A0189
Title: Retirement income phased withdrawal plans and the gender pension gap
Authors: Alexandra Dias - University of York (United Kingdom) [presenting]
Abstract: The current shift from guaranteed benefits to phased withdrawal pension plans moves the financial risk from the corporate sector to households, potentially contributing to the gender pension gap. Women living in retirement on a lower income than men is a well-known problem. The aim is to study how investment decisions, level of consumption, and longevity affect the welfare of men and women during retirement. It is found that a gender pension gap is inherent to phased withdrawal plans, and that even more aggressive, riskier investment strategies do not successfully close the gap. It is concluded that the currently popular phased withdrawal retirement plans contribute to perpetuating the gender pension gap.
