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The Pension ChallengeRisk Transfers and Retirement Income Security$
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Olivia S. Mitchell and Kent Smetters

Print publication date: 2003

Print ISBN-13: 9780199266913

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199266913.001.0001

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Retirement Guarantees in Voluntary Defined Contribution Plans

Retirement Guarantees in Voluntary Defined Contribution Plans

(p.251) Chapter 12 Retirement Guarantees in Voluntary Defined Contribution Plans
The Pension Challenge

Olivia S. Mitchell (Contributor Webpage)

Kent Smetters (Contributor Webpage)

Oxford University Press

This chapter examines the rate of return guarantee options in defined contribution (DC) plans. Guarantees in DC plans offer fixed nominal rates of return over a calendar year. Rate of return guarantees have few behavioural effects on workers, since participants do not determine investments in their pension accounts. The guarantee could affect the extent to which workers assume risk in their nonpension investments, since it makes their investments in their DC plan relatively low risk.

Keywords:   rate of return guarantees, voluntary defined contribution plans, pension plans, retirement plans

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