20.500.12556/RUP-22974 Policy-induced welfare losses from limited decumulation options the case of Slovenia’s DC pensions This study examines restricted decumulation options for retirees with Defined Contribution (DC) in Slovenia and shows how these constraints create an implicit tax on accumulated assets. Using the Money’s Worth framework, we find that Slovenian annuities offer lower value than comparable products in advanced markets. We develop a utility-based model with loss aversion to quantify welfare losses across eight retiree types, differing in loss aversion, bequest motive, replacement rate, and time preference. Seven out of eight retiree types achieve higher utility under currently unavailable strategies. We introduce the Implicit Tax on DC Assets to capture the opportunity cost of restricted product availability. decumulation strategies defined contribution pensions loss-aversion utility money’s-worth ratio Slovenia utility-equivalent wealth strategije črpanja privarčevanih sredstev pokojnine z določenimi prispevki koristnost z averzijo do izgub razmerje vrednost za denar Slovenija premoženje ekvivalentno koristnosti true false true Angleški jezik Slovenski jezik Neznano 2026-04-20 12:02:55 2026-04-20 12:02:57 2026-04-21 03:09:20 0000-00-00 00:00:00 2026 0 0 str. 1-32 no. Vol. 2026 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 2026-04-18 331.25 1557-9298 10.1080/00128775.2026.2652436 275785219 https://www.tandfonline.com/doi/full/10.1080/00128775.2026.2652436#abstract 1 0b994249-3ca0-11f1-9e8d-005056ac49c0 https://repozitorij.upr.si/Dokument.php?lang=slv&id=33572 RAZ_Sterpin_Dino_2026.pdf RAZ_Sterpin_Dino_2026.pdf 1 6A55BB445C82D2422E90ED57F7F42A47 f9f942d8541c7417486a1078722325e837f1577dacb7747fe14a5e2a8c68674c 20cf8da0-3ca0-11f1-9e8d-005056ac49c0 https://repozitorij.upr.si/Dokument.php?lang=slv&id=33573 Fakulteta za management 0 0 0