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Automatic Balance Mechanisms in an NDC Pension System with Disability Benefits

In: Mathematical and Statistical Methods for Actuarial Sciences and Finance

Author

Listed:
  • Lorenzo Fratoni

    (Sapienza University of Rome)

  • Susanna Levantesi

    (Sapienza University of Rome)

  • Massimiliano Menzietti

    (University of Calabria)

Abstract

The aging population is currently impacting several countries worldwide, generating socio-economic needs such as long-term care (LTC) in old age. Developing a strategy linking these care needs to the pension scheme can help in managing the increasing cost of care of pensioners affected by disability. This paper presents a model in which the LTC benefit is integrated into a notional-defined contribution (NDC) pension system. The model’s financial sustainability is investigated without and with the application of an automatic balance mechanism (ABM) founded on a Liquidity Ratio. Economic and demographic variables (including the new disability risk element generated by the LTC) are modeled in a stochastic environment.

Suggested Citation

  • Lorenzo Fratoni & Susanna Levantesi & Massimiliano Menzietti, 2022. "Automatic Balance Mechanisms in an NDC Pension System with Disability Benefits," Springer Books, in: Marco Corazza & Cira Perna & Claudio Pizzi & Marilena Sibillo (ed.), Mathematical and Statistical Methods for Actuarial Sciences and Finance, pages 266-271, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-99638-3_43
    DOI: 10.1007/978-3-030-99638-3_43
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