Managing reputational risk in the decumulation phase of a pension fund
研究养老金提供者在累积期如何通过最优行动避免因养老金削减导致的声誉损失，并证明可通过与保单持有人分享红利来覆盖成本。
In this paper, we suggest strategies for a pension provider to avoid a loss of reputation due to possible pension reductions in the decumulation phase. In different settings, we determine optimal actions to keep the pension plan solvent, i.e. value of the assets always above the net present value of the pension liabilities. With this in mind, we solve suitable singular control problems. We show that, in expectation, the pension provider can cover the costs of the optimal action via sharing bonus payments with the policyholders.