The Value and Risk of Defined Contribution Pension Schemes: International Evidence

  title={The Value and Risk of Defined Contribution Pension Schemes: International Evidence},
  author={E. Cannon and I. Tonks},
  journal={Pension Risk Management eJournal},
Using data on historical returns on international financial assets, the paper simulates pension fund and pension replacement ratios, building up frequency distributions of these ratios for individuals saving in a defined contribution pension plan in different countries. These frequency distributions illustrate the risk in the pension replacement ratio faced by an individual who saves in a typical defined contribution pension scheme. 
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