{"product_id":"the-future-of-pension-management-isbn-9781119191032","title":"The Future of Pension Management","description":"\u003cb\u003eA real-world look at the pension revolution underway\u003c\/b\u003e \u003cp\u003e\u003ci\u003eThe Future of Pension Management \u003c\/i\u003eoffers a progress report from the field, using actual case studies from around the world. In the mid-70s, Peter Drucker predicted that demographic dynamics would eventually turn pensions into a major societal issue; in 2007, author Keith Ambachsheer's book \u003ci\u003ePension Revolution\u003c\/i\u003e laid out the ways in which Drucker's predictions had come to pass. This book provides a fresh look at the situation on the ground, and details the encouraging changes that have taken place in pension management concepts and practices. The challenges identified in 2007 are being addressed, and this report shows how design, management, and investment innovation have led to measurably better pension outcomes.\u003c\/p\u003e \u003cp\u003ePensions have become an everyday news item, and people are rightly concerned about the security of their retirement in light of recent pension scandals and the global financial crisis. This book provides a note of encouragement, detailing the ways in which today's pensions are becoming more and more secure, and the new ideas and practices that are chipping away at the challenges.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eLearn how pension management practices are improving\u003c\/li\u003e \u003cli\u003eExamine the uptick in positive outcomes over recent years\u003c\/li\u003e \u003cli\u003eDiscover why pension investing is turning toward the long-term\u003c\/li\u003e \u003cli\u003eConsider the challenges that remain and their possible solutions\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eDrucker's vision of a needed pension revolution is unfolding in real time. Better pension designs, more effective pension governance, and more productive pension investing are mitigating many of the issues that threatened collapse. \u003ci\u003eThe Future of Pension Management\u003c\/i\u003e provides a real-world update on the state of pensions today and a look forward to the changes we still need to make.\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Touchstones\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Improved Pension Designs and Organizations: Gateways to a More Functional Capitalism 3\u003c\/p\u003e \u003cp\u003eChapter 2 Pension Plans for the Masses: Good Idea or Pipe Dream? 11\u003c\/p\u003e \u003cp\u003eChapter 3 Does Institutional Investing Have a Future? 17\u003c\/p\u003e \u003cp\u003eChapter 4 Thomas Piketty’s Capital in the 21st Century: Its Relevance to Pension Fund Management 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Pension Design\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 5 Why We Need to Change the Conversation about Pension Reform 33\u003c\/p\u003e \u003cp\u003eChapter 6 On the Costing and Funding of Defined-Benefit Pensions: Separating Fact and Fiction 41\u003c\/p\u003e \u003cp\u003eChapter 7 Defining Defined-Ambition Pension Plans: Conclusions from an International Conversation 49\u003c\/p\u003e \u003cp\u003eChapter 8 What Are Target-Benefit Plans and Why Should You Care? 55\u003c\/p\u003e \u003cp\u003eChapter 9 Designing 21st-Century Pension Plans: We’re Making Progress! 61\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Pension Governance\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 10 How Effective Is Pension Fund Governance Today?: Findings from a New Survey 69\u003c\/p\u003e \u003cp\u003eChapter 11 The Evolving Meaning of Fiduciary Duty: Is Your Board of Trustees Keeping Up? 81\u003c\/p\u003e \u003cp\u003eChapter 12 Pension Organizations and Integrated Reporting: Improving Stakeholder Communications 87\u003c\/p\u003e \u003cp\u003eChapter 13 Measuring Value-for-Money in Pension Organizations: A New Look 93\u003c\/p\u003e \u003cp\u003eChapter 14 Measuring Value for Money in Private Markets Investing: Why Investors Need a Standard Protocol 101\u003c\/p\u003e \u003cp\u003eChapter 15 How Pension Funds Pay Their Own Investment People 107\u003c\/p\u003e \u003cp\u003eChapter 16 Investment Beliefs and Organization Design: Are They Aligned in Your Organization? 127\u003c\/p\u003e \u003cp\u003eChapter 17 Norway versus Yale—or versus Canada?: A Comparison of Investment Models 133\u003c\/p\u003e \u003cp\u003eChapter 18 Does Culture Matter in Pension Organizations? 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four Pension Investing\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 19 Are Investment Returns Predictable? 