Business English Lite
2012/05/09

How low real interest rates hurt pension funds 低実質金利はいかに年金基金に打撃を与えているか

"Don’t save," say the governments of rich countries as they worry about demand in economies that are somewhere between sluggish recovery and recession. "Save," say those same governments as they consider the ageing of their populations and the potential pressure on government money.

Pension funds are caught in the middle of these contradictory messages, and they are suffering. Offering a pension is like a debt, since it involves the promise of a series of future payments. When pension funds calculate the value of their liabilities, they therefore use a bond yield to reduce future payments. As bond yields fall, the liabilities rise.

Households may have been discouraged from saving, just 3.8% of income in America, but businesses are still keeping their cash rather than investing in new factories and creating jobs.

Meanwhile, many companies have switched to defined-contribution (DC) schemes for all new staff which place the investment risk on the employee. According to the Pensions Corporation, a 35-year-old who funds a DC scheme at the current level will retire on just 8% of his final salary. To earn the equivalent of a pension worth half their final pay-cheque, they or their employer would have to contribute 55% of their salary.

Key Vocabularies :
sluggish [adj] 遅い、ゆっくり移動する,   potential [adj] 見込みがある,   contradictory [adj] 反対を主張する、反対のメッセージを持つ,   liability [noun] 借金が例です。反対は資産です。,   retire [verb] 年齢により働くことをやめること,  

Quiz

本文の内容や単語について問う問題です。問題は全部で5問あります。是非チャレンジしてみて下さい。

1.

How are pensions described in this article?

 

2.

According to the article how much should an average person save every month in order to retire on a pension worth 50% of their last salary?

 
Look at the underlined word or phrase and choose the answer that is closest in meaning.

3.

Meanwhile, many companies have switched to defined-contribution (DC) schemes for all new staff which place the investment risk on the employee.

Which of the following does switched mean?

 

4.

When pension funds calculate the value of their liabilities, they therefore use a bond yield to reduce future payments. As bond yields fall, the liabilities rise.

What is a bond yield?

 

5.

Based on the information in the article, how can individuals prepare for the future?

 
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