Salvaging lost pensions: who bears the risk?
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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.
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