Essays on pension scheme design and risk management

This dissertation deals with the optimal design of funded pension schemes and its welfare implications for participants. The first article illustrates the welfare gain of well organized intergenerational risk sharing within collective pension funds over the optimal individual benchmark. The second article demonstrates the significant welfare improvements by adapting age-dependent contribution rule as default for individual DC pension schemes. The final article examines the implication of longevity in terms of pricing for pension fund risk management.