Pensions, old-age provisions and private compensation Books

Book SynopsisIn Rescuing Retirement, Teresa Ghilarducci and Tony James offer a comprehensive yet simple plan to help workers save for retirement, increase retirement savings by earning higher returns, and guarantee lifelong income for everyone. It offers a practical guide to the future of secure retirement.Trade ReviewRescuing Retirement is an explicit call to action aimed directly at those with the greatest stake in the problem-the millions of workers, employers, and policy makers whose lives will be affected by the actions (or inaction) of today's stakeholders. -- Stephanie Kelton, University of Missouri-Kansas CityTable of ContentsForeword, by Timothy GeithnerAcknowledgments1. Society’s Retirement Crisis2. How We Got Here: America’s Broken Retirement System3. Six Key Problems: The Consequences of a Broken Retirement System4. Rescuing Retirement: A Four-Pronged Solution5. Case Studies: Similar Plans in Action6. Why Not Just Expand Social Security?: Americans Need a Universal Pension System 7. Growing Support from the American People and a Mandate for Congress8. The Employer's Stake in Retirement Reform 9. ConclusionQuestions and Answers on the Guaranteed Retirement AccountAppendix A: The Cost of a Principal Protection GuaranteeAppendix B: GRAs Versus Other Policy SolutionsAppendix C: Looking at Retirement Coverage Across the CountryNotesBibliographyIndex

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Book SynopsisIn Rescuing Retirement, Teresa Ghilarducci and Tony James offer a comprehensive yet simple plan to help workers save for retirement, increase retirement savings by earning higher returns, and guarantee lifelong income for everyone. It offers a practical guide to the future of secure retirement.Trade ReviewFinally, a practical plan to address Americans’ lack of adequate retirement savings. This silent crisis, if not solved, will slow growth, challenge budgets, and hurt households across the United States. Teresa Ghilarducci and Tony James are proposing a smarter, more cost-effective way of securing the retirements of all Americans. This plan is critical to warding off a looming retirement savings crisis. -- Michael BloombergRescuing Retirement presents a thoughtful and compelling view of how the current retirement system is failing our people—and offers a thought-provoking, pragmatic approach to substantially enhancing retirement security for every American. -- Robert Rubin, seventieth U.S. Secretary of the TreasuryRescuing Retirement is an explicit call to action aimed directly at those with the greatest stake in the problem—the millions of workers, employers, and policy makers whose lives will be affected by the actions (or inaction) of today’s stakeholders. -- Stephanie Kelton, author of The Deficit Myth: Modern Monetary Theory and the Birth of the People’s EconomyGhilarducci and James aim to eliminate the retirement savings gap for those earning under $100,000 through affordable, low-fee, mandatory accounts with automatic annuitization. The pairing of an expert retirement economist and a financial hotshot has produced an innovative approach to this critical policy challenge. We need every idea we can get! -- Alicia Munnell, director, Center for Retirement Research, Boston CollegeIn the face of a daunting national crisis, Tony James and Teresa Ghilarducci have proposed a practical bipartisan solution that deserves the attention of business leaders, policy makers, and legislators. -- Jim Sinegal, cofounder and former CEO of CostcoRetiring with dignity shouldn’t be out of reach for so many Americans. Tony James and Teresa Ghilarducci’s plan is a bold and innovative fix to our broken retirement system. -- Chris Nassetta, president and CEO of Hilton WorldwideAll workers should have the same retirement security and peace of mind that teachers, police officers, firefighters, and other public employees have earned and have fought hard to maintain. Ghilarducci and James's plan for universal, prefunded, secure-for-life pensions—supplements to Social Security—is a great exemplar of how to achieve a secure retirement. -- Randi Weingarten, president, American Federation of TeachersGhilarducci and James never slip into wonk-speak or jargon, and lay readers will appreciate the way the authors make sense of complex