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Half day workshop: Decumulation and Investment Return-Sharing: What is the Latest Research?

Thursday 13 September 2018 08:45 - 12:00


This workshop will showcase the latest research being carried out by the IFoA’s Actuarial Research Centre through the commissioned research programme ‘Minimising Longevity and Investment Risk while Optimising Future Pension Plans’.

The programme is seeking to develop pension product designs that keep the customers' needs at the forefront, with a real income in retirement that minimises costs for the customer.

At this workshop you will increase your knowledge on two topics:

  • How to invest your savings during retirement.  Industry products are mostly restricted to either life annuity contracts or draw-down with a constant-mix investment strategy.  However, many alternative approaches have been explored in scientific papers.
  • Investment return-sharing structures in a pension-saving setting.  There have been many structures examined in the academic literature.  Some of them are stylisations of country-typical participating policies but others are quite unique.   The structures and our understanding of them will be discussed.

The latest scientific research will be covered for both topics, including new research for the ARC project.   There will be several opportunities for networking and discussion of the topics throughout the morning workshop. 


Dr Catherine Donnelly heads the ARC-sponsored project "Minimising Longevity and Investment Risk while Optimising Future Pension Plans" Heriot-Watt University team.  She is an associate professor and qualified actuary, who works closely with Dr Bernhardt and Dr Chehab on the project.

Dr Thomas Bernhardt is a post-doctoral research associate, who obtained his PhD in mathematics from London School of Economics.   Dr Bernhardt is currently researching how to invest your pension savings during retirement.

Dr Rami Chehab is also a post-doctoral research associate, who obtained his PhD in economics from University of Exeter.  Dr Chehab is working on how to share investment returns across generations of people without the need for a guarantor.

08.45-09.00 Registration and refreshments

Introduction by Dr Catherine Donnelly (overview of the research programme)


Dr Bernhardt summarises the decumulation State-of-the-Art report


Dr Bernhardt outlines recent and ongoing work following the report

10.00-10.20 Refreshment break
10.20-10.50 Dr Chehab summarises the investment risk-sharing State-of-the-Art report
10.50-11.10 Dr Catherine Donnelly outlines recent and ongoing work following the investment risk-sharing report
11.10-11.30 Refreshment break

Interactive feedback session

12.00 Close of event




Level 2 – Exchange Crescent 7 Conference Square, Edinburgh, EH3 8RA, UK

Nearest Public Transport

Haymarket station