We work with a multi-period system where a finite number of agents need to share multiple monetary risks. We look for the solutions that are both Pareto efficient utility-wise and financially fair value-wise. A buffer enables the inter-temporal capital transfer. Expected utility is used to...

This paper develops a pension product that is explicit about the pre-established goals that are aimed for. The proposed product presents a trade-off that is transparent in terms of required contributions, the income level targeted and guarantees offered. Depending on participants' preferences,...