We explore how members of a collective pension scheme can share inflation risks in the absence of suitable financial market instruments. Using intergenerational risk-sharing arrangements, risks can be allocated better across the scheme's participants than would be the case in a strictly individual- or cohort-based pension scheme, as these can only lay off risks via existing financial market instruments. Hence, intergenerational sharing of these risks enhances welfare. In view of the sizes of their funded pension sectors, this would be particularly beneficial for the Netherlands and the U.K.

中文翻译：

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代际分担不可对冲的通胀风险

我们探讨了集体养老金计划的成员如何在缺乏合适的金融市场工具的情况下分担通胀风险。与严格基于个人或群体的养老金计划相比，使用代际风险分担安排，可以更好地在计划参与者之间分配风险，因为这些计划只能通过现有的金融市场工具来消除风险。因此，代际分担这些风险可以提高福利。考虑到其资助养老金部门的规模，这对荷兰和英国尤其有利