This paper provides an in-depth comparison of funded pension savings plans around the world. The large variety in plan designs is a reflection of historical, cultural and institutional diversity. We postulate a new classification of four role models of funded pension plans, primarily based on...

Defined contribution (DC) pension plans have been gaining ground in the last 10-20 years as the preferred system for many countries and other agencies, both private and public. The central question for a DC plan is how to invest in order to reach the participant's retirement goals. Given the...

We consider the martingale optimal transport duality for càdlàg processes with given initial and terminal laws. Strong duality and existence of dual optimizers (robust semi-static superhedging strategies) are proved for a class of payoffs that includes American, Asian, Bermudan, and European...

Occupational pensions are major participants in global financial markets with assets of well over $30 trillion, representing more than 40% of the assets of institutional investors. Some occupational pension funds control assets of over $400 billion, and the largest 300 occupational pension funds...