Many countries witness an ongoing debate on how current pension contracts could be improved, compare for example the Netherlands and the United Kingdom regarding 2nd pillar pensions. A recurring and important question is whether and to what extent it is desirable to share risks in a pension...

In this paper we propose a multi-objective decision framework for lifecycle investment choice. Instead of optimizing individual strategies with respect to a single-valued objective, we suggest evaluation of classes of strategies in terms of the quality of the tradeoffs that they provide. The...

From a life cycle theory perspective, both young and old individuals may gain from a reallocation of equity and wage risk exposure between each other. However, current financial markets do not offer wage growth-linked securities and borrowing against labor income without collateral is difficult....

We demonstrate how the methodology of value-based generational accounting reveals the position of various generations for any institutional arrangement sharing revenues and losses with current and future generations. The illustration in this section is based on a stand-alone pension fund with...