investment returns and risk, provide an attractive and effective alternative to traditional guaranteed life annuity products …. While longevity risk sharing in pooled annuities has received recent attention, incorporating investment risk beyond fixed …, while reducing pooled annuity income volatility and downside risk, as well as an investment strategy that reduces exposure …

pension funds to longevity risk. We present different tools to hedge this risk and the potential cost for two Canadian public …

. The paper's result formalizes the forces of risk shifting and risk management that shape the form of the corporate pension … portfolio. As in Rauh (2009), the risk-shifting and risk-management incentives increase when a sponsoring company runs into … financial trouble. Unlike Rauh (2009), we show that risk management must not constitute a force countering risk shifting. On the …

between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by …

This paper proposes an innovative retirement product with a focus on longevity risk sharing, a contract we refer to as … of longevity risk), and a reduced, index-dependent payment when the threshold is passed (i.e., highly unfavorable … evolution of longevity risk). The proposed TILA aims at not only improving the benefits of the policyholders, which has been the …

funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different …

' individual and institutional characteristics, in shaping these asset allocations. In particular, risk-based capital requirements … funds to decrease their asset allocation to risky assets. Risk-based capital requirements reduce overall risky asset … that risk-based capital requirements encourage procyclical investment …

either to control the shortfall probability or expected shortfall, we show that both the security mechanisms and risk …

follow asset-liability management principles. A low risk investment policy, as defined by the preference …