Journal articles on the topic 'Age pension'
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1
Naramessakh, Kezia Tirza, and Cahyo Prianto. "Otomatisasi Keputusan Pemberian Kredit Pensiun Menggunakan Metode Weighted Product." EFISIENSI - KAJIAN ILMU ADMINISTRASI 16, no. 1 (April 17, 2019): 33–48. http://dx.doi.org/10.21831/efisiensi.v16i1.24475.
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Dalam memberikan kredit pensiun, PT. Pos Indonesia masih mengalami kesulitan dalam menentukan Pensiun yang berhak atau layak untuk mendapatkan pinjaman kredit, sehingga dalam menentukan Pensiun yang berhak dan layak untuk diberikan pinjaman kredit membutuhkan waktu yang lama serta belum tentu hasil yang didapat juga benar. Maka penulis melakukan analisis kelayakan pemberian kredit agar bisa mempermudah dalam menentukan Pensiun yang layak atau diprioritaskan untuk diberikan pinjaman kredit. Penelitian ini menggunakan metode Weighted Product, yaitu salah satu metode penyelesaian untuk masalah Multi Attribute Decision Making (MADM). Multi Attribute Decision Making adalah keputusan analisis multi kriteria yang popular dan merupakan metode pengambilan keputusan multi kriteria. Dengan menggunakan metode Weighted Product (WP) akan mencari bobot untuk setiap kriteria, kemudian dilakukan proses peringkat yang akan menentukan alternatif optimal dari Pensiunan. Metode Weighted Product dapat membantu dalam mengambil keputusan kelayakan pemberian kredit. Penulis menggunakan lima kriteria yaitu, besar gaji, jumlah pinjaman, usia, jangka waktu kredit, kredit ke-berapa dan jaminan. Hasil dari penelitian ini, mempermudah dalam menentukan pensiun yang layak atau diprioritaskan untuk diberikan pinjaman kredit pensiun. Kata kunci: Weighted Product, Pemberian Kredit Pensiun, Pensiun Abstract: PENSION CREDIT ADMINISTRATION AUTOMATION USING THE WEIGHTED PRODUCT METHOD. In providing pension credit, PT. Pos Indonesia still has difficulties in determining which pensions are entitled or eligible to get a loan, so in determining which pensions are entitled and eligible to be given a credit loan requires a long time and not necessarily the results obtained are also correct. So the author analyzes the feasibility of lending in order to make it easier to determine which pensions are feasible or prioritized for credit loans. This study uses the Weighted Product method, which is one of the settlement methods for the Multi Attribute Decision Making (MADM) problem. Multi Attribute Decision Making is a popular multi-criteria analysis decision and is a multi-criteria decision making method. Using the Weighted Product (WP) method will look for weights for each criterion, then a ranking process will be carried out that will determine the optimal alternative of the Pensioner. Weighted product methods can help in making credit worthiness decisions. The author uses five criteria, namely, the amount of salary, loan amount, age, credit period, what credit and collateral. The results of this study make it easier to determine a decent or prioritized pension for a pension credit loan. Keyword: Weighted Product, Providing Pension Credit, Pension.
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BÖRSCH-SUPAN, AXEL, ANETTE REIL-HELD, and DANIEL SCHUNK. "Saving incentives, old-age provision and displacement effects: evidence from the recent German pension reform." Journal of Pension Economics and Finance 7, no. 3 (May 9, 2008): 295–319. http://dx.doi.org/10.1017/s1474747208003636.
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AbstractIn response to population aging, pay-as-you-go pensions are being reduced in almost all developed countries. In many countries, governments aim to fill the resulting gap with subsidized private pensions. This paper exploits the recent German pension reform to shed new light on the uptake of voluntary, but heavily subsidized private pension schemes. Specifically, we investigate how the uptake of the recently introduced ‘Riester pensions’ depends on state-provided saving incentives, and how well the targeting at families and low-income households works in practice.We show that, after a slow start, private pension plans took off very quickly. While saving incentives were effective in reaching parents, they were less successful in attracting low-income earners, although Riester pensions exhibit a more equal pattern by income than occupational pensions and unsubsidized private pension plans.We also provide circumstantial evidence on displacement effects between saving for old-age provision and other purposes. Households who plan to purchase housing are less likely to have a Riester pension. The same holds for households who attach high importance to a bequest motive. Occupational pensions and other forms of private pensions, however, act as complements rather than as substitutes.
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Kusmiati, Yani, Deasy Silvya Sari, and Ratna Meisa Dai. "EVALUASI KEBIJAKAN PROSEDUR PELAYANAN PENSIUN PEGAWAI NEGERI SIPIL PADA DINAS KESEHATAN KABUPATEN BANDUNG." Responsive 4, no. 3 (September 17, 2021): 105. http://dx.doi.org/10.24198/responsive.v4i3.33166.
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Pensiun merupakan Hak PegawaiaNegeriaSipil (PNS) sebagai tanggungan hari tua dan bantuan kebaikan kepada Pegawai Negeri yang telah mendedikasikan diri kepada negara. Perka BKN No. 3 Tahun 2020 TentangaJuknis Pemberhentian PNS. PNS mendapat SK pensiun adalah salah satu adalah pakta tercatat andaikan PNS itu telah mendapatkan hanya untuk berhenti bekerja. Pemberhentianadan pemberianapensiun ditetapkanaoleh KepalaaBadan KepegawaianaNegara. Dana purnabakti merupakan bayaranaberupa uangatunjangan yangadidapat setiapabulan danakemudian diberikan kepada mantanapegawai negeriaatau karyawanayang sudahatidak dapatabekerja lagiaatau isteri/suamiadan anak-anaknyaakalau iaameninggal duniaasebagai tanggunganahari tuaadan balasajasa terhadapapegawai-pegawaiayang telahamendedikasikan dirinyaakepada negaraaselama beberapa tahun lamanya, aagar dapatamembantu penghidupanaselanjutnya sehinggaatidak terlantaraapabilaatidak mendapatkanapenghasilanalain. Dinas Kesehatan memproses usulan pensiun pegawai negri sipil pada tahun 2020 sebanyak 65 berkas PNS, usulan tersebut diusulkan kepada BKPSDM dan oleh BKPSDM di usulkan ke BKN untuk penerbitan Persetujuan Teknis dan proses penerbitan Surat Keputusan Pensiun di terbitkan oleh BKPSDM Kab Bandung. Proses usulan pensiun yang diajukan oleh Dinas Kesheatan antara lain: Pensiun Atas Permintaan Sendiri, Batas Usia Pensiun dan Pensiun Meninggal Dunia, SK Pensiun Pegawai Negeri Sipil untuk memperoleh tunjangan hari tua cukup panjang, karena membutuhkan proses administrasi.Pension is the right of civil servants which is a guarantee of old age and as remuneration for civil servants who have devoted themselves to the state for years. Perka BKN No. 3 of 2020 concerning Technical Guidelines on Dismissal of civil servants. Every civil servant who retires will receive a pension decree as evidence in writing that the civil servant has received his pension rights. Termination and granting of pensions for Civil Servants shall be determined by the Head of the State Civil Service Agency. Pension Funds are income in the form of allowances received every month and given to former Civil Servants or employees who are no longer able to work or their wives (husbands) and children if they die as old age security and remuneration for civil servants who have devoted himself to the state for many years, in order to finance his next livelihood so as not to be neglected if he does not get other income. The Health Office processes 65 civil servant pension proposals in 2020, the proposal is proposed to BKPSDM and BKPSDM is proposed to BKN for the issuance of Pertek and the process of issuing a Pension Decree is published by BKPSDM Kab Bandung. The pension process proposals submitted by the Health Service include Pension on Own Request, Retirement Age Limit and Death Penalty, where the retirement process is a long process in the administrative process.
4
Gurvich, E. "Roadmap for the New Pension Reform." Voprosy Ekonomiki, no. 4 (April 20, 2011): 4–31. http://dx.doi.org/10.32609/0042-8736-2011-4-4-31.
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The paper suggests measures aimed at raising efficiency and long-term sustainability of the pension system. Pension contribution rate, amount of budget transfer to the pension system, and total size of pension benefits in percent of GDP are found to exceed substantially levels typical for the OECD countries and emerging markets. Our major " bottleneck" is very low by international standards support ratio (i.e. number of contributors to pension fund per pensioner). Increase in the retirement age by 2 years for men and 5 years for women would bring life expectancy at retirement in Russia to the level typical for emerging markets. Provisional gain of the budget from this measure is estimated to vary from 1.4 to 2.3% of GDP. The objective of higher retirement age should be not budget gains but stabilization of replacement rate under forthcoming demographic crisis. Other measures suggested include in particular restoring basic pensions, fixing own sources of funds for each of the pension system tiers, and building barriers for running pension imbalances, and fostering late retirement for working aged.
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Alikperova, N. V., and D. I. Markov. "ATTITUDES AND STRATEGIES OF YOUTH FOR FUTURE OLD AGE." Social & labor researches 46, no. 1 (2022): 154–63. http://dx.doi.org/10.34022/2658-3712-2022-46-1-154-163.
