文章基本信息

标题：Three Retirement Models for Defined Contribution Pension Plan Members: A Simulation Study
本地全文：下载
作者：Bonnie-Jeanne MacDonald ; Andrew J.G. Cairns
期刊名称：Discussion Paper / The Pensions Institute
印刷版ISSN：1367-580X
出版年度：2006
卷号：2006
出版社：Pensions Institute
摘要：As defined-contribution (DC) pension plans grow in importance, so too should our understanding of their implications on an individual and aggregate level. In the present paper, we examine the retirement behavior of workers under a DC pension scheme. Using a simulation approach, we compare and discuss the outcome of three retirement decision models: the option-value model, the two-thirds replacement-ratio benchmark model, and a newly developed ‘myopic’ model. Our findings suggest that central features of the myopic model could be suitable for a DC participant, while the two-thirds model appears overly simplistic, and the option-value model, originally applied to defined benefit plans, results in inappropriate retirement patterns when applied in a DC environment. The myopic model is concluded to possess numerous advantages over the other two models. It is theoretically more appealing, less complex, and its formula structure implies a more logical relationship between an individual’s pension and their age.
关键词：Defined-contribution pension plan; Retirement decision model; Stochastic simulation; myopic model; two-thirds model; option-value model.