RISK REALLOCATION IN DEFINED-CONTRIBUTION FUNDED PENSION SYSTEMS
RISK REALLOCATION IN DEFINED-CONTRIBUTION FUNDED PENSION SYSTEMS
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DOI：
10.1017/s1365100513000205
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发表时间：
2013-03
影响因子：
0.9
通讯作者：
R. Beetsma;A. Bucciol
中科院分区：
文献类型：
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作者：
R. Beetsma;A. Bucciol
本文探讨了在养老金固定缴款合同中引入集体风险再分配要素的问题。我们考虑了身份条件、年龄条件和资产条件安排，以便在参与者之间重新分配风险。消除退休人员的资产市场风险提高了他们的福利，而降低了工人的福利，尽管事实上他们后来从同样的安排中受益。整体福利下降。当个人和养老金投资组合得到最佳选择时，福利效应最大。考虑到代际异质性，技能最高的退休人员受益最多，而技能最高的工人损失最多。我们的主要结果对许多模型的变化和扩展在质量上是稳健的。
This paper explores the introduction of collective risk-reallocation elements into defined-contribution pension contracts. We consider status-contingent, age-contingent, and asset-contingent arrangements to reallocate risk among participants. Eliminating asset market risk for the retired raises their welfare, whereas it lowers the welfare of the workers, despite the fact that they benefit later from the same arrangement. Overall welfare falls. The welfare effects are largest when personal and pension portfolios are optimally chosen. Allowing for intragenerational heterogeneity, the highest-skilled retirees benefit most, whereas the highest-skilled workers lose most. Our main results are qualitatively robust to a number of model variations and extensions.