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The subject of the study is the attitudes and strategies of young people for future old age. The article presents the results of a sociological survey of Russian youth, reflecting the strategies of young people regarding ways to ensure their future financial security in old age, their ideas about the standard of living in old age, as well as the features of current financial behavior, which is the aim of this paper. The relevance of the study is due to the increasing role of young people in the formation of the traditional pension model of "intergenerational transfer", in which current pensions are paid from the pension contributions of the younger generation. The empirical base of the study was the data of a mass survey of young people living in Russia, followed by a factor analysis procedure implemented by the principal component method with subsequent rotation. The scientific novelty consists in identifying the main strategies of young people in relation to ensuring financial security in old age, in particular, the authors determined what young people expect to live in old age; factor settings: pension, investment, labor. Based on these factors, a cluster analysis was carried out by the K-means method, which resulted in 4 clusters of strategies, namely, the strategies of 1) "investor", 2) "new pensioner", 3) "traditional pensioner" and 4) "undecided optimist". The results of the study can be used by federal and regional government bodies, financial organizations for the purpose of further developments in the field of ensuring the effective operation of the pension system, the financial market, in particular, the development of new financial products and services, which are of interest to this socio-demographic group.
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Yeh, Chung-Yang, Hyunwook Cheng, and Shih-Jiunn Shi. "Public–private pension mixes in East Asia: institutional diversity and policy implications for old-age security." Ageing and Society 40, no. 3 (September 25, 2018): 604–25. http://dx.doi.org/10.1017/s0144686x18001137.
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AbstractPrevious studies of East Asian welfare regimes focus on similarities between social security schemes. In contrast, this paper explores cross-national variations in public–private pension mixes in six welfare states: China, Hong Kong, Japan, Singapore, South Korea and Taiwan. Our research echoes the pension policy analysis of international organisations but takes a step forward with emphasis on the historical and institutional characteristics of the respective pension systems. The analysis identifies three institutional patterns. First, the statist pension system (Taiwan and China) primarily relies on public pensions to provide old-age security, with private pensions playing a rather minor role. Second, in the dualist pension system (Japan and Korea) both public and private pensions work in parallel to ensure retirement income, though a clear security gap exists between workers in the formal and informal economies. Finally, the individualist pension system (Hong Kong and Singapore) is characterised by genuine fully funded individual accounts, emphasising citizens’ own responsibilities for ensuring old-age security. These three types of pension systems demonstrate distinct institutional characteristics and policy outcomes, illustrated by the juxtaposition of their institutional structures as well as by the comparison of key indicators collected from government reports and Organisation for Economic Co-operation and Development statistics. The paper concludes with a theoretical reflection of East Asian pension policies and a diagnosis of the distinct challenges confronted by each of the various pension patterns.
7
Case, Anne, and Alicia Menendez. "Does money empower the elderly? Evidence from the Agincourt demographic surveillance site, South Africa1." Scandinavian Journal of Public Health 35, no. 69_suppl (August 2007): 157–64. http://dx.doi.org/10.1080/14034950701355445.
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Aims: To quantify the impact of the South African old age (social) pension on outcomes for pensioners and the prime-aged adults and children who live with them, and to examine alternative means by which pensions affect household outcomes. Methods: We collected socioeconomic data on 290 households in the Agincourt demographic surveillance area (DSA), stratifying our sample on the presence of a household member age-eligible for the old-age pension (women aged 60 and older, men aged 65 and older). Results: The presence of a pensioner significantly reduces household reports that adults and, separately, children missed meals because there was not enough money for food. In addition, girls are significantly more likely to be enrolled in school if they are living with a pensioner, an effect that is driven entirely by living with a female pensioner. Our results are consistent with a model in which pensioners have a greater say in household functioning once they begin to receive their pensions. Conclusions: We find a program targeted toward the elderly plays a significant role in children's health and development.
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Diakovych, Lina. "Problematic aspects of the regulatory and legislative framework for calculating pensions in Ukraine." Herald of Ternopil National Economic University, no. 2(92) (March 3, 2019): 71–80. http://dx.doi.org/10.35774/visnyk2019.02.071.
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Introduction. In order to further move towards the European Economic Area, Ukraine needs to take pension reform measures. Pension provision in Ukraine has to be profoundly reformed in terms of regulatory and legislative framework for calculating pensions in Ukraine. What is of particular importance is improving Ukraine’s laws and methods for calculation and pension payments to citizens. Another important focus of the reform agenda is to define categories of people eligible for old-age pensions, disability pensions, and long- service pensions. Purpose. The purpose of the article is to interpret the regulatory and legislative framework for calculating pensions in Ukraine; to describe changes in pension payments before and after the reform was implemented; to highlight ways of improving pension payments in terms of regulations and legislation. Methods. The research methods used in the article include: analysis; comparison; historical method to consider the legislative framework for calculating pensions at different periods of time. Results. The regulatory and legal framework for calculating pensions in Ukraine is a complex system comprising the Constitution of Ukraine, the Laws of Ukraine, the Labour Code of Ukraine, decrees, Presidential decrees, International agreements and laws of the USSR. Some of these regulations and legislation need to be revised and amended in order to bring them in line with contemporary practices and modern standards. It is claimed that since 2017, Ukraine’s government has been implementing the pension reform aimed at relieving the pressure on the working-age population and improving living standards for retired people. In particular, the retirement age has been raised, eligibility criteria for preferential pensions have been revised, and methods for calculating pensions have been changed. The Ministry of Social Policy of Ukraine argues that the new pension reform is expected to enhance social, labour and post-retirement relations, to increase tax revenues through reporting real salaries, to develop a framework of social justice when calculating pensions. The author points out that the regulatory and legislative framework for calculating pensions is outdated at this stage and it requires changes. The considered changes are as follows: the establishment of a working group for entitlement of preferential pensions; the introduction of wage differentials by industries and occupations; the increase of pensions in line with inflation and age; the implementation of notional defined contribution pension system; the introduction of the new Labour Code and Pension Code, which are expected to regulate labour and post-retirement relations and meet modern standards. It is also indicated that continued employment should be enforced by legislation and a system of granting advantages and social security benefits to those who retire later needs to be developed. In terms of legislation, sufficient regard should be given to non-state pension schemes, defined contribution pension systems, and the principle of fairness when it comes to pension entitlements. It is also crucial to adjust pension amounts and retirement age to align with the sustainability ratio and the average life expectancy. Discussion. Further research of regulatory and legal framework for calculating pensions in Ukraine should be focused on the development of the Pension Code and improvement of the existing laws relative to pension calculation and payment. The author also suggests differentiating minimum wages by industries and regions and countering the illicit labour market and campaigning against payments ‘in envelope’, because official wages are the basis for calculating pensions.
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Medaiskis, Teodoras, and Šarūnas Eirošius. "A Comparison of Lithuanian and Swedish Old Age Pension Systems." Ekonomika 98, no. 1 (April 17, 2019): 38–59. http://dx.doi.org/10.15388/ekon.2019.1.3.
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[full article and abstract in English]
The aim of this study is to compare Lithuanian and Swedish pension systems from the point of view of their design and performance in order to elaborate reasonable recommendations to Lithuanian pension policy based on the best Swedish experience. Swedish income, premium and guaranteed old-age pensions system are compared with the analogous Lithuanian system of the “first,” “second” pillars and the “social” pensions. The main features of the systems are discussed, and the performance of the systems, mainly from the point of view of adequacy, is compared. The differences in system design and performance are identified, and the possible reasons of these differences are examined. Special attention is paid to differences in financing and the approach to the definition of benefits. The Lithuanian pension points approach is compared to the Swedish Notional Defined Contribution (NDC) approach. Each system is analyzed, and the relevance of transforming the Lithuanian first pillar pensions into a NDC system is examined.
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YUDINA, EKATERINA. "ACTIVITIES OF NON-STATE PENSION FUNDS IN THE FIELD OF EARLY NON-STATE PENSION PROVISION." Economic problems and legal practice 16, no. 5 (October 20, 2020): 248–52. http://dx.doi.org/10.33693/2541-8025-2020-16-5-248-252.
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The system of early retirement pensions was inherited from the USSR and every third Russian pensioner receives a preferential pension. It is assigned to metallurgists, oil workers, coal miners, ballerinas, trolleybus drivers, teachers - the lists of early retired pensioners are huge. The conduction of pension reform involved seeking resources within the system itself. To solve the problem of financing preferential pensions, a system of early non-state pension provision was created, implemented through non-state pension funds. However, the existing legislative regulation does not stimulate employers of hazardous and dangerous industries to create corporate pension programs due to the fact that they will not exempt employers from paying additional insurance premiums in favor of employees on preferential lists. As a result, there are no employers in the country who will not only pay wages on time, transfer insurance premiums in a timely manner, but for this category in an increased amount, but will also form additional contributions for the same employees under the early non-state pension system. The non-state pension paid in the frame of this system does not replace the early insurance old-age pension, that is, it does not entail a decrease in federal budget costs. The purpose of this study is to consider the main legal acts and the process of development of legislation on early non-state pension provision. The result of the study is practical proposals for improving the legal framework of the early retirement pension system.
