Optimal life-cycle investment with pay-as-you-go pension schemes: a portfolio approach

  • Willem Heeringa Willem Heeringa

In this paper we show how pay-as-you-go pension schemes impact onthe individual’s optimal investment portfolio. Introducing a pay-as-you-go pension scheme implies that human wealth of young generations is transferred to retired generations. As a consequence, individuals will in general invest less conservatively. These portfolio effects gradually disappear at the end of life.

Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk. Netspar is gericht op een goed geïnformeerd pensioendebat.

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