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Supervision of lost pension accounts and unclaimed benefits

Kyoung Gook Park (Financial Supervisory Service, Seoul, Republic of Korea)
Dariusz Stańko (Secretariat of International Organisation of Pension Supervisors, Directorate for Financial and Enterprise Affairs, Organisation for Economic Co-operation and Development, Paris, France)
Darren McShane (Financial Regulation Consultancy Services, Bundall, Queensland, Australia)

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

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Emerald Publishing Limited

Copyright © 2019, Emerald Publishing Limited