Dissertations / Theses on the topic 'Pension reforms'

Spurred by the ageing transition, many governments have made wide-ranging reforms, dramatically changing Europe's pensions landscape. Nevertheless there remain concerns about future costs, while unease about adequacy is growing. This study develops a comprehensive framework to assess pension system sustainability. It captures the effects of reforms on the ability of systems to alleviate poverty and maintain living standards, while setting out how reforms change future costs and relative entitlements for different generations. This framework differs from others, which just look at generosity at the point of retirement, as it uses pension wealth - the value of all transfers during retirement. This captures the impact of both longevity and changes in the value of pensions during retirement. Moreover, rather than focusing only on average earners with full careers, this framework examines individuals at different wage levels, taking account of actual labour market participation. The countries analysed cover 70% of the EU's population and include examples of all system types. Our estimates indicate that while reforms have decreased generosity significantly, in most, but not all, countries the poverty alleviation function remains strong, particularly where minimum pensions have improved. However, moves to link benefits to contributions have made some systems less progressive, raising adequacy concerns for women and those on low incomes. The consumption smoothing function of state pensions has declined noticeably, suggesting the need for longer working lives or additional private saving for individuals to maintain pre-reform living standards. Despite the reforms, the size of entitlements of future generations should remain similar to that of current generations, in most cases, as the effect of lower annual benefits should be offset by longer retirement. Though reforms have helped address the financial challenge faced by pension systems, in many countries pressures remain strong and further reforms are likely.

The work aims to explain the character and success/failure of pension reforms with help of political explanatory variables. The constitution of given political system is considered, as well as the actual political alignment and the role of electorate, in explaining the processes underlying the pension scheme reforms - a major topic of today's aging societies. The case study approach is used, utilising the recent experience of Great Britain and Sweden in reforming the pensions. The findings are compared with the results and conclusions suggested by a dynamic economic model of pension scheme switch, demonstrating eventually what factors and conditions are favorable for pension reforms, both from the political and the economic point of view.

Thesis (LLM. (Development and Management Law)) -- University of Limpopo, 2013
This mini-dissertation discusses South African social security and retirement reforms that will be used as guidelines towards promulgation of the new Pension Funds Act which will incorporate both private and public pensions. These proposals have been highlighted in the Retirement Reform Discussion Paper issued by National Treasury in 2004 and the Social Security and Retirement Reform paper, issued by both National Treasury and Department of Social Development, 2007. Further, the recent discussion papers entitled ‘Strengthening Retirement Savings and a Safer Financial Sector to Serve South Africa Better’ published in 2011 and 2012 respectively have strengthened social security and retirement reforms debate in South Africa. This mini-dissertation will incorporate both social security and retirement reforms.

