The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity among members. Yet the long-term sustainability of the Dutch pension funds has been...

Purpose - The purpose of this paper is to provide an in-depth performance evaluation of funds offered by the Turkish pension system. Design/methodology/approach - This paper compares aggregate fund index returns with the corresponding asset class returns, estimates a factor model to decompose...

In this paper we focus on an adverse effect of extensive choice widely known as "choice overload". We draw on the case of Swedish funded pensions for illustration and analyze consequences of the design that allowed for maximizing the choice set. The analysis shows limitations of employing the...

In this article, we determine a charge on balance that is equivalent to a certain fixed charge on flow for a particular utility-maximizer affiliate participating in a defined-contribution pension fund under the system of individual accounts. We also prove, under market completeness, that the...