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- W4381884947 abstract "Abstract Chapter 1—‘The Case for Collective Defined Contribution’—shows how the tontine provides an elegant theoretical basis for increasingly collective solutions—involving the pooling of risks associated with longevity and investment returns—to the ‘nastiest, hardest problem in finance’. In a typical defined contribution (DC) retirement savings plan involving the drawing down of income, one bears the risk of living so long that one spends one’s last years on earth in poverty because one has outlived the savings in one’s own private pension pot that have been invested for one’s retirement. This predicament has famously been described by a Nobel laureate in economics as the aforementioned ‘nastiest, hardest problem’. This risk can be mitigated through an arrangement known as a tontine, whereby the assets of those who die earlier are redistributed to those who manage to outlive them. Although tontines have become historical relics that now survive mainly as fictional murder plots in film and cartoon, they provide the theoretical underpinnings for a promising form of pension provision known as ‘collective defined contribution’ (CDC). In one variant of CDC, the risks are collectively pooled only among the members of each age cohort. In another form, they are collectively pooled across different cohorts. This chapter explicates the innovative design of a version of the latter that Royal Mail is introducing for its members." @default.
- W4381884947 created "2023-06-25" @default.
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- W4381884947 date "2023-06-15" @default.
- W4381884947 modified "2023-09-27" @default.
- W4381884947 title "The Case for Collective Defined Contribution" @default.
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- W4381884947 doi "https://doi.org/10.1093/oso/9780198885962.003.0002" @default.
- W4381884947 hasPublicationYear "2023" @default.
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