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Dylan02 · 2025年07月03日

不太懂这里的risk objective在问什么,是risk tolerance吗?

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NO.PZ202301040900001202

问题如下:

(2) Contrast the return and risk objectives of the R-Cubed pension and defined contribution plans.

选项:

解释:

Return Objective

The return objective of the pension plan is lower than that of the defined contribution plan,
which has no well-defined benefit target. While the return of the defined contribution plan may be oriented more towards growth media in pursuit of higher alpha strategies, the pension plan has ongoing and increasing payout targets to meet. The pension plan cannot focus exclusively on the production of income. It will need to invest in growth-oriented media to preserve the purchasing power of its contractual benefits as well as to amortize its underfunded status over time.

Risk Objective

The defined contribution plan can undertake greater risk than the pension plan because its workforce is younger, benefits commence at a later age, there is no predetermined benefit target to meet, and the benefits are not indexed to inflation. The asset base of the defined contribution plan, unlike that of the pension, is expected to increase, allowing the plan to invest in riskier investments.

The DB plan's return is relative low, the risk tolerance are low and focus on minimise the likelihood the sponsor to make contributions and maintain overfunded status to meet the benefit payments.

The DC plan's return can be higher, higher return can help supporting better for the retirement life. The risk objectives are seeking higher asset return.


我这样写能表达risk objectives吗?

1 个答案

Lucky_品职助教 · 2025年07月06日

嗨,努力学习的PZer你好:


你的理解基本正确,在养老金计划语境中,“risk objective” 通常围绕 “计划能承受多大风险”“如何平衡风险与收益” 展开,本质上与Risk Tolerance的评估逻辑一致,需结合计划的负债特性、参与者结构、资金状况等因素判断。

你的答案中,最好能再加入DB为何风险容忍度低,或是DC风险容忍度高的原因。

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