As a response to unforeseeable market turbulence—such as the 2008 financial crisis and the most recent market drawdown triggered by the COVID‐19 pandemic—we propose a new pension investment strategy that could better protect a long‐term pension plan in volatile market conditions. Over a hypothetical 20‐year pension scheme and various target volatility scenarios, we show that our newly proposed strategy, which attaches a target volatility mechanism to a lifecycle strategy, could provide more effective capital protection and risk control for pension investment vehicles. Our results are robust with a consideration of transaction costs.

中文翻译：

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使用目标驱动的投资策略优化养老金结果：来自三个年龄最高抚养比的亚洲国家的证据*

为了应对不可预见的市场动荡（例如2008年金融危机和COVID-19大流行引发的最新市场缩水），我们提出了一项新的养老金投资策略，可以更好地在市场波动的情况下保护长期养老金计划。在假设的20年退休金计划和各种目标波动率情景下，我们表明，我们新提出的策略将目标波动率机制附加到生命周期策略中，可以为养老金投资工具提供更有效的资本保护和风险控制。考虑到交易成本，我们的结果是可靠的。