Assessing Default Investment Strategies in Defined Contribution Pension Plans:
This paper assesses the relative performance of different investment strategies for different structures of the payout phase. In particular, it looks at whether the specific glide-path of life-cycle investment strategies and the introduction of dynamic features in the design of default investment st...
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| Main Author: | |
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| Other Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2010
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| Series: | OECD Working Papers on Finance, Insurance and Private Pensions
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | This paper assesses the relative performance of different investment strategies for different structures of the payout phase. In particular, it looks at whether the specific glide-path of life-cycle investment strategies and the introduction of dynamic features in the design of default investment strategies affect significantly retirement income outcomes. The analysis concludes that there is no ?one-size-fits-all? default investment option. Life cycle and dynamic investment strategies deliver comparable replacement rates adjusted by risk. However, life cycle strategies that maintain a constant exposure to equities during most of the accumulation period, switching swiftly to bonds in the last decade before retirement seem to produce better results and are easier to explain. Dynamic management strategies can provide somewhat higher replacement rates for a given level of risk than the more deterministic strategies, at least in the case of pay-outs in the form of variable withdrawals. The length of the contribution period also affects the ranking of the different investment strategies with life cycle strategies having a stronger positive impact the shorter is the contribution period |
| Physical Description: | 1 Online-Ressource (29 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5kmdbx1nhfnp-en |
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Record in the Search Index
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| spelling | Antolín, Pablo Verfasser aut Assessing Default Investment Strategies in Defined Contribution Pension Plans Pablo Antolín, Stéphanie Payet and Juan Yermo = Évaluation des stratégies d'investissement par défaut pour les plans de retraite à cotisations définies / Pablo Antolín, Stéphanie Payet et Juan Yermo Évaluation des stratégies d'investissement par défaut pour les plans de retraite à cotisations définies Paris OECD Publishing 2010 1 Online-Ressource (29 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Working Papers on Finance, Insurance and Private Pensions This paper assesses the relative performance of different investment strategies for different structures of the payout phase. In particular, it looks at whether the specific glide-path of life-cycle investment strategies and the introduction of dynamic features in the design of default investment strategies affect significantly retirement income outcomes. The analysis concludes that there is no ?one-size-fits-all? default investment option. Life cycle and dynamic investment strategies deliver comparable replacement rates adjusted by risk. However, life cycle strategies that maintain a constant exposure to equities during most of the accumulation period, switching swiftly to bonds in the last decade before retirement seem to produce better results and are easier to explain. Dynamic management strategies can provide somewhat higher replacement rates for a given level of risk than the more deterministic strategies, at least in the case of pay-outs in the form of variable withdrawals. The length of the contribution period also affects the ranking of the different investment strategies with life cycle strategies having a stronger positive impact the shorter is the contribution period Finance and Investment Payet, Stéphanie ctb Yermo, Juan ctb https://doi.org/10.1787/5kmdbx1nhfnp-en Verlag kostenfrei Volltext |
| spellingShingle | Antolín, Pablo Assessing Default Investment Strategies in Defined Contribution Pension Plans Finance and Investment |
| title | Assessing Default Investment Strategies in Defined Contribution Pension Plans |
| title_alt | Évaluation des stratégies d'investissement par défaut pour les plans de retraite à cotisations définies |
| title_auth | Assessing Default Investment Strategies in Defined Contribution Pension Plans |
| title_exact_search | Assessing Default Investment Strategies in Defined Contribution Pension Plans |
| title_exact_search_txtP | Assessing Default Investment Strategies in Defined Contribution Pension Plans |
| title_full | Assessing Default Investment Strategies in Defined Contribution Pension Plans Pablo Antolín, Stéphanie Payet and Juan Yermo = Évaluation des stratégies d'investissement par défaut pour les plans de retraite à cotisations définies / Pablo Antolín, Stéphanie Payet et Juan Yermo |
| title_fullStr | Assessing Default Investment Strategies in Defined Contribution Pension Plans Pablo Antolín, Stéphanie Payet and Juan Yermo = Évaluation des stratégies d'investissement par défaut pour les plans de retraite à cotisations définies / Pablo Antolín, Stéphanie Payet et Juan Yermo |
| title_full_unstemmed | Assessing Default Investment Strategies in Defined Contribution Pension Plans Pablo Antolín, Stéphanie Payet and Juan Yermo = Évaluation des stratégies d'investissement par défaut pour les plans de retraite à cotisations définies / Pablo Antolín, Stéphanie Payet et Juan Yermo |
| title_short | Assessing Default Investment Strategies in Defined Contribution Pension Plans |
| title_sort | assessing default investment strategies in defined contribution pension plans |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/5kmdbx1nhfnp-en |
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