Financial and demographic risks of personal pension accounts
The structure of the thesis will be as follows. First, in Section 2 a short explanation of the Dutch pension system will be given. Then, the PPR system as it is proposed by Bovenberg and Nijman (2014) will be presented in more detail (Section 3). The fourth section will discuss the scenario set and its underlying model. Section 5 describes the ALM model. The contracts that have been simulated and the results are described and presented in Section 6. The thesis ends with a conclusion (Section 7).