Stakeholders in Pension Finance.

Summary This thesis focuses on three stakeholders in the financing of pension plans: the legislator, the insurer and the individual. In an environment of deviant financial market behavior and unfavorable demographic changes, the role of these stakeholders must be reassessed to meet the challenge of sustainable pension funding. The study of regulation and plan design has been carried out by integrating typical characteristics of the future pension landscape, such as the increasing weight of risk assumed by the individual or the possible participation of stock market investors in the contract offering. The findings provide guidance for managing longevity risk for individuals, an assessment of the attractiveness of longevity risk exposure for investors, contract design information for insurers, and proposals for policymakers on regulatory measures to support a sustainable pension landscape.