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Comparison of the costs of the defined-benefit and the defined-contribution schemes under an actuarial methodology

Author

Listed:
  • Francisco Miguel Aguirre Farías

    (Valuaciones Actuariales del Norte, México)

  • Francisco Miguel Aguirre Villarreal

    (Valuaciones Actuariales del Norte, México)

  • José Daniel López-Barrientos

    (Universidad Anáhuac, México)

Abstract

El objetivo de este trabajo es utilizar herramientas básicas de análisis actuarial para demostrar por primera vez que el costo del financiamiento del esquema de beneficio-definido es igual al de un esquema de contribución-definida siempre que estos planes otorguen beneficios iguales en términos de cantidad y condiciones para obtenerlos, y llevamos a cabo nuestros cálculos usando las mismas hipótesis financieras y biométricas. Enunciamos nuestros resultados en términos de un cálculo individual y de un modelo grupal (en el segundo caso, el esquema de beneficio definido requiere del cómputo de una prima media general); y en ambos escenarios, estudiamos la posibilidad de la jubilación anticipada con portabilidad total y parcia.Nuestra recomendación general es abandonar el debate sobre qué esquema es más caro. La principal limitante de nuestra investigación es también su mayor fortaleza: hemos demostrado que no hay predominio de ninguno de los planes sobre el otro cuando no hay otras distorsiones del mercado laboral; lo que significa que la discusión podría continuar vigente si consideramos la presencia de tales factores.

Suggested Citation

  • Francisco Miguel Aguirre Farías & Francisco Miguel Aguirre Villarreal & José Daniel López-Barrientos, 2019. "Comparison of the costs of the defined-benefit and the defined-contribution schemes under an actuarial methodology," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 14(4), pages 671-691, Octubre -.
    • Handle: RePEc:imx:journl:v:14:y:2019:i:4:p:671-691
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    References listed on IDEAS

    as
    1. Marcel Bräutigam & Montserrat Guillén & Jens P. Nielsen, 2017. "Facing Up to Longevity with Old Actuarial Methods: A Comparison of Pooled Funds and Income Tontines," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 42(3), pages 406-422, July.
    2. Denuit, M. & Haberman, S. & Renshaw, A. E., 2015. "Longevity-contingent deferred life annuities," Journal of Pension Economics and Finance, Cambridge University Press, vol. 14(3), pages 315-327, July.
    3. Denuit, Michel & Haberman, Steven & Renshaw, Arthur E., 2015. "Longevity-contingent deferred life annuities," LIDAM Reprints ISBA 2015021, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).
    4. Diamond, Peter A., 2002. "Social Security Reform," OUP Catalogue, Oxford University Press, number 9780199247899.
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    More about this item

    Keywords

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    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H75 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Government: Health, Education, and Welfare
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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