Simulating Pension Income Scenarios with Pencalc: An Illustration for India’s National Pension System

By Renuka Sane (Indian Statistical Institute, New Delhi) & William Joseph Price (World Bank) This paper sets out initial results from a new modeling exercise for Defined Contribution (DC) pensions. It develops a package called penCalc based on the open source software language R, which is popular in the academic and modeling communities. All the coding is made freely available. The tool is illustrated for India's DC National Pension System. The aim is not to present the perfect model for...