economic issues. * Publishers Weekly *The argument is clearly made and succinctly presented. Highly recommended. * Choice *For more than three decades, the economist Teresa Ghilarducci, who specializes in retirement economics and policy, has documented this disaster for working people and the crisis it has precipitated, most recently in Rescuing Retirement. -- Caitlin Zaloom * New York Review of Books *Table of ContentsForeword, by Timothy GeithnerAcknowledgments1. Society’s Retirement Crisis2. How We Got Here: America’s Broken Retirement System3. Six Key Problems: The Consequences of a Broken Retirement System4. Rescuing Retirement: A Four-Pronged Solution5. Case Studies: Similar Plans in Action6. Why Not Just Expand Social Security?: Americans Need a Universal Pension System 7. Growing Support from the American People and a Mandate for Congress8. The Employer's Stake in Retirement Reform 9. ConclusionQuestions and Answers on the Guaranteed Retirement AccountAppendix A: The Cost of a Principal Protection GuaranteeAppendix B: GRAs Versus Other Policy SolutionsAppendix C: Looking at Retirement Coverage Across the CountryNotesBibliographyIndex

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Book SynopsisPension funds own significant shares of the world's largest corporations. However, the beneficiaries of pensions often have little or no say in corporate governance. This book speaks to this imbalance by exploring different ways to make capital accountable to labour, offering suggestions for improving corporate responsibility.Trade Review"Professor Davis has a rare combination of expertise - labor law, corporate law, trust law, securities law, and pension law... This book provides a clear explanation of many important legal concepts from vastly different fields and brings them together in a way that is compelling... I hope policy makers listen to Professor Davis because... the manuscript addresses one of the most important economic/social/political issues of our time. - Marleen O'Connor, Stetson University College of Law"Table of ContentsIntroduction1 Corporate Investment by Employee Pension Funds: A Deal with the Devil?2 Pension Fund Assets and Plan Members: A Question of Ownership?3 The Duties of Pension Fund Managers towards Plan Members with Respect to the Governance of Investee Corporations4 Corporate Law’s Opportunities and Limitations for Pension Fund Corporate Governance Activity5 The Enhancing and Constraining Effects of Securities Regulation on Corporate Governance by Pension Funds6 Designing Democratic Corporate Governance Accountability Options7 Conclusion: Pension Funds Must Be Accountable to Plan Members for Using Corporate Governance to Enhance Corporate Environmental, Social, and Governance PerformanceNotesBibliographyIndex

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Book SynopsisThis is a topical area for the courts, which have moved to imply various limitations or tests on decision makers powers and when they can be challenged. This is made more difficult for lay users and lawyers alike in that implied restrictions are (by definition) not apparent from the words of the relevant contract itself. These limits are applied by the courts not just to fiduciaries (such as trustees or directors), but also to non-fiduciaries (eg banks and employers). Recent case law includes: · Pitt v Holt (SC) – trustee decisions (2013) · Braganza (SC) – contractual discretions (2015) · Eclairs (SC) – directors powers: proper purposes (2015) · IBM UK Holdings v Dalgleish (CA) – employer powers under pension plans (2017) · British Airways (CA)– pension plan – proper purposes (2018) The book reviews the relevant doctrines of: · Interpretation rules · Proper purposes; · Due consideration of relevant factors · Full perversity (no reasonable decision maker) This title is included in Bloomsbury Professional's Pensions Law online service.Trade ReviewIf any textbook can be thoroughly recommended to Trust Quarterly Review (TQR) readers, this is it. It is a truly international survey of the – quite radical – developments introduced into the circumstances where the courts will intrude into decision-making by, among others, trustees. * Trust Quarterly Review *This book should be attractive to the entire range of legal professionals, including academics and practitioners, and not only