{"title":"What drives the growth of an open pension fund?","authors":"Gian Marco Chiesi, Mario Valletta, Paola Zocchi","doi":"10.1017/s1474747224000088","DOIUrl":"https://doi.org/10.1017/s1474747224000088","url":null,"abstract":"<p>This paper investigates the relationship between growth and quality of pension funds. It measures growth in terms of changes in the number of participants and cash flow transfers and appreciates the quality of the funds through the set of information on past results and costs published in the official prospectuses. The results show that growth rewards the best performing funds in the long term, while annual performance and costs have no relevance. Nevertheless, other factors, such as market power and commercial pressure, appear to be more powerful. The existence of conditions of market power capable of attracting investors beyond the actual quality of pension products is undesirable as it harms future pensioners. These results have implications for the Authority, as mandatory information should be suitable to induce investors to identify the best products and direct individual choices toward the public objective of a more efficient market.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"40 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142252400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Courtney Coile, David Wise, Axel Börsch-Supan, Jonathan Gruber, Kevin Milligan, Richard Woodbury, Michael Baker, James Banks, Luc Behaghel, Melika Ben Salem, Paul Bingley, Didier Blanchet, Richard Blundell, Michele Boldrín, Antoine Bozio, Agar Brugiavini, Tabea Bucher-Koenen, Raluca Elena Buia, Eve Caroli, Thierry Debrand, Arnaud Dellis, Raphaël Desmet, Klaas de Vos, Peter Diamond, Carl Emmerson, Irene Ferrari, Anne-Lore Fraikin, Mayu Fujii, Pilar García-Gómez, Sílvia Garcia-Mandicó, Nicolas Goll, Nabanita Datta Gupta, Sergi Jiménez-Martín, Per Johansson, Paul Johnson, Michael Jørgensen, Alain Jousten, Hendrik Jürges, Malene Kallestrup-Lamb, Adriaan Kalwij, Arie Kapteyn, Simone Kohnz, Lisa Laun, Mathieu Lefebvre, Ronan Mahieu, Giovanni Mastrobuoni, Costas Meghir, Akiko Oishi, Takashi Oshio, Mårten Palme, Giacomo Pasini, Peder Pedersen, Louis-Paul Pelé, Franco Peracchi, Sergio Perelman, Pierre Pestieau, Corinne Prost, Simon Rabaté, Johannes Rausch, Muriel Roger, Tammy Schirle, Reinhold Schnabel, Morten Schuth, Satoshi Shimizutani, Sarah Smith, Jean-Philippe Stijns, David Sturrock, Ingemar Svensson, Gemma Tetlow, Lars Thiel, Maxime Tô, Julie Tréguier, Emiko Usui, Judit Vall-Castelló, Emmanuelle Walraet, Guglielmo Weber, Naohiro Yashiro
{"title":"Social security and retirement around the world: lessons from a long-term collaboration","authors":"Courtney Coile, David Wise, Axel Börsch-Supan, Jonathan Gruber, Kevin Milligan, Richard Woodbury, Michael Baker, James Banks, Luc Behaghel, Melika Ben Salem, Paul Bingley, Didier Blanchet, Richard Blundell, Michele Boldrín, Antoine Bozio, Agar Brugiavini, Tabea Bucher-Koenen, Raluca Elena Buia, Eve Caroli, Thierry Debrand, Arnaud Dellis, Raphaël Desmet, Klaas de Vos, Peter Diamond, Carl Emmerson, Irene Ferrari, Anne-Lore Fraikin, Mayu Fujii, Pilar García-Gómez, Sílvia Garcia-Mandicó, Nicolas Goll, Nabanita Datta Gupta, Sergi Jiménez-Martín, Per Johansson, Paul Johnson, Michael Jørgensen, Alain Jousten, Hendrik Jürges, Malene Kallestrup-Lamb, Adriaan Kalwij, Arie Kapteyn, Simone Kohnz, Lisa Laun, Mathieu Lefebvre, Ronan Mahieu, Giovanni Mastrobuoni, Costas Meghir, Akiko Oishi, Takashi Oshio, Mårten Palme, Giacomo Pasini, Peder Pedersen, Louis-Paul Pelé, Franco Peracchi, Sergio Perelman, Pierre Pestieau, Corinne Prost, Simon Rabaté, Johannes Rausch, Muriel Roger, Tammy Schirle, Reinhold Schnabel, Morten Schuth, Satoshi Shimizutani, Sarah Smith, Jean-Philippe Stijns, David Sturrock, Ingemar Svensson, Gemma Tetlow, Lars Thiel, Maxime Tô, Julie Tréguier, Emiko Usui, Judit Vall-Castelló, Emmanuelle Walraet, Guglielmo Weber, Naohiro Yashiro","doi":"10.1017/s1474747223000215","DOIUrl":"https://doi.org/10.1017/s1474747223000215","url":null,"abstract":"<p>Declining labor force participation of older men throughout the 20th century and recent increases in participation have generated substantial interest in understanding the effect of public pensions on retirement. The National Bureau of Economic Research's International Social Security (ISS) Project, a long-term collaboration among researchers in a dozen developed countries, has explored this and related questions. The project employs a harmonized approach to conduct within-country analyses that are combined for meaningful cross-country comparisons. The key lesson is that the choices of policy makers affect the incentive to work at older ages and these incentives have important effects on retirement behavior.