Pensions are a major public policy issue - in most countries, they represent a large portion of government fiscal obligations, a burden forecast to increase yet further as the 'baby boom' generation approaches retirement. At the same time, private pensions are a major component of financial markets and an important contributor to savings, investment and economic growth. As the global pensions crisis looms, it is essential that practitioners and researchers working in and around the pensions industry understand this subject from a multi-disciplinary perspective. Written for everyone currently working or researching in this industry, Pension Finance discusses the financial implications of economic decision making in pension provision, and provides a comprehensive and secure grounding in the theory and practice of finance, including:

• the various types of investment assets
• the allocation of personal wealth to different asset classes
• corporate pension finance
• the financial aspects of defined contribution pension plans during both the accumulation and distribution phases
• the financial aspects of defined benefit pension plans

The book also covers important aspects of the role of pension funds and pension fund management such as performance measurement and attribution, risk management and insurance.