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The modern tontine: An innovative instrument for longevity risk management in an aging society
Weinert, Jan-Hendrik; Gründl, Helmut - 2016
The changing social, financial and regulatory frameworks, such as an increasingly aging society, the current low interest rate environment, as well as the implementation of Solvency II, lead to the search for new product forms for private pension provision. In order to address the various...
Persistent link: https://www.econbiz.de/10011516470
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The modern tontine : an innovative instrument for longevity risk management in an aging society
Weinert, Jan-Hendrik; Gründl, Helmut - 2016 - This version: July 22, 2016
The changing social, financial and regulatory frameworks, such as an increasingly aging society, the current low interest rate environment, as well as the implementation of Solvency II, lead to the search for new product forms for private pension provision. In order to address the various...
Persistent link: https://www.econbiz.de/10011512972
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Optimal Gradual Annuitization: Quantifying the Costs of Switching to Annuities
Horneff, Wolfram J.; Maurer, Raimond H.; Stamos, Michael Z. - 2007
how much he consumes and how much he invests in stocks, bonds, and annuities. Pricing the annuities we account for … asymmetric mortality beliefs and administration expenses. We show that the retiree does not purchase annuities only once but … annuities only once and has to perform a (complete or partial) switching strategy. This restriction reduces both the utility and …
Persistent link: https://www.econbiz.de/10010316095
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Do individuals accept fluctuations in pension income?
Bucher-Koenen, Tabea; Knebel, Caroline; Weber, Martin - 2023
How to invest and decumulate wealth during retirement has far-reaching consequences for consumption during retirement. We conduct an online experiment among 2,500 individuals representative of the adult German population. First, we investigate the choice between phased withdrawal plans with...
Persistent link: https://www.econbiz.de/10014313929
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Do individuals accept fluctuations in pension income?
Bucher-Koenen, Tabea; Knebel, Caroline; Weber, Martin - 2023 - This draft: March 21, 2023
How to invest and decumulate wealth during retirement has far-reaching consequences for consumption during retirement. We conduct an online experiment among 2,500 individuals representative of the adult German population. First, we investigate the choice between phased withdrawal plans with...
Persistent link: https://www.econbiz.de/10014311911
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The distributional implications of pension benefit indexation
Andersen, Torben M.; Jørgensen, Cecilie Marie Løchte - 2024
Socio-economic differences in longevity have fuelled a debate whether pension systems have a regressive bias favouring groups with a high life expectancy. We show that the distributional implications of such pooling depend critically on the benefit profile across age/time, which in turn is...
Persistent link: https://www.econbiz.de/10014470411
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The Distributional Implications of Pension Benefit Indexation
Andersen, Torben M.; Jørgensen, Cecilie Marie Løchte - 2024
Socio-economic differences in longevity have fuelled a debate whether pension systems have a regressive bias favouring groups with a high life expectancy. We show that the distributional implications of such pooling depend critically on the benefit profile across age/time, which in turn is...
Persistent link: https://www.econbiz.de/10014534308
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Stable value funds : performance to date
Babbel, David F.; Herce, Miguel A. - 2011
Little in the scholarly economics literature is directed specifically to stable value funds, although they occupy a leading place among retirement investment vehicles. They are offered in almost half of all defined contribution plans in the USA, with more than $800 billion dollars worth of...
Persistent link: https://www.econbiz.de/10011893025
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Individual investor activity and performance
Dahlquist, Magnus; Martinez, José Vincente; … - 2014 - This version: March 2014
We examine the daily activity and performance of a large panel of individual investors in Sweden's Premium Pension System. We find that active investors earn higher returns and risk-adjusted returns than inactive investors. A performance decomposition analysis reveals that most of the...
Persistent link: https://www.econbiz.de/10010410816
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Shifting Perspectives in Pensions
Góra, Marek; Palmer, Edward - 2004
This paper addresses the questions of what is an economically efficient pension system, what are the externalities and what are the risks of the four alternative pension systems: financial defined contribution (FDC), notional or non-financial defined contribution (NDC), financial defined benefit...
Persistent link: https://www.econbiz.de/10010262119