資本市場(chǎng)和金融機(jī)構(gòu)(1)(存儲(chǔ)版)
【正文】 n Funds are run by Asset Managers (firm managers or other FIs。 with help of actuaries and other advisers) ? Pension Funds are currently very active in monitoring firms’ performance due to their increasing controlling share ownership. ? They reduce Agency problems between managers and shareholders 4 Pension Plans A. Government sponsored ? Old age security and Guaranteed Ine Supplement. Flat payment. ? Canada Pension Plan. Contributions by employers and employees to retired, disabled workers, surviving spouses. ? Paid from current contributions (Premiums from current workers support retired pensioners). B. Personal Pension Plan. ? RRSPs that Canadians set up with FIs to provide taxsheltered selffinanced retirement funds. C. Employersponsored pension plans. ., Trusted Pension Funds, profit sharing plans, group RRSP. 5 Employersponsored (cont’d) Trusteed Pension Plans ? Asset Manager (Trustee) ? Insurance Companies, trust panies, banks, Investment banks, specialized fund manager ? They hold and manage the fund’s assets according to specified guidelines for a Fee. ? Largest Pension funds in Canada ? Ontario Teachers39。 Pension Board and Ontario Municipal Employees’ Retirement Board. ? Largest Pension Fund Manager (discretion to manage funds): ? Caisse de depot et placement du Quebec ‘With the exception of vested assets, which maybe withdrawn by an employee and placed into a restricted RRSP, the assets of pension funds are only withdrawn to meet payments to beneficiaries’ (p 105) 6 Types of Trusteed Pension Plans a) Defined Contribution Plan. It provides, at retirement, whatever pension ine is available based on accumulated contributions and investment returns. ? Each employee has an account into which the employer and the employee (in a contributory plan) make regular contrib
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