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"42 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142252399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A building block approach to retirement income design","authors":"Gaurav Khemka, Adam Butt, Shams Mehry","doi":"10.1017/s1474747224000076","DOIUrl":"https://doi.org/10.1017/s1474747224000076","url":null,"abstract":"<p>This paper addresses the retirement income planning problem from the perspective of the four main building blocks of retirement income: state pension, mortality credits, investment strategies, and drawdown schedules. We detail how these building blocks interact to form a retiree's overall retirement income portfolio, and what trade-offs and interactions must be considered. We find that while access to each building block increases the retiree's certainty equivalent consumption, the most substantial contributor to this increase is from utilization of the mortality credit building block (i.e., annuities).</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"15 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142252458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Dillon Fuchsman, David Hengerer, Jonathan Moody, Anthony Randazzo
{"title":"The actuarial sources of the rise in unfunded liabilities in America's defined benefit plans in the 21st century","authors":"Dillon Fuchsman, David Hengerer, Jonathan Moody, Anthony Randazzo","doi":"10.1017/s1474747224000064","DOIUrl":"https://doi.org/10.1017/s1474747224000064","url":null,"abstract":"Despite a decade-long bull market between the financial crisis and the COVID-19 recession, state defined benefit pension plans had accrued more than $1.37 trillion in unfunded liabilities. However, little work has investigated the actuarial sources of these unfunded liabilities. This paper uses original data hand collected from publicly available financial reports between 2000 and 2020 for 145 state-administered pension plans to determine the sources of unfunded liabilities. The largest unfunded liability contributor is investment experiences (when actual investment returns do not match assumed returns). The second and third largest contributors are changes to actuarial assumptions and expected changes (or interest accruing on existing unfunded liabilities). Benefit experience and legislative changes, demographic experience, and explicit funding shortfalls account for relatively little of the growth in unfunded liabilities. Moreover, the specific sources of unfunded liabilities are heterogeneous over time and across plans.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"38 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140938382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Introduction to the 20th Anniversary Special Issue of the Journal of Pension Economics and Finance","authors":"Joshua Rauh","doi":"10.1017/s1474747224000015","DOIUrl":"https://doi.org/10.1017/s1474747224000015","url":null,"abstract":"<p>The papers in this 20<span>th</span> Anniversary Special Issue reflect to a large extent how the fields of pension economics and pension finance have developed in the past two decades, although there remain very clear connections to the research published in the Journal's first issue. While there has been great progress in research on pensions and retirement economics over the last 20 years, there remain important outstanding questions for future study.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"9 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140812957","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Hyo-jung Kang, Suk-hwan Kim, Keun-woo Park, Hyoung-goo Kang
{"title":"Pension fund shareholding and voting right value","authors":"Hyo-jung Kang, Suk-hwan Kim, Keun-woo Park, Hyoung-goo Kang","doi":"10.1017/s1474747224000027","DOIUrl":"https://doi.org/10.1017/s1474747224000027","url":null,"abstract":"Our study investigates the influence of the Korean National Pension Fund's equity ownership on voting premiums, revealing a statistically significant reduction. In particular, we establish the liquidity pathway as the primary factor among the three channels previously suggested in the literature. Analysis of the COVID-19 era and the VKospi index underscores this predominance. These findings enrich the literature on public pension funds and capital markets, providing policymakers in emerging economies with a deeper understanding of the dynamics involved in establishing pension investment institutions.