In this paper, we derive optimal designs for a stylized Intergenerational Risk Sharing (IRS) pension plan. We study a Defined Ambition plan under which both contributions and pension benefits are adjusted based on the funding level. Our objective function focuses on the stability of members' lifetime consumption, both in the contribution and benefit phases, formulating the optimization as an ergodic control problem. We illustrate the drawbacks of unconstrained optimization and demonstrate the importance of including regulatory requirements for the sake of fairness across generations. Our results show that a linear risk sharing protocol is transparent, and with reasonable constraints on the funding level, can deliver a risk sharing plan that is fair with respect to intergenerational risk transfers, and is sustainable.

在本文中，我们推导出了程式化的代际风险分担 (IRS) 养老金计划的最佳设计。我们研究了一个明确的目标计划，根据该计划，根据资金水平调整供款和养老金福利。我们的目标函数侧重于成员在贡献阶段和收益阶段的终生消费的稳定性，将优化制定为遍历控制问题。我们说明了无约束优化的缺点，并展示了为了跨代公平而包含监管要求的重要性。我们的结果表明，线性风险分担协议是透明的，并且在资金水平上有合理的限制，可以提供一个在代际风险转移方面公平且可持续的风险分担计划。