Jennifer Alonso-GarcíaUniversité Libre de Bruxelles | ULB · Department of Mathematics
Jennifer Alonso-García
PhD in Actuarial Sciences, Universite Catholique de Louvain
About
33
Publications
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Introduction
Jennifer Alonso García joined the Department of Mathematics as a (tenured) Professor of Actuarial Science in October 2019. Besides, she is an Associate Investigator at CEPAR, and Netspar Fellow. Previously she was a (tenure-track) Assistant Professor at the Department of Economics, Econometrics and Finance (EEF) at the University of Groningen and Senior Research Associate at CEPAR.
Additional affiliations
July 2018 - July 2026
Publications
Publications (33)
The notional defined contribution pension scheme combines pay-as-you-go financing and a defined contribution pension formula. The return on contributions is based on an index set by law, such as the growth rate of GDP, average wages or contribution payments. The volatility of this return compromises the system's pension adequacy and therefore guara...
We investigate the importance of alternative motives for saving and spending patterns after retirement in the Netherlands and Australia. Using an online experimental survey, we elicit the impact on advised spending patterns and underlying saving motives of alternative retirement drawdown designs, ranging from complete flexibility in Australia to fu...
Recent pension reforms in Europe have implemented a link between retirement age and life expectancy. The accurate forecast of life tables and life expectancy is hence paramount for governmental policy and financial institutions. We developed a multi-population mortality model which includes a cause-specific environment using Archimedean copulae to...
Many OECD countries have addressed the issue of increased longevity by mainly increasing the retirement age. However, this kind of reforms may lead to substantial transfers from those with shorter lifespans to those that will live longer than the average, as they do not necessarily take into account the socio-economic differences in mortality. The...
We fielded an online survey in the Netherlands and Australia to explore the influence of an implied endorsement nudge, conveyed by a government regulated drawdown from pension wealth, on spending patterns in retirement. The implied endorsement nudge was effective. It influenced the preferred retirement spending patterns of around 30% of survey part...
Notional Defined Contribution (NDC) pension schemes are defined contribution plans which are pay-as-you-go financed. From a design viewpoint, the countries where NDCs have been implemented cannot guarantee sustainability due to the choice of notional return paid to the contributions and the indexation rate paid to pensions. We study how the scheme...
We analyse the effect of post-financial crisis unemployment dynamics on the Spanish pension system’s financial health using Aggregate Accounting. We compare the basic scenario where the current labour market dynamics persist with a full employment (best-case) scenario. We find that economic risk is the main driver of unsustainability in the short r...
Australia and the Netherlands both combine an unfunded non-contributory flat rate pension with prefunded earnings related retirement schemes. Notwithstanding this similarity of structure, however, the two systems are very different. The Netherlands mandates annuitized drawdown structures. In Australia, no prescription, or even guidance, is offered....
This paper explores whether implied endorsement can serve as an explanation for the stickiness of retirement drawdown defaults. Using an experimental survey fielded in both the Netherlands and Australia, we analyse the extent to which individuals stick to default drawdowns and whether they perceive government prescribed minimum withdrawals from the...
This paper explores whether implied endorsement can serve as an explanation for the stickiness of retirement drawdown defaults. Using an experimental survey fielded in both the Netherlands and Australia, we analyse the extent to which individuals stick to default drawdowns and whether they perceive government prescribed minimum withdrawals from the...
Australia and the Netherlands both combine an unfunded non-contributory flat rate pension with prefunded earnings related retirement schemes. Notwithstanding this similarity of structure, however, the two systems are very different. The Netherlands mandates annuitized drawdown structures. In Australia, no prescription, or even guidance, is offered....
There are three main challenges facing pay-as-you-go public pension systems. First, pension systems need to provide an adequate income for pensioners in the retirement phase. Second, participants wish a fair level of benefits in relation to the contributions paid. Last but not least, the pension system needs to be financially sustainable in the lon...
This paper extends the Fourier-cosine (COS) method to the pricing and hedging of variable annuities embedded with guaranteed minimum withdrawal benefit (GMWB) riders. The COS method facilitates efficient computation of prices and hedge ratios of the GMWB riders when the underlying fund dynamics evolve under the influence of the general class of Lév...
The notional defined contribution model combines pay-as-you-go financing and a defined contribution pension formula. This paper aims to demonstrate the extent to which liquidity and solvency indicators are affected by fluctuations in economic and demographic conditions and to explore the introduction of an automatic balancing mechanism (ABM) into t...
Public pension systems are usually pay-as-you-go financed, that is, current contributions cover the pension expenditures. However, some countries combine funding and pay-as-you-go within the first pillar. This article studies a mixed system where a part of the individual’s contribution accrues funded rights whereas the other part accrues pay-as-you...
There are three main challenges facing public pension systems. First, pension systems need to provide an adequate income for pensioners in the retirement phase. Second, participants wish a fair level of benefits in relation to the contributions paid. Last but no least, the pension system would need to be financially sustainable in the long run. In...
The notional defined contribution pension scheme combines pay-as-you-go fi- nancing and a defined contribution pension formula. The return on contributions is based on a notional rate which is linked to an external index set by law, such as the growth rate of GDP, average wages, or contribution payments. The volatility of this return may introduce...
Projects
Projects (8)
We fielded an online survey in the Netherlands and Australia to explore the influence of an implied endorsement nudge, conveyed by a government regulated drawdown from pension wealth, on spending patterns in retirement. The implied endorsement nudge was effective. It influenced the preferred retirement spending patterns of around 30\% of survey participants, particularly those with fewer financial resources and low pension capability. Australian participants were more likely to follow the nudge where it was framed as implicit government advice while the Dutch were more likely to respond to a suggestion that the nudge was a recommendation from peers. Our results provide support for a regulated drawdown rule as part of a strategy to guide spending patterns in retirement.
We analyse the effect of post-financial crisis unemployment dynamics on the Spanish pension system’s financial health using Aggregate Accounting. We compare the basic scenario where the current labour market dynamics persist with a full employment (best-case) scenario. We find that economic risk is the main driver of unsustainability in the short run. However, in the long run, the main driver of expenditures lies in the ageing demographic structure. Our results suggest that future reforms should increase labour market participation but confirm that recent pension reforms do not attain sustainability in the long run, indicating the need of further pension reforms.