In the early 1990s, the deep political and socio-economic transformations showed that the Albanian pension and healthcare models inherited from Communism were inefficient, close to the point of fiscal breakdown, as well as inequitable. In order to address these challenges, the Albanian government promoted a shift towards a social insurance model – which was said to represent the “good way”, i.e. a viable solution to build a stable and especially an effective social protection system. In both policy sectors the government’s ultimate goal was to link benefits to contribution records. Consequently, the Albanian pension and healthcare systems started to converge towards a Bismarckian social insurance model. However, reform implementation was constrained and, after three decades of reforms, the full shift to an insurance-based model has failed in both pensions and healthcare. The 2014 reform transformed the pension system into a mixed-occupational model – according to Ferrera’s terminology (Ferrera 1993) – made up of a social assistance scheme – a means-tested, poverty-relief social pension – and a social insurance, contributory scheme aimed at income maintenance. In the healthcare sector, the last wave of reform, started in 2014, aimed at transforming the system from a social insurance model to a universalistic social security one. These reforms thus led to a partial policy reversal, with the healthcare changing into a mixed-universalistic model, implying a combination of social security and social insurance – respectively financed by the state budget and social contributions. The pension and healthcare systems currently differ in terms of institutional architectures, financing methods, coverage and benefits. This policy change and divergence that exist between these two policy fields is puzzling, given their similar starting position in the early 1990s. The situation becomes even more ambiguous when we take into account the strong influence international actors, supporting neoliberal recipes, had on both systems since the very beginning. In fact, existing research on the Albanian welfare state development focuses on the role of international pressures to explain social policy change, according to which it is the external actors, not domestic ones, that have driven reforms. This strand in the literature, which stresses the role of international organisations in favouring policy diffusion, implicitly assumes that national political factors have limited or no effect on the relationship between (international) economic circumstances and social policy and that governments respond similarly to external constraints (Haggard and Kaufman, 2008). However, considering the important role played by the World Bank during the decision-making process, we should have seen convergence towards a single social model, i.e., neoliberal direction. Yet, empirically we observe a divergence over-time and between different social policy domains in Albania. This suggests that in order to understand policy change and variation we should look at other factors, such as internal political dynamics which is significantly missing from the existing literature. In addition, radical policy change and processes of convergence or divergence across policy sectors over-time have clear implications vis à vis historical institutionalism, according to which we should have seen path dependency. In fact, focusing only on institutions can hardly account for what is driving policy change in the first place (Jessoula, 2009), therefore, other factors have to be introduced, such as the role of actors’ interests and ideas. This thesis aims at filling this literature gap by contributing to the understanding of welfare state reforms in Albania in terms of policy, politics and theoretical analysis. More specifically, it aims at answering the following research questions: Why pension and healthcare policies converged into a Bismarckian social insurance model in the early 1990s? Why did implementation of the Bismarckian insurance model fail in both sectors? What explains subsequent developments towards a mixed-occupational model in pension and mixed-universalism in healthcare? To achieve these aims, this study provides a detailed empirical investigation in order to reconstruct the policy-making processes in both fields. Building on this analysis, this study argues that social policy reform can be understood as a process formulated through ideas (actors’ cognitive and normative frameworks) and shaped by conflicts and compromises between the relevant interests (political exchange dynamics) and their interplay with the institutions inherited from the past (policy legacies).

The purpose of this study was to review the provision of public and private retirement funding in both South Africa and the United Kingdom and the role of taxation in encouraging greater private provision for retirement. The study described the basis of taxation and determination of ‘taxable income’ in each jurisdiction, before addressing the relationship between taxation and retirement funding in each jurisdiction respectively. Both jurisdictions have introduced significant reforms of their systems of retirement funding and these reforms were accordingly addressed in the present research. The study compared the two jurisdictions based on the above mentioned areas to determine similarities or differences. The study concluded with recommendations, these being that South Africa should assess the feasibility of providing greater State provided retirement funding by possibly including a mandatory contribution, such as that used by the UK for its single-tier flat rate New State Pension. A further recommendation was that South Africa should encourage greater provision of private retirement funding by considering even greater tax deductions for contributions.

The pension system is an important part of social policy and public budget. Negative demographic development put pressure on the financial sustainability of the pension system therefore political establishment are forced to implement reform measures. The aim of the thesis will be to analyze the pension system of the Czech Republic between 2010 and 2016 and on the basis of this analysis to propose measures for its improvements. In the theoretical part the thesis will examine the social policy and issues of pension systems. At the same time it will pay attention to the international institutions and their proposals. In the practical part the thesis will be focused on demographic development which is a fundamental factor of the long-term stability of the pension system. It will analyze the changes in the pension system in the period under review. The conclusion of the thesis will show the possible ways to improve the stability of the pension system.

Since 1990s, there was increasing evidence that pension systems have been restructured across Europe and in Turkey. This thesis aims to analyse the outcomes of the pension reform in Turkey in the light of the pension reforms, realized in the European countries. Theoretically, the thesis also attempts to reevaluate institutionalist approach that is dominant approach within the study of pension systems. The main argument of the thesis is that pension systems both across Europe and in Turkey have been restructured since 1990s in accordance with the neo-liberal policies. In both contexts, it is underlined that the target of the reform is to privatize and individualize the pension systems. Change from PAYGO to funded scheme, shift towards multi-tiered model, reduction of the scope and coverage of public pension scheme and shifting of risks from public to individuals form the common characteristics of pension reforms across Europe and in Turkey.

