-employment income to the retiree. At the same time, most retirees want to leave an estate to their heirs. Guaranteed income can be … with risk measured by CVaR and additional sophisticated constraints. The cash outflow shortages are penalized in the … using two variations of the model. The parameters used in this case study correspond to a typical retirement situation. The …

that increasing numbers of pension plan participants will bear the risk that final realized portfolio values may be … insufficient to fund desired retirement cash flows. We compare the outcomes of various asset allocation strategies for a typical DC … probability that portfolio values at retirement will be insufficient to provide adequate retirement incomes is relatively high …

, while reducing pooled annuity income volatility and downside risk, as well as an investment strategy that reduces exposure … investment returns and risk, provide an attractive and effective alternative to traditional guaranteed life annuity products …. While longevity risk sharing in pooled annuities has received recent attention, incorporating investment risk beyond fixed …

gap with the additional income of the pension scheme, especially in the presence of late retirement and in the presence of …