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...

This paper analyzes how individuals value the two main payout options of retirement wealth accrued in a pension plan: a lifelong income stream offered via an annuity or as a lumpsum. A better knowledge of the drivers behind the financial valuation of pension options contributes to the...