Session 4 - Pablo Antolin - OECD.pdf

1、IMPLEMENTING LIFE-CYCLE INVESTMENT STRATEGIESPablo Antolin Head of Insurance and PensionsOECD Directorate of Financial and Enterprise AffairsIstanbul,7 November 2025Restricted Use-usage restreintObjective Main message How to implement life-cycle investment strategies?Country experiences What are lif

2、e-cycle investment strategies?Investing largely on risky assets with higher potential returns at young ages(labour,human capital)and reduce gradually investments in risky assets favouring investment in more secure assets but lower potential returns as individuals age How to achieve this?Fund archite

3、cture three different models1.“Fund-adjusting”model2.“Fund-mixing”model3.“Fund-switching”model2Restricted Use-usage restreintHow to implement LC IS?“Fund-adjusting”model Plan member are invested in a single fund during its entire saving/accumulation phase(and sometimes through the retirement/payout

4、phase)(e.g.Target date funds,TDF:where people sharing the same target retirement year are grouped together in the same fund,which reduces the proportion of riskier asset classes as the target date approaches).“Fund-mixing”model Plan members invested in a mix of funds,one on risky assets and another

5、one on less risky assets as fixed income securities(e.g.Hong Kong)“Fund-switching”model Plan members invested in one fund at the time.S/he has to switch funds as s/he ages from higher to lower risk exposures funds:Multi-funds(e.g.Chile)3Restricted Use-usage restreintMain messages Three main differen

6、t approaches to implement IS in which individuals exposure to risky assets with higher potential return is high at young ages and falls as they age.Member same fund(TDF)+member in a mix of funds(HK)+member one fund and switched to other fun