During the past few decades, there has been a steady shift from traditional defined benefit (DB) pension plans to defined contribution (DC) pension plans. In a DC pension plan, retirees have to make decisions on how to spend their accumulated retirement funds. Although it has been proved...

Although researchers have shown that purchasing longevity insurance at retirement guarantees pensioners of a high annual income for the rest of their lives, most retirees (who have a choice) choose to take the lump sum and self-manage the portfolio. This is a long-standing puzzle called the...

In recent years, the deferred annuity has aroused intensive discussion as a retirement solution product. In the course of understanding reasons behind the low demand of immediate annuities, two behavioural models, cumulative prospect theory and the hyperbolic discount model, have suggested that...