Defined contribution (DC) pension plans have been gaining ground in the last 10–20 years as the preferred system for many countries and other agencies, both private and public. The central question for a DC plan is how to invest in order to reach the participant's retirement goals. Given the financial illiteracy of the general population, it is common to offer a default policy for members who do not actively make investment choices. Using data from the Chilean system, we discuss an investment model with fixed contribution rates and compare the results with the existing default policy under multiple objectives. Our results indicate that the Chilean default policy has good overall performance, but specific closed-loop policies have a higher probability of achieving desired retirement goals and can reduce the expected shortfall at retirement.

在过去的10到20年中，定额供款（DC）养老金计划逐渐普及，成为许多国家和其他机构（无论是私人还是公共机构）的首选系统。DC计划的核心问题是如何进行投资，以达到参与者的退休目标。考虑到普通民众的财务文盲，通常为不积极选择投资的会员提供默认政策。使用来自智利系统的数据，我们讨论了固定缴费率的投资模型，并将结果与​​多个目标下的现有违约政策进行了比较。我们的结果表明，智利的违约政策总体表现良好，但是特定的闭环政策更有可能实现预期的退休目标，并且可以减少退休时的预期短缺。