Wie in vielen anderen Ländern auch, beruhen die deutschen Beamtenpensionen traditionell auf einem umlage- und steuerfinanzierten System der Leistungszusage (defined benefit pension - DB). Aufgrund fehlender Rücklagen resultieren aus den Pensionsverspechen ungedeckte Verbindlichkeiten in...

Using a Monte Carlo framework, we analyze the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for German civil servants, allowing for alternative strategic contribution and investment patterns. In the process we integrate a Conditional Value at Risk...

Given rising life expectations around the world, it seems that old-age pension benefits will need to be cut and pension contributions boosted in many nations. Yet our research on old-age system reforms does not require raising mandatory retirement ages or contributions. Instead, we offer ways to...

In the wake of the financial crisis and continued volatility in international capital markets, there is growing interest in mechanisms that can protect people against retirement account volatility. This paper explores the consequences for savers' wellbeing of implementing market-based retirement...