151\u003c\/p\u003e \u003cp\u003eChapter 20 Investment Returns in the 21st Century 157\u003c\/p\u003e \u003cp\u003eChapter 21 Long-Termism as the Dominant Investment Paradigm 163\u003c\/p\u003e \u003cp\u003eChapter 22 Investing for the Long Term I: From Saying to Doing 169\u003c\/p\u003e \u003cp\u003eChapter 23 Investing for the Long Term II: How Should We Measure Performance? 177\u003c\/p\u003e \u003cp\u003eChapter 24 Investing for the Long Term III: Does It Produce Better Outcomes? 183\u003c\/p\u003e \u003cp\u003eChapter 25 Are Alphas and Betas Bunk? 189\u003c\/p\u003e \u003cp\u003eChapter 26 Risk Management Revisited 195\u003c\/p\u003e \u003cp\u003eChapter 27 From an Unknown to a Known: Managing Climate Change Risk 201\u003c\/p\u003e \u003cp\u003eConclusion 207\u003c\/p\u003e \u003cp\u003eNotes 209\u003c\/p\u003e \u003cp\u003eAbout the Author 219\u003c\/p\u003e \u003cp\u003eIndex 221\u003c\/p\u003e  \u003cp\u003e\"Ambachtsheer's precise and clear discussion of the issues is a valuable contribution to furthering their message and, by extension, the interests of long-term savers.\" (\u003cem\u003eInvestments \u0026amp; Pensions Europe,\u003c\/em\u003e April 2016)   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eKEITH P. AMBACHTSHEER \u003c\/b\u003eis Director Emeritus of the International Centre for Pension Management at the Rotman School of Management, University of Toronto, and President of KPA Advisory Services, which provides strategic advice to a global clientele of pension and investment organizations. He is the author of three bestselling books and has been a regular contributor to industry journals since the 1970s.   \u003c\/p\u003e\u003cp\u003ePension funds have become an everyday news item, and much of the news isn’t good. From the ongoing threat of future financial crises and bubbles to downright criminal scandals, workers are justifiably anxious about the security of their retirement. Fortunately, pension management is changing for the better, and \u003ci\u003eThe Future of Pension Management\u003c\/i\u003e provides a much-needed, authoritative update on the state of the pension revolution predicted by Peter Drucker back in the mid-1970s.  \u003c\/p\u003e\u003cp\u003eIn this new treatise by the bestselling author who has been called the world’s #1 knowledge broker in institutional investing—pension professionals, institutional investors, consultants, regulators, and legislators all get a full progress report on how pension management has changed since the financial crash of 2008—specifically how innovations in design, governance, and investing are leading to measurably better pension outcomes. Clear industry examples provide a broad perspective on how pensions are managed in a variety of countries, who is having the most success, and where the lessons learned are taking the industry. Remarkable results are being found by shifting away from short-term investment strategies to longer-term disciplines aimed at wealth creation, and as you’ll see inside, these new ideas and practices, among others, are chipping away at the challenges that still remain. Highly visual features such as charts, diagrams, and bulleted talking points enhance: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eAn in-depth study into how the Netherlands and Australia are transforming traditional defined benefit and defined contribution formulas into “defined ambition” and “target benefit” hybrids\u003c\/li\u003e \u003cli\u003e Insightful examinations of how government initiatives are expanding pension coverage in some countries, including in the United Kingdom with its National Employment Savings Trust (NEST)\u003c\/li\u003e \u003cli\u003eUp-to-date evidence showing how improving governance in the global pensions sector is abandoning “short-termism” in favor of transforming retirement savings into wealth-producing capital \u003c\/li\u003e \u003cli\u003eStudies supporting long-horizon active management that produces higher long-term returns than either passive or short-horizon active management\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003e\u003ci\u003eThe Future of Pension Management\u003c\/i\u003e brings you up to speed and aligns you with where and how success is blossoming in the global pensions industry.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990235201765,"sku":"NP9781119191032","price":84.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119191032.jpg?v=1761787017","url":"https:\/\/k12savings.com\/products\/the-future-of-pension-management-isbn-9781119191032","provider":"K12savings","version":"1.0","type":"link"}