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Policy-induced welfare losses from limited decumulation options : the case of Slovenia’s DC pensionsDino Šterpin,
Suzana Laporšek,
Boštjan Vovk, 2026, izvirni znanstveni članek
Opis: 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.
Ključne besede: decumulation strategies, defined contribution pensions, loss-aversion utility, money’s-worth ratio, Slovenia, utility-equivalent wealth
Objavljeno v RUP: 20.04.2026; Ogledov: 235; Prenosov: 9
Celotno besedilo (2,06 MB)
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