We derive optimal characteristics of contribution rates into defined contribution pension plans based on consumption-savings theory. Contribution rates should increase with age and decrease with the balance-to-income ratio. Using Swedish registry data, we show that on average, individuals save according to those principles. However, almost half of the population behaves hand-to-mouth and does not undo the mandated constant contribution rates. In a quantitative model, designing contribution rates to follow the principles implies a 1.8% welfare gain and less dispersed replacement rates, while maintaining the same average replacement rate. Results are robust to various sources of model misspecification, including temptation preferences. (JEL D91, E21, G11, H55)

中文翻译：

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根据消费储蓄理论设计养老金计划


我们基于消费储蓄理论，推导出固定缴款养老金计划的缴款率的最优特征。缴费率应随年龄增长而增加，并随余额收入比而降低。使用瑞典的登记数据，我们表明平均而言，个人根据这些原则进行储蓄。然而，几乎一半的人口都表现得手到擒来，并没有取消规定的恒定缴费率。在定量模型中，按照这些原则设计缴费率意味着 1.8% 的福利收益和分散性较低的替代率，同时保持相同的平均替代率。结果对模型错误指定的各种来源（包括诱惑偏好）是稳健的。（JEL D91、E21、G11、H55）