Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions:
This article examines the impact of labour, financial and demographic risks on retirement income from DC pension plans, with a special emphasis on labour-market risk. It uses a stochastic model that incorporates uncertainty about returns on investment, inflation, discount rates, life expectancy, emp...
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| Format: | Elektronisch Artikel |
| Sprache: | English |
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Paris
OECD Publishing
2011
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| Online-Zugang: | Volltext |
| Zusammenfassung: | This article examines the impact of labour, financial and demographic risks on retirement income from DC pension plans, with a special emphasis on labour-market risk. It uses a stochastic model that incorporates uncertainty about returns on investment, inflation, discount rates, life expectancy, employment prospects and real wages. The analysis herein highlights that labour-market risk, as well as uncertainty about returns on investment and inflation, have the largest impact on retirement income. The results suggest that default life-cycle investment strategies that reduce exposure to risky assets in the last decade before retirement are quite helpful in reducing the risk of sharp reductions in retirement income, in particular when a negative shock to equity markets occurs in the years before retiring. However, life-cycle strategies fail to address issues of retirement income adequacy or smooth out the volatility in retirement income from DC pension plans. |
| Beschreibung: | 1 Online-Ressource (29 p.) 19 x 27cm. |
| DOI: | 10.1787/fmt-2010-5kggc0z23fr5 |
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| 245 | 1 | 0 | |a Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions |c Pablo, Antolin and Stéphanie, Payet |
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| 700 | 1 | |a Payet, Stéphanie |e MitwirkendeR |4 ctb | |
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| spelling | Antolin, Pablo VerfasserIn aut Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions Pablo, Antolin and Stéphanie, Payet Paris OECD Publishing 2011 1 Online-Ressource (29 p.) 19 x 27cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This article examines the impact of labour, financial and demographic risks on retirement income from DC pension plans, with a special emphasis on labour-market risk. It uses a stochastic model that incorporates uncertainty about returns on investment, inflation, discount rates, life expectancy, employment prospects and real wages. The analysis herein highlights that labour-market risk, as well as uncertainty about returns on investment and inflation, have the largest impact on retirement income. The results suggest that default life-cycle investment strategies that reduce exposure to risky assets in the last decade before retirement are quite helpful in reducing the risk of sharp reductions in retirement income, in particular when a negative shock to equity markets occurs in the years before retiring. However, life-cycle strategies fail to address issues of retirement income adequacy or smooth out the volatility in retirement income from DC pension plans. Finance and Investment Payet, Stéphanie MitwirkendeR ctb Enthalten in OECD Journal: Financial Market Trends Vol. 2010, no. 2, p. 189-217 volume:2010 year:2010 number:2 pages:189-217 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/fmt-2010-5kggc0z23fr5 Volltext |
| spellingShingle | Antolin, Pablo Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions Finance and Investment |
| title | Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions |
| title_auth | Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions |
| title_exact_search | Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions |
| title_full | Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions Pablo, Antolin and Stéphanie, Payet |
| title_fullStr | Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions Pablo, Antolin and Stéphanie, Payet |
| title_full_unstemmed | Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions Pablo, Antolin and Stéphanie, Payet |
| title_short | Assessing the Labour, Financial and Demographic Risks to Retirement Income from Defined-Contribution Pensions |
| title_sort | assessing the labour financial and demographic risks to retirement income from defined contribution pensions |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/fmt-2010-5kggc0z23fr5 |
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