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Improper Investing by Pension Funds and Investment Advisory Firms Using Unprotected Investment Strategies is Costing Trillions
Austin, TX (PRWEB) July 20, 2010
Skyline Capital Managements’ patent pending method of money management designed to preserve and protect principal, supported by 10 years of back-tested data, is now available to Registered Investment Advisors and Public & Private Pension funds and institutions.
According to BNY Mellon Asset Management, “The funded ratio of the typical corporate U.S. pension plan fell 6 percentage points in June 2010 to 74%, the result of U.S. stock market declines and low interest rates.” The average corporate pension fund is under-funded by 26%, which is dramatic.
“According to the Manhattan Institute for Policy Research, pension plans for public school teachers, which comprise about half of states’ total pension liabilities, were underfunded by $ 933 billion dollars in fiscal year 2008, almost three times the amount that the plans had reported,” as reported by Fortune Magazine on June 18,2010.
According to the American Enterprise Institute, “States report that their public-employee pensions are underfunded by a total of $ 438 billion, but a more accurate accounting demonstrates that they are actually underfunded by over $ 3 trillion. The accounting methods that states currently use to measure their liabilities assume plans can earn high investment without risk. Should plan assets fall short, as is likely, taxpayers are required to make up the difference.”
Pension funds are not taking appropriate steps to mitigate market risk using outdated methodologies such as asset allocation, sector rebalancing and non-hedging techniques. This lack of risk mitigation has cost institutions and both public and corporate pension funds Trillions in unfunded liabilities.
“Schwab found that, on average, financial advisory firms generated $ 6,900 per client in 2009. That’s a sizable drop from the $ 7,800 per client the firms generated in 2008. What’s more, the median operating income earned by an registered investment adviser fell from 15% of revenue in 2008 to barely 10% in 2009,” as reported by InvestmentNews.
This indicates market risk and losses have played a key role in Registered Investment Advisory firms realizing lower profits and revenues due to reductions of assets mainly from market losses.
In all the examples of revenue reduction and liability increases from market losses, could have been significantly reduced and avoided by using the VanderPal Method™ or Principal Protected Index™ program through Skyline Capital Management®.
The proprietary VanderPal Method™ and Principal Protected Index™ program allows for clients to receive capital gains in upward or downward moving markets or indices while 95% – 100% of the principal is invested into FDIC insured bank certificates of deposit or US government backed short-term notes. Earnings are reinvested back into principal to lock in previous returns on a continual basis, also referred to as the “Ratchet Effect.”
The significance of the VanderPal Method™ and Principal Protected Index™ program is the advantages over other principal protected programs such as structured notes/products, index certificates of deposit and index annuities. Many of these programs described earlier have substantial penalties, market risk if not held to maturity, lack of investing options, tax issues and no periodic and continual locking in of gains.
VanderPal Method™ and Principal Protected Index™ program provides:
No surrender penalties
Fully liquid
Long-term capital gains tax on majority earnings
Can participate in the gains-linked to various equity indices and thousands of stocks
Continually locking in returns creating a Ratchet Effect that periodically locks your gains into principal
95% – 100% of principal invested and backed though FDIC insured bank CDs and Government bills or notes.
“The VanderPal Method™ and Principal Protected Index™ program can remove the segment of market risk drowning pension funds into large liabilities and assist Registered Investment Advisors with maintaining more stable asset levels through less negative market volatility and angry clients,” says Dr. VanderPal.
For more information our website is www.SkylineCapitalManagement.net or contact Dr. Geoffrey VanderPal CFP® at 877-460-1570 ext. 102.
Skyline Capital Management® is a registered trade name for Principal Preservation Asset Management, LLC, a Texas registered investment advisory firm. Skyline Capital Management® specializes in principal preservation money management. Geoffrey VanderPal earned a Doctorate of Business Administration degree and maintains the Certified Financial Planner™ certification. Dr. VanderPal has over 18 years of professional finance and investment experience and teaches finance and economics at various universities.
