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Due to its multidisciplinary approach (economy, law and sociology) the book gives a detailed insight into the mechanisms of pension schemes throughout the world. Recommendations and lessons from these various countries give an insight in possible solutions.Īll professionals in the field of social protection will find this book of interest. It thus clarifies the main problems with regard to accounting standards for occupational retirement schemes, the funding of both defined contribution and defined benefit pension schemes, the governmental troubles with pay-as-you-go schemes. Both European and Anglo-Saxon countries are examined. This book analyses the reaction of some countries with regard to the effect of the economic downturn on pensions.
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Statutory pensions, occupational retirement schemes and individual retirement accounts have all been hit by the economic malaise. This significant decline in economic activity has had its impact on the design of pension schemes. The crisis meant the failure of key businesses, the decline of consumer wealth and the birth of substantial financial commitments by governments all over the world. The financial and economic crisis of 2007 to the present led to the failure of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world.