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Rajevska, Olga. "Theoretical Old-Age Pension Benefits and Replacement Rates in the Baltic States: A Retrospective Simulation." Economics and Business 28, no. 1 (April 1, 2016): 13–19. http://dx.doi.org/10.1515/eb-2016-0002.
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Abstract The author presents a comparative analysis of old-age pension systems in Estonia, Latvia and Lithuania using a method of retrospective simulation run on a self-developed model. The model baseline case is a person retiring in December 2014 after 40 years of service with nationwide average salary. Other cases include low and high-earners, funded schemes participants and simulations for modified notional capital valorisation formulae. Three study countries return very dissimilar results, which is caused by differences in their pension systems’ designs. Lack of non-contributory element (basic pension) in Latvia leads to a low degree of progressivity, with inexcusably low pensions to low-earners and excessively generous pensions to high-earners. Participation in funded pillar II schemes has not brought any significant gains to pension plan sharers. Notional capital valorisation rules adopted in different countries that use the NDC-system significantly influence pension amount.
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Struthers, James. "Regulating the Elderly: Old Age Pensions and the Formation of a Pension Bureaucracy in Ontario, 1929-1945." Journal of the Canadian Historical Association 3, no. 1 (February 9, 2006): 235–55. http://dx.doi.org/10.7202/031051ar.
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Abstract This article examines the emergence of means-tested old age pensions in Ontario in the context of the Great Depression and World War II. Ontario's old age pension scheme, it argues, was launched in 1929 with weak political commitment, little bureaucratic-preparation, and an almost complete absence of administrative experience at the provincial and municipal level in assessing and responding to need on a mass scale. The article examines the complex interplay among federal, provincial, and local government authorities in the politics of pension administration throughout the 1929-1945 era, arguing that local control of pension decision-making in the early years of the Depression provided two divergent models of pension entitlement both as charity and as an earned social right. After 1933 governments at both the provincial and federal level centralized decision-making over pension administration in order to standardize and restrict pension entitlement, contain its rapidly rising costs, and enforce more efficiently the concept of parental maintenance upon children. World War II undermined the concept of pensions as charity by broadly expanding the boundaries of entitlement both for the elderly and their children. By 1945 means-tested pensions had few supporters within or outside of government, laying the basis for the emergence of a universal system of old age security in 1951.
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Poškutė, Virginija, Tadas Gudaitis, Teodoras Medaiskis, and Jaroslav Mečkovski. "SEARCH FOR SUSTAINABLE PENSION SYSTEM AND STATE SUPPORT FOR FUNDED PENSIONS IN CEE COUNTRIES." Business: Theory and Practice 23, no. 2 (September 7, 2022): 313–22. http://dx.doi.org/10.3846/btp.2022.16250.
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Pension systems around Europe are being reformed for several decades already. Main objectives of the reforms are to enable people to have adequate income at retirement and to ensure the system’s financial sustainability. Many European countries implemented policies aiming at diversification of financing sources of income at older age: risk-sharing between pay-as-you-go and funded pensions is expected to help in achieving social policy objectives towards pension systems. Central and Eastern European countries (CEE) face even more challenges in ensuring adequate income at retirement. First, CEE countries were required to transform radically their economies in 1990s towards market economy, including old age pension systems. Second, in order to ensure diversified future old age pension income and attract more financial means to the system, introduction of funded pensions from scratch and ensuring as wide as possible coverage with funded pension schemes was of primary importance also. The paper discusses latest developments of retirement pension systems in Europe and state involvement in private pension schemes. In doing so, the focus is on the introduction of funded private pension schemes in selected CEE countries. In spite of initially chosen different paths for the reforms, inconsistent state policies towards funded pensions in the CEE countries resulted in similar outcomes of the reforms. The paper starts with discussion on main objectives of pension systems – enabling people to have adequate income at retirement and ensuring financial sustainability of the systems. Further, possibilities to achieve the objectives of pension reforms are analysed – diversification of income at retirement. Third part of the paper discusses prevailing debates on future of welfare state as such and individualisation trends within different European welfare state models. These debates and perceptions of population about responsibilities of a state for individual welfare affect direction of reforms and future shape of old age pension systems. Fourth part of the paper deals with state policies and tools that are used for encouragement of participation in supplementary pensions. Final part of the paper presents more detailed outline of the pension reforms in selected CEE countries and summarises particular challenges of their pension systems. The paper ends with a discussion on policy implications in relation to latest developments of pension systems in CEE countries.
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Ильичева, Ю., and Yu Il'icheva. "The Problem of Pension age Increase in Russia and Ways of Its Solution." Management of the Personnel and Intellectual Resources in Russia 7, no. 1 (March 26, 2018): 56–59. http://dx.doi.org/10.12737/article_5a9cf56e621345.85289050.
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This article is devoted to the problem of pension age increase which is very sophisticated and important nowadays. The statistical portrait of number of pensioners in Russia; pension payments; minimum wage, the average cost of living and the average size of old age pensions in Russia from 2014 to 2016 years are published in this article. These analysis findings show dependence of many parameters on current pension age change. Some methods to increase pension payments to pensioners are analyzed in the article. Positive and negative sides of proposed methods were considered in this article. The reasons of the best method choice are given. This method is to reach the best figures not only in the whole Russia’s economic development but also in material well-being of citizens who draw a pension
or pretend to draw a pension in a short term.
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Мартиненко, Наталія. "Socio-economic prerequisites for increasing retirement age in Ukraine." Public administration aspects 8, no. 1 (February 29, 2020): 106–16. http://dx.doi.org/10.15421/152011.
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The article substantiates the need to increase the retirement age in the context of reforming the pension system of Ukraine. Arguments are presented that the process of raising the retirement age should be scientifically sound, have a long-term nature, and proceed gradually. It is noted that increasing the retirement age will have positive effects both for the pension system in particular and for the economic system of Ukraine as a whole, including: 1) a decrease in the financial dependence of the pension system on budget transfers; 2) ensuring a socially acceptable level of pensions; 3) preventing the growth of the insurance burden on the business; 4) compensation for the demographically determined reduction in the economically active population, stabilization of the labor market; 5) promoting active longevity. It is proved that the main arguments against raising the retirement age are for the most part not sufficiently substantiated. The adoption of appropriate amendments to the current legislation regarding raising the retirement age to 65 must be carried out by adopting the law "On adapting the retirement age to demographic changes in society".The solution to the strategic problem - the long-term balance and stability of the pension system can be achieved only by implementing an integrated approach to pension reform, which is not limited to one parameter, no matter how important it is. It is necessary to carry out long-overdue transformations in the labor market, in demographic policy, economy and social sphere, which would help create real conditions for citizens to earn a decent level of pension and fully realize their rights to receive it.It is proved that in order to avoid the short-term effect of raising the retirement age and further increasing the cost of paying pensions due to the increase in the number of recipients with an increased amount of pension rights due to an additional period of seniority, it is necessary to carry out actuarial calculations that allow us to formulate practical proposals to mitigate the negative economic consequences.
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Stubbs, John, and Jacob Adetunji. "UK pension changes in 2015: some mathematical considerations." Mathematical Gazette 100, no. 548 (June 14, 2016): 193–202. http://dx.doi.org/10.1017/mag.2016.55.
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Since April 2015 there has been no legal requirement in the UK to purchase an annuity with pension savings [1] while for those who reach state pension age on or after 6th April 2016 the UK Government changed the state pension deferral arrangements [2]. The latter refers to an arrangement whereby a pensioner can receive an enhanced state pension by deferring its uptake for an arbitrary number of years. These two changes raise certain questions for prospective pensioners which are worthy of some mathematical consideration.An annuity is a guaranteed income for life in exchange for a certain sum of money: the pension pot. An alternative to the annuity since April 2015 is a ‘draw down scheme’ in which the pension pot can be used almost like an ordinary bank account and money periodically withdrawn. These two choices arise from ‘defined contribution’ pension arrangements. By contrast ‘defined benefit’ work-based (company) pensions allow no such choice and are not considered further here apart from the special case of the UK state pension. With an annuity a further option to consider, and one which predates the 2015 changes, is whether to take payments that are fixed or index-linked to inflation. Only the UK state pension offers a late retirement enhanced pension if its uptake is deferred.
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Safonov, A. L., M. A. Anyushina, and O. A. Dubrovskaya. "FORMATION OF PENSION RIGHTS OF CITIZENS OF THE RUSSIAN FEDERATION IN THE SYSTEM OF COMPULSORY PENSION INSURANCE." Social and labor researches 42, no. 1 (2021): 54–63. http://dx.doi.org/10.34022/2658-3712-2021-42-1-54-63.
