Abstract
The reforms of Japanese corporate pension funds in the early 21st century provides an interesting case study, in which even pensioners shared in the pain of reform. Facing serious aging problems, it is meaningful to reconsider current risk-averse investment policy of Government Pension Investment Fund. However, change will take time as there are political, cultural, and other issues involved. Developing a consensus around realistic expectations on future pension benefits and investment returns will play a key role in creating new policies for sustainable pension systems.
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