Cette thèse étudie les pensions de réversion en France en mettant l’accent sur la dimension patrimoniale « implicite» des droits à la retraite. En effet, les droits à pensions constituent une composante de la « richesse »des assurés, appréhendée comme une épargne « implicite » encore appelée équivalent patrimonial des droits à la retraite (EPDR). Après avoir analysé, dans le chapitre 1, la grande diversité des règles d’ouverture et de service de la pension de réversion entre les régimes, ainsi que les différentes logiques sous-jacentes des pensions de réversion entre secteur privé et secteur public, nous montrons, dans le chapitre 2, que l’EPDR évalué est plus important, en moyenne, dans les régimes du secteur public en raison des qualifications plus importantes des conjoints défunts dans ces régimes et des conditions de liquidation des retraites plus avantageuses. Par ailleurs,l’inégalité dans la distribution de cette « richesse de pensions » est moindre que celle généralement observée sur le patrimoine réel des ménages, mais se décompose de manière différente selon l’ancien secteur d’activité du conjoint défunt. Aussi, plusieurs facteurs, autres que la pension de réversion, expliqueraient le niveau de l’EPDR. L’analyse, dans le chapitre 3, de l’impact sur l’EPDR de l’augmentation de la durée d’assurance lors des réformes de 1993 et de 2003 montre une réduction significative de l’EPDR des pensionné(e)s dont le conjoint défunt avait validé au moins 60 trimestres de cotisation, mais était touché par la mesure. Enfin, dans le chapitre 4, nous montrons que les dispositifs de réversion permettent en moyenne aux veuves et aux veufs de maintenir leur niveau de vie antérieur au décès de leur conjoint, avec toutefois des nuances selon que le défunt était ancien cadre du privé, ancien non cadre du privé ou ancien fonctionnaire civil d’État
This thesis examines survivors’ pensions in France by focusing on the implicit patrimonial dimension of pension rights. Indeed, pension rights are a component of the wealth of insured persons, considered as an implicit saving also called Pension wealth (PW). After examining in Chapter 1 the wide heterogeneity of rules governing the openness and service of survivors’ pensions between schemes, as well as the logic underlying survivors’ pensions between the private and public sectors, we show, in Chapter 2, that calculated Pension wealth is higher on average in public sector schemes due to the higher qualifications of the spouses deceased in these schemes and the more favorable retirement benefit conditions. Moreover, inequality in the distribution of Pension wealth is smaller than that generally observed on the real wealth of households, but Pension wealth is distributed differently according to the previous sector of activity of the deceased spouse. On the other hand, several factors, other than the survivor’s pension, would explain the level of Pension wealth. In Chapter 3, we show that the increase in the duration of insurance caused by the 1993 and 2003 reforms has significantly reduced Pension wealth for derived pensioners right whose deceased spouse had validated at least 60 quarters of contribution, but was affected by thoses measures.Finally, in Chapter 4, we show that survivors’ schemes on average allow widows and widowers to maintain their standard of living prior to the death of their spouses, although there are differences depending on whether the deceased was a private sector executive, a non-executive wage earner or a civil servant of the State

This is my thesis that I explored the dynamic process and peculiarities of Korean welfare politics during the Kim Dae-Jung government of 1998-2003, which was the first administration to come to power through a peaceful turnover of political power. To this end, the research focused on the policymaking processes of National Health Insurance and National Pension reforms during that period. The thesis analysed these welfare reforms from a more rigorous theoretical framework in order to uncover the key characteristics of welfare politics in Korea. In particular, the key role played by stake challengers including civil organisations in such policymaking process was addressed in detail because these Non-Governmental organisations emerged as an influential player against the established stakeholders representing vested economic and political interests. In contrast to the situation in many western democracies, the influence of political parties in the reform process was minimal and those parties did not play any significant part in the debates and conflicts surrounding the welfare reforms during the Kim Dae-Jung era. It was noteworthy fact that stake-challengers coalition led by civil organisations was able to overcome stakeholder coalition’s interests and objections to win the battle for health insurance integration and public pension reforms.

