Could smart contracts be used to avoid gaming AE system

C

chatan

Registered User
Messages
23
'smart contracts' might be a way to robustly implement whatever strategies are needed to prevent people attempting to 'schmooze' the 'smoothing', as described in https://www.colmfagan.ie/documents/44_Document.pdf.
This might also mean that the door is open for transfers in from conventional DC schemes (at the point of drawdown). Assuming this makes investment sense of course.
 
Last edited:
Hi @chatan. I confess that I'm completely lost. Can you expand please?
I am sceptical, though. The whole idea is to keep things simple. Restricting workers' contributions to 3% of earnings (under 80k), the same for employers, and 1% from the state, with no transfers in or out, leaves plenty of room for private players, both intermediaries and institutions. By making this clear, I hope to deflect some of the opposition to my proposal.
 
Colm Fagan said:
Hi @chatan. I confess that I'm completely lost. Can you expand please?
I am sceptical, though. The whole idea is to keep things simple. Restricting workers' contributions to 3% of earnings (under 80k), the same for employers, and 1% from the state, with no transfers in or out, leaves plenty of room for private players, both intermediaries and institutions. By making this clear, I hope to deflect some of the opposition to my proposal.
Click to expand...
Hi Colm, I was referring to "
All member transactions with the fund will be at smoothed values rather than market values. The challenges posed by this rule, .."
I've understood that such challenges could be met by imposing certain rules - e.g minimum and maximum withdrawal percentages. Under the hood of whatever 'platform' that implements this perhaps 'smart contracts' might have a role in robustly enforcing these rules, particularly if they were more complex, that is all I am saying. It would be transparent to the end user of course.
 
chatan said:
Hi Colm, I was referring to "
All member transactions with the fund will be at smoothed values rather than market values. The challenges posed by this rule, .."
I've understood that such challenges could be met by imposing certain rules - e.g minimum and maximum withdrawal percentages. Under the hood of whatever 'platform' that implements this perhaps 'smart contracts' might have a role in robustly enforcing these rules, particularly if they were more complex, that is all I am saying. It would be transparent to the end user of course.
Click to expand...
My understanding is that "smart contracts" are typically using a blockchain to enforce contractual arrangements without recourse to some third party. There will be a Central Processing Authority overseeing Automatic Enrolment. In any event it is not the end of the world if a few get under the radar of the strict rules, in fact I envisage a certain amount of discretion, so I think smart contracts may be overkill.
 
Last edited:
Duke of Marmalade said:
My understanding is that "smart contracts" are typically using a blockchain to enforce contractual arrangements without recourse to some third party. There will be a Central Processing Authority overseeing Automatic Enrolment. In any event it is not the end of the world if a few get under the radar of the strict rules so I think smart contracts may be overkill.
Click to expand...
Yep. Indeed it might be a solution in search of a problem...
 
You must log in or register to reply here.
Back
Top