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Consumer Protection and the Design of the Default Option of a Pan-European Pension Product

Author

Listed:
  • Andrea Berardi

    (Ca Foscari University of Venice - Dipartimento di Economia)

  • Claudio Tebaldi

    (Bocconi University - CAREFIN - Centre for Applied Research in Finance; Bocconi University - Department of Finance; Bocconi University - IGIER - Innocenzo Gasparini Institute for Economic Research)

  • Fabio Trojani

    (Swiss Finance Institute; University of Geneva)

Abstract

We address potential strengths and weaknesses of alternative protection schemes, which can be adopted as a ‘default option’ in a private, third pillar, pension product. In light of the observed behavior of savers adopting the ‘default option’ at international level, we perform a comparative analysis aimed at quantifying the costs and the benefits of two different risk mitigation techniques and market-standard investment products available to European consumers. We make the case for eligibility of life-cycle target-date funds as default option for the pan-European pension products.

Suggested Citation

  • Andrea Berardi & Claudio Tebaldi & Fabio Trojani, 2019. "Consumer Protection and the Design of the Default Option of a Pan-European Pension Product," Swiss Finance Institute Research Paper Series 19-19, Swiss Finance Institute, revised Apr 2019.
    • Handle: RePEc:chf:rpseri:rp1919
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    More about this item

    Keywords

    Life-Cycle Saving; Household Finance; Guaranteed Strategies;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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