A mortality-differentiated Lee-Carter model with Hermite splines shows that income-dependent annuitization rules substantially reduce reverse transfers in China's NDC pension system compared to the current age-only divisor.
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Mortality Heterogeneity and Actuarial Fairness in China's Notional Defined Contribution Pension System
A mortality-differentiated Lee-Carter model with Hermite splines shows that income-dependent annuitization rules substantially reduce reverse transfers in China's NDC pension system compared to the current age-only divisor.