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Categories: Pensions Tags: Advisory, Costing, Firms, Funds, Improper, Investing, Investment, Pension, Strategies, Trillions, Unprotected, Using
Agecroft Partners Predicts that Pension Funds will Significantly Increase their Exposure to Mid-Sized Hedge Funds Over the Next 10 Years
Agecroft Partners Predicts that Pension Funds will Significantly Increase their Exposure to Mid-Sized Hedge Funds Over the Next 10 Years
Richmond, VA (PRWEB) November 3, 2010
Agecroft Partners predicts that pension plans will significantly increase their exposure to mid-sized hedge funds over the next 10 years. The pension fund industry is in the process of a major evolution in its use of hedge funds that has implications on what percent of their portfolio they allocate to hedge funds and how they achieve their hedge fund exposure, which will have profound implications for mid-sized fund managers. The pension fund industry has a very glacial approach to changes in asset allocation which can take a couple decades to fully implement across the industry. Although pension funds asset allocation trends are slow to develop, they tend to be very strong and consistent.
To better understand this phenomenon, it is instructive to examine the example of pension allocations to international securities beginning in the mid-1980s. In the early 1980s, almost 100% of U.S. pension plan assets were invested in U.S.-traded securities. It was viewed as imprudent and highly risky to invest in non U.S. based securities, despite the strong academic evidence that diversifying outside the U.S. could enhance returns while reducing volatility. The process of U.S. pension plans diversifying their portfolios with investments based outside the U.S. began with a few very large and high profile pension plans adding international equity as a component of their asset allocation. Initially, they limited that exposure to 1% or 2% of their total assets, even though their asset allocation models suggested an allocation in the mid-20% range. This cap was slowly increased every few years until allocation levels in the 20% range were achieved over a 10 to 20 year period. The largest, most high profile pension plans tend to follow the lead of the largest endowment funds, but act as first movers in the pension industry. Mid-sized pension plans typically follow the lead of the larger funds a couple years later, which is repeated yet again by the smaller pension plans several years after that. This trickle down effect is one reason why investment decisions by CALPERS receive so much media coverage: many of the decisions they make will slowly be replicated across the industry.
A similar trend can be seen currently within the pension plan industry that will benefit hedge funds. Ten years ago, the average pension plan allocation to hedge funds was less then 1% and only a very few corporate pension plans had an allocation to hedge funds, with some of the first including General Motors, General Electric, and Weyerhaeuser. In 2001, CALPERS became the first public pension plan to allocate directly to hedge funds. Since then, we have consistently seen an increase in the percentage of pension plans allocating to hedge funds and an increase in the average percent of their assets allocated to this sector. This holds true even with the financial meltdown of 2008 and the subsequent media coverage of Madoff and similar scandals, because pension plans have observed that hedge fund indices have outperformed the long only benchmarks they use to evaluate how their assets are performing.
Agecroft believes that overall approximately 5% of pension plan assets are invested in hedge funds and pension plans which have approved an allocation to hedge funds having an average of 8% of their assets devoted to this sector. In a fully discretionary asset allocation model, with no constraints, hedge funds would assign an allocation multiple times this current level, which is where Agecroft believes the industry, will gravitate over time. The current pension allocation is only a fraction of the allocation of many of the leading endowment funds, many of whom have up to 50% of their portfolio invested in hedge funds.
