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OESD 2006. Funding Rules and Actuarial Methods. Colin Pugh

This paper outlines the regulatory framework within which occupational defined benefit pension plans
are financed and addresses the challenges facing the funding of such plans. The Appendices include a
summary and discussion of the funding regulations in twelve OECD countries plus Brazil – all of which
have a long history of DB plans. The paper draws on these experiences in these countries and develops
recommendations for the future regulation of pension plan funding in OECD countries and elsewhere.
The paper addresses such central issues as the types of funding and actuarial costing methods that
could be considered as best practice. It identifies the challenges facing regulatory authority in establishing
appropriate minimum funding requirements and maximum funding limitations. In particular, the paper
analyses the different approaches taken by various regulators in light of the problems experienced by plan
sponsors since the early years of the 21st century. Finally, the paper addresses the sometimes uneven risk
sharing of funding shortfalls and funding excesses (surpluses) between plan sponsors and plan members.
All of these issues still are being actively debated, and regulations already are being changed.
JEL codes: G18, G23, J32
Keywords: regulation; pension fund; defined benefit plan; occupational pension plan; funding
requirements; actuarial costing methods.

38328172.pdf, 367.35K

11.04.2007

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