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The Pension Challenge
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The Pension Challenge: Risk Transfers and Retirement Income Security

Olivia S. Mitchell and Kent Smetters

Abstract

This book is the first in a new series produced by the Pension Research Council of the Wharton School of the University of Pennsylvania. It discusses how to improve retirement security given the volatility of the capital market, and introduces new financial instruments aimed at minimising the risks to retirement income. The book is divided into two sections. Part I presents studies on managing pension plan risks. Part II deals with global developments in retirement risk transfer.

Keywords: pension plans, retirement security, retirement income, risk transfer, risk management

Bibliographic Information

Print publication date: 2003 Print ISBN-13: 9780199266913
Published to Oxford Scholarship Online: August 2004 DOI:10.1093/0199266913.001.0001

Authors

Affiliations are at time of print publication.

Olivia S. Mitchell, editor
International Foundation of Employee Benefit Plans Professor and Executive Director Pension Research Council of the Wharton School University of Pennsylvania
Author Webpage

Kent Smetters, editor
Assistant Professor in the Insurance and Risk Management Department Wharton School University of Pennsylvania
Author Webpage

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Contents

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Part I Plan Sponsors and Retirement Income Risk

Part II Global Developments in Retirement Risk Transfer

Chapter 8 Understanding Individual Account Guarantees

Marie-Eve Lachance and Olivia S. Mitchell

Chapter 10 Hedging Segregated Fund Guarantees

Peter A. Forsyth, Kenneth R. Vetzal, and Heath A. Windcliff

Chapter 14 Credit Implications of the Payout Annuity Market

Arthur Fliegelman, Moshe Arye Milevsky, and Scott A. Robinson

End Matter