养老保险中英文外文文献.docVIP

本科毕业设计（论文） 外文文献 (此文档为word格式,下载后您可任意修改编辑!) EMPIRICAL RISK ANALYSIS OF PENSION INSURANCE: THE CASE OF GERMANY ABSTRACT The book reserve system is the most widespread method of financing occupational pension plans in Germany. The pension liabilities are mutually insured by the Pensions-Sicherungs-Verein VVaG (PSVaG) against bankruptcy. The PSVaG recently stated that the insurance system needed to be reformed. In the future, risk-adjusted premiums as foreseen for the newly established Pension Protection Fund in the United Kingdom could become feasible. We perform a credit portfolio analysis to determine the risk profile of the PSVaG. The magnitude of a tail risk event suggests that under the current financing system it can only be smoothed out over decades. Under an expected loss pricing plan insurance premiums would vary greatly. In a marginal risk contribution approach the variation of the premiums would be less pronounced. INTRODUCTION Occupational pension plans vary widely in design and importance across countries. However, specific institutions to insure defined benefit pension plans against bankruptcy of the sponsoring company exist only in a few countries. Sweden and Finland were the first to establish pension insurance systems in the early 1960s, followed by the United States and Germany in 1974 and Japan in 1989. In the United Kingdom, the first such insurance system was introduced in 1995 as a consequence of the Maxwell scandal, in which 30,000 employees lost their pensions when the pension fund assets were pledged as collateral. As a result of the severe underfunding of many pension plans and several large bankruptcies, the U.K. government established the Pension Protection Fund (PPF), which became operational in April 2005. The United Kingdoms PPF is consequently based on risk-adjusted premiums according to the insured firms default probabilities and funding status. By contrast, the Pension Benefit Guarantee Corporation (PBCG) in the United States cha