Artikel

The impact of guarantees on the performance of pension saving schemes: Insights from the literature

Guarantees are often seen as the key characteristics of pension saving products, but securing them can become costly and is of central relevance especially in the course of the current low interest rate environment. In this article, we deal with the question of how costly the typical types of guarantees are, in the sense that they reduce a pension saving scheme's financial performance over time. In this context, we aim to provide a presentation of insights from selected literature studying the impact of point-to-point guarantees and cliquet-style interest rate guarantees on the performance of pension contracts. The comparative analysis emphasizes that, in most cases, guarantee costs are not negligible with regard to a contract's financial performance, especially compared to benchmarks, and that customers knowingly opt for such guarantees (or not) is, thus, indispensable. To further investigate the willingness-to-pay for guarantees in life insurance is an area for future research, in particular for innovative contract design.

Sprache
Englisch

Erschienen in
Journal: Risks ; ISSN: 2227-9091 ; Volume: 3 ; Year: 2015 ; Issue: 4 ; Pages: 515-542 ; Basel: MDPI

Klassifikation
Wirtschaft
Thema
life insurance
pension saving schemes
guarantees
performance

Ereignis
Geistige Schöpfung
(wer)
Bohnert, Alexander
Ereignis
Veröffentlichung
(wer)
MDPI
(wo)
Basel
(wann)
2015

DOI
doi:10.3390/risks3040515
Handle
Letzte Aktualisierung
10.03.2025, 11:41 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Artikel

Beteiligte

  • Bohnert, Alexander
  • MDPI

Entstanden

  • 2015

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