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The present paper defines that the changes made to the pension legislation in the process of the ongoing pension reform have seriously modernized the mechanism for the formation of pension rights of persons insured in the compulsory pension insurance system, and have tightened the conditions for assigning old-age pensions. The analysis made it possible to identify the features of the formation of pension rights in terms of insurance and funded pensions for various categories of insured persons. Assessment of the pension rights for 2017 of 27,015 thousand employees of medium and large organizations and individual entrepreneurs insured in the compulsory pension insurance system (CPS), made it possible to conclude that under the current rules for the formation of pension rights to persons insured in the compulsory pension insurance system, in the conditions of the economic crisis prevailing in the Russian Federation, after the end of the transition period in 2024, a significant category of employees will need more than 15 years of insurance experience to be eligible to assign an old-age insurance pension. Starting from 2024, the number of people who have not received the right to an old-age insurance pension and who can expect to receive a social old-age pension only after five years will significantly increase among those who have reached retirement age. Among those retiring, the number of persons who have formed the minimum retirement points will increase; accordingly, in the future, the number of pensioners receiving the minimum pension, the size of which is lower than the pensioner's subsistence minimum, will increase. The authors concluded that to improve the situation with the formation of pension rights, first of all, it is necessary to stabilize the economic situation in the country, to ensure the development of the economy, to increase the income of the insured in the compulsory pension insurance system. In addition, it is necessary to activate the state policy in the field of legalization of labor relations, make changes to the mechanism for the formation of pension rights, linking this mechanism with the real contribution of the employee throughout his labor activity, thereby increasing his interest in the formation of pensions, and for categories of employees with traditional low incomes and those employed in socially significant spheres of activity (for example, education, health care, science) to make the transition to the state pension system.
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De La Peña, J. Iñaki, M. Cristina Fernández-Ramos, Asier Garayeta, and Iratxe D. Martín. "Transforming Private Pensions: An Actuarial Model to Face Long-Term Costs." Mathematics 10, no. 7 (March 28, 2022): 1082. http://dx.doi.org/10.3390/math10071082.
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A common response in public pension systems to population ageing is to link pensions to observed longevity. This creates an automatic stabiliser that arises from the valuation of a private actuarially funded system. However, no private pension plan mechanism has been articulated to adapt to this ageing in relation to the increased costs it entails. Private pension plans focus on saving for retirement; capital is accumulated to pay for it. However, perceptions of health status change over time and, as retirement age approaches, concerns about long-term care (LTC) increase. Moreover, there is not enough time to plan for it sufficiently in advance. This paper proposes to incorporate a mechanism to add an allowance to the financial pension (retirement, disability, rotation) to cover LTC within a private defined benefit pension plan, in the case of a pensioner becoming dependent. Depending on a pensioner’s health status, both the expected number of payments and their intensity are transformed. For this purpose, a mechanism is defined (through Markov chains) to adapt the amount of LTC support to a beneficiary’s health-related life expectancy. The study’s main contribution is that it establishes a private pension plan model that offers to incorporate dependency aid through this mechanism into the economic pensions without increasing the total cost of the plan. It adapts to life expectancy according to a person’s state (healthy, disabled, dependent).
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Grünewald, Aline. "From Benefits and Beneficiaries: The Historical Origins of Old-Age Pensions From a Political Regime Perspective." Comparative Political Studies 54, no. 8 (January 31, 2021): 1424–58. http://dx.doi.org/10.1177/0010414021989763.
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Global studies on the historical origins of old-age pensions from a political regime perspective are quite rare. Based on the novel PENLEG dataset this article shows that democratic and nondemocratic regimes had different policy priorities when designing old-age pensions for the first time. Whereas democracies had significantly higher legal pension coverage rates than nondemocratic regimes, the reverse pattern can be found for pension replacement rates. The study also shows that temporal effects and colonial legacy mattered. Longstanding democracies introduced much higher legal pension coverage rates than countries that had recently democratized. Additionally, the French colonial legacy spurred high legal pension coverage rates in African autocracies. These findings underline the importance of taking the multidimensionality of welfare programs into account when analyzing political regime differences. Moreover, due attention must be paid to the historical context when theorizing about welfare policies from a political regime perspective.
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Fatenok-Tkachuk, Alla, and Daryna Melnyk. "THE STATE OF THE PENSION INSURANCE ACCOUNTING PROVISION ENVIRONMENT." Economic Analysis, no. 32(2) (2022): 194–202. http://dx.doi.org/10.35774/econa2022.02.194.
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The subject of the article is theoretical and applied principles of accounting support of pension provision in Ukraine. The purpose of the publication is the formation of theoretical and methodological and applied aspects of accounting and tax support of pensions in Ukraine. In the course of the research such methods were used as: systematization and generalization, retrospective analysis of the state of pension provision. The main aspects of providing pension insurance in Ukraine are considered. The issue of essential characteristics and structure of the pension system in accordance with the Law of Ukraine "On Compulsory State Pension Insurance" was updated. The main problems of the current state of pension provision have been identified, namely: imbalance of the Pension Fund budget revenues with its expenditures, which leads to a constant deficit of funds in it; a sharp increase, as a result of the 2011 pension reform, retirement age and length of service; rapid growth of the ratio between citizens of working and working age; a fairly high percentage of payment of cash contributions to the pension fund; low level of pension benefits, sometimes less than the subsistence level; underdeveloped system of private pension provision and ignorance of Ukrainian citizens with the pension system. The main aspects of pension reform in Ukraine are presented and the main principles that will help to improve the situation are highlighted. These include, in particular, such as: recalculation of pensions using modern indicators of the salary base; strengthening the requirements for insurance experience. The research of scientific works revealed the types of private pension funds, the expediency and efficiency of their activities, systematized the benefits of creating enterprises to ensure future costs and payments. The article examines the peculiarities of creating preferential pensions at the enterprise, outlines the main aspects of accounting for pensions, taxation of contributions to private pension funds, summarizes the impact of costs incurred in creating the provision of pension benefits for income tax.
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PFARR, CHRISTIAN, and UDO SCHNEIDER. "Choosing between subsidized or unsubsidized private pension schemes: evidence from German panel data." Journal of Pension Economics and Finance 12, no. 1 (August 21, 2012): 62–91. http://dx.doi.org/10.1017/s1474747212000170.
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AbstractSince 2002, the German government has been attempting to increase private old-age provisions by introducing incentives such as supplementary subsidies and tax credits. Since then, the so-called ‘Riester pension’ has grown in popularity. Apart from subsidized pension plans, unsubsidized private pension insurances have – already in the past – been a very important instrument among old-age provision schemes. With data of the German SAVE study for the years 2005–2009, we analyze whether the decision for a ‘Riester pension’ is independent of the decision for unsubsidized private pension insurance using methods for simultaneous equations. Our estimates indicate that decisions on ‘Riester’ and private pensions are not independent and the proposed random parameters bivariate probit model results in efficiency gains compared to separate probit estimations. Regarding governmental subsidies, we find positive incentive effects of child subsidies, whereas low income earners are not seen to increase their old-age provisions. Further, there is strong evidence for a ‘crowding-in’ among alternative assets, i.e., that individuals holding various assets make additional investments in ‘Riester pensions’ or private pension insurances. Finally, when subsidies are given, these subsidies are a clearly stronger saving motive than the aim to make provisions for old age, a result confirmed by the additional fixed-effects estimations.
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Morselli, Alessandro. "History of the Italian pension system from 1971 to 1991: Towards the economic-financial crisis." HISTORY OF ECONOMIC THOUGHT AND POLICY, no. 2 (February 2022): 69–90. http://dx.doi.org/10.3280/spe2021-002004.
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This paper aims to analyze the Italian pension system in the period between 1971 and 1991, highlighting the factors that contributed to producing a financial crisis that cast doubt on the sustainability of the entire pension structure. The measures put in place to contain expenditure, such as the raising of the age for ob-taining an old age pension and the revision of the pension calculation method, will be illustrated, showing how they were only adopted by the legislature after a dec-ade since they were formulated. The analyses carried out show that not even the contribution from the state to compensate for the inadequacy of contribution rev-enues was sufficient to cover pension expenditure. Thus, the deficits accumulated by the pension schemes were the natural consequence of a failure to periodically adjust contribution rates. This measure was considered necessary to cope with the effects of certain regulations which automatically adjusted pensions and im-proved the extension of benefits.
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Boiko, O. "NON-STATE PENSION INSURANCE AS A SUPPLEMENT TO SOLIDAR PENSION SUPPLY." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 3 (2019): 102–9. http://dx.doi.org/10.21272/1817-9215.2019.3-13.
