Research Seminar - Julia Eisenberg

The Institute for Statistics and Mathematics is pleased to invite you to the next research seminar, which will take place on campus:

Julia Eisenberg ( Financial and Actuarial Mathematics, TU Wien)
The Devil Is in the Detail: Can Pensions Work Without Guarantees?

Wednesday, November 18, 2026, 5:15 p.m., in Building D4, Room D4.0.127

Abstract: Guarantees have long been, and continue to be, an important feature of pension products outside the first pillar. They provide security, but they also come at a cost. In particular, guaranteeing investment returns prevents investments in assets offering higher expected returns.
But do we really need guarantees to provide secure pensions? And how much security can we achieve without them?
In this talk, we explore an alternative pension design that replaces traditional guarantees with collective risk-sharing and smoothing mechanisms. The idea is to allow contributors and pensioners to benefit from investment opportunities while controlling (to some extent) fluctuations in their savings and pension payments. We discuss how individual and collective accounts can be combined, how financial buffers can help absorb losses, and what happens when these buffers are no longer sufficient.

For further information and the seminar schedule, please see:
https://www.wu.ac.at/en/statmath/research/research-seminar