TY  - UNPD
A1  - Maurer, Raimond
A1  - Schlag, Christian
T1  - Money-back guarantees in individual pension accounts : evidence from the German pension reform
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2002,03
N2  - The German Retirement Saving Act instituted a new funded system of supplementary pensions coupled with a general reduction in the level of state pay-as-you-go old-age pensions. In order to qualify for tax relief, the providers of supplementary savings products must offer a guarantee of the nominal value at retirement of contributions paid into these saving accounts. This paper explores how this "money-back" guarantee works and evaluates alternative designs for guarantee structures, including a life cycle model (dynamic asset allocation), a plan with a pre-specified blend of equity and bond investments (static asset allocation), and some type of portfolio insurance. We use a simulation methodology to compare hedging effectiveness and hedging costs associated with the provision of the money-back guarantee. In addition, the guarantee has important implications for regulators who must find an appropriate solvency system for such saving schemes. This version June 17, 2002 . Klassifikation: G11, G23, G28
T3  - CFS working paper series - 2002, 03 
KW  - Pension Finance
KW  - Shortfall Risk
KW  - Limited Partnership
KW  - Long Term Investment
KW  - Regulation
KW  - Deutschland
KW  - Private Altersversorgung
KW  - Kapitalertrag
KW  - Kapitalgewinn
KW  - Risiko
KW  - Hedging
KW  - Investmentfonds
KW  - Investmentsparen
KW  - Rentenreform
KW  - Mängelhaftung
Y1  - 2002
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4501
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-9932
IS  - Version June 17, 2002
ER  -