This article, sets out a series of principles for pension design rooted in economic theory: pension systems have multiple objectives, analysis should consider the pension system as a whole, analysis should be framed in a second-best context, different systems share risks differently, and systems have different effects by generation and by gender. That discussion is reinforced by identification ...

The article presents the role of staff representation under Act 4 October 2018 on Employee Capital Plans. Plans (PPK) are part third pillar polish pension system. By creating PPK, legislature placed and employer an obligation to co-decide form created capital plan. method identifying representation, as defined in Plans, is modelled regulation contained Occupational Pension Schemes. states, that...

Optimal asset allocation strategies of defined-contribution pension plans for members whose terminal utility is a power function of wealth-to-wage ratio is investigated in this paper. The portfolio problem is to maximize the expected terminal utility in the presence of three risk sources, interest risk, asset risk and wage risk. A closed form solution is found for the asset allocation problem a...

We investigate asset-allocation strategies open to members of defined-contribution pension plans with a model that incorporates asset, salary (labour-income) and interest-rate risk. We propose a novel form of terminal utility function, incorporating habit formation, that uses the member’s final salary as a numeraire. The paper discusses various properties and characteristics of the optimal asse...

A rapidly growing public policy concern facing the United States is whether future generations of retired Americans, particularly those in the "baby boom" generation, will have adequate retirement incomes. One reason is that Social Security's projected long-term financial shortfall could result in a reduction in the current-law benefit promises made to future generations of retirees. Another re...

There has been considerable public discussion of the investment performance of the University of California Retirement Plan (UCRP). Much of that discussion has been based on simple comparisons of the realized investment returns of UCRP to those of other pension plans, such as CalPERS. Such comparisons provide no economically meaningful or statistically significant information about the quality ...

BACKGROUND It has been suggested that improving people's ability to deal with their finances, their financial capability, will directly improve their wellbeing and indirectly their health. To this end, financial capability initiatives have been funded by statutory and charitable health bodies, sometimes as part of a practice termed 'social prescribing'. DISCUSSION This paper examines financia...