Target benefit pension plan with longevity risk and intergenerational equity
Target benefit pension plan with longevity risk and intergenerational equity
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具有长寿风险和代际公平的目标福利养老金计划
DOI：
10.1017/asb.2022.27
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发表时间：
2023-01
期刊：
影响因子：
--
通讯作者：
Zhao Hui
中科院分区：
文献类型：
--
作者：
Rong Ximin;Tao Cheng;Zhao Hui
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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DOI：
10.1016/j.jpubeco.2007.07.008
发表时间：
2007-04
期刊：
CESifo Working Paper Series
影响因子：
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作者：
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通讯作者：
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DOI：
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发表时间：
2015-04-19
期刊：
Philosophical transactions of the Royal Society of London. Series B, Biological sciences
影响因子：
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作者：
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通讯作者：
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DOI：
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发表时间：
2015-09
期刊：
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影响因子：
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作者：
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通讯作者：
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DOI：
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发表时间：
2014
期刊：
--
影响因子：
--
作者：
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通讯作者：
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影响因子：
1.4
作者：
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通讯作者：
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