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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, while allowing them to enjoy the expected advantages of...
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The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...
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extent the SD kept by most NDCs can be used to cover an unexpected longevity increase. We develop formulae under different … assumptions (constant or according to Lee-Carter mortality improvements) to calculate the maximum mortality decrease a scheme can … the non-distribution of the SD is a potential solution to cover the longevity risk of NDCs …
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This research is aimed at developing a methodology for assessing the efficacy of a macroeconomic model of the Kazakhstani pension provision system. A hierarchy of indicators of the pension system efficacy is built using the graph method. The representativeness of these indicators is confirmed by...
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