Retirement security bonds – the missing link in retirement

Arun Muralidhar

Entrepreneur and pension innovator

March 2023

Watch on demand

In this episode of Pioneering Pensions, we speak with Arun Muralidhar on DC decumulation (embedded in accumulation).  Arun has, together with Robert Merton, worked on the proposal that governments should issue a retirement bond. This bond, known as Retirement Security Bonds and sometimes called SeLFIES, is designed to be a simple, low-risk, low-cost and liquid instrument that will improve retirement security globally. The goal is to make it possible for everyone to buy secure cashflows starting when they plan to retire. Earlier this year, Retirement Security Bonds became a reality in Brazil.  

We explore how this solution could make pension decumulation easier for people as part of their accumulation and discuss the common obstacles that make governments hesitant to introduce this retirement bond.  

About Arun Muralidhar

Arun is Co-Founder of AlphaEngine Global Investment Solutions LLC. In the past Arun worked at JP Morgan Fleming Asset Management. He was Head of Research and member of the Investment Management Committee at The World Bank Investment Department and started his career issuing bonds and swaps for the World Bank.  

Arun is the author of a book, “Innovations in Pension Fund Management” – Stanford University Press, 2001. He is also co-author of a book with the late Prof. Franco Modigliani titled, “Rethinking Pension Reform” – Cambridge University Press, 2004. He also recently wrote “50 States of Grey – A Solution to the DC Retirement Crisis”, Investments and Wealth Institute, 2019. He holds a PhD in Managerial Economics from the Massachusetts Institute of Technology, and a B.S. from Wabash College. 

Watch on demand