An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/28707 |
Resumo: | Ageing of the populations is leading to reforms in Social Security systems with a negative impact on post retirement income. One way to minimize this is to reinforce the role of complementary pension schemes, and pension projections can be an important tool to assist workers in making their decisions on saving for retirement. The topic has been discussed by the European Union (EU) and the European Insurance and Occupational Pensions Authority (EIOPA). This work focuses on a tool for making pension projections in the scope of occupational defined contribution pension schemes, based on EIOPA’s guidance. We aim to study the potential performance of different investment strategies using an Economic Scenario Generator framework and evaluate the impact on the retirement income that such investment strategies produce, under different assumptions. The model underlying the tool takes in three main risk factors: the financial market risk, which includes uncertainty over returns on investments, inflation and interest rates; the labor risk, originated from uncertainty over real wage growth paths; the demographic risk, as a result of the increasing life expectancy. |
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An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemesRetirement incomePension projectionEconomic scenario generatorLife tablesReal-world valuationEIOPAAgeing of the populations is leading to reforms in Social Security systems with a negative impact on post retirement income. One way to minimize this is to reinforce the role of complementary pension schemes, and pension projections can be an important tool to assist workers in making their decisions on saving for retirement. The topic has been discussed by the European Union (EU) and the European Insurance and Occupational Pensions Authority (EIOPA). This work focuses on a tool for making pension projections in the scope of occupational defined contribution pension schemes, based on EIOPA’s guidance. We aim to study the potential performance of different investment strategies using an Economic Scenario Generator framework and evaluate the impact on the retirement income that such investment strategies produce, under different assumptions. The model underlying the tool takes in three main risk factors: the financial market risk, which includes uncertainty over returns on investments, inflation and interest rates; the labor risk, originated from uncertainty over real wage growth paths; the demographic risk, as a result of the increasing life expectancy.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaPinheiro, FredericoSimões, Onofre Alves2023-09-25T13:55:14Z2023-092023-09-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/28707engPinheiro, Frederico e Onofre Alves Simões (2023). "An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes". REM Working paper series, nº 0288/20232184-108Xinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-10-01T01:31:11Zoai:www.repository.utl.pt:10400.5/28707Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T20:31:53.827922Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes |
title |
An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes |
spellingShingle |
An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes Pinheiro, Frederico Retirement income Pension projection Economic scenario generator Life tables Real-world valuation EIOPA |
title_short |
An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes |
title_full |
An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes |
title_fullStr |
An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes |
title_full_unstemmed |
An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes |
title_sort |
An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes |
author |
Pinheiro, Frederico |
author_facet |
Pinheiro, Frederico Simões, Onofre Alves |
author_role |
author |
author2 |
Simões, Onofre Alves |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Pinheiro, Frederico Simões, Onofre Alves |
dc.subject.por.fl_str_mv |
Retirement income Pension projection Economic scenario generator Life tables Real-world valuation EIOPA |
topic |
Retirement income Pension projection Economic scenario generator Life tables Real-world valuation EIOPA |
description |
Ageing of the populations is leading to reforms in Social Security systems with a negative impact on post retirement income. One way to minimize this is to reinforce the role of complementary pension schemes, and pension projections can be an important tool to assist workers in making their decisions on saving for retirement. The topic has been discussed by the European Union (EU) and the European Insurance and Occupational Pensions Authority (EIOPA). This work focuses on a tool for making pension projections in the scope of occupational defined contribution pension schemes, based on EIOPA’s guidance. We aim to study the potential performance of different investment strategies using an Economic Scenario Generator framework and evaluate the impact on the retirement income that such investment strategies produce, under different assumptions. The model underlying the tool takes in three main risk factors: the financial market risk, which includes uncertainty over returns on investments, inflation and interest rates; the labor risk, originated from uncertainty over real wage growth paths; the demographic risk, as a result of the increasing life expectancy. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-09-25T13:55:14Z 2023-09 2023-09-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/28707 |
url |
http://hdl.handle.net/10400.5/28707 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Pinheiro, Frederico e Onofre Alves Simões (2023). "An ‘Eiopean’ tool to project post retirement income in portuguese defined contribution pension schemes". REM Working paper series, nº 0288/2023 2184-108X |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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