Smart defaults: Determining the number of default funds in a pension scheme

Blake, David; Duffield, M.; Tonks, Ian; Haig, Alistair; Blower, Dean; MacPhee, L.

doi:10.1016/j.bar.2021.101042

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Overcoming Pre-retirement Barriers With Smart Plans1

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2022

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“…11 It is possible to have a more sophisticated and flexible approach to investing using 'smart default' investment funds. Blake et al (2021) have recently proposed a methodology for designing these, based on the observable characteristics of scheme members (e.g., age, gender, educational attainment, financial literacy, risk attitude, risk capacity, pay, job type, health and marital status) who are then guided or nudged using an appropriate choice architecture, such as checklists, to determine whether they have an interest in, say, ethical or Shariah-compliant investing.…”

Section: Overcoming Pre-retirement Barriers With Smart Plansmentioning

confidence: 99%

Nudges and Networks: How to Use Behavioural Economics to Improve the Life Cycle Savings-Consumption Balance

Blake

2022

JRFM

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Many people find it difficult to start and maintain a retirement savings plan. We show how nudges can be used both to encourage people to save enough to provide an acceptable standard of living in retirement and to draw down their accumulated pension fund to maximize retirement spending, without the risk of either running out of money or leaving unintended bequests. Networks can help too, particularly employer-based networks. However, the nudges and networks are more likely to be effective if they have legislative backing and support.

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Section: Overcoming Pre-retirement Barriers With Smart Plansmentioning

confidence: 99%