The typical process most large pension plans follow to achieve their hedge fund allocations begins with a very small initial allocation utilizing hedge fund of funds. This is increased every few years as the pension plan increases its knowledge of the hedge fund market place. At that point, the pension moves to a second phase of investing directly in hedge funds with assistance from a consultant. An overwhelming majority of the hedge funds a pension plan will invest in at this stage of the process are the largest, “brand name” hedge funds with long track records. Performance is of secondary consideration to perceived safety and a reduction of headline risk. A vast majority of pension plans that have a hedge fund allocation are currently in these initial two phases. After a few more years of making direct investments in hedge funds, pension plans move to the third phase and begin to build out their internal hedge fund staff, which shifts the focus from name brand hedge funds to alpha generators. These tend to be more midsized hedge funds that are more nimble. In a study conducted from 1996 through 2009 by Per Trac, small hedge funds outperformed their larger peers 13 of the past 14 years. Simply put, it is much more difficult for a hedge fund to generate alpha with very large assets under management. Many hedge funds do limit the amount of assets they will accept for a particular strategy, but there remains a large financial incentive to grow the fund above its optimal size in light of the strategy. There are other hedge fund organizations that are morphing into large asset gathers and will grow their funds significantly above optimal levels, at times changing their investment process or type of securities traded in order to accept more investor assets. The fund at some point may bear little resemblance to what it looked like during earlier days when it was able to achieve strong investment returns. There is surprisingly little focus by investors on determining capacity constraints for individual hedge funds. Many investors limit their due diligence on this important question to an interview of the manager, who has a conflict of interest.
The pension industry is slow to move, but will gravitate over time to enhancing the risk adjusted returns of their portfolios. This is exactly the process they followed in the late 70s and early 80s after The Employee Retirement Income Security Act (ERISA) was passed by Congress in 1974, requiring all pension plans to prefund their liabilities. At that time, 90% of pension plan assets were invested with large banks, insurance companies and brokerage firms. The top 10 managers of pension plan money were large brand name firms like Prudential, The Travelers, Metropolitan Life, and Equitable. However, pension plans soon realized that these large organizations were not able to generate the same returns as their smaller independent competitors focusing on niche strategies. As a result, the 1980s saw a huge shift away from the brand names to smaller independent firms. This same shift will also take place with hedge funds. This is the process many of the largest endowment funds experienced. These endowment funds began making direct hedge fund investment in large brand name funds, but as their sophistication with hedge funds increased, they increased their allocation to smaller and mid-sized mangers. Agecroft also believes that some of the largest pension plans will adopt a hub and spoke approach to hedge fund investing, in which the hub of their hedge portfolio will be in the largest hedge funds to gain exposure to the “asset class,” while the spoke will be invested in smaller, high alpha managers.
The final step of this evolution will occur when pension plans stop viewing hedge funds as a separate asset class and instead allow hedge fund managers to compete head-to-head with long-only managers for each part of the portfolio on a best-of-breed basis. Many of the leading endowment and foundations have evolved to this point: their portfolios are primarily invested in alternative managers, with large allocations to midsized hedge funds. This allocation strategy is now being called the “endowment fund approach” to managing money. Historically, the large endowment funds have been many years ahead of pension plans in implementing new strategies and as a result have significantly outperformed their pension plan peers.
“Agecroft is not predicting that pension plans will only be allocating to mid-sized hedge funds. What we are predicting is that over the next 10 years we will see a significant increase in the percentage of pension plans investing a meaningful percentage of their hedge fund portfolio away from the largest managers to small and mid-sized managers” stated Doug Rothschild, Managing Director of Agecroft Partners. This evolution is not necessarily a negative for fund of funds or large brand name hedge funds, because the business they lose from their clients evolving to the next phase of the hedge fund allocation process will be offset by a significant increase in the number of pension plans making their initial allocation to hedge funds, as well as a significant increase in the average pension plan asset allocation to hedge funds.
About the author
Don Steinbrugge is Chairman of Agecroft Partners, a global consulting and third party marketing firm for hedge funds. Agecroft was selected 3 years in a by a major industry organization as the top 3rd party marketing firm. Highlighting Don’s 26 years of experience in the investment management industry is having been the head of sales for both one of the world’s largest hedge fund organizations and institutional investment management firms. Don was a founding principal of Andor Capital Management, which at its peak was ranked by Absolute Return Magazine as the 2nd largest hedge fund firm. Previous to Andor Capital, Don was a Head of Institutional Sales for Merrill Lynch Investment Managers and Head of Institutional Sales for NationsBank (now Bank of America Capital Management). Don is a member of the investment committee for multiple institutional investors and is a frequent speaker at industry conferences relative to trends in pension fund asset allocation and the hedge fund industry. During his career he has met with a majority of the largest pension funds and a significant percentage have been clients.
