Search results for "Defined benefit"

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Designing and pricing guarantee options in defined contribution pension plans

2015

Abstract The shift from defined benefit (DB) to defined contribution (DC) is pervasive among pension funds, due to demographic changes and macroeconomic pressures. In DB all risks are borne by the provider, while in plain vanilla DC all risks are borne by the beneficiary. However, for DC to provide income security some kind of guarantee is required. A minimum guarantee clause can be modeled as a put option written on some underlying reference portfolio and we develop a discrete model that selects the reference portfolio to minimize the cost of a guarantee. While the relation DB–DC is typically viewed as a binary one, the model shows how to price a wide range of guarantees creating a continu…

Statistics and ProbabilityPensions; Minimum guarantee; Defined benefit; Defined contribution; Embedded options; Risk sharing; Portfolio selection; Stochastic programmingRisk sharingEconomics and EconometricsPensionActuarial scienceComputer sciencePensionStochastic programmingAsset allocationMinimum guaranteeEmbedded optionPortfolio selectionEmbedded optionStochastic programmingDefined contributionSettore SECS-S/06 -Metodi Mat. dell'Economia e d. Scienze Attuariali e Finanz.Defined benefitValuation of optionsPortfolioAsset (economics)Statistics Probability and UncertaintyPut optionInsurance: Mathematics and Economics
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Obliczanie wysokości emerytury na podstawie art. 26 ustawy o emeryturach i rentach z Funduszu Ubezpieczeń Społecznych w stosunku do ubezpieczonego, k…

2019

defined benefit (DB) schemesystem zdefiniowanej nieskapitalizowanej składkinational defined contribution (NDC) schemepodstawa obliczenia emeryturybase for calculating the retirement pensionprotection of acquired rightsnabycie prawa do emeryturyacquisition of the right to a retirement pensionubezpieczenia społecznesystem zdefiniowanego świadczeniaochrona praw nabytychemeryturasocial securityretirement pensionOrzecznictwo Sądów Polskich
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