Medición y Comparación Internacional de los Costes de Administración Para el Afiliado en las Cuentas Individuales de Capitalización

This paper studies the effects of risk aversion and density of contribution (DoC) on comparisons of proportional charges on flow (contributions) and balance (assets) during the accumulation phase of a defined-contribution pension plan in a system of individual retirement accounts. If the participant's degree of risk aversion increases and both charges yield the same expected terminal wealth, then the charge on balance improves with respect to the charge on flow when performing comparisons that examine the ratio between the resulting expected utilities of terminal wealth. When this methodology is applied to the Peruvian Private Pension System, empirical results demonstrate that the aforementioned result also holds for arbitrary charges on flow and balance and that the effect of DoC on these comparisons is nearly negligible for most of the assessed scenarios.

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Medición y Comparación Internacional de los Costes de Administración Para el Afiliado en las Cuentas Individuales de Capitalización

Abstract: MEDICIÓN Y COMPARACIÓN INTERNACIONAL DE LOS COSTES DE ADMINISTRACIÓN PARA EL AFILIADO EN LAS CUENTAS INDIVIDUALES DE CAPITALIZACIÓN (' )

Cited by 4 publications

References 4 publications

Is my pension fund more expensive? Estimating equivalent assets-based and contribution-based management fees

Is my pension fund more expensive? Estimating equivalent assets-based and contribution-based management fees

Determining equivalent charges on flow and balance in individual account pension systems

The effects of risk aversion and density of contribution on comparisons of administrative charges in individual account pension systems

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