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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| Weitere Verfasser: | , |
| Format: | Elektronisch Artikel |
| Sprache: | English |
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Paris
OECD Publishing
2010
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| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | 1 Online-Ressource (29 p.) 19 x 27cm. |
| DOI: | 10.1787/fmt-2010-5km7k9tp4bhb |
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| 520 | |a 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. | ||
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| 700 | 1 | |a Yermo, Juan |e MitwirkendeR |4 ctb | |
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| spelling | Antolin, Pablo VerfasserIn 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 p.) 19 x 27cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource 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 MitwirkendeR ctb Yermo, Juan MitwirkendeR ctb Enthalten in OECD Journal: Financial Market Trends Vol. 2010, no. 1, p. 87-115 volume:2010 year:2010 number:1 pages:87-115 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/fmt-2010-5km7k9tp4bhb 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_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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