Lionel Martellini discussed retirement planning at JOIM conference on May 24

Written on 06 Jul 2022.

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On May 24, Lionel Martellini, Director of EDHEC Risk Institute, was invited to speak on the theme of retirement planning at the Climate Change and Retirement Investing Conference.

Organized by The Journal of Investment Management (JOIM) and co-hosted with Santa Clara University's Leavey School of Business, the Climate Change & Retirement Investing Conference took place on 23 & 24 May 2022, at Santa Clara University, USA and online. The two-day conference aimed to showcase the highest quality thinking and research in these specialty areas. The programme was developed on a foundation of academic rigour with an overriding objective of identifying practical significance.

This event was co-sponsored with Santa Clara University, BlackRock, Franklin Templeton and Invesco.

Leading experts was featured, including for climate change investing: Jeff Bohn (One Concern), Guido Giese (MSCI), Joshua Kazdin (BlackRock), Hersh Shefrin (Santa Clara University), and for retirement investing: Lionel Martellini (EDHEC-Risk Institute), Jonathan A. Parker (MIT Sloan School of Management), Nicholas Savoulides (Invesco), and Deep Srivastav (Franklin Templeton).


Lionel Martellini, Director of EDHEC-Risk Institute delivered a keynote speech entitled "Introducing the Retirement Bond – The New Risk-Free Asset in Decumulation Investing". During his presentation, he explored the following topics:


  • Academic perspectives on decumulation investing – The annuity and duration puzzles
  • Introducing the retirement bond – Design and replication challenges in decumulation
  • Benefits of retirement bonds in retirement planning – Maximally moderate withdrawal strategies
  • Benefits of retirement bonds in retirement investing – Efficient goal-based decumulation strategies


Download the presentation


The research from which this presentation is drawn has benefitted from the support of Bank of America in the context of the research chair “Decumulation Investing: Taxonomy, Axiomatic Framework and Financial Engineering Solutions”.


For those who want greater insight into the subject, we invite you to read Lionel's latest research "The Retirement Bond:  How a Dedicated Safe Asset Can Help with Retirement Planning", which has been published in special EDHEC-Risk supplements with Pensions & Investments (P&I) and with Investment and Pensions Europe (IPE). With his co-authors Shahyar Safaee and Vincent Milhau, he shows how the retirement bond, a dedicated safe asset for decumulation, can help with retirement planning. The retirement bond price allows retirees to calculate how much income they can generate from their retirement pot, thus facilitating the implementation of efficient withdrawal strategies.

You can also consult the article Efficient Withdrawal Strategies in Retirement Investing, which looks at the related problem of the interaction between withdrawal and investment strategies. Authors confirm that dynamic spending rules tend to dominate the standard static “4% rule” for various types of investment strategies.