Mestrado em Economia e Políticas Públicas
A presente dissertação tem como objetivo a análise dos efeitos das reformas realizadas no sistema público de pensões de Portugal, à luz do princípio da adequação, no período entre 2000-2020.Entre as medidas avaliadas encontram-se, nomeadamente, as alterações às regras de cálculo nas pensões contributivas, a introdução do fator de sustentabilidade, o aumento da idade legal de reforma, a mudança de referencial para o cálculo de algumas prestações sociais e as novas regras de revalorização. O estudo empírico consiste na realização de duas simulações, com e sem medidas, para um conjunto de 34 indivíduos-tipo. Os resultados obtidos permitem concluir que as alterações legislativas realizadas originam quebras nas taxas brutas de substituição e o aumento da incidência e intensidade da pobreza.
This dissertation aims to analyse the effects of the reforms to the public pensions system in Portugal, under the principle of adequacy, between 2000-2020. Among the assessed measures, one finds the changes to calculation of contributory pensions; the adoption of a sustainability factor; the increase of the legal retirement age; the change in referential for calculating some social endowments; and new revaluation rules. The empirical study consisted on doing two simulations - with and without measures - for a set of 34 typical individuals. Results support the conclusion that the changes in legislation lead to drops in the gross replacement rates, and to increases in incidence and intensity of poverty.
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Mestrado em Ciências Actuariais
Em Portugal, o financiamento do sistema público de pensões de velhice é baseado no método de repartição em que as contribuições dos trabalhadores pagam as pensões dos atuais reformados. Ao longo dos anos, muitas alterações foram efetuadas na legislação do sistema da Segurança Social, nomeadamente no que se refere às pensões de reforma. Assim sendo, as reformas mais recentes levaram ao aumento da idade normal de reforma e adicionaram alguns fatores ao cálculo do benefício da pensão de reforma. Neste relatório, iremos analisar o impacto dessas reformas no valor das pensões de reforma no âmbito do sistema de Segurança Social e no valor atual das responsabilidades dos fundos de pensões privados. Assim, iremos considerar as principais características quer do sistema público de pensões quer dos planos de pensões privados complementares, oferecidos pelos bancos aos seus colaboradores.
In Portugal, the public old age pension system funding is based on the pay as you go method where workers' contributions pay the pensions of current pensioners. Throughout the years, many changes have been done in the Social Security system legislation, namely regarding retirement pensions. The most recent reform caused an increase in the normal retirement age and added some factors to the calculation of the retirement benefit. In this report we analyze the impact of those reforms on the old age pension benefit under the Social Security system and on the present value of private pension funds responsibilities. Therefore, we consider the main features of both the public old age pension system and the complementary private pension plans, offered by banks to their employees.
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Evaluation of private pension funds in Lithuania Final work of University Postgraduate Studies, 84 pages, 22 figures, 11 tables, 85 references, 14 appendix, Lithuanian language. KEY WORDS: pensions, social security, pension reform, private pension funds. Research object – Private pension funds in Lithuania Research aim – to evaluate private pension funs in Lithuania. Objectives: 1)specify the concept of private pension funds. 2)perform theoretic the analysis of social insurance models and estimate their potential use in the practice of private pension funds. 3)estimate potential ways of sponsorship and administration of pension funds. 4)frame the methodology of evaluation of private pension funds. 5)evaluate private pension funs in Lithuania according to the prepared methodology. Research methods: the analysis and synthesis of scientific literature, logical analysis and synthesis, comparable analysis, structural comparative analysis, the analysis and synthesis of statistical information, graphic methods of modeling, method of rating.

