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The Italian pension gap : a stochastic optimal control approach
Milazzo, Alessandro; Vigna, Elena - In: Risks : open access journal 6 (2018) 2, pp. 1-20
We study the gap between the state pension provided by the Italian pension system pre-Dini reform and post-Dini reform. The goal is to fill the gap between the old and the new pension by joining a defined contribution pension scheme and adopting an optimal investment strategy that is...
Persistent link: https://www.econbiz.de/10011866511
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A discussion of a risk-sharing pension plan
Donnelly, Catherine - In: Risks : open access journal 5 (2017) 1, pp. 1-20
I show that risk-sharing pension plans can reduce some of the shortcomings of defined benefit and defined contributions … plans. The risk-sharing pension plan presented aims to improve the stability of benefits paid to generations of members … find that the risk-sharing plan offers more disappointment than a defined contribution plan, but it eliminates the …
Persistent link: https://www.econbiz.de/10011636555
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The outlines of a possible pension system funded with human capital
Banyár, József - In: Risks : open access journal 9 (2021) 4, pp. 1-32
The broadly used pay-as-you-go (PAYG) pension system is intrinsically wrong. The essence of the problem is that the PAYG system distributes the yield of raising children, i.e., of human capital investment (which is essentially the pension contribution), in such a way that it disregards the...
Persistent link: https://www.econbiz.de/10012508684
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Minimum protection in DC funding pension plans and Margrabe options
Devolder, Pierre; Valeriola, Sébastien de - In: Risks : open access journal 5 (2017) 1, pp. 1-14
The regulation on the Belgian occupational pension schemes has been recently changed. The new law allows for employers to choose between two different types of guarantees to offer to their affiliates. In this paper, we address the question arising naturally: which of the two guarantees is the...
Persistent link: https://www.econbiz.de/10011636195
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Pension fund management, investment performance, and herding in the context of regulatory changes : new evidence from the Polish pension system
Dopierała, Łukasz; Mosionek-Schweda, Magdalena - In: Risks : open access journal 9 (2021) 1/6, pp. 1-19
management style, risk exposure and related investment performance. The article analyzes the impact of the reformed regulations … investments in Treasury debt instruments clearly resulted in increased risk and volatility of returns. However, it also raised …
Persistent link: https://www.econbiz.de/10012422900
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Fair and sustainable pension system : market equilibrium using implied options
Wolf, Ishay; Caridad y López del Río, Lorena - In: Risks : open access journal 12 (2024) 8, pp. 1-12
scheme or social security and a defined contribution pillar. With an invigorated risk approach using financial option …
Persistent link: https://www.econbiz.de/10015065851
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An indexation mechanism for retirement age : analysis of the gender gap
Coppola, Mariarosaria; Russolillo, Maria; Simone, Rosaria - In: Risks : open access journal 7 (2019) 1/21, pp. 1-13
sharing the longevity risk between Social Security Systems and retirees. In order to combine fitting and projections … to discuss about the gender gap in longevity risk and its alleged narrowing over time. …
Persistent link: https://www.econbiz.de/10012015957
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A managed volatility investment strategy for pooled annuity products
Li, Shuanglan; Labit Hardy, Héloïse; Sherris, Michael; … - In: Risks : open access journal 10 (2022) 6, pp. 1-30
investment returns and risk, provide an attractive and effective alternative to traditional guaranteed life annuity products …. While longevity risk sharing in pooled annuities has received recent attention, incorporating investment risk beyond fixed …, while reducing pooled annuity income volatility and downside risk, as well as an investment strategy that reduces exposure …
Persistent link: https://www.econbiz.de/10013363078
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Retirement ages by socio-economic class
Arnold-Gaille, Séverine; Jijiie, Anca - In: Risks : open access journal 8 (2020) 4/102, pp. 1-40
Notional Defined Contribution scheme. We firstly implement a utilitarian framework. Depending on the risk aversion coefficients …
Persistent link: https://www.econbiz.de/10012373083
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The sustainability factor: how much do pension expenditures improve in Spain?
Devesa, Enrique; Devesa, Mar; Dominguez-Fabián, Inmaculada - In: Risks : open access journal 8 (2020) 4/134, pp. 1-21
The reform of 2013 represented a qualitative leap in the reform of the Spanish pension system. Unlike its predecessors, it introduced two automatic resetting mechanisms similar to those of other European countries. The first is the sustainability factor, scheduled to come into effect in 2019 but...
Persistent link: https://www.econbiz.de/10012391702