Defined-benefit pension plans—How much cash is enough[文献翻译]2011-01-10.docVIP

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Defined-benefit pension plans—How much cash is enough[文献翻译]2011-01-10.doc

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Defined-benefit pension plans—How much cash is enough[文献翻译]2011-01-10

原文： Defined-benefit pension plans—How much cash is enough? By John Deinum and Winston Woo Recent attention to pension issues provides a window of opportunity for policy makers to take decisive actions to implement stable, orderly and sustainable funding measures for defined-benefit pension plans. According to CFO Insights (published by Deloitte), availability of cash is one of the top concerns for every CFO. While the financial crisis may be abating, reducing costs and increasing cash flow remain top priorities in 2010. The challenge to balance strategic or operational investments against short-term management of cash is critical. For companies that offer defined-benefit (DB) plans, the challenge is magnified since potentially significant pension contributions may limit a company’s ability to make business investments that foster growth. As a result, pension benefits could be at risk because a viable DB plan requires a viable sponsor. Canada’s retirement income system ranks fourth in the world, according to the Melbourne Mercer Global Pension Index. The study points out that Canada’s system could be improved by increasing the level of coverage of employees in occupational pension schemes. It states: “The prevalence of private pension plans in Canada continues to decrease for employees working in the private sector.” To increase pension coverage, plans must be affordable and funding methodologies must be improved first in order to ensure stable, orderly funding. By adopting flexible and innovative funding rules, the likelihood of DB plan’s survival and expansion of coverage in the future would be improved. Otherwise, pressures to freeze DB plans or convert to a defined contribution (DC) plan will remain. The Federal government has long recognized that the regulatory framework for DB plans needs to be strengthened. Finance’s consultation paper acknowledged that: 1. The combination of a significant decline in long-term interest rates, which correspond to higher pensio