English, Article, Journal or magazine article edition: Investment Regulations and Defined Contribution Pensions Pablo Antolín; Sandra Blome; David Karim; ...

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Bookmark: http://trove.nla.gov.au/version/157770
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Investment Regulations and Defined Contribution Pensions
Author
  • Pablo Antolín
  • Sandra Blome
  • David Karim
  • Stéphanie Payet
  • Gerhard Scheuenstuhl
  • Juan Yermo
Physical Description
  • preprint
Notes
  • This paper assesses the impact of different quantitative approaches to regulate investment risk on the retirement income stemming from defined contribution (DC) pension plans. It looks at how such regulations affect the spectrum of investment policies available and, through this channel, how they affect the retirement income that an individual may expect from a DC pension plan. The analysis shows that there is a trade-off between potential retirement income and protection from bad outcomes. Reducing the downside risk on retirement income from DC pension plans requires moving into relatively conservative investment policies where the share of assets allocated to bonds may be quite large. However, this comes at the cost of renouncing potentially higher replacement rates that are attainable but at a higher risk of unfavourable retirement income outcomes. Less risk adverse regulators and supervisors would aim at lower probability requirements as regard the downside risk, which will increase the range of investment policies available and thus the share of riskier assets. Réglementations en matière d’investissements et retraites à cotisations définiesCe document examine l'impact de différentes approches quantitatives en matière de réglementation du risque d'investissement sur le revenu de retraite issu de plans de retraite à cotisations définies. Il étudie dans quelle mesure ces réglementations affectent le spectre des stratégies d'investissement et, par leur intermédiaire, le revenu de retraite qu'un individu peut attendre d‘un plan de retraite à cotisations définies. Cette analyse montre qu‘il existe un compromis entre le revenu de retraite potentiel et la protection contre des évènements défavorables. La réduction du risque de baisse du revenu de retraite issu de plans de retraite à cotisations définies nécessite d‘aller vers des stratégies d‘investissement relativement conservatives, dans lesquelles la part allouée aux obligations peut être assez importante. Cependant, ceci n‘est possible qu‘à condition de renoncer à des taux de remplacement potentiellement plus élevés, qui ne peuvent être atteints qu‘à un niveau de risque plus élevé de survenue d‘évènements défavorables pour le revenu de retraite. Des régulateurs et superviseurs moins averses au risque peuvent diminuer leurs exigences en terme de probabilité du risque de baisse, ce qui augmentera la gamme des stratégies d‘investissement disponibles et ainsi la part des actifs plus risqués.
  • investment, investissement, regulation, replacement ratios, taux de remplacement, plans de retraite à cotisations définies, defined contribution plans , risk management, gestion des risques, retirement income, revenu des retraites
  • RePEc:oec:dafaab:37-en
Language
  • English
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