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The main prerequisites for the emergence of problems of the pension system functioning in Ukraine, namely the solidarity system, are considered in the article. The budget, expenditures and deficit of the Pension Fund of Ukraine in the period 2010-2018 are analyzed. The amount of pensions was calculated taking into account the change in the dollar exchange rate and the inflation rate for the analyzed period and it was proved that the increase in the size of the pension does not lead to its actual growth. Emphasis is placed on the principle of calculation of pensions and attention is paid to the concept of a single social contribution, which has the minimum and maximum possible sum of payment. Based on the data, the author compared the size of the minimum (state) pensions in different countries of the world and in Ukraine and showed that the size of the pension is the lowest among the compared countries. An important aspect of the study was the comparison of average life expectancy. This suggests that the increase in life expectancy is causing the states of the world to raise the retirement age in order to delay the payment of state pensions. Alongside this the alternative to state pensions are private pensions. During the working period, every citizen has the right to make savings in different financial institutions as they have the right to invest. Funds that have been saved and multiplied are the main source of retirement income. Voluntary pension institutions are also envisaged in Ukraine. However, despite the legislative support and the general need to have their own retirement savings, citizens do not actively take the opportunity to create additional pensions. The reasons for this are lack of awareness of the population by the state about the essence of the pension reform, the general economic situation in the country, as well as the lack of financial literacy of the population itself, the unwillingness to take responsibility for their future and the low level of income. On the basis of these data, the need for active involvement of both public administration and citizens in the cumulative system is substantiated. Keywords: retirement age, pension fund, cumulative insurance, life insurance companies.
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Symeonidis, Georgios. "The fiscal effect of the recalculation of main old-age pensions stemming from L. 4387/2016." Social Cohesion and Development 13, no. 2 (January 19, 2021): 125. http://dx.doi.org/10.12681/scad.25846.
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L.4387/2016 introduced the recalculation of existent pensions based on a new type of formula and replacement. The difference between the amounts paid to pensioners at that time and the amounts calculated based on the new law, quoted as personal difference, was later legislated to be either cut, if it was positive, or paid in the long run, if it was negative. This coincided with legislation that froze pension indexation for the years up to 2022. Even though the pension indexation freeze is still valid, the pension reductions initially planned for 2019 were avoided. The pension increases, where applicable, were paid as planned, again in 2019. The extensive workload demanded to make the recalculation and the fiscal gap in contributions in the Greek pension system creates space for possible future application. In this view, this paper focuses on the fiscal effect of the reduction of the personal difference in combination with the freeze in pension indexation.
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Gurvich, Evsey T. "The junctions of pension reforms: Russian and international experience." Voprosy Ekonomiki, no. 9 (September 4, 2019): 5–39. http://dx.doi.org/10.32609/0042-8736-2019-9-5-39.
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Recent decision to raise retirement age in Russia is compared with alternative ways of pension system adjustment to population ageing. We conclude that postponing retirement was superior in terms of public welfare as compared to increasing public spending on pensions or lowering pension size relative to wages. Unlike advanced countries, which apply mainly a combination of higher effective retirement age, less generous pension benefits, and higher pension spending, Russia used various adjustment tools in sequence: sharp decline in pensions to wage ratio in 2002—2007 was followed by a marked increase in pension spending (which hiked almost 3 p.p. of GDP over 2007—2017). Some 2/3 of this growth was attributable to the cut in other spending (mainly “productive”, i.e. growth-enhancing), and 1/3 was financed by a redistribution of income from employees to pensioners. The general decision to raise retirement age thus was fully justified, but its parameters look reasonable only on average. Estimates based on cross-country analysis evidence that retirement age matching healthy life indicators anticipated for Russia would be 63/62 for men/women. Actual decision to increase retirement age to 65/60 maintains sharp gender distortions: the retirement age will remain too low for women and will get too high for men. Fiscal effect of higher retirement age are calculated by comparing pension spending ensuring constant pension to wage ratio under the old and new retirement ages. We find that this effect will stabilize around 3% of GDP in some 10 years after the start of reform. A bulk of this effect is in a sense “virtual”, as it mainly makes possible to evade further increase in pension spending. “Genuine” effect can be estimated as some 1% of GDP — these are public funds saved and available for different purposes, say for supporting programs increasing healthy life expectancy.
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Шрам, Валерий, and Valeriy Shram. "PENSION INSURANCE REFORM IN CROATIA AT THE PRESENT STAGE." Journal of Foreign Legislation and Comparative Law 1, no. 4 (October 29, 2015): 0. http://dx.doi.org/10.12737/14270.
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The article analyzes the pension insurance reform in Croatia, which marked the beginning of a three-level pension system formation. The first level includes old-age pensions, disability pension and survivors pension as part of the compulsory pension insurance system. The second level includes pensions on the basis of the compulsory pension insurance with a saving element. The third level is based on the voluntary pension insurance system. The author reveals the conditions for granting non-contributory pensions, non-contributory pensions with a saving element as well as conditions for granting funded pensions. The article analyses the new formula for calculation of non-contributory (funded) pensions, which was initially introduced as part of the Pension Insurance Law in 1998. The article displays fundamental changes in the pension insurance system, which led to the formation of compulsory pension funds and non-governmental pension funds. Special attention is paid to the formation in compulsory pension funds of capitalized savings of the insured parties as part of the compulsory pension insurance and to the procedures for payment of funded pensions with a saving element. The article reveals the reasons for adopting in 2013 and 2014 of pension laws, the implementation of which will determine the improvement of the pension insurance system in Croatia. The article reviews the conditions for the formation of compulsory and voluntary pension funds. Special attention is paid to the participation of the insured parties aged up to 40 years in compulsory pension funds, which are divided into three categories depending on the extent of risk management during investing of the insured parties’ savings. Besides general scientific methods (analysis and synthesis), the author also applied in the article private law research techniques, in particular, formal logical, theoretical, comprehensive legal, historical and comparative law methods. Scientific novelty of the work is in its integrative and comprehensive approach to the analysis of the Croatian pension system development, which is formed on the basis of a three-level system of pension insurance. The analysis of the pension insurance norms and law enforcement practice in the modern period is of great scientific and practical importance. The research findings should contribute to the development of proposals on the creation in the Russian Federation of a pension system, which is adequate to the country’s modern social-economic development and which complies with the international and legal standards of social security and foreign states’ experience.
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Соловьев and A. Solovev. "State Administration of Retirement Age in the terms of Budget Crisis." Administration 4, no. 3 (September 17, 2016): 80–87. http://dx.doi.org/10.12737/21299.
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The aim of the study is to analyze the effect of age on the appointment of the state pension fiscal system in our country. The problem of rising of the retirement age in Russia is given a value that is far away from the traditional context of direct influence of demographic processes on the level of pensions, on the one hand, and adaptation of the pension system to changing demographic factors, on the other. In the article the pension system for the first time is considered as a multifactorial model that corrects the degree of dependence on the mutually complex of macroeconomic and demographic factors in the different historical periods. This requires a fundamental change in the methodological approaches to the problem of rising the retirement age by using actuarial methods of forecasting. Actuarial analysis of the problem of retirement age in the work shows that the perception of the linear dependence of the age of the destination state of the demographic parameters cannot be considered as a tool for regulating the efficiency of the pension system. The results of the study are the specific parameters of actuarial assessments of the impact of demographic and macroeconomic conditions to increase the retirement age in Russia, conducted using data from the state statistics, formulated practical proposals to mitigate negative economic consequences. Conclusion: Rising the retirement age should be aimed at economic stimulation of formation of the pension rights of the insured in the long term, rather than the economy of the state budget. Methodological approaches, grounded in the work, and quantitative results of the actuarial calculations will be used in the formation of public pension policy in the preparation of the regulations to rise the retirement age, the pension formula of calculating the pension rights of insured persons, the mechanism of pension indexation.
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Savchenko, I. "FEATURES RESEARCH EXPERTISE IN CASES CONCERNING THE DETERMINATION OF THE AMOUNT OF THE ACTUAL EXPENDITURES OF THE PENSION FUND FOR THE PAYMENT AND DELIVERY OF OLD-AGE PENSIONS ASSIGNED ON PREFERENTIAL BASIS." Theory and Practice of Forensic Science and Criminalistics 20, no. 2 (December 4, 2019): 393–402. http://dx.doi.org/10.32353/khrife.2.2019.30.
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This article discusses the theoretical and practical aspects of the features of forensic-economic examinations related to documentary evidence of calculations of the actual costs of the Pension Fund for the payment and delivery of preferential pensions. One of the important issues related to the indicated studies is the validity of calculating the costs of reimbursing pension payments and including in this calculation surcharges, allowances and increases that are intended in accordance with the legislation of Ukraine and are paid from other sources than the funds of the Pension Fund.
The article analyzes the regulatory legal acts of Ukraine, which regulate the procedure for reimbursement by the Pension Fund body of the actual costs of payment and delivery of old-age pensions assigned on preferential terms. The categories that are entitled to the granting of old-age pensions on preferential terms are determined, the differences in the calculation of preferential length of service are indicated. including during the period of work in elected posts, during the passage of military service and study for a specialty that gives the right to a pension. It was clarified which of the costs incurred by the Pension Fund of Ukraine are not refundable and indicated the need to determine the monthly amount of the pension, which is refundable. It is noted that the calculation includes the actual expenses incurred by the territorial bodies of the Pension Fund for which these pensions were assigned.
The theoretical and practical aspects of conducting such forensic examinations presented in the article can be used in expert practice in order to optimize expert research.
