This report looks to explore the demand for and supply of financial advice, and some options for bringing these in line with each other. The reports explores several options to help customers get the best possible outcomes at retirement. 

Comparison of the regulatory frameworks for DC Pensions, is a report commissioned by Scottish Widows. The research draws on discussions conducted with experts on regulation, and desk research, to explore the differences between the two regulatory regimes for DC pensions. It considers the pros and cons of the respective regimes for DC pensions, with a focus on the impact of these for savers.

In 1996, Germany introduced the Altersteilzeit (ATZ) law, which encouraged longer working lives through partial retirement incentives. Using matched pension system and establishment survey data, we estimate changes in part-time employment and retirement after ATZ.

This paper provides a framework for comparing a defined benefit (DB) and a defined contribution (DC) point schemes, which are both pay-as-you go (PAYG) financed. Two stylised PAYG pension schemes are  modelled and simulated to compare their robustness to shocks.

Previous studies find that individuals do not draw down their assets after retirement which is at odds with the predictions of a simple life cycle model without uncertainty. Hurd (1989, 1999) explains saving behavior of elderly singles and couples by adding lifetime uncertainty and bequest motives to the simple life cycle model.

According to statistics of the Finnish Centre for Pensions, the effective retirement age rose significantly in 2014. On average, the Finns retired on an earnings-related pension at age 61.2 years. The equivalent figure in 2013 was 60.9 years.

Collective pension contracts allow for intergenerational risk sharing with the unborn. They therefore imply a higher level of social welfare than individual accounts. Collective pension contracts also imply a suboptimal allocation of consumption across time periods and states of nature however. Hence, collective pension contracts also reduce social welfare.

The "money's worth" measure has been used to assess whether annuities are fairly valued and also as evidence for adverse selection in the annuity market. However, a regulated life assurer with concerns about predicting long-run mortality may price annuities to reduce these risks which will affect the money’s worth.

Changes in tax policies can trigger responses from employers, but a proposed cap on retirement savings could have a particularly severe impact on small businesses, according to an analysis by the nonpartisan Employee Benefit Research Institute (EBRI).

Collective pension schemes are the dominant form of saving for retirement in the Netherlands. We investigate the introduction of individual choices into a collective pension system without affecting the generally accepted advantages of a collective agreement.

This paper reconsiders the predictions of the standard option pricing models in the context of incomplete markets.

China is at a critical juncture in its economic transition. A comprehensive reform of its pension and social security systems is an essential element of a strategy aimed toward achieving a harmonious society and sustainable development.