Document Type
Working Paper
Date of this Version
10-1-2013
Abstract
The financial crisis and the ensuring Great Recession have alerted those concerned with old-age security to the extreme risk confronting our retirement system. In this volume, we provide an indepth analysis of the ‘black swans’ threatening pension plans around the world. Longevity risk, capital market shocks, regulatory and political risk, and model risk all have profound consequences for pension plan participants, plan sponsors, regulators, and consultants. This book also sketches various ways to manage and finance these risks, with a view to rebuilding a more resilient retirement system. In particular, the ensuing chapters take on longevity risk, capital market risk, model risk, and regulatory risk.
Working Paper Number
WP2013-18
Copyright/Permission Statement
All opinions, errors, findings, interpretations, and conclusions of this paper represent the views of the authors and not those of the Wharton School or the Pension Research Council. © 2013 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.
Date Posted: 26 June 2019
Comments
The published version of this Working Paper may be found in the 2014 publication: Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk.