Private pensions and the financial crisis: How to ensure adequate retirement income from DC pension plans
Private pensions and the financial crisis: How to ensure adequate retirement income from DC pension plans
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DOI：
10.1787/fmt-v2009-art22-en
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发表时间：
2010-03
期刊：
影响因子：
--
通讯作者：
Pablo Antolin
中科院分区：
文献类型：
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作者：
Pablo Antolin
当前的经济和金融危机动摇了人们对基金制养老金制度的信心，特别是对固定缴款养老金计划的信心。这场危机凸显了市场条件对DC养老金计划中积累的退休储蓄的影响，以及这些退休储蓄是否足以为退休提供资金的不确定性-特别是对那些接近退休的人来说。本文的目的是提供建议，如何确保足够的退休收入从DC养老金计划。在此背景下，本文解决了三个主要问题：1）人们需要储蓄多少？2)如何减轻市场风险对DC养老金计划的影响？3)如何在支付阶段保护退休收入？分析的结论是，为了提供足够的退休收入，从DC养老金计划在一定程度上的确定性，有必要采取综合措施，其中包括：更高的贡献;延长缴费期推迟退休;设置为默认选项相对保守的投资政策，包括生命周期战略;和管理风险，在支付阶段与通货膨胀指数的终身年金。
The current economic and financial crisis has shaken confidence in funded pension systems in general and in defined contribution (DC) pension plans in particular. The crisis has highlighted the impact of market conditions on retirement savings accumulated in DC pension plans and the uncertainty as to whether those retirement savings may prove adequate to finance retirement – particularly for those close to retirement. The purpose of this paper is to provide recommendations on how to ensure adequate retirement income from DC pension plans. In this context, this paper addresses three main questions: 1) How much do people need to save? 2) How can the effects of market risk on DC pension plans be alleviated? 3) How can retirement income be protected during the payout phase? The analysis concludes that in order to deliver adequate retirement income from DC pension plans with a certain degree of certainty, there is a need for comprehensive measures which include: higher contributions; increasing the contribution period by postponing retirement; setting as default options relatively conservative investment policies including life-cycle strategies; and managing risk in the payout phase with inflationindexed life annuities.