The aim of this paper is to analyse the role of the survivor dividend in notional defined contribution (NDC) pension schemes. With this aim in mind, we first extend the model developed by Boado-Penas & Vidal-Meliá (2014) by allowing for changes in the growth of the active population. We then...

The survivor dividend, at a specific age, is the portion of participants' credited account balances that is distributed on a birth cohort basis from the account balances of participants who do not survive to retirement. This paper develops a model to show whether it would be justified to include...