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Reimagining PensionsThe Next 40 Years$
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Olivia S. Mitchell and Richard C. Shea

Print publication date: 2016

Print ISBN-13: 9780198755449

Published to Oxford Scholarship Online: March 2016

DOI: 10.1093/acprof:oso/9780198755449.001.0001

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The Promise of Defined Ambition Plans: Lessons for the United States

The Promise of Defined Ambition Plans: Lessons for the United States

Chapter:
(p.215) Chapter 12 The Promise of Defined Ambition Plans: Lessons for the United States
Source:
Reimagining Pensions
Author(s):

A. Lans Bovenberg

Roel Mehlkopf

Theo E. Nijman

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198755449.003.0012

This chapter explores Dutch proposals for defined ambition plans in an occupational pension context. Firms no longer act as external risk sponsors but continue to provide a distributional platform for pensions, thereby addressing behavioral and agency issues as well as imperfections of insurance and financial markets. Pension entitlements are defined in terms of (deferred) annuities, and participants share the risks of assets and a joint liability pool on the basis of complete contracts. The chapter investigates risk management and valuation of these plans, explores their strengths and weaknesses, and analyzes whether such plans hold promise for the United States.

Keywords:   defined ambition plan, variable annuity, valuation, risk profile, risk management, liabilities, consumption frame, the Netherlands

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