65 Results Found

We consider accumulative defined contribution pension schemes with a lump sum payment on retirement. These schemes differ in relation to inheritance and provide various decrement factors. For each scheme, we construct the balance equation and obtain...

With the aim of probing into the life satisfaction of retired urban elderly in China with respect to old age support systems, this study examines the effect of pension reform with its existing inequalities across demographic and social groups on the...

Guarantees are often seen as the key characteristics of pension saving products, but securing them can become costly and is of central relevance especially in the course of the current low interest rate environment. In this article, we deal with the...

The rapid growth of the elderly population is a major global demographic and social issue. Unfortunately, there is a shortage of pension plans and social security programmes for this population in developing countries, which has severe consequences f...

How does a social pension scheme affect farm production? This study addresses this question by investigating the effect of social pension on farm production by taking Urban and Rural Residents Pension Scheme (URRPS) in China as an illustration. Based...

By applying a fuzzy regression discontinuity design, this study investigates whether sons, daughters, or parents are the beneficiaries of China’s New Rural Pension Scheme. Using data drawn from the China Health and Retirement Longitudinal Survey, our...

This study examines the spillover effects of China’s New Rural Pension Scheme (NRPS) implemented in 2009 as a cash transfer program for agricultural production. Based on the data collected by the China Health and Retirement Longitudinal Survey...

Aging has been a social phenomenon unprecedented in history, which poses greater challenges on ensuring the health of the growing old population. We aim to estimate the effects of pension income on the physical and mental health of the elderly and fu...

Long-term care coverage is not integrated into an individual’s retirement strategy. It is an additional public health service that is not considered into private pension funds. Nevertheless, this coverage is not sufficient due to the problems of fina...

This paper evaluates the effect of China’s New Rural Pension Scheme (NRPS) on the retirement sustainability in forms of formal labor supply and informal labor supply in terms of care of grandchildren, using data from China Health and Retirement...

Vulnerability to food poverty is the probability of an individual falling below the food poverty line in the near future, which provides a forward-looking welfare analysis. Applying a nationally representative survey dataset, this study investigates...

This study introduces multiplayer game in the modern pension market. Particularly, this study claims that low earners and high earners have different interests when playing in funded pension market scheme. This differentiating is enabled by avoiding...

With the rapid decline in China’s fertility rate, the acceleration of aging, the continuous miniaturization and nucleation of China’s family structure, and the deterioration of the elderly’s living conditions and mental states, the...

Ghana’s Basic National Social Security Scheme (Tier 1), administered by the Social Security and National Insurance Trust (SSNIT), faces sustainability pressures from shifting pension demographics and macro-financial volatility. Using optimal co...

We study the gap between the state pension provided by the Italian pension system pre-Dini reform and post-Dini reform. The goal is to fill the gap between the old and the new pension by joining a defined contribution pension scheme and adopting an o...

Due to insufficient financial support and unceasing work, the rural elderly in China experience a range of mental disorders, and the most common one is depression. This study aims to investigate the association between public pension, labor force par...

A gender gap in pensions has recently been discussed in the context of non-discrimination and the sustainability of pension systems. Such systems in Europe are evolving towards strengthening the role of individual contributions from periods of paid w...

Defined benefit (DB) pension plans are a primary type of pension schemes with the sponsor assuming most of the risks. Longevity-indexed bonds have been used to hedge or transfer risks in pension plans. Our objective is to study an aggregated DB pensi...

In this study, we elucidate the income redistribution effects of the proposal to incorporate the Bend Points mechanism of the U.S. OASDI into the Korean National Pension Scheme (BP-KNPS Proposal) through a micro-simulation analysis using individual d...

We consider a defined-contribution (DC)-pension-fund-management problem under partial information. The fund manager is allowed to invest the wealth from the fund account into a financial market consisting of a risk-free account, a stock and a rolling...

The crisis of pension systems based on pay-as-you-go (PAYG) financing has led to the introduction in some countries, including Italy, of so-called notional defined contribution (NDC) pension accounts. These systems mimic the functioning of defined co...

This study forecasts the liquidity gap in China’s pension scheme for urban workers in the context of an ageing population and the possible effects of recent governmental policies by constructing a basic pension model, including “old people”, “middle...

Building a social security system to ensure Singapore residents have peace of mind in funding for retirement has been at the top of Singapore government’s policy agenda over the last decade. Implementation of the Lifelong Income For the Elderly (LIFE...

In the context of pension plans, the employer and the worker have distinct interests and face different risks. The worker seeks higher retirement benefits, while the employer aims to minimize the cost of fulfilling his obligations. To address these d...

We establish 16 good practice principles for modelling defined contribution pension plans. These principles cover the following issues: model specification and calibration; modelling quantifiable uncertainty; modelling member choices; modelling membe...

