Reforming the Valuation and Funding of Pension Promises : Are Occupational Pension Plans Safer?

Juan Yermoi iOECD

Organisation for Economic Co-operation and Development

关键词: valuation method;    actuarial method;    accounting;    funding rule;    investment;    discount rate;    defined benefit;    pension fund;    fair value;   

DOI  :  https://doi.org/10.1787/078561284626

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

This paper assesses current regulatory and accounting developments in the OECD area against their purported goals. It specifically considers the different approaches to valuing pension liabilities and questions the possibility of convergence between funding and business accountants' valuation standards for pension liabilities. It concludes that the trend towards market-based valuation methods in business accounting is not entirely consistent with the parallel exercise undertaken by many pension regulators. Since valuation methods for funding purposes are likely to continue moving towards a market-based model, policymakers should be all the more cautious in setting funding regulations so as to provide sufficient flexibility to pension funds in covering funding deficits while providing incentives to establish funding buffers in good economic times. We also argue that accounting rules and regulatory changes are driving plan design in some OECD countries such as Japan, the Netherlands and the United Kingdom and can lead to procyclical investment behaviour by pension funds.