This paper investigates the optimal investment strategy for a defined contribution (DC) pension plan during the decumulation phase which is risk-averse and pays close attention to inflation risk. The plan aims to maximize the expected constant relative risk aversion (CRRA) utility from the...

This paper contains nine different essays on Social Security reform and multi-pillar pension plans. The nine topics are: 1. Transition costs2. Progressive indexation3. Government guarantees on private accounts4. Life cycle investing5. Impact of add-on accounts on Social Security solvency6....

Recent reforms of public pension systems implemented in various countries, including Spain, have sought to ensure the sustainability of benefits. However, achieving a structural budget balance (i.e. long-run equality between income and expenditure) may result in a decrease in the replacement...