Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/266196 
Authors: 
Year of Publication: 
2022
Series/Report no.: 
Forschung am ivwKöln No. 4/2022
Publisher: 
Technische Hochschule Köln, Institut für Versicherungswesen (ivwKöln), Köln
Abstract: 
Using historical capital market data for Germany (1950-2022) we analyze and compare (individual) defined contribution (IDC-) and collective defined contribution (CDC) pension plans. To this end we define simple asset liability management rules that govern a CDC pension plan and compare these to IDC-plans with the same asset allovation. Our main result is, that the CDC pension plans allow for a significant improvement of the risk return profile compared to individual pension plans. Hereby we consider different risk measures. This empirical study affirms the theoretical results based on stochastic CDC-models.
JEL: 
G
G2
G20
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Research Report

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