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Categories: Pensions Tags: Agecroft, Exposure, Funds, Hedge, Increase, MidSized, Next, Over, Partners, Pension, Predicts, Significantly, Their, Years
1966 Mutual Funds Ad Considering your retirement?
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A Case for ?Third Schedule? Retirement Pension Funds in Sierra Leone
A Case for ?Third Schedule? Retirement Pension Funds in Sierra Leone
OVERVIEW:
The NASSIT Act, 2001 established a virtual state-monopoly in the NASSIT for the management and investment of pension funds in Sierra Leone. However, as is generally the case with monopolies and especially quasi governmental monopolies in Sierra Leone, we must continue to be vigilant and guard against inefficiencies in management and oversight, politically-driven investments, political interference, nepotism and a blotted bureaucracy which have in the past become hallmarks and recipes precipitating their subsequent failures and demise.
It is thus against this backdrop that the continued viability of the current retirement system remains to be seen especially as we continue to await the second statutory actuarial evaluation report and the failure by the Trust since 2006 to post an annual report encompassing the Trust’s operational performance and audited financial accounts for the fiscal years 2007 and 2008 (NASSIT website: www.nassitsl.org). Management and the Trustees must be reminded that pursuant to Section 16(1) of the NASSIT Act No.5 of 2001, the Trust is by law required to submit and publicly file such annual reports.
LONGEVITY RISK:
Despite the still very low life expectancy rate currently estimated at 41.24 years (CIA World Fact book Report March, 2009) and high infant mortality rate of 154.43 deaths per 1000 live births (UNDP Human Development Report, 2008) in Sierra Leone, the past few years have witnessed positive, though minimal movements in data reflecting a decrease in the nation’s longevity risk. This is borne from a comparative analysis of life expectancy figures of 35.4 years from 1970 to 1975 to 41.0 years in the period from 2000 to 2005 to the current 41.24 years estimated for 2009. Generally, the longevity risk in retirement is the hazard of aging and uncertainty of knowing how long one will live and how long social security retirement benefits, such as provided by the National Social Security and Insurance Trust (NASSIT) can go before one runs out of retirement funds prior to death. The focus of this article is thus how can one minimize the risk of running out of money in retirement through the use of annuities and retirement funds?
The Society of Actuaries in a survey report entitled “Key Findings and Issues: How Americans Understand and Manage their Retirement Risks” identified the following retirement risks viz: outliving assets; loss of spouse; decline in bodily function; healthcare and medical expenses and inflation. These retirement risks are not unique only to Americans as the same basic risks confront retirees in Sierra Leone as they seek to understand and manage their retirement options. Generally the most common retirement risks are categorized as follows:
Longevity Risks Investment Risks Planning Risks
According to the latest published data by NASSIT (NASSIT at a Glance Facts & Figures as at June 2008), the monthly average retirement pension payable currently in Sierra Leone is a paltry SLL108, 504.72 (One hundred and eight thousand five hundred and four Leones and seventy two cents). This amount represents a fraction of retirement income required by employees for basic sustenance in the current economic environment in Sierra Leone, where even a bag of rice costs more than the average monthly retirement provided by NASSIT. A retiree with even a modest family, not to mention our extended family system, would be hard pressed to provide and maintain a household based solely on the pension currently provided by NASSIT.
With a majority of the participants either at average or below average income earnings and hence contributing at the average and below average rates, it stands to reason that most of the scheme participants will not be eligible to receive pensions at even the modest average amount as currently computed by the NASSIT actuaries. Thus, the goal of a comfortable retirement envisaged by the architects of the NASSIT risks becoming a fleeting illusion, unless other new retirement options and vehicles are incorporated into the nation’s retirement and social safety network.
