英文标题：
《The 2015-2017 policy changes to the means-tests of Australian Age
  Pension: implication to decisions in retirement》
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作者：
Johan G. Andreasson and Pavel V. Shevchenko
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最新提交年份：
2016
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英文摘要：
  The Australian Government uses the means-test as a way of managing the pension budget. Changes in Age Pension policy impose difficulties in retirement modelling due to policy risk, but any major changes tend to be `grandfathered\' meaning that current retirees are exempt from the new changes. In 2015, two important changes were made in regards to allocated pension accounts -- the income means-test is now based on deemed income rather than account withdrawals, and the income-test deduction no longer applies. We examine the implications of the new changes in regards to optimal decisions for consumption, investment, and housing. We account for regulatory minimum withdrawal rules that are imposed by regulations on allocated pension accounts, as well as the 2017 asset-test rebalancing. The new policy changes are modelled in a utility maximizing lifecycle model and solved as an optimal stochastic control problem. We find that the new rules decrease the benefits from planning the consumption in relation to the means-test, while the housing allocation increases slightly in order to receive additional Age Pension. The difference in optimal drawdown between the old and new policy are only noticeable early in retirement until regulatory minimum withdrawal rates are enforced. However, the amount of extra Age Pension received for many households is now significantly different due to the new deeming income rules, which benefit slightly wealthier households who previously would receive no Age Pension due to the income-test and minimum withdrawals.
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中文摘要：
澳大利亚政府将经济状况调查作为管理养老金预算的一种方式。由于政策风险，年龄养老金政策的变化给退休建模带来了困难，但任何重大变化往往都是“祖传的”，这意味着当前退休人员不受新变化的影响。2015年，分配养老金账户发生了两项重要变化——收入均值测试现在基于视同收入而非账户提款，收入测试扣除不再适用。我们研究了新变化对消费、投资和住房优化决策的影响。我们考虑了对分配养老金账户实施的监管最低提款规则，以及2017年资产测试再平衡。新的政策变化在效用最大化的生命周期模型中建模，并作为最优随机控制问题求解。我们发现，新规则降低了计划与经济状况测试相关的消费的收益，而住房分配略有增加，以获得额外的年龄养老金。只有在监管最低提款率实施之前，新旧政策之间的最佳提款差异才在退休早期明显。然而，由于新的收入规定，许多家庭领取的额外年龄养老金的金额现在有了很大的不同，这使那些之前由于收入测试和最低提款而没有领取年龄养老金的稍微富裕的家庭受益。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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