This thesis analyses the causal pathway through which the National Pension Scheme (NPS) in South Korea has been transformed. The scheme that was introduced in 1988 experienced two major reforms in 1998 and 2007, and they took place even before full pensioners who met minimum years of pension contributions existed. The aim of this thesis is to illuminate the way in which the two reforms unfolded, by investigating whether existing theories of welfare states can have explanatory power. Founded on historical institutionalism emphasising the dynamic interplay between institutions and actors, the research employs a process tracing method to unpack the causal mechanism of the NPS reforms. Given that current scholars discuss its methodological aspects mainly, this thesis attempts to put process tracing in practice. The thesis formulates the causal mechanism from Kim and Choi’s theory (2014) that pays attention to the role of welfare bureaucrats in the reform process, while examining the validity of other theoretical approaches too. Based on internal documents and elite interviews with those involved directly in the NPS reforms, the findings suggest that the welfare bureaucrats did play a primary role in reforming the scheme in a parametric way. Several welfare state theories are also tested to address the issue of equifinality. The findings indicate that Kim and Choi’s theory is highly likely to be the sole approach encompassing “both” reforms, while the 2007 reform requires further research for the validity of alternative theories such as policy transfer via international organisations and the impact of neoliberalism. Consequently, profound differences existed in pension politics between the pre-reforms and the period of the reforms. Through the case study, the research also reveals the strengths and weaknesses of process tracing as well as its application to political research, and makes suggestions for further research.

Magistrantūros studijų baigiamasis darbas, 69 puslapiai, 12 paveikslai, 8 lentelių, 88 literatūros šaltiniai, 11 priedų, lietuvių kalba. RAKTINIAI ŽODŽIAI: pensijos, socialinė apsauga, pensijų sistemos reforma, privatūs pensijų fondai. Tyrimo objektas – Lietuvos privatūs pensijų fondai. Darbo tikslas – įvertinti Lietuvos privačius pensijų fondus. Tyrimo uždaviniai: 1) nustatyti privačių pensijų fondų vietą pensijų sistemoje; 2) nustatyti privačių pensijų fondų svarbą kuriant gerovės valstybę; 3) atlikti privačių pensijų fondų veiklos ir vertinimo problemų analizę; 4) nustatyti pensijų fondų vertintojus ir jų vertinimo kriterijus; 5) parengti pensijų fondų įvertinimo metodiką; 6) pagal parengtą metodiką įvertinti Lietuvos privačių pensijų fondų veiklą. Tyrimo metodai - mokslinės literatūros bei loginė analizė ir sintezė, lyginamoji analizė, struktūrinė santykinė analizė, statistinių duomenų analizė ir sintezė, grafinio vaizdavimo metodas, reitingavimo metodas.
The final work of magistracy studies, 69 pages, 12 pictures, 8 tables, 88 literature sources, 11 annexes, in Lithuanian. KEY WORDS: pensions, social security, pension system reform, private pension funds. Research Target: private pension funds in Lithuania. Research aim: To evaluate private pension funds in Lithuania. Research Objectives: 1. To ascertain the location of private pension funds in pension system; 2. To ascertain the importance of private pension funds creating the welfare state; 3. To carry out the analyses of the problems determining the activity of private pension funds; 4. To establish the evaluators and their criteria for evaluating private pension funds; 5. To prepare methodics for evaluating pension funds; 6. to evaluate the activity of private pension funds in Lithuania according to the prepared methods. Research methods: logical analysis and synthesis of scientific literature, comparative analyses, structural relative analysis, analysis and synthesis of statistical data, graphical representation method, rate-making method.

