intergenerational risk sharing (IRS) rule.Through a simulation-based study, we show that the CDC scheme consistently outperforms the … comparable individual DC scheme in terms of risk-adjusted performance. An extensive sensitivity analysis indicates that this …

We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the … increases with risk aversion and financial market uncertainty. We find that it is likely that mandatory participation is … necessary to sustain a funded pension pillar and to let participants benefit from intergenerational risk sharing. …

demographic risk affecting these types of pension funds. A model for the evolution of the fund is presented considering the … pensions, we propose a risk indicator based on the relationship between contributions and pensions.In particular we focus on …

This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in … thus lowers the benefits of risk-sharing. Higher illiquidity then may justify higher levels of risk sharing to compensate …

Intergenerational risk sharing by funded pension schemes may increase welfare in an ex ante sense. However, it also … without any intergenerational risk sharing …

This chapter reviews the literature on intergenerational risk sharing (IRS). We explore to what extent and how a market …

theory highly relevant. It is obviously one of the cases where social targets meat financial equilibrium and here they are in … the same side. Specifically, it is argued that implementing the guarantee with an intra-generational, risk …

future development under current rules. Building on lessons from recent pension theory, we also discuss options for further …