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Knutsen, Carl Henrik, and Magnus Rasmussen. "The Autocratic Welfare State: Old-Age Pensions, Credible Commitments, and Regime Survival." Comparative Political Studies 51, no. 5 (June 20, 2017): 659–95. http://dx.doi.org/10.1177/0010414017710265.
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In this article, we argue that autocratic regimes are no less likely than democracies to adopt old-age pensions, although autocratic programs are less universal in their coverage. Our theoretical argument focuses on the strong incentives that autocratic regimes have for enacting and maintaining such programs to ensure regime survival. Autocratic pension programs can be considered club goods that (a) are targeted to critical supporting groups and (b) solve credible commitment problems on promises of future distribution, thereby mitigating probability of regime breakdown. We test three implications from the argument, drawing on a novel dataset on welfare state programs and including 140 countries with time series from the 1880s. First, we find that autocracies are no less likely than democracies to have old-age pension programs. But, second, autocracies have less universal pension programs than democracies. Third, pension programs effectively reduce the probability of autocratic breakdown.
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SCHMÄHL, WINFRIED. "Dismantling an Earnings-Related Social Pension Scheme: Germany's New Pension Policy." Journal of Social Policy 36, no. 2 (March 5, 2007): 319–40. http://dx.doi.org/10.1017/s0047279406000626.
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A paradigm shift in pension policy decided by the German red–green coalition government will considerably affect the level and structure of pension benefits as well as the mix of public and private old-age security arrangements. The article starts with a brief outline of the pension schemes as they had been designed before the recent decisions, and with a few remarks on the reasons for current reform debates. The major measures of the 2001 Pension Reform are then described. The focus of the article is on the effects of the reform for (personal) income distribution and institutional design. A partial shift from (mandatory) public (pay-as-you-go financed) pensions to (voluntary) private (capital-funded) pensions and from defined benefit towards defined contribution will, among other things, reduce the benefit level in the social pension insurance. A large number of contributors – even after many years of paying contributions – will only receive benefits below the social assistance level. It can be expected that this development will transform the present earnings-related statutory pension scheme – which has a strong contribution–benefit link and is aimed at income smoothing over the lifecycle – into a basic, highly redistributive pension scheme, aimed mainly at avoiding poverty. Income inequality in old age is expected to increase as a result of the new strategy in pension policy.
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FRERICKS, PATRICIA. "Strengthening Market Principles in Welfare Institutions: How Hybrid Pension Systems Impact on Social-risk Spreading." Journal of Social Policy 42, no. 4 (July 19, 2013): 665–83. http://dx.doi.org/10.1017/s0047279413000500.
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AbstractIn the past two decades, the question of how pension systems should be designed to offer ‘adequate and sustainable pensions for all’ has been raised. As a result, European pension systems, in which market principles in general have played a marginal or even negligible role in the past, were redesigned, with market-based pensions becoming part of the pension calculation norm, i.e. the institutionalised and nationally defined target level for old-age protection. However, since the hybrid pension systems are institutionalised very differently, pension systems’ ingredients, characteristics and nexus are far from being homogeneous, and the role of market principles in hybrid systems differs. These differences significantly determine the degree of social protection of the various social citizens and the number of future pensioners with adequate pensions. An illustrative comparison of the contrasting Dutch and German institutional setups indicates differences in the manner in which market principles have been strengthened in the pension system, and the related effects these differences have on social-risk spreading.
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ARKANI, SEPIDEH, and ORLA GOUGH. "The Impact of Occupational Pensions on Retirement Age." Journal of Social Policy 36, no. 2 (March 5, 2007): 297–318. http://dx.doi.org/10.1017/s0047279406000614.
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This article contributes to the debate about retirement age and the extent to which occupational pensions influence the decision to retire. It uses the waves of Labour Force Survey (1984–91) and Quarterly Labour Force Survey (1992–2003) to review the changes in the actual average retirement age in the UK during the period 1984–2003 by gender and ethnicity. The article investigates the link between occupational pension schemes and the actual retirement age of men and women. It explores the impact of pension type on employees' expected retirement age and the decision to take early retirement using the English Longitudinal Survey of Ageing (2002–03).
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Elu-Terán, Alexander. "Has Social Security Policy Converged? Cross-Country Evolution of Old Age Benefits, 1890–2000." Journal of Economic History 72, no. 4 (December 14, 2012): 927–55. http://dx.doi.org/10.1017/s0022050712000642.
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The extension of social insurance during the twentieth century did not translate into homogeneous pension provision. Using a new database, this article analyzes the evolution of pensions in the long run for a sample of welfare states. The convergence in old age benefits as a share of earnings is only found for all earnings levels between 1970 and 1990. The results also underline the role as determinants of pension policy of both domestic and external factors. In line with previous literature, income per capita and the share of old people are key drivers of pensions. However, the effect of globalization is negative, especially for low and medium earnings levels.
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Barta, Judit. "Structure of the Hungarian pension system and the most important features of the certain pillars with regard to the expectations of the EU." Zbornik radova Pravnog fakulteta, Novi Sad 54, no. 2 (2020): 857–79. http://dx.doi.org/10.5937/zrpfns54-27994.
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Europe is facing a major demographic crisis, because longer lifespan, declining birth rates and an ageing society. This situation affects the state pension systems as well, which operation on the pay-as-you-go basis, because fewer and fewer young people will support more pensioner for a longer time. In addition to decreasing contribution and increasing payments, budget support will be needed. However, this has EU limitations. In the final case, this situation could lead to the reduction of the amount of state pensions, which could degrade the previous replacement rate. According to predictions in most Member States an supplementary pension will be required to ensure old-age living. In this regard the EU has set out its expectations. The study examines that how can the institutions of the Hungarian supplementary pension system meet the expectations of the EU in the light of legal regulations.
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Struthers, James. "Building a Culture of Retirement: Class, Politics and Pensions in Post-World War II Ontario." Journal of the Canadian Historical Association 8, no. 1 (February 9, 2006): 259–82. http://dx.doi.org/10.7202/031125ar.
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Abstract This paper examines four factors which influenced the development of old age pensions in Canada after World War II. The legacy of Canada's original means-tested pension program, the class politics of pension bargaining between business and organized labour on both sides of the border, the policy example of Social Security in the United States, and the key importance of the insurance and investment industry lobby operating through successive Conservative governments in Ontario, are highlighted as critical factors which affected the timing and limited the scope of Canada's public pension system. The residualist design of Old Age Security in 1951 and Ontario's success in gaining a veto over reforms to the Canada Pension Plan in 1965 are singled out as a key factors behind the current vulnerability of Canadian public pensions to fiscal cutbacks compared to the Social Security in the United States.
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Ní léime, Áine, and Debra Street. "Gender and age implications of extended working life policies in the US and Ireland." Critical Social Policy 37, no. 3 (August 31, 2016): 464–83. http://dx.doi.org/10.1177/0261018316666211.
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Policies designed to extend working life and reduce pension costs have been the dominant policy response to population ageing. Such policies include increasing state pension age, flexible working and privatisation of pensions. Despite men’s and women’s typically different work-life trajectories, policymakers have paid little attention to either the differential effects of such policies on the economic well-being of older women and men, or to the implications for diverse groups of women. This article on policy, employment and pension outcomes in the US and Ireland analyses these issues, using a feminist political economy of ageing framework to assess the likely gender implications of these policy trends. It finds that existing and proposed reforms are likely to take what are already poor pension and employment outcomes for many contemporary older women and make them even worse in future. It concludes with suggested policy modifications and future avenues for research.
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Gorlin, Y. M., and V. Y. Lyashok. "Drivers of pension growth in the long term." Voprosy Ekonomiki, no. 12 (December 2, 2022): 98–117. http://dx.doi.org/10.32609/0042-8736-2022-12-98-117.
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One of the main challenges for the Russian insurance pension system in the long term is to sustain an acceptable ratio of pensions to wages and to prevent the growth of the share of pensioners with unacceptably low pensions. The key challenges and factors affecting the level of pensions have been identified. A set of potential measures for a more acceptable dynamics of pensions, their risks and limitations have been revealed. Forecast calculations for the period up to 2050 on the model of the Russian insurance pension system developed by the authors made it possible to estimate the impact of relevant factors and measures on key pension indicators. It is shown that the implementation of these measures can ensure in 2030—2050: the coefficient of the relative level of pensions (to average wage) of about 40%; the theoretical replacement rate (at 35 years of service and the average wage in Russia) of about 50%; the ratio of the average pension payment to non-working recipients of the old-age insurance pension to the subsistence minimum for pensioners — about 250% in 2030—2035 and 380% by 2050; reducing the share of those whose pension payment is less than the minimum subsistence level, almost by half relative to the inertial scenario — to 6—8%.
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Li, Liqing, and Luyao Yu. "The Influence of Pension Mode on the Mental Health of Older Adults—Evidence from Older Adults in China." International Journal of Environmental Research and Public Health 19, no. 1 (December 23, 2021): 119. http://dx.doi.org/10.3390/ijerph19010119.
