具有长寿风险和代际公平的目标收益养老金计划

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-01-01 DOI:10.1017/asb.2022.27

X. Rong, Chengcheng Tao, H Zhao

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引用次数: 2

摘要

摘要本文研究了一个目标收益养老金计划在寿命上升和生育率下降的情况下的随机模型。实施推迟退休政策，以对冲人口老龄化带来的养老困难。计划成员的供款是预先设定的，养老金支付通过目标支付水平反映代际公平，通过调整反映代际风险分担。养老基金既投资于无风险资产，也投资于风险资产。应用随机最优控制方法，导出了收益风险最小的最优投资和收益支付策略的解析解。在一定的参数下，给出了能对冲老龄化现象的最优延迟退休年龄。因此，可以为量化退休时间延迟提供依据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Target benefit pension plan with longevity risk and intergenerational equity

Abstract We study a stochastic model for a target benefit pension plan suffering from rising longevity and falling fertility. Policies for postponing retirement are carried out to hedge the payment difficulties caused by the aging population. The plan members’ contributions are set in advance while the pension payments reflect intergenerational equity by a target payment level and intergenerational risk sharing by an adjustment. The pension fund is invested in both a risk-free asset and a risky asset. Applying the stochastic optimal control methods, we derive analytic solutions for optimal investment and benefit payment strategies which minimize the benefit risk. Besides, an optimal delayed retirement age which can hedge against the aging phenomenon under certain parameters is given. Therefore, it can provide a basis for quantifying the delay of retirement time.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.