Workers' participation in a retirement plan, either through an employment-based arrangement or individually, is a crucial factor in accumulating sufficient resources to pay for expenses in retirement. This paper examines the distribution of total assets held in individual account retirement...

Pension benefit guarantee policies have been introduced in several countries to protect private pension plan members from the loss of income that would occur if a plan was underfunded when the sponsoring firm terminates a plan. Most of these public insurance schemes face financial difficulty and...

Pension benefit guarantee policies have been introduced in several countries to protect private pension plan members from the loss of income that would occur if a plan was underfunded when the sponsoring firm terminates a plan. Most of these public insurance schemes face financial difficulty and...

In enhanced annuities, the annuity payment depends on one's state of health at some contracted date while in "standard annuities", it does not. The focus of this paper is on an annuity market where "standard" and enhanced annuities areoffered simultaneously. When all insured know equally well on...

In this article we formulate and solve the optimal design problem of a defined contribution public pension fund, in a highly stylized but still rather general non stationary framework. We adopt the viewpoint of a benevolent social planner who aims at treating in a fair manner the successive...

This research report examines investor behaviour in the context of New Zealand's KiwiSaver retirement savings scheme, and applies a quantitative approach, using a unique purpose-built KiwiSaver provider annual report database. The KiwiSaver market is still in its infancy, having only started in...

We analyse the investment performance of a large sample of individuals investing in discretionary retirement savings products offered by a large Australian financial institution. This is of interest from the perspective of market efficiency and the ability of individuals to over or under-perform...

This paper studies the relationship between fund and provider characteristics, and fund performance using a sample of 4,197 U.K personal pension funds operated by 35 providers over a 30 years' period (1980-2009). The fund performance is measured on an annual basis (short-term) and over the whole...

We consider the problem of finding the optimal annuitization time in the decumulation phase of a defined contribution pension scheme, exploiting the model of Gerrard, Højgaard and Vigna (2010). We make extensive numerical investigations on the optimal annuitization time, size of final annuity...