| Abstract: | In this paper, based on the stochastic optimal control method, the intergenerational risk and inflation risk, the optimal investment strategy of the target benefit pension plan is investigated on the basis of measuring the random wage rate under the random mortality and inflation risk of the personnel in the plan and the correlation between the wage change and the fluctuation of the financial market. The research shows that the financial market parameters and wage rate have a great influence on the optimal investment strategy, and gives the optimal investment strategy and the optimal income adjustment strategy of the target benefit pension. The research of this paper provides a reference for the policy formulation and implementation of the Target Benefit Pension Plan in our country. |
