Personal Pension Plans and Stock Market Volatility

One of the strongest objections to personal pension plans is that they transfer investment risk to individual workers, who are then exposed to the vagaries of equity and bond markets. Using historical United States data, the authors investigate the impact of the volatility of investment returns on r...

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Bibliographic Details
Main Authors:	Alier, Max, Vittas, Dimitri
Format:	Policy Research Working Paper
Language:	en_US
Published:	World Bank, Washington, DC 2014
Subjects:	accumulation period annuity annuity markets annuity rate asset prices Balanced Funds bond markets bonds capital markets Consumer Price Index contribution rate debt deferred annuities defined benefit plans derivatives discount rate earnings growth equity returns financial assets financial crises financial markets financial policies financial systems fixed annuities future payments government bonds government regulations growth rate individual accounts individual retirement accounts inefficiency inflation inflation risk insurance companies insurance company interest rates investment returns investment risk legislation life expectancies life expectancy longevity insurance minimum period moral hazard National Income net returns normal retirement age passive investment pension fund pension fund investments pension fund management pension fund managers pension funds pension plan pension reform pension system pension systems pensioners pensions Personal pension plans Portfolio private pension private pension funds profitability provident funds public pillar replacement rate replacement rates retirement retirement age retirement benefits retirement income Retirement Income Security risk-free rate Savings social security social security systems Stocks tax treatment Thrift Savings Plan variable annuities wages
Online Access:	http://hdl.handle.net/10986/19970

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http://hdl.handle.net/10986/19970

Personal Pension Plans and Stock Market Volatility

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