Research Topics

Our projects are centered around four main research topics (while we are open to other collaborations in pension policy area).

1. Optimal design of auto-enrollment systems

1. Optimal design of auto-enrollment systems

Analyzes the financial and non-financial aspects of auto-enrollment programs, with a particular focus on addressing persistent challenges such as low coverage rates and high opt-out levels, aiming to support more sustainable pension participation.

Focus areas include:

  • Comprehensive review of financial and non-financial parameters across countries

  • Analysis of economic, financial, and behavioral drivers behind high opt-out rates

  • Policy recommendations to reduce opt-outs and enhance participation

2. Behavioral and technological tools to promote pension savings

2. Behavioral and technological tools to promote pension savings

Focuses on developing innovative behavioral and technological solutions to promote pension savings with a particular emphasis on reaching low-income individuals, informal workers, and women.

Focus areas include:

  • Using saving through consumption platforms to enhance retirement savings

  • Designing digital micro-pensions to ensure adequate retirement income

  • Implementing pilot projects and RCTs to test behavioral and technological tools

3. Life-cycle fund design under human capital and financial capital risk

3. Life-cycle fund design under human capital and financial capital risk

Aims to develop a new life-cycle investing model to be used as the default option in private pension plans, incorporating country-specific uncertainties in both human and financial capital to better reflect local economic conditions and individual risk profiles.

Focus areas include:

  • Impact of temporary and permanent income shocks on life-cycle fund portfolios

  • Effects of estimation risk and mean reversion on long-term asset allocation 

  • Adjusting portfolios to socioeconomic, macroeconomic, and financial factors

4. Developing long-term benchmarks in evaluating the pension fund performance

4. Developing long-term benchmarks in evaluating the pension fund performance

Examines the risk-adjusted performance of pension funds by focusing on comprehensive long-term risk measurement and the development of appropriate long-term benchmarks to ensure a meaningful evaluation of investment strategies over time.

Focus areas include:

  • Defining long-term variance to capture the unique risk profile of pension funds

  • Estimating robust long-term variance for pension portfolio optimization

  • Developing long-term benchmarks to evaluate pension fund performance