Objective; Self-Sufficiency; Tail Risk; Risk Measures; Annuities; Credit Risk Insurance; Solvency II; Asset-Liability Management; Liability Driven Investment; Long-Term Risk Model (LTRM); New Levy Framework (NLF); Economic Capital; Hedging; Replicating Portfolio; Risk Diversification; Risk Budget;

D O I：

10.1017/S135732171200044X

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The UK Pension Protection Fund (PPF) was established in April 2005 to protect the pensions of members of UK private sector defined benefit pension schemes which have insufficient assets and whose corporate sponsor fails. The Fund takes over the pension scheme assets and assumes responsibility for the payment of compensation to the former members of the scheme. The PPF is funded by a levy on the population of eligible schemes. This paper discusses the application of Enterprise Risk Management principles and techniques to the unique situation of the PPF. The elements of the financial management of the Fund have been developed by reference to practice within proprietary insurance institutions and within pension funds. The paper will be of interest and, we hope, of some value to students, researchers and analysts and also to the PPF's own stakeholder groups that have a stake in an effective pension protection regime.

引用

页码：345 / 393

页数：49

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