Private pensions and government guarantees: clues from Canada

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dc.contributor.authorNielson, Normaeng
dc.contributor.authorChan, David K. W.eng
dc.date.accessioned2010-11-03T15:35:25Z
dc.date.available2010-11-03T15:35:25Z
dc.date.issued2007
dc.descriptionCambridge University Press allows publisher's version to be posted to institutional repository after 12 month embargo period.eng
dc.description.abstractThe Pension Benefits Guarantee Fund (PBGF) was established in the province of Ontario in 1980, thus creating in Canada a rare opportunity for intranational empirical research on the impacts of governmental protection on private plans and their participants. This paper examines Canadian data on pension plans for effects attributable to Ontario’s government guarantees for some plans. We find that significant variables related to an increase in the number of pension plans in Canada are higher interest rates, a larger labour market, and, consistent with the deferred compensation theory from labour economics, lower real disposable income of workers. The number of members in pension plans is related significantly to the same variables and also to tax rates and unemployment. The analyses show that the Ontario environment for pension plans is significantly different from the rest of Canada. Those plans covered by the Pension Benefit Guarantee Fund exhibit a lower degree of funding per participant than do the remainder of the plans in the sample, supporting the argument that a government guarantee is related to a moral hazard problem in Ontario pension financing.eng
dc.description.refereedYeseng
dc.identifier.citationNielson, N. L. and David K. W. Chan, " Private Pensions and Government Guarantees: Clues from Canada," Journal of Pension Economics and Finance. Vol. 6, No. 1 (March 2007), pp. 45-66.eng
dc.identifier.doihttp://dx.doi.org/10.11575/PRISM/34018
dc.identifier.issn1474-7472
dc.identifier.urihttp://hdl.handle.net/1880/48256
dc.language.isoengeng
dc.publisherCambridge University Presseng
dc.publisher.corporateUniversity of Calgaryeng
dc.publisher.facultyHaskayne School of Businesseng
dc.publisher.urlhttp://journals.cambridge.org/action/displayJournal?jid=PEFeng
dc.titlePrivate pensions and government guarantees: clues from Canadaeng
dc.typejournal article
thesis.degree.disciplineRisk Management & Insuranceeng
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