We study the valuation of a pension fund’s obligations in a discrete time and space incomplete market model. The market’s incompleteness stems from the non-replicability of the wage process that finances the pension plan through time. The...

This paper studies the impact of fiscal subsidies on the sustainability of China’s rural pension system. We first provide an overview of China’s rural pension system, and explain the formulas used to calculate the pension payments. We the...

We examine the future benefits of the Israeli privatized pension system, which is considered as a model of transition to funded pension systems worldwide. This research is based on an extensive database obtained from one of the largest traditional pr...

Research Purpose: This study aimed to explore the effect of China’s New Rural Pension (NRP) on the physical and mental health of rural children from the perspective of intergenerational care, and to examine whether family childcare types and th...

The aim of this paper is to assess the impact of reforms introduced in the operation of Polish open pension funds on management style, risk exposure and related investment performance. The article analyzes the impact of the reformed regulations on th...

Public pay-as-you-go pension systems are affected by sustainability problems due to the increasing longevity of the population. These problems come to light when there is unsustainable growth in pension expenditure in relation to GDP. The usual arran...

An increasing number of empirical studies have shown a positive relationship between lifetime income and life expectancy at retirement. One’s income during the active part of one’s career translates into the amount of retirement benefits one might re...

The question of how to effectively alleviate the financial pressure on pension insurance due to the increase in life expectancy has become an important issue in the reform of China’s social security system. This paper introduced two life expect...

With gradual progress in the medical field and the rising living standard of people, the life expectancy of people is gradually increasing. Unfortunately, this positive development contributes significantly to the aging of societies and creates huge...

In this paper, we propose a semi-Markov chain to model the salary levels of participants in

a pension scheme. The aim of the models is to understand the evolution in time of the salary of active

workers in order to implement it in the construction of t...

As pension benefits from statutory public schemes become less generous, and many countries face pension-savings crises, the willingness to participate in supplementary retirement saving instruments becomes crucial for sustainable financial well-being...

Linking pensions to longevity developments at retirement age has been one of the most common policy responses of pension schemes to aging populations. The introduction of automatic stabilizers is primarily motivated by cost containment objectives, bu...

Air pollution risk significantly impacts social and economic systems. Given the critical role of the pension system in socioeconomic stability, it is crucial to explore the impact of air pollution on pension contributions. Utilizing panel data from e...

The COVID-19 pandemic is presently influencing the financial sustainability and the social adequacy of public pension schemes. In this paper, we measure the effects of COVID-19 on the Italian public pension system by introducing a deterministic shock...

This study proposes a structured product (SP) for hedging defined contribution pension fund members against capital market risk. Using Monte Carlo simulations on three different guaranteed returns to test the investment strategy of the SP against a b...

This research is aimed at developing a methodology for assessing the efficacy of a macroeconomic model of the Kazakhstani pension provision system. A hierarchy of indicators of the pension system efficacy is built using the graph method. The represen...

Pension funds became a fundamental part of financial security in pensioners’ lives, guaranteeing stable income throughout the years and reducing the chance of living below the poverty level. However, participating in a pension accumulation scheme doe...

Longevity is without a doubt on the rise throughout the world due to advances in technology and health. Since 1960, Ghana’s average annual mortality improvement has been about 1.236%. This poses serious longevity risks to numerous longevity-bea...

The regulation on the Belgian occupational pension schemes has been recently changed. The new law allows for employers to choose between two different types of guarantees to offer to their affiliates. In this paper, we address the question arising na...

Modern pension schemes are based on the delegation of responsibility for pension provision from state institutions to individuals, which implies voluntary retirement saving. Workers for profit (independent workers in household market enterprises) hol...

This study contributes to the discussion about a fair and balanced pension system with a collectively funded pension scheme or social security and a defined contribution pillar. With an invigorated risk approach using financial option positions, it c...

In this paper, we consider compositions of conditional risk measures in order to obtain time-consistent dynamic risk measures and determine the solvency capital of a life insurer selling pension liabilities or a pension fund with a single cash-flow a...

This paper establishes a theoretical link between actuarial neutrality and the Oaxaca–Blinder decomposition to empirically assess vertical equity in public defined-benefit schemes. We demonstrate how this approach can be generalized to non-line...

Pension funds, which manage the financing of a large share of global retirement schemes, need to invest their assets in a diversified manner and over long durations while managing interest rate and longevity risks. In recent years, a new type of inve...

We are interested in defining the optimal retirement age by socio-economic class, given a Defined Benefit and a Notional Defined Contribution scheme. We firstly implement a utilitarian framework. Depending on the risk aversion coefficients and indivi...