As postulated by Kerry Pechter in her book “Annuities for Dummies”, “many people confidently walk the financial high wire of life without a safety net. Others, especially those who are approaching retirement, feel more secure when a net is there to catch them-just in case the tightrope snaps”. In the Sierra Leonean context however the social protection and safety net is needed by all and not just a few, thus my continued passion in ensuring that the Trust is professionally run and maintains accountability consistent with actuarial, retirement and insurance principles.
REPEAL THE NASSIT MONOPOLY:
For with the inability of the NASSIT to provide the requisite financial safety net, based on the current actuarial projections, it is but prudent that government seeks to break up the NASSIT’s near monopoly over pension fund management in Sierra Leone to allow not only life insurance and annuity companies but more so retirement funds to establish and manage employer-sponsored retirement plans.
The NASSIT model is akin to the Social Security system in the United States which as a hybrid defined contribution and defined benefit plan, establishes and sets a fixed percentage both employees and employers contribute and also defines the benefit formula participants receive at retirement. As a result of conservative projections and outright ill-advised investments with little or no redeemable value-added equity to be realized in some investments even in the long term, the NASSIT cannot be solely relied on by Sierra Leonean workers for their retirement needs.
With the repeal of the NASSIT monopoly, employer sponsored retirement plans and annuities, with an investment and insurance component will be established and marketed to allow employees to save and invest in their own retirement.
THIRD SCHEDULE RETIREMENT FUNDS: What are they?
What I have elected to dub “Third Schedule Retirement Funds” emanates from provisions in the third schedule of the Sierra Leone Income Tax Act, 2000, which provides for the establishment of complying retirement funds with the approval of the National Revenue Authority (NRA) Commissioner.
This little known provision in our tax code already provides the legal and regulatory framework for the establishment of individual retirement accounts managed by these so-called Third Schedule Retirement Funds in Sierra Leone. These are intended to augment and provide other guaranteed income during retirement separate and aside from the NASSIT pension. Moreover, these retirement plans allow employees to save and invest for their own retirement by the employee authorizing the employer to deduct a certain percentage of his/her wages to be invested in the employer-sponsored plan.
Tax incentives and deferrals are usually provided by governments to encourage retirement planning, savings and participation. Amounts contributed by employees into such plans are not taxable resulting in a larger carry home paycheck monthly. Moreover, as an employee benefit, employers also contribute a percentage into their employees’ retirement accounts, with a concomitant tax savings by the employer.
However, the provisions of The First Schedule Part IV of the Income Tax Act, 2000 which requires a 15% withholding from payments on pensions and annuities needs to be repealed as it is regressive and discourages retirement savings. It is also envisaged that employee contributions are on a pre-tax basis so that employees participating in these retirement funds can take advantage of favorable tax brackets and rates. As an example, the tax rate for individuals with incomes over 480,000.00 Leones is 25% per annum while the tax rate for individuals earning over 7,500,000.00 Leones is 40%.
The United States based African-focused reinsurance consultancy company, Saddleback Re, in California managed by the author has over the past few months designed annuities and retirement policies to be introduced in Sierra Leone and managed under the provisions of the Sierra Leone Tax Code. Additional information on these retirement vehicles can be addressed to admin@saddlebackre.com.
ANNUITIES:
Annuities, whether fixed or variable, immediate or deferred are generally retirement tools or vehicles designed to supplement an employee’s retirement income and guarantee pension-like income over the life of the annuitant or beneficiary. These are only issued by insurance companies and have both a hybrid insurance contract and investment features.
An income annuity generally provides for conversion of a large sum of cash into monthly, quarterly or an ann ual payout wherein an insurance company agrees to pay the annuitant or beneficiary an income over a certain period of time.
