Default funds in U.K. defined-contribution plans

Byrne, A. and Blake, D. and Cairns, A. and Dowd, K. (2007) Default funds in U.K. defined-contribution plans. Financial Analysts Journal, 63 (4). pp. 40-51. ISSN 0015-198X (http://dx.doi.org/10.2469/faj.v63.n4.4748)

Abstract

Most defined-contribution (DC) pension plans give members a degree of choice as to the investment strategy for their contributions. For members unable or unwilling to choose their own investment strategies, many plans also offer a default fund. This article analyzes the U.K. "stakeholder" DC plans, which must by law offer a default fund. The default funds are typically risky but vary substantially among the providers in their strategic asset allocation and in their use of life-cycle plans that reduce risk as planned retirement approaches. A stochastic simulation model demonstrates that the differences can have a significant effect on the distribution of potential pension outcomes.

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• Item metadata

  Item type:	Article
  ID code:	5584
  Dates:	Date Event 2007 Published
  Subjects:	Social Sciences > Commerce
  Department:	Strathclyde Business School > Accounting and Finance
  Depositing user:	Strathprints Administrator
  Date deposited:	14 Mar 2008
  Last modified:	08 Apr 2024 16:08
  URI:	https://strathprints.strath.ac.uk/id/eprint/5584