We investigate optimal investment and drawdown decisions in retirement, and show that the asset mix and drawdown strategy vary significantly with financial circumstances and preferences. Loss aversion preferences lead to hedging strategies to secure the target consumption through use of...

This article sets out principles and decision rules for setting appropriate drawdown and investment strategies during retirement given an individual’s objectives and risk tolerance. In particular, we highlight how the suitable drawdown strategy can relate to the objective, and how annuities...

This 'handbook' covers a wide range of aspects around retirement income strategies including: member attributes that matter; types of income objectives; nature of income risk; approaches to investing and drawing down on available assets; stochastic modelling; and the use of utility and metrics...

We use a stochastic life-cycle model to examine the implications for Australian retirees of full access to dividend imputation credits. We find that the availability of imputation credits can justify a significant bias towards Australian equities in retirement portfolios, largely at the expense...

This paper considers an alternative way of structuring stochastic variables in a dynamic programming framework where the model structure dictates that numerical methods of solution are necessary. Rather than estimating integrals within a Bellman equation using quadrature nodes, we use nodes...

This paper summarizes views on the superannuation system and its regulation collected through interviews of fund executives. While the majority of interviewees saw the superannuation system as working relatively well, some areas of concern were detected. Issues raised relate to: certain aspects...

This paper considers an alternative way of structuring stochastic variables in a dynamic programming framework where the model structure dictates that numerical methods of solution are necessary. Rather than estimating integrals within a Bellman equation using quadrature nodes, we use nodes...

This paper reports on an investigation into actuarial education in Australia. The approach taken is to review the education frameworks of three other professions, namely the accounting, engineering and medical professions and compare with the actuarial profession. Competency frameworks and...

This study quantifies the impact of various factors influencing the cohesiveness, learning experience and enjoyment of group work. Analysis is undertaken of 206 responses to a survey of students in a compulsory course for students taking a degree in actuarial science at the Australian National...