those operating in the superannuation field. Pollard has accomplished the difficult feat of presenting the material in a way that is accessible to practitioners while ensuring that the content is comprehensive, thoroughly researched and argued in a way that should make it an indispensable resource for those involved in their own research and teaching in the area. … I have already had occasion to resort to my review copy in providing advice to clients and am certain I will be using it in future research projects. * Dr Nuncio D’Angelo, Australian Law Journal *Table of ContentsPart 1: Introduction 1. Introduction Part 2: Legal review of decisions: General 2. Legal review of decisions: Major Tests 3. Expanded outline of major tests 4. Exceptions and qualifications 5. Public Law analogy in private law discretions? 6. Construction – General 7. Interpretation of Pension Schemes Part 3: Types of decision and who is the decision maker 8. Nature of discretion 9. Who is the decision maker? Part 4: Proper Purposes – Applying Eclairs 10. Proper purposes: Introduction 11. Eclairs 12. The proper purpose test 13. Purpose test in Trust Law and Company Law 14. How is the proper purpose test applied? 15. Can proper purposes apply where there has been a failure to act? 16. How is the decision maker’s purpose worked out? 17. Causation/More than one motive or intention 18. More than one decision maker 19. Purpose verses motive? 20. Effect of improper exercise 21. Proper Purposes: Conclusion Part 5: Proper Purposes – Application to Pension Schemes 22. Proper Purposes and pension schemes: Introduction 23. Pension scheme and Trustee powers 24. Overall Purpose of a pension scheme 25. Pensions: Main purpose verses Sole purpose? 26. Pension trusts: Examples of the application of the proper purpose test 27. Pension schemes: Amendment powers/Change of Principal 28. Transfers-in 29. Transfers out: Fletcher Challenge and ITS v Hope 30. Investment 31. Early retirement reduction 32. Commutation factors 33. Pension increases 34. Winding-up a pension scheme? 35. Pension Regulator powers 36. Trustees exercising powers fairly 37. Pension Trustees and Proper Purposes: Overview 38. No literal ‘best interests’ duty for trustees Part 6: Braganza 1: Due consideration of relevant factors 39. Braganza – a landmark case 40. Braganza: the Decision 41. The Braganza rationality Test 42. Trustees and Braganza: Beyond a Good faith test 43. Trustees and public law analogies following Braganza 44. Does Braganza apply to all commercial discretions? 45. Intensity of review 46. Braganza first limb – process: relevant factors 47. Trustees and relevant factors: Pitt v Holt compared with Braganza 48. Three types of relevant factors: the public law approach 49. Limits on enquiries: properly informed, but not an ‘endless search’ 50. Weight given to factors Part 7: Braganza 2: No reasonable decision maker: Perversity 51. Braganza 52. Arbitrary, capricious etc 53. Timing for irrationality? 54. What if one reasonable decision maker would have made the same decision? 55. Braganza 2 test is a limit on a power? Part 8: Braganza rationality tests: interaction with the proper purpose test 56. Braganza and proper purposes tests 57. Braganza and MDTC/Contractual/Imperial duty Part 9: Further common issues on the proper purposes and Braganza tests 58. Multiple decision makers 59. Decision maker would have made the same decision anyway? 60. Decision maker giving reasons Part 10: Remedies for a Failure? 61. Remedies 62. Fiduciary Duties 63. Reversal or cancellation of the decision: void or voidable 64. Damages or equitable compensation for breach of trust/duty 65. Impact on third parties 66. Removal of the decision maker 67. Exclusion clauses 68. Overturning a decision – reference back to decision maker Part 11: Trustees and Directors: Fetters on Discretion 69. Discretions and fetters 70. Statements of a no fetter rule 71. Fetters: Some older cases 72. The Fetters rule gets more sensible: three modern cases: Thorby; Cabra Estates and Firkin-Flood 73. Fetters: Modern position 74. Pension schemes and fetters 75. Fetters: is public law any guide? 76. Fetters: Directors and Companies 77. Fetters and changes of trustees 78. Fetters: Outside parties 79. Fetters: Impact on Third parties 80. Fetters and a Power of amendment 81. Setting policies or guidelines?

