Retirement Guarantees in Mandatory Defined Contribution Systems

Olivia S. Mitchell and Kent Smetters

in The Pension Challenge

Published in print November 2003 | ISBN: 9780199266913
Published online August 2004 | e-ISBN: 9780191601323 | DOI:
 Retirement Guarantees in Mandatory Defined Contribution Systems

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This chapter discusses the guarantees offered under mandatory defined contribution (DC) plans around the world. It argues that DC guarantees must be affordable to be credible. When guarantees are contingent on investment outcomes, governments implement risk management tools such as reserves, and mandatory pension self-insurance to limit their risk exposure.

Keywords: retirement guarantees; mandatory public pension systems; defined contribution; risk management; pension policy

Chapter.  5410 words. 

Subjects: Financial Markets

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