摘要：We present simulation results for the likely pension outcomes for different definedcontribution
(DC) pension plan members distinguished by occupation and gender. While
our results suggest that key differences between outcomes depend on the strategic asset
allocation strategy chosen (and hence on the rate of return on assets in relation to the
growth rate in salaries), we also find that DC plans benefit most those workers who have
the highest career average salary relative to final salary or whose salary peaks earliest in
their careers. Thus low-skilled workers and women do relatively well from DC plans: the
largest median pension difference between occupations is 34 per cent (for men) and 38 per
cent (for women), while the largest median pension difference between women and men
in the same occupation is 45 per cent (for the same contribution rate). We conclude that
key aspects of plan design (in particular contribution rates) should be occupation- and
gender-specific.
关键词：pension plans; defined contribution; defined benefit; gender; occupation; career
salary profile; peak salary age; strategic asset allocation; pension ratio
