Salvaging lost pensions: who bears the risk?

Pearce, Prafula; Pinto, Dale; Pope, J.

Access Status

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Authors

Pearce, Prafula

Pinto, Dale

Pope, J.

Date

2007

Type

Conference Paper

Metadata

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Citation

Pearce, P. and Pinto, D. and Pope, J. 2007. Salvaging lost pensions: who bears the risk?, in The Second All China Economics (ACE) International Conference, Dec 12-14 2007. Hong Kong.

Source Conference

The all China economics international conference

Faculty

Faculty of Business and Law

School

Curtin Law School

URI

http://hdl.handle.net/20.500.11937/75989

Collection

Curtin Research Publications

Abstract

Old age security is an issue of universal concern. Evidence on China’s pension system is assessed as a Memorandum of Understanding was signed on 31 August 2007 between the OECD and the Chinese Ministry of Labour and Social Security to carry out research and policy analysis on private pensions in China. This paper examines the major failures of superannuation funds in the UK, Australia and USA that have affected thousands of retirees. It explores why superannuation funds fail, followed by an analysis of the superannuation legislation in the UK, Australia and the USA that deal with compensating the victims of failed funds. These systems are compared to an alternative system as used in Singapore. The paper explores lessons that can be learnt for China in setting up its private pension system.