The Resource Impacts of cyclical downturns on the third tillar of the RIS and policy responses, James B. Davies and Xiaoyu Yu

Impacts of cyclical downturns on the third tillar of the RIS and policy responses, James B. Davies and Xiaoyu Yu

Label
Impacts of cyclical downturns on the third tillar of the RIS and policy responses
Title
Impacts of cyclical downturns on the third tillar of the RIS and policy responses
Statement of responsibility
James B. Davies and Xiaoyu Yu
Title variation
  • Impacts of cyclical downturns on the 3rd tillar of the RIS and policy responses
  • Impacts of cyclical downturns on the third tillar of the Retirement Income System and policy responses
Creator
Contributor
Author
Distributor
Issuing body
Subject
Genre
Language
eng
Summary
This paper explores impacts of recessions on private pensions and retirement savings in Canada. We estimate that the 2008-09 recession saw declines in average family wealth and retirement assets of 11% and 14% respectively. Average wealth recovered by the end of 2010, but retirement assets remained 2% lower than before the recession. Losses were higher for those more exposed to the stock market, such as older workers and retirees with DC pension plans or large RRSPs. Without the recovery the recession would have reduced expected retirement income of future retirees by averages of 3.4% and 11.0% for DB and DC plans respectively. In order to analyze unemployment and early retirement effects, the paper examines a hypothetical economy with a recession once a decade. For DB plans, unemployment caused by recessions can reduce pensions by up to 25% if it strikes late and reduces final average pay. Early retirement may reduce DB pensions up to 50%. Overall, effects tend to be smaller with DC plans, but early career unemployment or early retirement can have substantial impacts. Enhancing CPP/QPP is compared with wide adoption of Pooled RPPs (PRPPs). Expected retirement income is higher with PRPPs but so is risk
Member of
Cataloging source
CaBNVSL
http://library.link/vocab/creatorDate
1951-
http://library.link/vocab/creatorName
Davies, James B.
Dewey number
368.4300971
Illustrations
illustrations
Index
no index present
LC call number
HD7106.C2
LC item number
D385 2013eb
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
  • Yu, Xiaoyu
  • Canadian Labour Market and Skills Researcher Network
  • Canadian Electronic Library (Firm)
Series statement
Working paper
Series volume
no. 113
http://library.link/vocab/subjectName
  • Retirement income
  • Pensions
  • Old age pensions
  • Older people
  • Recessions
  • Canada
Label
Impacts of cyclical downturns on the third tillar of the RIS and policy responses, James B. Davies and Xiaoyu Yu
Link
http://www.deslibris.ca/ID/243180
Instantiates
Publication
Distribution
Note
  • "April 2013"--Cover
  • Issued as part of the desLibris documents collection
Antecedent source
not applicable
Bibliography note
Includes bibliographic references (pages 39-42)
Carrier category
online resource
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type MARC source
rdacontent
Contents
1. Introduction -- 2. Literature review -- 3. Modeling approach -- 4. Cyclical downturns: some history -- 5. Data -- 6. Impact effects of asset price changes, 2008-2010 -- 7. Impact effects of asset price changes on retirement incomes of older workers, 2008-2010 -- 8. Permanent effects of asset price and unemployment changes on retirement incomes of older workers -- 9. Policy impacts -- 10. Impacts related to unemployment over the career and early retirement -- 11. Conclusion -- References -- Figures -- Tables -- Appendix: Sources for price series
Dimensions
unknown
Extent
1 electronic text (66 pages)
Form of item
online
Media category
electronic
Media MARC source
isbdmedia
Other physical details
illustrations (some colour).
Publisher number
243180
Specific material designation
remote
System control number
  • (CaBNVSL)gtp00560197
  • (OCoLC)887019206
  • (CaOOCEL)243180
System details
Mode of access: World Wide Web
Label
Impacts of cyclical downturns on the third tillar of the RIS and policy responses, James B. Davies and Xiaoyu Yu
Link
http://www.deslibris.ca/ID/243180
Publication
Distribution
Note
  • "April 2013"--Cover
  • Issued as part of the desLibris documents collection
Antecedent source
not applicable
Bibliography note
Includes bibliographic references (pages 39-42)
Carrier category
online resource
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type MARC source
rdacontent
Contents
1. Introduction -- 2. Literature review -- 3. Modeling approach -- 4. Cyclical downturns: some history -- 5. Data -- 6. Impact effects of asset price changes, 2008-2010 -- 7. Impact effects of asset price changes on retirement incomes of older workers, 2008-2010 -- 8. Permanent effects of asset price and unemployment changes on retirement incomes of older workers -- 9. Policy impacts -- 10. Impacts related to unemployment over the career and early retirement -- 11. Conclusion -- References -- Figures -- Tables -- Appendix: Sources for price series
Dimensions
unknown
Extent
1 electronic text (66 pages)
Form of item
online
Media category
electronic
Media MARC source
isbdmedia
Other physical details
illustrations (some colour).
Publisher number
243180
Specific material designation
remote
System control number
  • (CaBNVSL)gtp00560197
  • (OCoLC)887019206
  • (CaOOCEL)243180
System details
Mode of access: World Wide Web

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