Description: This report introduces the concepts of BaR, creating measures for members to understand the benefit risk in these pools. The authors focus on the measures of budgeting and decision making.

Description: Lifetime pension pools convert a lump sum into lifelong income, periodically adjusting benefit payouts based on mortality and investment experience. Volatility-targeting strategies can enhance benefit stability by dynamically adjusting the investment portfolio’s exposure to risky assets in the context of these pools, demonstrating superior performance compared to traditional static asset allocation methods.