Abstract: “This paper investigates muti-period defined contribution fund management under meanvariance criteria in a jump diffusion market. Besides, we consider both stochastic income and mortality risk in a more general market with multiple assets that can all be risky. Currently, there are two main types of pension funds: defined benefit (DB) pension fund and defined contribution (DC) pension fund. DB fund is a pension fund where the retirement benefits are calculated by a predetermined formula. Retirement benefits are usually calculated using average salary over the last few years before retire and the number of years one has worked in the company or public service. In a DC plan, both employee and employer do contribution to the pension account, and upon retirement, the member can receive regular income from the pension account or the member can withdraw the lump sum from the pension account. Compared with Defined Benefit plan, Defined Contribution plan is fairer because the more contribution”

Keywords: Defined, Contribution, Pension, Stochastic, Income; Mortality, Risk; Jump, diffusion