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Successful aging is achieved throughout the life course, and successful aging groups tend to have good psychosocial and physical conditions and are active in social activities. With increasing age, the mental health problems of older adults have become increasingly prominent, and the choice of pension mode is closely related to the mental health of older adults. Starting from the psychological level of the older adult, this paper used data from the 2018 Chinese Longitudinal Healthy Longevity Survey to study the impact of three pension methods on the mental health of older adults. The study found that, at present, there are three types of pension modes in China: living alone, family pension, and institutional care, and family pensions are still the mainstream pension mode. Older adults with deeper negative feelings are more inclined to family pensions than to live alone, but the spiritual comfort provided by family members does not improve the negative feelings of older adults. Institutional care deepens the negative feeling and reduces the positive feeling of older adults. In addition, retirement or pension and medical insurance, as life security in old age, can effectively reduce the negative feelings of old age and promote positive feelings. In view of the present situation of China’s pension mode and the psychological characteristics of the older adults, we should further build a perfect family pension security system, promote the personalized service construction of older adult care institutions, promote applicable aging renovation of existing residential areas, and encourage older adults to engage in healthy exercise.
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Kotsur, Andrii, and Viktor Ostroverkhov. "FEATURES OF DEVELOPMENT OF PUBLIC PENSION INSURANCE." Regional’ni aspekti rozvitku produktivnih sil Ukraїni, no. 23 (2018): 126–32. http://dx.doi.org/10.35774/rarrpsu2018.23.126.
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The article clarifies the peculiarities of the development of the pension system over the last decades and highlights the key stages of its reform. The main stages of the formation of a modern system of pensions are related to the adoption of legislative acts that deal with its improvement. The modern pension system of Ukraine is characterized by a number of negative phenomena: low level of pensions; a significant deficit of the Pension Fund of Ukraine, which is covered from the state budget, the availability of "special" pensions, negative trends in demographic development. Over the past five years, pensions remained virtually unchanged. If the amount of wages has doubled, then the amount of pensions increased by 30%. It should also be borne in mind that the military aggression against Ukraine has caused a high level of inflation and devaluation of the national currency during this period. Thus, the level of material support for Ukrainian pensioners is extremely unsatisfactory. Reforms of the pension system, which were carried out during the last decade, were also aimed at overcoming the budget deficit of the Pension Fund of Ukraine. To this end, the rates of a single social contribution were reduced in order to «withdraw» wages from the «shadow»; increased retirement age for women; Some «corruption" pension provisions for certain categories of population were canceled. However, the budget deficit of the Pension Fund has not only decreased, but also increased. Negative trends in demographic development add a particular danger to the functioning of the pension system. In recent years, the number of people of retirement age has not changed, but the number of young people and the number of children has decreased by 10 million people. In order to stabilize the pension system it is expedient to: refuse to put into effect the accumulative level of the pension system, which may lead to the final collapse of the joint system and is aimed at preserving income for top managers of state enterprises and high-level officials; increase the rate of the single social contribution for self-employed persons; to expand the scope of collecting fees to the Pension Fund of Ukraine; to carry out gradual updating of the size of the pension provision in accordance with the requirements of the International Labor Organization.
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FRIEDBERG, LEORA. "Labor market aspects of state and local retirement plans: a review of evidence and a blueprint for future research." Journal of Pension Economics and Finance 10, no. 2 (April 2011): 337–61. http://dx.doi.org/10.1017/s1474747211000072.
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AbstractTraditional defined benefit (DB) pension plans remain the overwhelming norm for teachers, policemen and other employees of state and local governments. The incentives for workers with DB pension plans to stay in their jobs shift dramatically over the course of their careers. Moreover, limited transferability of pension wealth across states and between public and private jobs impedes mobility in the labor market. Yet, little is known about the labor market effects of pensions on state and local government workers. The literature on private-employer pensions has made contributions on some of these fronts in recent years that can shed light on policy concerns raised by the possibility that pension plans will be modified in coming years. Moreover, some of the limitations constraining research on pensions may be overcome by focusing on government workers, with recent work on public school teachers pointing the way. Very recent studies are finding strong retirement responses to age- and tenure-related incentives built into state pension plans.
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Bravo, Jorge M., and Mercedes Ayuso. "Linking Pensions to Life Expectancy: Tackling Conceptual Uncertainty through Bayesian Model Averaging." Mathematics 9, no. 24 (December 19, 2021): 3307. http://dx.doi.org/10.3390/math9243307.
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Linking pensions to longevity developments at retirement age has been one of the most common policy responses of pension schemes to aging populations. The introduction of automatic stabilizers is primarily motivated by cost containment objectives, but there are other dimensions of welfare restructuring in the politics of pension reforms, including recalibration, rationalization, and blame avoidance for unpopular policies that involve retrenchments. This paper examines the policy designs and implications of linking entry pensions to life expectancy developments through sustainability factors or life expectancy coefficients in Finland, Portugal, and Spain. To address conceptual and specification uncertainty in policymaking, we propose and apply a Bayesian model averaging approach to stochastic mortality modeling and life expectancy computation. The results show that: (i) sustainability factors will generate substantial pension entitlement reductions in the three countries analyzed; (ii) the magnitude of the pension losses depends on the factor design; (iii) to offset pension cuts and safeguard pension adequacy, individuals will have to prolong their working lives significantly; (iv) factor designs considering cohort longevity markers would have generated higher pension cuts in countries with increasing life expectancy gap.
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Hidayanti, Erni. "KUALITAS PELAYANAN PENETAPAN PENSIUN OTOMATIS BERBASIS LESS PAPER BAGI PEGAWAI NEGERI SIPIL DI LINGKUNGAN PEMERINTAH PROVINSI SULAWESI UTARA." AKSELERASI: Jurnal Ilmiah Nasional 3, no. 2 (July 16, 2021): 80–91. http://dx.doi.org/10.54783/jin.v3i2.412.
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The purpose of this study was directed to examine the quality of service for determining less paper-based automatic pensions for Civil Servants in the North Sulawesi Provincial Government. This research is descriptive qualitative with data collection techniques in the form of interviews, observations and documentation. Implementation of the determination of less paper-based automatic pensions for Civil Servants in the North Sulawesi Provincial Government has not gone well, due to the absence of Standard Operating Procedures (SOP) for determining less paper-based automatic pensions, lack of transparency, weak socialization, weak data reconciliation, lack of human resources. The apparatus, there is no innovation in the development of less paper-based pension processing, the condition of civil servants who will enter the retirement age limit has not responded to the implementation of the less paper-based automatic pension determination. Therefore, it takes a strong commitment and desire from the North Sulawesi Provincial Government, especially the Regional Personnel Board of North Sulawesi Province in making innovations in developing less paper-based automatic pension determinations to create automatic pension service flows that meet service quality standards, making it easier for pension recipients to receive pension decisions.
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Benedict, Mary Ellen, and Kathryn Shaw. "The Impact of Pension Benefits on the Distribution of Earned Income." ILR Review 48, no. 4 (July 1995): 740–57. http://dx.doi.org/10.1177/001979399504800409.
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Using standard measures of income inequality and detailed pension benefit information on participants in the 1983 Survey of Consumer Finances (SCF), the authors investigate how pension benefits affected the distribution of earned income. The results suggest that private pensions increased annual income inequality (relative to inequality observed in the distribution of wage income) by only about 2% among all employed individuals, but by 21% among unionized workers. Further analysis indicates that private pensions raised annual income inequality primarily by increasing the rate of return to tenure, possibly through pension “backloading” (setting accruals to grow when earnings rise near retirement) and the increasing incidence of pensions with age. Private pensions had little effect on estimates of the distribution of expected lifetime income, but the addition to the analysis of social security benefits (public pensions) strongly reduced inequality in that distribution.
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Poznyakova, O., N. Panchuk, and O. Burtseva. "Analysis of Reforming the Pension System of Ukraine: Implementation Problems and Development Prospects." Economic Herald of the Donbas, no. 4 (62) (2020): 155–60. http://dx.doi.org/10.12958/1817-3772-2020-4(62)-155-160.
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Pension provision is an element of the pension system that ensures sustainable socio-economic development of the state as a whole. The article discusses the current problems of the pension system in Ukraine, ways to overcome and directions for its improvement. Determination of the further development and reform of the pension system aimed at ensuring the financial stability of the solidarity system. Introduction of the development of the pension system, taking into account the peculiarities of the current situation in the country, ways of reforming social insurance. The compulsory accumulative pension system is considered. Its introduction to retirees for two centuries. The advantages of the funded system, what it is based on, and its main contingent of citizens are analyzed. Principles of pension accrual, pension entitlements, old-age pensions, pension transfer, minimum and maximum pension in the course of reforms. Analyzed, introduced by introducing amendments to some legislative acts of Ukraine regarding the increase in pensions. The demographic state of the population is considered. The article proves that the main strategic directions for improving the pension reform is the introduction of changes in the demography of the population; percentage of ERUs, when calculated for each entrepreneur separately (respectively, from the group of an individual entrepreneur to the type of activity); open your deposit account for the savings system in the public domain; to enable pensioners to work (to improve their knowledge with practitioners, to provide an opportunity to work with modern equipment, programs) to determine the dates for the introduction of the second level and the age category of participants; to establish and improve the work of the organization of pension provision; to show confidence in the reforms of the Pension Fund bodies to the population. Nowadays, constant monitoring of the achievement of the strategic goals of the reform of the pension system and pension provision and the adoption of fundamental decisions to overcome strategic gaps is quite an urgent issue and requires further research.