According to the Sierra Leone Insurance Commission (SLICOM) 2006 Annual Report, the Life Insurance business sector is serviced by only 3 insurance companies, with a net industry wide premium of 1,323,640,000.00 Leones; with Aureol Insurance Company dominating with a 104% share of the market. Thus annuities which are principally life insurance contracts still have a long way to penetrate the Sierra Leone insurance marketplace.
THE SOCIAL SAFETY NET PROGRAM AS AN ANNUITY:
The Social Safety Net Program currently managed by the Ministry of Employment and Social Security represents a program that should have better been managed as an annuity. During the program’s launching in 2006, President Kabbah stated that “NASSIT has been able to pay back over 5.3 billion towards the establishment of the Social Safety Net Scheme. Additional support to the scheme amounting to 5.0 billion Leones will be made by government”. The program launched by President Kabbah in 2006 with paid up capital of 5.7 billion Leones and additional 5.0 billion investment pledged by government was designed to be administered by NASSIT, without any administrative costs and projected to reach an estimated 16,000 extremely vulnerable households, as a component of the country’s 2005 to 2007 Poverty Reduction Strategy Paper (PRSP).
However, since the Social Safety Net pilot adopted a cash transfer scheme the following has been expended, according to Ministry of Employment and Social Security presentation at the Regional Experts Group Meeting on Social Protection in Dakar, June 2008:
Cash: 200,000.00 Leones (US .00) per person for six months. The overall cost of the pilot was 3.746 Billion Leones (US .270 million ) 16,890 persons were targeted costing 3.396 Billion Leones (US .151 million) Administrative costs was 350 million Leones (US 8,644.07) Only 65 out of 156 chiefdoms were covered.
From the above figures the program as managed and supervised by the Ministry of Employment and Social Security clearly lacks long term sustainability, is too short term and lacking an entrepreneurial oriented vision. For with the amount of the initial seed money having been used to purchase annuities for all the participants in the targeted groupings, the benefits of retirement income and savings that annuities provide would have been made available to some of the most vulnerable members of our society. Rather the decisions of transferring management of the program from NASSITT, where the funds would have been better managed and invested to a Ministry program was a recipe for failure.
The author, Mr. Kortor Kamara has over 25 years experience in the insurance industry both in Sierra Leone and the United States. He is a Chartered Property & Casualty Insurer and holds the Workers Compensation Claims Professional (WCCP) designation. He is a Member of the Chartered Insurance Institute (London); Certified Self-Insurance Claims Administrator-State of California; Registered World Bank Consultant and has served as a Consultant on various Insurance initiatives in Sierra Leone, including design of the country’s first Title Insurance Policy.
In addition, Mr. Kamara is a graduate of Fourah Bay College, University of Sierra Leone, 1978-1981; studied Law at both the Univerisity of West Los Angeles School of Law and the California Southern School of Law in Riverside. He is currently a Doctoral Candidate in Insurance and Risk Management.
Through association with Saddleback Re, were he serves as the Regional Manager, Africa Division, Mr. Kamara is intimately involved in the provision of reinsurance coverage, policy design, loss control, training and risk management services to the African Insurance marketplace. Mr. Kamara can be contacted at Kortorkamara@yahoo.com.
www.saddlebackre.com.
Pension Funds: Retirement-Income Security and the Development of Financial Systems: An International Perspective
Pension Funds: Retirement-Income Security and the Development of Financial Systems: An International Perspective
Coping with the aging of the population without economic disruption is undoubtedly one of the major challenges facing the global economy and world financial markets both now and for the coming decades. In this context, this book assesses the major economic issues raised by occupational pension funds, as they have arisen in 12 OECD countries; the US, the UK, Germany, Japan, France, Italy, Canada, Australia, Denmark, Sweden, Switzerland, and the Netherlands, as well as in Chile and Singapore. Par
List Price: $ 97.20
Price:
Categories: Pensions Tags: Development, Financial, Funds, International, Pension, Perspective, RetirementIncome, Security, Systems
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