Evaluating the Design of Private Pension Plans : Costs and Benefits of Risk-Sharing

Hans J. Blommesteini ; Pascal Janssenii ; Niels Kortleveii ; Juan Yermoi iOECDiiPPGM

Organisation for Economic Co-operation and Development

关键词: defined contribution;    risk sharing;    defined benefit;    pension fund;    pension benefit;    hybrid plans;    funding;   

DOI  :  https://doi.org/10.1787/225162646207

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

The principal purpose of this paper is to analyse the trade-off between the uncertainty in contributions on the one hand and benefits on the other that is embedded in different pension arrangements. The paper employs the funding ratio (ratio of assets to liabilities) and the replacement rate (ratio of benefits to salaries) as key criteria for evaluating the risk sharing characteristics of a private pension plan from the perspective of the plan member. The stochastic simulations performed show that hybrid plans (those in between traditional DB and individual DC) appear to be more efficient and sustainable forms of risk sharing than either of the other two. Of the three main hybrid plans analysed, conditional indexation plans appear to have the greatest potential as sustainable forms of risk sharing.