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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|---|---|
| Other Authors: | , |
| Format: | Electronic Book Chapter |
| Language: | English |
| Published: |
Paris
OECD Publishing
2010
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| Subjects: | |
| Online Access: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 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) 19 x 27cm |
| DOI: | 10.1787/fmt-2010-5km7k9tp4bhb |
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| spelling | Antolin, Pablo Verfasser aut Assessing Default Investment Strategies in Defined Contribution Pension Plans Pablo Antolin, Stéphanie Payet and Juan Yermo Paris OECD Publishing 2010 1 Online-Ressource (29 Seiten) 19 x 27cm txt rdacontent c rdamedia cr rdacarrier 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/fmt-2010-5km7k9tp4bhb Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Antolin, Pablo Assessing Default Investment Strategies in Defined Contribution Pension Plans Finance and Investment |
| title | Assessing Default Investment Strategies in Defined Contribution Pension Plans |
| 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 Antolin, Stéphanie Payet and Juan Yermo |
| title_fullStr | Assessing Default Investment Strategies in Defined Contribution Pension Plans Pablo Antolin, Stéphanie Payet and Juan Yermo |
| title_full_unstemmed | Assessing Default Investment Strategies in Defined Contribution Pension Plans Pablo Antolin, Stéphanie Payet and 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/fmt-2010-5km7k9tp4bhb |
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