One of the most significant recent developments in the risk measurement and management area has been the emergence of value at risk (VaR). The VaR of a portfolio is the maximum loss that the portfolio will suffer over a defined time horizon, at a specified level of probability known as the VaR...

The UK is one of the few countries in Europe that is not facing a serious pensions crisis. The reasons for this are straightforward: state pensions are among the lowest in Europe, the UK has a long‐standing funded private pension sector, its population is ageing less rapidly than elsewhere in...

We examine the contribution and investment decisions made by members of a large UK‐based DC pension plan. We find that many employees appear to be relatively financially sophisticated and follow approaches consistent with economic and financial theory in terms of savings rates and investment...