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Book SynopsisBridges the gap between the three distinct disciplines of pensions, employment and corporate insolvency law. Through a mix of legislation, case law, analysis and comment, this well-regarded text gives you all the information you need to answer your clients' questions. It outlines the legal principles applicable where the three regimes interact, with a particular focus on the application of the rules relating to corporate insolvency and how they impact on employees and their pension rights. For example: - How is the position of employees affected by the appointment of an insolvency practitioner over their employing company? - Who is liable, and what priority is given to past or future claims? Updates for the 7th edition include: - Full treatment of CVAs and pensions - Implications of the Court of Appeal decision in Granada/Box Clever about “association” and about Pensions Regulator powers - Implications of proposed pensions legislation, including new criminal offences - New Crown preferential debts Corporate Insolvency: Employment and Pension Rights is cited in many works focusing on the employment and insolvency fields. If you work as an employment, pensions or corporate insolvency practitioner, you’ll find its up-to-date case law and practical analysis an essential aid to your work. This title is included in Bloomsbury Professional's Insolvency Law, Employment Law and Pensions Law online services.Table of ContentsPart 1 - Introduction Part 2 - Employment Law Overview Part 3 - Insolvency Law: Overview Part 4 - The start of Insolvency Proceedings Part 5 - IP Liability and Employees Part 6 - Accrued Claims to Insolvency Debt Part 7 - Continued Employment/Carrying on Business Part 8 - Business Transfers and TUPE Part 9 - Impact of Employer Insolvency on Pensions Part 10 - Pension Protection Fund (PPF) Part 11 - Section 75 and Debt on Employer Part 12 - Pensions Regulator and its Statutory Moral Hazard Powers Part 13 - Winding Up Pension Schemes Part 14 - Overseas Issues Part 15 - CVAs and Pensions

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Book SynopsisThe Pensions Law Handbook is the definitive guide to pensions law and practice in the UK. Outlining the main responsibilities of key personnel in the operation and governance of occupational pensions, it provides guidance through the complex web of pensions-related statutes, regulations, regulatory guidance and case law. The 16th Edition covers: - Changes to the lifetime allowance announced in the Spring Budget 2023 - The Pension Schemes Act 2021 (including new powers for the Pensions Regulator) - Updated chapters on winding-up and tax - New content on master trusts and de-risking This is an indispensable text for pensions lawyers and consultants, accountants, HR professionals and managers of pensions fund trusts. This title is included in Bloomsbury Professional's Pensions Law online service.Table of ContentsPreface 1 Pension Provision in the UK 2 Management and Regulation of Occupational Pension Schemes 3 Trustees 4 State Pension Provision and Contracting Out 5 Employer Insolvency: Implications for Pension Schemes 6 Protection for Early Leavers 7 Employment Issues and Automatic Enrolment 8 Pensions and Divorce 9 Discrimination 10 Investment 11 Funding, Deficits and Surpluses 12 De-risking and Winding up 13 Amendments and Scheme Redesign 14 Governance of Defined Contribution Schemes and Master Trusts 15 Commercial Transactions 16 Pensions Dispute Resolution and Litigation 17 Taxation of Registered Schemes Appendix

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Book SynopsisPresenting the evolution of supplementary pensions over the past 25 years, this comprehensive book introduces the origin of pensions as a concept and explores the role that international organisations play within the field. It draws comparisons between different welfare states, reflecting upon current research and identifying new directions and ideas.Despite observing significant differences in the approaches to pension design, the book identifies common challenges, including the need to provide for an increasingly aging population, slow economic growth following the 2008 global financial crisis, the need for effective regulation, and increased labour market flexibility. Leading scholars analyse the experiences of a broad range of countries and offer insights into their responses to the numerous challenges faced by national pension systems. The book covers significant moments in pensions history following the World Bank’s 1994 report on Averting the Old Age Crisis, and subsequent responses to challenges posed by longevity and economic crises. This book will be an ideal companion for academic researchers and financial law scholars interested in pensions and looking to develop an international perspective on the issue, as well as professionals in the pensions industry who are engaging with other countries and looking to develop their knowledge of overseas pension systems.Trade Review’An excellent book that summarizes 25 years of supplemental pension reforms in 15 OECD countries. Several chapters focus on important analytical issues, such as the role of international organizations in promoting change and how social reforms may win and maintain popular trust.’ -- Mitchell A Orenstein, University of Pennsylvania, US‘The expertise and deep insights of the 30 contributors covering more than 25 years of pensions policy development and implementation in 15 countries make this a book that anyone making or scrutinising pensions policy, legislating for it, regulating it or researching it should have in their library. The insights in the book will help the reader identify the many pitfalls to avoid, the many risks to manage and to consider how to build resilience into pension systems.’ -- Philip Bennett, Durham Law School, UKTable of ContentsContents: Preface ix 1 Introduction 1 James Kolaczkowski, Yves Stevens and Jakob Markus Werbrouck 2 On the origin of pensions 10 Yves Stevens 3 The role of international organizations in the last 25 years and their effect on pension reforms throughout the world 37 Paul Roels 4 Belgium: 25 years of occupational pension schemes for employees in Belgium from a legal perspective 62 Emma Suzanne van Aggelen and Jakob Markus Werbrouck 5 Finland: Pension reforms in Finland 77 Susan Kuivalainen and Kati Kuitto 6 France: A national overview 99 Arnauld D’Yvoire 7 Germany: About unpopular but necessary reforms 122 Heinz-Dietrich Steinmeyer 8 Greece: Α perpetual struggle against the sovereignty of public pension regimes 138 Gabriel Amitsis 9 Ireland: Talking about change – Pension reform in Ireland 1994–2019 164 Michelle Maher 10 Italy: The Italian pension system – reform trajectories and open issues 182 Felice Roberto Pizzuti and Michele Raitano 11 The Netherlands: Pensions in the Netherlands – from defined benefit to defined contribution 207 Erik Lutjens 12 Poland: A preliminary assessment 229 Marek Szczepański, Joanna Ratajczak, Kamila Bielawska, Joanna Rutecka-Góra and Sylwia Pieńkowska-Kamieniecka 13 The development of supplementary pensions in Portugal: Influenced by ideas, the process of European integration and national idiosyncrasies 257 Maria Clara Murteira 14 Spain: The evolution of the Spanish private pension system: 1994–2019 279 Inmaculada Domínguez Fabián and John A. Turner 15 Sweden: (Supplementary) pensions 1994–2019 305 Eskil Wadensjö 16 Switzerland: 25 years of occupational pension provision (1995–2020) 320 Jacques-André Schneider 17 The United Kingdom: Political and labour market influences 348 Bryn Davies and James Kolaczkowski 18 The United States: The evolution of the US pension system – 1994–2019 370 Jonathan Barry Forman, Dana M. Muir and John A. Turner 19 Pensions and the paradox of Trust: Developments over the past 25 years 392 Kamila Bielawska, Sally Shen and John A. Turner 20 Changes in approach to risk sharing in supplementary pension schemes 410 Anna Gierusz, Patrycja Kowalczyk-Rólczyńska, Agnieszka Pobłocka and Joanna Rutecka-Góra 21 Editors’ view and conclusion 439 James Kolaczkowski, Yves Stevens and Jakob Markus Werbrouck Index

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Book SynopsisThis timely book provides a comprehensive overview of European pension law with a dual purpose: both to introduce the legal aspects of different forms of pension at the European level, as well as to explore the main legal policy issues.Throughout the book, the three main types of pension - state pension, occupational pension and personal pension - are examined, together with the issues of financing, institutions, solvency, stakeholders, and rights and duties. The book therefore provides a nuanced guide to the field, going beyond merely a paraphrase of European law or the case law of the European Court of Justice. Yves Stevens also outlines the main principles of European pension law, reflecting on them from historical, sociological and teleological points of view. The constant interaction between law, economics and social policy is the reference point for the legal debates at the heart of this book.Offering a unique insight into how the European bodies work to bring about pension legislation, EU Pension Law will be a key resource for scholars and students in the fields of financial regulation and economics, European law, finance law and social security law.Trade Review‘This book is a tour de force! Professor Stevens’s deep knowledge and scholarship enables him to explain clearly this singularly complex area of law. The book brilliantly covers the interplay between EU level legal rules impacting on pensions, from Treaty Articles to Regulations, and the reserved powers of EU member states to decide on the rules to govern their own state, occupational and individual pensions.’ -- Philip Bennett, Durham University, UK‘The author calls this book an introductory guide but indeed it is far more than that. It is the first comprehensive book covering EU pension law. The author is very experienced in this area and therefore provides a precise view and lots of insights. He combines a comparative analysis of statutory-based pensions, occupational pensions and personal pensions with EU rules and coordination issues. Last but not least he introduces the term “European Pension Law” and puts it in the right perspective. Anybody dealing with pensions in Europe should have and read this book.’ -- Heinz-Dietrich Steinmeyer, University of Münster, GermanyTable of ContentsContents: Preface 1. Legal competences in pension matters 2. Statutory state-based pensions 3. Occupational pensions 4. Individual pensions 5. Postscript: challenges and future of European pension law Bibliography Index

