A pension fund is a pool of assets forming an independent legal entity that are bought with the contributions to a pension plan for the exclusive purpose of financing pension plan benefits.
Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors like the Ontario Teachers' Pension Plan dominate. The largest 300 pension funds collectively hold about $6 trillion in assets. In January 2008, The Economist reported that Morgan Stanley estimates that pension funds worldwide hold over US$20 trillion in assets, the largest for any category of investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity.
Classifications
Open vs. closed pension funds
Open pension funds support at least one pension plan with no restriction on membership while closed pension funds support only pension plans that are limited to certain employees.
Closed pension funds are further subclassified into:
- Single employer pension funds
- Multi-employer pension funds
- Related member pension funds
- Individual pension funds
Public vs. private pension funds
A public pension fund is one that is regulated under public sector law while a private pension fund is regulated under private sector law. In certain countries the distinction between public or government pension funds and private pension funds may be difficult to assess.
Examples
Australia
See main article, Superannuation in Australia
Government
- Public Sector Supperannuation Scheme (for federal civil servants)
- Commonwealth Supperannuation Scheme (older scheme for federal civil servants)
- State Super (for New South Wales state civil servants)
Private
- The Retail Employees Superannuation Trust (Australia's largest superannuation fund by membership)
- ANZ Australian Staff Superannuation Scheme (for employees of ANZ Bank)
Canada
Government
- Caisse de dépôt et placement du Québec
- Canada Pension Plan
- Alberta Investment Management
Private
- Ontario Teachers' Pension Plan (union-controlled)
- Hospitals of Ontario Pension Plan (HOOPP)
- OMERS Administration Corporation (OMERS)
Chile
- Chile pension system
China
- National Council for Social Security Fund (全国社会保障基金理事会)
Hong Kong
- Mandatory Provident Fund
The Netherlands
- Stichting Pensioenfonds ABP (ABP)
- Stichting Pensioenfonds Zorg en Welzijn (PFZW, formerly PGGM)
Norway
- The Government Pension Fund - Global (Statens pensjonsfond - Utland)
- The Government Pension Fund - Norway (Statens pensjonsfond - Norge)
Singapore
- Central Provident Fund
United States
Government
- California Public Employees' Retirement System (CalPERS)
- California State Teachers' Retirement System (CalSTRS)
- Federal Retirement Thrift Investment Board
- Fire and Police Pension Association of Colorado (FPPA)
- Illinois Municipal Retirement Fund
- Kansas City Public School Retirement System (KCPSRS)
- Kansas Public Employees Retirement System (KPERS)
- Minnesota Public Employees' Retirement Association (MNPERA)
- Minnesota Teachers' Retirement Association (MNTRA)
- New York State Teachers' Retirement System (NYSTRS)
- Retirement Systems of Alabama
- Teacher Retirement System of Texas (TRS of Texas)
Saudi Arabia
- the general organization for social insurance
Greece
Government
- Public Employees Pension Fund
Private
- TAPILTAT
Largest pension funds
Empirical study of the effects of pension fund development on global economic growth and development patterns
- Arno Tausch (2005) ‚World Bank Pension reforms and development patterns in the world system and in the “Wider Europe”. A 109 country investigation based on 33 indicators of economic growth, and human, social and ecological well-being, and a European regional case study’. A slightly re-worked version of a paper, originally presented to the Conference on “Reforming European pension systems. In memory of Professor Franco Modigliani. 24 and 25 September 2004”, Castle of Schengen, Luxembourg Institute for European and International Studies
See also
- Global assets under management
- Pension insurance contract
- Sovereign wealth fund
References
- ^ Global Investment Review
- ^ The Economist Jan 17, 2008 (economist.com)
- ^ OECD
- ^ REST Superannuation Retrieved 25 May, 2009
- ^ http://www.gpif.go.jp/eng/pdf/jokyo_h21_p01.pdf
- ^ http://www.nbim.no/templates/article____41397.aspx
- ^ http://www.calpers.ca.gov/index.jsp?bc=/investments/assets/mvs.xml
- ^ Legal Terms &
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