The Balance between Defined Benefit, Defined Contribution, and State Provision
分析私人养老金从固定收益向固定缴款转变的后果，指出逆向选择和退休激励问题，并利用英国数据说明私人养老金作为国家养老金替代而非补充时的显著影响。
We examine the possible consequences of the increasing shift from Defined Benefit to Defined Contribution arrangements for private pensions. Whilst much analysis has focused on the possible distribution of investment and job tenure risk, we point out the additional role for issues relating to adverse selection and to retirement incentives. These issues are illustrated using empirical evidence from the United Kingdom, where the fact that private pensions are an alternative, as opposed to a supplement, to earnings-related state pension provision makes the effects particularly salient.