We analyze a collective defined contribution pension fund which aims at intergenerational risk sharing among different … mechanism. We demonstrate that risk sharing implemented in this way is welfare improving compared to a plan with no risk sharing …

intragenerational risks in the face of imperfect insurance markets. The third function concerns intergenerational risk sharing of …

This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We … consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate …

financial risk factors, stochastic human capital and more elaborate individual preferences. We then turn to the literature on … intergenerational risk sharing, which suggests that a long-lived entity such as a pension fund or the government can yield ex …-ante welfare gains by allowing non-overlapping generations to trade risk. The scope for this type of intergenerational risk sharing …

-funding and managing risk through diversification among the pillars. The pension system of the Netherlands is considered in …

Intergenerational risk sharing by funded pension schemes may increase welfare in an ex ante sense. However, it also … without any intergenerational risk sharing …