| Title: | Policy-induced welfare losses from limited decumulation options : the case of Slovenia’s DC pensions |
|---|
| Authors: | ID Šterpin, Dino (Author)
ID Laporšek, Suzana (Author)
ID Vovk, Boštjan (Author) |
|---|
| Files: |  https://www.tandfonline.com/doi/full/10.1080/00128775.2026.2652436#abstract
 RAZ_Sterpin_Dino_2026.pdf (2,06 MB)
MD5: 6A55BB445C82D2422E90ED57F7F42A47
|
|---|
| Language: | English |
|---|
| Work type: | Unknown |
|---|
| Typology: | 1.01 - Original Scientific Article |
|---|
| Organization: | FM - Faculty of Management
|
|---|
| Abstract: | 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. |
|---|
| Keywords: | decumulation strategies, defined contribution pensions, loss-aversion utility, money’s-worth ratio, Slovenia, utility-equivalent wealth |
|---|
| Publication date: | 18.04.2026 |
|---|
| Year of publishing: | 2026 |
|---|
| Number of pages: | str. 1-32 |
|---|
| Numbering: | Vol. , no. |
|---|
| PID: | 20.500.12556/RUP-22974  |
|---|
| UDC: | 331.25 |
|---|
| ISSN on article: | 1557-9298 |
|---|
| DOI: | 10.1080/00128775.2026.2652436 |
|---|
| COBISS.SI-ID: | 275785219 |
|---|
| Publication date in RUP: | 20.04.2026 |
|---|
| Views: | 35 |
|---|
| Downloads: | 2 |
|---|
| Metadata: |    |
|---|
|
:
|
Copy citation |
|---|
| | | | Average score: | (0 votes) |
|---|
| Your score: | Voting is allowed only for logged in users. |
|---|
| Share: |  |
|---|
Hover the mouse pointer over a document title to show the abstract or click
on the title to get all document metadata. |
