期刊名称：Journal of the Statistical And social Inquiry Society of Ireland
印刷版ISSN：0081-4776
电子版ISSN：0332-4648
出版年度：2009
卷号：1
出版社：Stat Social Inqry Soc Ireland
摘要：The annual amount of the state subsidy to occupational and private pensions in Ireland is double that previously believed and is of the same order as the total annual payments under the state flat-rate contributory and non-contributory pension schemes. We ask: does the state get value-for-money from these subsidies? To answer the question we introduce the fair value approach to value pension entitlements. The current regulatory regime is shown to be very weak, with the security of pension entitlements of those in private sector employment below that of investment grade debt (so the pension promise if tradeable would have junk status). We suggest and analyse measures to improve members‘ security. We recommend that an explicit percentage of the fair value of pension entitlements be made a debt on the sponsoring employer and that there should be regular disclosure to members of the level of security backing their pension entitlement. The former only gives a minor increase in security in an Irish context but the latter incentivises members to make other provision for their retirement. We conclude by suggesting that the state has a larger role to play in pension provision in Ireland in the 21st century than it played in the last century.
关键词：Pension funds
Public pensions
Private pensions
