韩韩_品职助教 · 2018年06月03日
同学你好，这两个是从不同角度来说early retirement & lump sum option对pension投资的影响因素。
如果从risk tolerance的因素，从duration来答。
Such options tend to reduce the duration of plan liabilities, implying lower risk tolerance, all else equal.
如果从流动性角度，从liquidity needs角度回答。
Plan features such as the option to take early retirement and/or the option of retirees to take lump-sum payments create potentially higher liquidity needs
