Fair Transition from Defined Benefit to Target Benefit
dc.contributor.author | Zhu, Xiaobai | |
dc.contributor.author | Hardy, Mary | |
dc.contributor.author | Saunders, David | |
dc.date.accessioned | 2023-11-07T17:52:37Z | |
dc.date.available | 2023-11-07T17:52:37Z | |
dc.date.issued | 2021 | |
dc.description | This article has been published in a revised form in ASTIN Bulletin https://doi.org/10.1017/asb.2021.17. This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © The Authors, 2021. | en |
dc.description.abstract | Target benefit (TB) plans that incorporate intergenerational risk sharing have been demonstrated to be welfare improving over the long term. However, there has been little discussion of the short-term benefits for members in a defined benefit (DB) plan that is transitioning to TB. In this paper, we adopt a two-step approach that is designed to ensure the long-term sustainability of the new plan, without unduly sacrificing the benefit security of current retirees. We propose a cohort-based transition plan for reducing intergenerational inequity. Our study is based on simulations using an economic scenario generator with some theoretical results under simplified settings. | en |
dc.description.sponsorship | NSERC, RGPIN-2017-04220. | en |
dc.identifier.uri | https://doi.org/10.1017/asb.2021.17 | |
dc.identifier.uri | http://hdl.handle.net/10012/20092 | |
dc.language.iso | en | en |
dc.publisher | Cambridge University Press | en |
dc.relation.ispartofseries | ASTIN Bulletin;51(3) | |
dc.subject | pensions | en |
dc.subject | intergenerational risk sharing | en |
dc.subject | target benefit plan | en |
dc.subject | fairness | en |
dc.title | Fair Transition from Defined Benefit to Target Benefit | en |
dc.type | Article | en |
dcterms.bibliographicCitation | Zhu, X., Hardy, M., & Saunders, D. (2021). Fair transition from defined benefit to target benefit. ASTIN Bulletin, 51(3), 873–904. https://doi.org/10.1017/asb.2021.17 | en |
uws.contributor.affiliation1 | Faculty of Mathematics | en |
uws.contributor.affiliation2 | Statistics and Actuarial Science | en |
uws.peerReviewStatus | Reviewed | en |
uws.scholarLevel | Faculty | en |
uws.typeOfResource | Text | en |