The Management of decumulation risks in a defined contribution pension plan

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<title>Management of decumulation risks in a defined contribution pension plan</title>
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<namePart>Gerrard, Russell</namePart>
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<namePart>Haberman, Steven</namePart>
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<namePart>Vigna, Elena</namePart>
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<abstract>The aim of this study is to lay the theoretical foundations for the construction of a flexible tool that can be used by pensioners fo find optimal investment and consumption choices in the distribution phase of a defined contribution pension plan. The investment-consumption plan is adopted until the time of compulsory annuitization, taking into account the possibility of earlier death. The effect of the bequest motive and the desire to buy a higher annuity than the one purchasable at retirement are included in the objective function</abstract>
<note type="statement of responsibility">Russell Gerrard, Steven Haberman and Elena Vigna</note>
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<title>North American Actuarial Journal</title>
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<text>Vol. 10, nº 1, January 2006 ; p. 84-110</text>
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