Research

An excerpt from the 2002 FMG Annual Review (PDF) summarizes the Programme's achievements during its first calendar year, looking specifically at research output in three key areas:

• Pension Fund Management
• Household Behaviour and Demographic Trends
• Public Policies towards Pensions

Current research projects address the following specific issues:

• An evaluation of the sustainability of DB schemes.
  
  
• An evaluation of how the liabilities of DB schemes are valued.
  
  
• A positive and normative analysis of the governance of pension schemes, identifying primary issues in different European countries.
  
  
• A detailed investigation of performance measurement and incentive structures for pension fund managers.
  
  
• An evaluation of savings behaviour and pensions funding. Development of a general equilibrium model that can be calibrated to evaluate the interaction of savings, portfolio choice and pension provision given different demographic assumptions and different assumptions about the structure of pension funding. This will permit an evaluation of pension provision in different European countries, not just in relation to savings behaviour, but also in order to shed some light on the implications for asset markets.
  
  
• An evaluation of the workings and design of DC schemes including management style and the integration of the management of the accumulation and decumulation phases.

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