We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies.

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

February 2023

17Feb

The Future of Global Retirement 2023

By Smart As perceptions of retirement shift across the world, in line with emerging technology and reforms to legislation, the industry needs to keep up and remain one step ahead. At Smart, we’re continuing to lead the way in research and development in this space, and as part of our mission, we’ll continue to share some of the insights we gain around the needs of savers across the world. In 2021, we launched our first ‘Future of Global Retirement’ report, taking...

February 17, 2023
Books, Books, Pension design, , ,
Read more...
17Feb

What matters for annuity demand: Objective life expectancy or subjective survival pessimism?

By Karolos Arapakis & Gal Wettstein Objective life expectancy and subjective survival pessimism (defined as the difference between objective and subjective life expectancy) may both affect the demand for annuities. The question this project answers is: how do these two explanations contribute to annuitization decisions in practice? To explore this question, the analysis estimates regression models that include objective life expectancy, subjective survival pessimism, and other characteristics that are linked to annuitization decisions. The results show that, as one would...

February 17, 2023
Articles, Pension design, ,
Read more...
08Feb

New Evidence on the Demand for Advice within Retirement Plans

By Jonathan Reuter & David P. Richardson We study demand for advice by retirement plan participants using administrative records from defined contribution retirement plans offered by 23 institutions where TIAA is the sole recordkeeper. We distinguish advice on asset allocation from advice on retirement income levels, and between participants who are and are not eligible for TIAA’s wealth management services. We find that advice seeking increases with age, account balance and annual contribution level, and is highest among those eligible for wealth management services. However, we...

February 8, 2023
Articles, Investment, Pension design, , ,
Read more...
08Feb

Early Pension Withdrawals in Chile During the Pandemic

By Olga Fuentes, Olivia S. Mitchell & Félix Villatoro Chile, with one of the largest and best funded defined contribution programs in Latin America, held over USD $200 bn in assets at the onset of the Covid-19 crisis, or more than 80% of GDP. Reacting to populist pressures during the pandemic, however, the government gave non-retired participants three separate opportunities to tap into their retirement accounts, leaving some 4.2 million participants with zero retirement savings and draining around $50 bn...

February 8, 2023
Articles, Operation, Pension design, Savings, , , , ,
Read more...

January 2023

26Jan

Gender-Inclusive Financial and Demographic Literacy: Lessons from the Empirical Evidence

By: Giovanna Apicella, Enrico G. De Giorgi, Emilia Di Lorenzo & Marilena Sibillo Longevity crucially affects demand for pensions, insurance products and annuities. Consistent empirical evidence shows that women have historically experienced lower mortality rates than men. In this paper, we study a measure of the gender gap in mortality rates, we call “Gender Gap Ratio”, across a wide range of ages and for four countries: France, Italy, Sweden and USA. We show the stylized facts that characterize the trend...

January 26, 2023
Articles, Pension design, ,
Read more...
18Jan

A Behaviorally Informed Financial Education Program for the Financially Vulnerable: Design and Effectiveness

By Ernst-Jan de Bruijn, Gerrit Antonides & Tamara Madern Financially vulnerable consumers are often associated with suboptimal financial behaviors. Evaluated financial education programs so far show difficulties to effectively reach this target population. In our attempt to solve this problem, we built a behaviorally informed financial education program incorporating insights from both motivational and behavioral change theories. In a quasi-experimental field study among Dutch financially vulnerable people, we compared this program with both a control group and a traditional program group....

January 18, 2023
Articles, Pension design, ,
Read more...
06Jan

Standardized, Unitized, Accretive Longevity Insurance: Lessons from the Differing Demand for Annuities and Life Insurance

By Andrew Stumpff Morrison The historic U.S. shift from defined-benefit to defined-contribution employer-sponsored retirement plans has produced, among other things, a reduction in sharing of the risk of outliving one’s retirement savings. Commercial annuity contracts are available to insure this risk, but despite efforts to encourage their acquisition, few people own them. Close comparison with another life-cycle risk – that addressed by life insurance, which is more widely purchased by consumers – highlights as a probable reason for this low...

January 6, 2023
Articles, Pension design, , , ,
Read more...
06Jan

Optimal Retirement with Disability Pensions

By Hans Fehr & Adrian Fröhlich This paper develops a general equilibrium life-cycle model with endogenous retirement and disability risk, in order to quantify the impact of recent pension reforms in Germany. At certain ages households may either apply for disability pensions (DP) or old-age pensions (OAP), de-pending on eligibility rules and the generosity of the two programs. Our policy analysis focus on the increase in the normal retirement age (NRA) from age 65 to 67 (Reform 2007) and the recent...

January 6, 2023
Articles, Pension design,
Read more...
06Jan

The Effect of Pension Wealth on Employment

By Sebastian Becker, Hermann Buslei, Johannes Geyer & Peter Haan This study provides novel evidence about the pension wealth elasticity of employment. For the identification we exploit reform-induced variation of pension wealth that is related to the number of children but which does not affect the implicit tax rate of employment. We use a difference-in-differences estimator based on administrative data from the German pension insurance and find that, on average, the negative employment effect of pension wealth is significant and economically...

January 6, 2023
Articles, Pension design, , ,
Read more...
ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanpt Portugueseru Russianes Spanish
en English