Towards rationality in dividend policy

Article Abstract:

Little attention is given to dividend policy despite the amount of money involved in dividends, as most investment and pension fund managers are not aware of its importance. In pension funds, particularly, the tax treatment for dividends and retained profits is such that after-tax rate of return for UK companies increases by up to 30% when profits are distributed. Even without tax advantages, however, dividend policy is important. A logical dividend policy that follows the rate and timing of company projects' pay-back is proposed, based on actuary J.R. Hemsted's analysis of stocks' long-term yields. The advantages of this dividend policy are discussed.

Analysis, Management, Profits, Dividends, Corporate profits

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A new Russian Law "on non-state pension funds."

Article Abstract:

Private pension programs can aid in constructing a multi-level, funded and privately invested pension system, given a proper regulatory structure. By voluntary introduction, they can serve as pilot models for a mandatory individual account funded pension system. The new Russian law on private pension schemes includes a structure of regulatory principles to ensure security of pension benefits. The law will become effective only after a regulatory regime is adopted by decrees of the Government of the Russian Federation and rulings of regulatory organs are assigned.

Economic policy, Russia

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MFR to go, but more distortions to come?

Article Abstract:

Issues are presented concerning the proposed abolition of the Minimum Funding Requirement (MFR) by the United Kingdom Treasury. The regulations which are expected to replace the MFR and their impact on the pensions industry are discussed.

Column, Social policy, Social security, Social security law, United Kingdom. Treasury

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