Simon Black:年金ファンドの絶望的苦境 → 年金生活者が危うい

はじめに


・Simon Black が年金ファンドの絶望的な苦境の実態とその原因について述べているので紹介する。

さわり(デタラメ)


・CalPERS(世界的に著名な超大型 年金ファンド)を事例に取り上げている部分が興味深い。

・いわく…

  ・CalPERS は最近 10年間の投資利益が 5.1%(平均)だが、これでは赤字。7% の利益が必要。

  ・だが、現在の低金利環境下では 7% は絶望的。ハイ・リスクのジャンク・ボンドでさえ 5%しかない。

・年金ファンドの運営が危うい → 年金生活者の生活が危うい。

一部引用



Here's How Government Pension Funds Are Trying To Close Their $7 Trillion Funding Gap


But according to Credit-rating agency Moody’s, state and local government pension plans are also $7 trillion short in funding.

And corporate pension funds are underfunded by $375 billion.



The reason is quite simple: investment returns are simply too low.

Pension fund managers invest all of their funds’ cash in various assets? stocks, bonds, real estate, etc. with the hope of generating safe investment returns.

And that’s precisely the problem.

With interest rates still hovering near the lowest levels they’ve ever been in 5,000+ years of recorded human history, it’s very difficult to achieve a significant investment return without taking on substantial risk.

Most pension funds require a minimum annual investment return of between 7% to 8% in order to stay solvent and be able to pay out their beneficiaries over the long-term.

California Public Employee’s Retirement System (CalPERS), for example, is one of the largest pension funds in the world.

And over the last 10 years CalPERS’ investment return has averaged just 5.1%. They need 7% to stay afloat.

SAFELY earning 7% is a difficult task today: government bonds in the US yield around 2%. Even junk bonds, which are ultra-risky, yield just 5%.

...

Bottom line, it’s EXTREMELY difficult for very large funds to safely earn 7-8%.


Ref: http://www.zerohedge.com/news/2017-08-16/heres-how-government-pension-funds-are-trying-close-their-7-trillion-funding-gap


(2017-08-17)
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