초록
영어
The global shift from defined benefit to defined contribution pension plans has emphasized the importance of individual retirement saving decisions. In response, India introduced the NPS All India model to address the retirement needs of its unorganized labour force, offering subscribers a choice between the Auto Choice (life-cycle approach) and the Active Choice (customized allocation). Recognizing the financial literacy gap among subscribers, this study employs a Genetic Algorithm (GA) to determine the optimal asset allocation weights for Active Choice. The results demonstrate that the GA-optimized portfolio outperforms the Auto Choice in terms of expected returns, accumulated retirement wealth, and monthly pension, while maintaining manageable risk levels. These findings have important implications for policymakers and fund managers in enhancing retirement outcomes for unorganized sector workers.
목차
Ⅰ. Introduction
Ⅱ. Literature review
Ⅲ. Modelling Investment Strategy and Asset Allocation
1. The Auto choice (Life cycle fund)
2. The Active choice
3. GA-Based Asset Allocation Optimization
Ⅳ. Modelling Pension Accumulation for NPS All India model Subscriber
Ⅴ. Empirical result
1. Risk, Return and associated Asset Allocation under Active and Auto choice under NPS All India Model
2. Differences in Monthly Pension and In-Hand Accumulation Across Various Asset Allocation Strategies
3. Stochastic Dominance Decision Criteria: Investigating Active and Auto Choice asset allocation outcome
Ⅵ. Discussion
Ⅶ. Conclusion
1. Research implication
2. Limitation of the study
References