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GAL, JOHN. "How well does a partnership in pensions really work? The Israeli public/private pension mix." Ageing and Society 22, no. 2 (March 2002): 161–83. http://dx.doi.org/10.1017/s0144686x02008619.
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This paper takes the old-age pension system in Israel as a test case to examine the implications of proposals for pension reform now being debated or implemented in many welfare states. For over a decade, high on the agenda of decision-makers on both national and international levels, there has been the notion of moving towards a changing ‘partnership in pensions’ or, to put it more bluntly, towards greater privatisation of social security. Virtually since its emergence in the 1950s, the Israeli old-age pension has been based primarily upon a mix of low universal state pensions and income-related private occupational pensions. This paper compares the British and Israeli social security systems for older people in the wake of the reforms recently introduced in Britain and analyses the implications of the Israeli structure on the distribution of social security spending and on the wellbeing of different categories of older individuals.
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Madrigal, A. M., F. E. Matthews, D. D. Patel, A. T. Gaches, and S. D. Baxter. "What Longevity Predictors Should Be Allowed for When Valuing Pension Scheme Liabilities?" British Actuarial Journal 16, no. 1 (March 2011): 1–38. http://dx.doi.org/10.1017/s1357321711000018.
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AbstractData held within administration records of occupational pension schemes yield a rich source of information on mortality rates and the statistical predictors (covariates) of longevity. In this paper we provide, for the first time, a multivariable analysis of post-retirement mortality using the detailed information held within occupational pension scheme records.Using the extensive dataset of over one million living pensioners and dependants and 530,000 historic deaths collected by Club Vita, we investigate the importance of factors including gender, affluence and lifestyle on the observed period life expectancy of individuals. We describe one approach to constructing a multivariable model for pensioner baseline mortality, showing how such factors explain a variation in observed period life expectancy in excess of ten years. The relative importance of each factor on mortality is analysed and we describe the interactions between these factors and age, answering questions such as whether the impact of a healthy lifestyle or affluence attenuates with age. Further, we highlight the importance of the choice of affluence measure in analysing mortality, and show that the salary at retirement is a better predictor of longevity than the pension amount for male pensioners.The results of this paper are directly relevant to any pensions actuary advising on an appropriate baseline assumption (i.e. current mortality rates) for use with occupational pension schemes.
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Ziyadullaev, Makhmudjon. "GENERAL CHARACTERISTICS OF THE LEGAL BASIS OF STATE PENSION PROVISION OF THE REPUBLIC OF UZBEKISTAN." JOURNAL OF LAW RESEARCH 6, no. 2 (February 28, 2021): 42–49. http://dx.doi.org/10.26739/2181-9130-2021-2-6.
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This article is aboutthe strong social protection implemented in the Republic of Uzbekistan, as well as the components of pension assignment, their recalculation and payment system,old-age pensions (disability, survivor's pension), and the legal basis of state pension provision. In addition, the calculation of work experience, as well as the amount of social taxes paid to self-employed persons, citizens of the Republic of Uzbekistanworking abroad, engaged in individual and family business activities
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Aleskerova, Yuliia, Olena Sакоvska, and Yuliia Didenko. "ANALYSIS OF THE ESSENCE OF PENSION INSURANCE AND ITS PLACE IN THE SYSTEM OF SOCIAL PROTECTION OF THE POPULATION." Baltic Journal of Economic Studies 6, no. 2 (May 15, 2020): 9–16. http://dx.doi.org/10.30525/2256-0742/2020-6-2-9-16.
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The purpose of this article is to deepen the analysis of theoretical and practical foundations of pension insurance for rural population, to substantiate its further reform and development. Theoretical aspects of pension insurance have been analyzed according to different scientific opinions of both the Ukrainian and foreign scientists, according to which pension insurance is considered a difficult category, and the diversity of its interpretation means that it has not been fully disclosed yet and remains the subject of research. Method. In most countries of the world, the same problems of the pension system as in our country have arisen. But thanks to pension reform, they have achieved successful results. Each country chose its own way of building a pension system based on its own demographic and socio-economic characteristics. However, despite this, the main task of any pension system is to protect against poverty and to provide a pension that can guarantee a decent standard of living for a pensioner. It is proved that to carry out effective pension protection policy in the country it is necessary to continue to study the essence of the concept of "pension insurance", as well as it is important and urgent to find ways to improve the reliability and effectiveness of mechanisms for ensuring the implementation of social guarantees in the pension insurance system. It is noted that insurance came about when humanity realized the danger that the environment hides. With regard to pension insurance, its formation took place in the context of the development of the entire insurance system. Results. The Ukrainian scholars in the field of pensions, exploring the nature and concept of pension insurance at the current stage of development, have determined that pension insurance is based on two important principles: the principle of solidarity and the principle of personal responsibility, also scientists focus on the principles put forward by the works on social protection of the population by the International Labour Organization, which are defined in the adopted Conventions of this organization. Value/originality. Analyzing the theoretical nature of pension insurance, one can determine that the essence of the social nature of pension insurance lies in the social protection of persons who have reached retirement age due to disability or loss of a breadwinner, pension insurance provides social security with minimal social security, approved by the International Labour Organization for the payment of pensions. Retirement insurance is also considered to be a complex category, and its diversity of treatment means that it is has not fully disclosed yet and remains a subject of study.
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Trippner, Paweł. "Determinants of pension capital management in Poland." Investment Management and Financial Innovations 17, no. 4 (December 11, 2020): 315–26. http://dx.doi.org/10.21511/imfi.17(4).2020.27.
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The pension system’s construction is an important element of the public finance system and the state budget policy. It is a relevant and important topic from the perspective of the level of cash benefits for future retirees after they finish their professional careers.The aim of the paper is to present and analyze the evolution of solutions in the construction of the pension system in Poland since its first reform in 1999. The paper analyzes various options of investing for future pensions allowed by law in Poland. Simulations of the levels of future pension benefits are based on different variations, including membership or non-membership in an Employee Capital Plan and membership or non-membership in an Individual Retirement Account after the liquidation of Open Pension Funds.According to the calculations, the future pensioner can count on the total payment from the commercial pillars, assuming the average life expectancy in Poland is reached: PLN 230,100 (Option I), PLN 346,698 (Option II), PLN 187,643 (Option III), and PLN 304,240 (Option IV), respectively.It is an emphasized fact that ensuring the living standard’s expected level after reaching retirement age is strictly dependent on voluntary investments for future benefits during professional activity.
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Nilsson, Kerstin, Roland Kadefors, Per-Olof Östergren, Lars Rylander, and Maria Albin. "O3D.5 National policies and social inequalities in exit paths from working life in sweden." Occupational and Environmental Medicine 76, Suppl 1 (April 2019): A28.3—A29. http://dx.doi.org/10.1136/oem-2019-epi.76.
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We investigated the impact on work life exits from reduced access to disability pension (2006), and financial incentives to extend working life.Method and materialWe used labour statistics, social insurance, and income data, for all employees in Sweden, to compare occupational groups (SSYK, based on ISCO-88), and blue and white collar workers, with regard to i) lost years in working life due to death, disability pension and long-term sick-leave preceding disability pension 2007–2010, ii) granted disability pensions 2007–2011, and iii) premature age pension in 2004 and 2011.ResultsYears lost in working life were similar for men and women in the same 1-digit SSYK occupational group, somewhat higher for those born outside Sweden, but showed a clear gradient from white to blue collar occupations, e.g. on average 0.39 ys versus 2.40 ys lost for Legislators/senior officials/managers and in Elementary occupations, respectively (women born in Sweden).In 2006 the prevalence of disability pension in the age group 50–64 was 3.61% among women and 2.49% among men, with 10/10 of the highest prevalence occupations (4-digit SSYK code) in men, and 9/10 in women, being blue collar ones. Approved applications decreased 2006–2011 by 74.4% in women, and 64.3% in men; for mental disorders (ICD-10-SE; F00-F99) 64.9% in women and 48.8% in men, for musculoskeletal disorders (M00-M99) 91.1% and 90.0%, respectively.The prevalence of premature age pension increased between 2004 and 2011: men 2.5% to 6.4%, women 1.7% to 5.5%. Blue collar occupations were most affected.ConclusionsThe socioeconomic divide in lost years of working life between white and blue collars prevailed. There was an apparent flow from disability to premature age pension, in particular in female blue collars. The findings indicate the budgetary savings of disability pensions transferred the economic burden of disease to individuals, and mainly to female blue collar workers.