Supervision of lost pension accounts and unclaimed benefits
Journal of Financial Regulation and Compliance
ISSN: 1358-1988
Article publication date: 21 March 2019
Issue publication date: 17 July 2019
Abstract
Purpose
The purpose of this paper is to investigate how private pension supervisors in selected jurisdictions monitor and address lost pension accounts and unclaimed pension assets or benefits and draw supervisory implications.
Design/methodology/approach
This paper is based on the survey on private pension schemes of selected International Organisation of Pension Supervisors member jurisdictions.
Findings
This paper finds that there are differences in severity of the issue of lost pension accounts and unclaimed pension benefits among jurisdictions, and that pension supervisors/regulators differ with regard to awareness of and approaches taken to handle this issue. Some jurisdictions show a well-established systematic approach to deal effectively with the problem of lost pension accounts or unclaimed benefits, while other jurisdictions are yet to recognise and tackle the issue.
Originality/value
To the best of the authors’ knowledge, this is the first larger cross-country study on lost pension accounts and unclaimed benefits in private pension schemes. The paper presents international comparison of this issue in 32 different jurisdictions and provides examples of good supervisory or regulatory practices.
Keywords
Citation
Park, K.G., Stańko, D. and McShane, D. (2019), "Supervision of lost pension accounts and unclaimed benefits", Journal of Financial Regulation and Compliance, Vol. 27 No. 3, pp. 266-279. https://doi.org/10.1108/JFRC-03-2018-0045
Publisher
:Emerald Publishing Limited
Copyright © 2019, Emerald Publishing Limited