Investment Risk, Bankruptcy Risk, and Pension Reform in Canada
讨论加拿大养老金改革中，追溯性终止保险的财富再分配效应及保费确定困难，提出改进信息披露可能更优，并指出固定收益计划成员的投资风险可能低于固定缴款计划。
ABSTRACT The wealth redistributive effects of retroactive termination insurance together with the difficulty of determining insurance premiums suggest that an alternative response, such as improved disclosure of worker benefits in the event of plan wind‐up, may be preferred if the government remains concerned about the security of benefits in underfunded plans. Members of money purchase plans may well be less subject to investment risk than members of defined benefit plans, contrary to the claim of many. In Canada, defined benefit plans appear to have been transformed into defined benefit/money purchase hybrids, and this has several important implications.