This paper deals with demographic risk in private pay-as-you-go pension systems. In particular, it analyzes the financial sustainability of the fund in a stochastic framework. We present a model to investigate the dynamics of these types of pension funds which operate according to the...

The aim of this paper is to analyze private pension systems financed by pay-as-you-go, with a focus on the pension funds of the Italian Professional Orders. The research centres on the financial and demographic risks and on their impact on the future evolution of the fund. It presents a model to...

The aim of this contribution is to study the sustainability of a pay-as-you-go pension fund, through the analysis of demographic risk affecting these types of pension funds. A model for the evolution of the fund is presented considering the stochastic variables global asset return and new...

This chapter addresses the issue of the financial sustainability of public PAYG pension schemes. Criticalities and, in particular, demographic risks affecting those schemes have been analysed. A possible solution to reduce demographic risk impact is presented, that is the introduction of a...

The paper analyzes the financial sustainability of private pay-as-you-go pension funds, focusing on the particular demographic risks affecting these institutions. We propose a model to describe the evolution of these pension funds, including two stochastic variables: â€global asset...

The aim of this paper is to analyze a particular demographic risk in pay-as-you-go (PAYG) pension funds. We focus on the influence of the demographic variable 'new entrants' and on its impact on the future evolution of the fund. The model adapts well to a closed pension fund which operates...