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DC Plans: International Experience and the Need to Address
Retirement Security

Stacy Schaus, Will Allport and Justin Blesy
The Journal of Retirement Summer 2014, 2 (1) 71-88; DOI: https://doi.org/10.3905/jor.2014.2.1.071
Stacy Schaus
is an executive vice president and defined contribution practice leader at PIMCO in Newport Beach, CA.
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  • For correspondence: stacy.schaus@pimco.com
Will Allport
is a vice president for defined contribution UK/Europe at PIMCO in London, UK.
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  • For correspondence: will.allport@pimco.com
Justin Blesy
is a vice president and product manager at PIMCO in Newport Beach, CA.
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  • For correspondence: justin.blesy@pimco.com
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Abstract

Despite having participants with similar retirement-outcome goals, the three countries with the greatest reliance on defined-contribution (DC) plans—Australia, the United States, and the United Kingdom—have adopted dramatically different approaches to plan design and investment management. Typical glide paths in these countries, though, tend to have one thing in common: They may leave investors exposed to excessive risk. The authors contrast the key features of DC plans in these countries and call for a more thorough analysis of the risk of loss, as well as the sources of risk, in investment defaults. Glide-path design should focus on desired outcomes, respect risk-capacity limits, and incorporate risk diversification, inflation hedging, and market-shock protection strategies.

TOPICS: Retirement, developed, risk management

  • Copyright © 2014 PIMCO. All rights reserved. Not to be reproduced or redistributed without permission.
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The Journal of Retirement: 2 (1)
The Journal of Retirement
Vol. 2, Issue 1
Summer 2014
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DC Plans: International Experience and the Need to Address
Retirement Security
Stacy Schaus, Will Allport, Justin Blesy
The Journal of Retirement Jun 2014, 2 (1) 71-88; DOI: 10.3905/jor.2014.2.1.071

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DC Plans: International Experience and the Need to Address
Retirement Security
Stacy Schaus, Will Allport, Justin Blesy
The Journal of Retirement Jun 2014, 2 (1) 71-88; DOI: 10.3905/jor.2014.2.1.071
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  • Article
    • Abstract
    • DC CONTRIBUTIONS … JUST DO IT!
    • DC INVESTMENT DEFAULTS … GET THE RISK RIGHT
    • ASSET ALLOCATION
    • RISK DRIVERS
    • INFLATION HEDGING
    • PROBABILITY OF LOSS
    • DISTRIBUTION OF OUTCOMES
    • SETTING A LOSS-CAPACITY BUDGET
    • CONCLUSION
    • APPENDIX A
    • APPENDIX B
    • APPENDIX C
    • APPENDIX D
    • APPENDIX E
    • ENDNOTE
    • REFERENCES
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