Contrary to public perception, this article finds Universities Superannuation Scheme (USS), the largest defined benefit pension in UK, is more likely to be in surplus rather than deficit. Evidence is provided to show that neither low gilt yields nor high valuations imply low future returns on...

This study is a theoretical exercise for Colombia that aims to simulate a variety of scenarios under a hypothetical scheme similar to the multi-funds currently in operation in Chile, Mexico and Peru. This has been done by modeling the future movement of asset prices that are considered to be...

This article estimates the financial return provided by the Spanish pension system for a sample of new retirees in 2017, calculated on the basis of the Muestra Continua de Vidas Laborales. The findings show an average real annual return (understood as the discount factor that equates the present...