Traders, Guns & Money – Knowns and unknowns in the dazzling world of derivatives : [PDF Download]

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“Actuaries assume certain returns in calculating the contributions required to fund payments. Low inflation reduced interest rates and returns below what was needed to meet obligations.

Investment accounting allowed insurance companies and pension funds to use expected earnings, not actual earnings, to calculate whether their investments were sufficient to cover what they owed. This hid the problem for a while but eventually, it became clear that many policies and pension plans were underfunded.

In plain English, the saddlebags were empty. New premiums and contributions from younger members of pension funds covered the shortfall for a while. ” As the population aged and growth slowed, this stopped working.

Governments struggled to develop long-term policies, the long term in corporate life is the next quarter’s profit, and a week is a very clichéd long term in politics. Governments either hid their head in the sand, deferred it until they lost government or transferred the problem to someone else.

Smart governments privatized’ the problem, transferring it to the voters. Employees were forced to put a fixed part of their income into compulsory retirement savings schemes.”

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