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"7 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140625499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Do online pension dashboards affect pension knowledge and expectations? Evidence from a randomized survey experiment","authors":"Marc Kramer, Robert Lensink, Auke Plantinga","doi":"10.1017/s1474747224000040","DOIUrl":"https://doi.org/10.1017/s1474747224000040","url":null,"abstract":"We test the effectiveness of an online interactive pension dashboard in improving pension funds participants' ability to make adequate pension decisions in terms of pension preparation, knowledge, self-efficacy, expectations, and intention-to-act. In a randomized survey experiment, treated participants of two pension funds receive an encouragement to visit an online pension dashboard. Treated individuals have more pension knowledge and an increased self-efficacy in the pension domain, especially so for females. The dashboard does not have a significant impact on the pension preparation or the errors in forecasts of pension income nor does it impact the willingness to act if there is a need to do so.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"2 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140625473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Benchmark-driven investment for DC pension plans","authors":"Antoon Pelsser, Li Yang","doi":"10.1017/s1474747223000252","DOIUrl":"https://doi.org/10.1017/s1474747223000252","url":null,"abstract":"We investigate whether a benchmark and non-constant risk aversion affect the probability density distribution of optimal wealth at retirement. We maximize the expected utility of the ratio of pension wealth at retirement to an inflation-indexed benchmark. Together with a threshold and a lower bound, we are able to generate closed-form solutions. We find that this non-constant risk aversion type of utility could shift the probability density distribution of optimal wealth more towards the benchmark, and that the probability of achieving a certain percentage of the desired benchmark could be increased. The probability density distribution generated under constant relative risk aversion (CRRA) risk preference is more widely spread along the benchmark.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"265 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140025287","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Managing the shortfall risk of target date funds by overfunding","authors":"Giovanni Barone Adesi, Eckhard Platen, Carlo Sala","doi":"10.1017/s1474747223000240","DOIUrl":"https://doi.org/10.1017/s1474747223000240","url":null,"abstract":"<p>Is it possible to achieve almost riskless, nonfluctuating investment payoffs in the long run, at a fraction of the traditional funding requirement, using equity investments? What is their shortfall risk? These questions are motivated by the need to increase yields, while limiting the variability of investment results. We show how to use contingent claims, denominated in units of a stock index, to achieve an almost riskless investment outcome. To control the risk of the proposed hedge portfolios, we introduce an overfunded scheme and show its reliability using bootstrapping. Results show that a modest amount of overfunding is an effective risk-management approach that brings the probability of not achieving the target to less than 1 percent. Our results are based on the use of the minimal market model and a change of numeraire. Robustness tests support their validity under different market specifications.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"1 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139413871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Two decades of Social Security claiming","authors":"Sita Nataraj Slavov","doi":"10.1017/s1474747223000239","DOIUrl":"https://doi.org/10.1017/s1474747223000239","url":null,"abstract":"<p>Twenty years ago, the adjustment to monthly Social Security benefits for early or delayed claiming was, on average, roughly actuarially fair, although some subsets of individuals could gain from delay. Since then, delaying claiming has become much more attractive thanks to three factors: a more generous delayed retirement credit, improvements in mortality, and historically low real interest rates. In this article, I examine how these three factors influence optimal claiming behavior. I also discuss empirical patterns of claiming across individuals and over time, as well as explanations for these patterns. I argue that although many people appear to claim suboptimally early, this behavior may be changing as information spreads about the importance of the claiming decision. Finally, I discuss policy toward claiming and the impact that an increase in strategic claiming could have on Social Security's finances.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"1 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138573152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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