The paper deals with the choice of the public discount rate in the framework of dynamic
control applied to a specific pension scheme's automatic balancing mechanism. We …

We build a “smooth” automatic balancing mecanism (S-ABM) which would result from an
optimal tradeoff between increasing the receipts and reducing the expenditures of a pension …

Despite numerous reforms and the introduction of automatic or semi-automatic adjustment
mechanisms, pension system future solvency is not guaranteed. Then, setting up an …

We build a" smooth" automatic balance mechanism (S–ABM) which would result from an
optimal tradeoff between increasing the receipts and reducing the pension expenditures …

The aim of this paper was to design optimal strategies using nonlinear dynamic
programming to guarantee the required level of liquidity in pay‐as‐you‐go pension systems …

In the context of the reform of defined benefit pension systems under population ageing, we
focus on the introduction of automatic adjustment mechanisms linked to life expectancy. Our …

Most of the developed countries are experiencing fertility rates below populatio n
replacement levels and increasing life expectancy. These demographic factors are exerting …

This article is dedicated to the study of the Automatic Adjustment Mechanisms (AAMs) which
can be used to monitor pension systems. The objective of the paper is twofold. First, we …

State pension systems are usually pay-as-you-go financed, ie current contributions cover
pension expenditure. However, some countries combine funding and pay-as-you-go (PAYG) …

In pay-as-you go pension systems, automatic balancing mechanisms (ABMs) are designed
to face adverse demographic and economic changes. In this respect, ABMs can be defined …