Retirement Savings Investment Strategy: Member Choices and Performance

Three crucial ingredients influence how much individuals will have to fund retirement income needs: how much they contribute to savings, how long they save for, and the performance of these savings. This paper focuses on the issue of performance, and how individuals perform when they are given the choice of making their own investment strategy for their retirement savings contributions. An empirical examination using a large sample gathered from four Australian superannuation funds is utilised and finds that on average members underperform their own funds default option both in raw returns and on a risk-adjusted basis. For trustees and regulators charged with the responsibility of looking after the interests of members an important result identifies significant differences in performance based on how members are allowed to construct their investment strategy.Retirement savings, Superannuation, Asset allocation, Investment performance Acknowledgements: The authors gratefully acknowledge the support of the four funds who supported this research. We would also like to thank Jacqui Whale for her efforts in making sense of four databases. Paul Gerrans would also like to thank Susquehanna University for the time in writing the paper.

Brief 9: UNDP: Reviving a Practical Human Development Organization

Constant reform has characterized the UN Development Programme (UNDP) throughout its existence, say the authors of two recent books on UNDP. Change bespeaks an organization ready to adapt but also fundamentally uncertain about its proper role. It teeters between two sets of tensions—as coordinator of and competitor within the UN development system, and as exerting priorities from the center while seeking to be flexible in its program countries. These tensions should be resolved, and enable UNDP to be the UN’s sustainable human development organization

Generation and delivery device for ozone gas and ozone dissolved in water

The present invention provides an ozone generation and delivery system that lends itself to small scale applications and requires very low maintenance. The system preferably includes an anode reservoir and a cathode phase separator each having a hydrophobic membrane to allow phase separation of produced gases from water. The hydrogen gas, ozone gas and water containing ozone may be delivered under pressure

Generation and delivery device for ozone gas and ozone dissolved in water

The present invention provides an ozone generation and delivery system that lends itself to small scale applications and requires very low maintenance. The system includes an anode reservoir and a cathode phase separator each having a hydrophobic membrane to allow phase separation of produced gases from water. The system may be configured to operate passively with no moving parts or in a self-pressurizing manner with the inclusion of a pressure controlling device or valve in the gas outlet of the anode reservoir. The hydrogen gas, ozone gas and water containing ozone may be delivered under pressure

Alternative Electrochemical Systems for Ozonation of Water

Electrochemical systems that are especially well suited for the small-scale generation of ozone and ozonated water for local use have been invented. These systems can operate with very little maintenance, and the only inputs needed during operation are electric power and water. Ozonated water produced by these systems can be used in diverse industrial applications: A few examples include sterilization in the brewing industry, general disinfection, and treatment of sewage and recycled water. The basic principle of operation admits of several alternative system configurations. The heart of the system is a stack of electrolytic cells, each containing a proton-exchange membrane (which serves as a solid electrolyte) sandwiched between a catalytic anode and a catalytic cathode. Preferably, the proton-exchange membrane is made of a perfluorinated sulfonic acid polymer. During electrolysis, a mixture of O2 and O3 gases is generated at the anode and H2 is generated at the cathode. Some of the O3 generated at the anode becomes dissolved in the water. The proportion of O3 in the O2/O3 mixture can be maximized by the selection of suitable electrode materials and the use of a high overpotential. Although the proton-exchange membrane conducts protons, it does not conduct electrons. It is also impermeable by gases; consequently, it maintains separation between the O2/O3 mixture evolved at the anode and the H2 evolved at the cathode

Retirement savings investment strategy : member choices and performance

Three crucial ingredients influence how much individuals will have to fund retirement income needs: how much they contribute to savings, how long they save for, and the performance of these savings. This paper focuses on the issue of performance, and how individuals perform when they are given the choice of making their own investment strategy for their retirement savings contributions. An empirical examination using a large sample gathered from four Australian superannuation funds is utilised and finds that on average members underperform their own fund’s default option both in raw returns and on a riskadjusted basis. For trustees and regulators charged with the responsibility of looking after the interests of members an important result identifies significant differences in performance based on how members are allowed to construct their investment strategy

Some new decomposable Specht modules

We present (with proof) a new family of decomposable Specht modules for the symmetric group in characteristic 2. These Specht modules are labelled by partitions of the form $(a,3,1^b)$, and are the first new examples found for thirty years. Our method of proof is to exhibit summands isomorphic to irreducible Specht modules, by constructing explicit homomorphisms between Specht modules.Comment: Incorrect proof of Proposition 5.2 replace