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Book SynopsisThe buy-out market, whereby pension liabilities are transferred to a third-party specialist, has changed dramatically in recent years. Many new market entrants have sought to provide opportunities to employers to reduce or eliminate their exposure to defined benefit pension scheme liabilities in a cost-effective fashion. Increases in anticipated longevity, combined with historically low interest rates and poor equity returns, have resulted in substantially increased costs for employers. Together with the credit crunch, the collapse of high-profile banking institutions and a deteriorating economy, they provide yet further reasons for employers and trustees to seek to protect defined benefit liabilities. Buy-outs (and their alternative, buy-ins) have represented an attractive opportunity for trustees and employers alike in seeking to eliminate such exposure. The number of new market entrants and the new ‘non-insured’ buy-out model have generated considerable competition and a significant reduction in buy-out and buy-in cost. Featuring contributions by leading experts in the field, including the Pension Corporation, Lucida, Hewitt Associates and Pitmans Trustees Limited, this timely title covers topics such as the attractions of the current buy-out market, the non-insured buy-out option, the Financial Services Authority regulated market and the elimination of pension scheme liabilities, as well as an overview of the buy-out market in selected countries. This book is aimed at a broad cross-section of the pension market and is intended to be of practical use to trustees, employers, advisers, administrators and other pension stakeholders in providing a comprehensive guide to how best to tackle the thorny issue of eliminating defined benefit scheme liabilities.Trade ReviewThe book fills a considerable void, as information about emerging buy-out markets is not readily available. It would be a valued reference and of interest to the listed target audience. -- Daniel Alai ANIELWith the decline of final salary schemes being one of the central narratives of 2009, this collection of essays on the buy-out and buy-in market is nothing if not timely. -- Owen Walker, Deputy editorReview for Pension Scheme Deficits: This practical guide, intended for trustees, employers, advisers, administrators and other pension stakeholders, is likely to be of interest for some time to come. -- Pensions Age, November 2009This timely book with the subtitle 'The elimination of defined benefit pension scheme liabilities' will be of practical use to trustees and their advisers in this endeavour. -- Pensions WorldFor any practitioner, the book provides a useful summary of the issues, and a wider view from overseas of concerns that obviously afflict employers around the globe. -- Robin EllisonReview for Pension Scheme Deficits: "Despite the best efforts of investment managers, and the reduction in the numbers of defined benefit pension schemes, deficits are going to be with us yet awhile, which means this book seems destined to have a long and distinguished future in print." -- Robin EllisonReview for Pension Scheme Deficits: "The contents page in Pension Scheme Deficits reads like a who's who in the pension industry." -- Ruth EmeryTable of ContentsPreface Background and evolution of today’s buyout market Jonathan Bloomer Lucida Attractions of the current buyout market Matthew Preston Herbert Smith LLP Other methods of eliminating defined benefit pension scheme liability Penny Pilzer Lovells LLP The FSA regulated market Mark Wood Paternoster UK Limited The occupational pensions regulated market/the non-insured buy-out option Edmund Truell Pension Corporation LLP Trustee perspective The trustee’s perspective David Archer Rosamund Lee Pitmans Trustees Limited The employer’s perspective Markus Fink Ashurst LLP An international approach Germany Tobias Neufeld Ashurst Netherlands Bas Cammelbeeck NautaDutilh Norway Peter Hammerich Klaus Henrik Wiese Hansen Bugge, Arentz-Hansen & Rasmussen South Africa Hunter Thyne Hunter Employee Benefits Law (Pte) Ltd Spain Juan Alonso Paz de la Iglesia Francisco de Leon Ashurst Sweden Jenny Jilmstad Jonas Wiberg Ashurst United States Jake Downing Robert Flanagan Mary Samsa Seyfarth Shaw LLP The end game – is buyout the end of the line for defined benefit pension schemes? Martin Hunter Punter Southall Transaction Services The future of the buyout market Kevin Wesbroom Hewitt Associates LLC

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