Mestrado em Economia e Políticas Públicas
O sistema de Segurança Social é um elemento-chave na construção de um Estado Social. Sistemas de pensões assentes numa ótica de repartição reforçam a incerteza de saber se as próximas gerações conseguirão pagar as reformas dos futuros pensionistas, num contexto de acelerado envelhecimento demográfico, crises financeiras e restrições orçamentais. Com o intuito de tornar os sistemas de pensões sustentáveis no longo-prazo, diversos países redesenharam em diferentes horizontes temporais os seus sistemas (optando por reformas paramétricas ou estruturais) de forma a acrescentar anos de solvabilidade aos sistemas face às suas potencialidades e vocações. Após a caracterização do sistema de pensões português e da reflexão sobre as diversas reformas ocorridas nos países escolhidos, este Trabalho Final de Mestrado procura, através de quadros de sistematização de indicadores (macroeconómicos, demográficos, microeconómicos e de bem-estar) e posterior ordenação dos mesmos em rankings, fazer sínteses comparativas que evidenciem a relação existente entre o tipo de reforma implementado e a performance esperada em termos de sustentabilidade. Tomadas de decisão futuras assentarão num trade-off entre restrições atuariais e eficiência económico-financeira vs bem-estar e generosidade/proteção do sistema de pensões.
The Social Security system is a key element to build a Social State. Pay-as-you-go pension systems reinforce the uncertainty as to whether future generations will be able to afford the reforms of future pensioners in an accelerated context of population ageing, financial crises and budgetary constraints. To make a sustainable pension system in long term, several countries have redesigned their systems (opting for parametric or structural reforms) over different time horizons, adding years of solvency to their systems, given their potential and vocations. After the characterization of the Portuguese pension system and the reflection on the various reforms that have taken place in the chosen countries, this MFW seeks, through the systematization of indicators (macroeconomic, demographic, microeconomic and welfare) and their subsequent rankings, to make comparative summaries that show the relationship between the type of reform implemented and the expected performance in terms of sustainability. Future decisions will be based on a trade-off between actuarial constraints and economic-financial efficiency vs. welfare and pension system generosity/protection.
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The Thesis analyzes the insurance provided by pension systems against macroeconomic and demographic risks. This purpose is accomplished by simulating individual life-cycle behaviors in a steady-state partial equilibrium model with uncertainty on wages, financial market returns and life expectancy, calibrated so as to reproduce stylized facts of the Italian economy. In particular, stochastic (macroeconomic and demographic) variables, such as wages, financial market returns, social mobility and survival probabilities follow processes that have been estimated based on available data for Italy, mostly over the period 1990-2004. The Thesis is composed of three essays. The first two papers focus on comparing the insurance provided against wage-related risk by a typical Defined Benefit pension system (modeled according to the old Italian pension scheme before the 1992 Amato reform), providing benefits based on the risky wages earned in the last years before retirement on the one hand; and a typical Notional Defined Contribution system (modeled according to the new Italian pension scheme introduced by the 1995 Dini reform), providing benefits based on all working-life contributions, capitalized at a “notional” rate of return i.e. the growth rate of the economy, on the other hand. The first paper considers a model with a representative individual facing uncertainty on aggregate wages and financial market returns as well as mortality risk. The new NDC Italian pension system turns out to improve “ex-ante” individual welfare (namely, individual welfare measured at the beginning of lifetime) with respect to the old DB scheme, from a purely risk-insurance perspective. This relative gain stems from the new regime pooling a longer series of risky wages in computing benefits, thereby yielding a better wage-risk diversification which causes a reduction (in expected terms) in the variance of pensions. The second paper extends the scope of the analysis by considering a model with heterogeneous agents belonging to different social (i.e. labor-income) classes, facing uncertainty on class-specific wages and stochastic intra-generational social mobility during working life, besides riskiness related to financial market returns and life expectancy. In this setting the previous result reverses, in that the new NDC system turns out to decrease welfare in “ex-ante” terms with respect to the old DB system from a purely risk-insurance perspective, for individuals belonging to all social classes. This result is due to the fact that the new pension scheme causes a higher correlation between pensions (the social security “asset”) and working-life wages (deemed as a proxy for “human capital”), thereby increasing the overall uncertainty individuals are confronted with during their whole lifetime. Such effect prevails (therefore yielding a welfare loss) as a substantial part of the overall wage uncertainty stems from stochastic social class mobility. Generally, social security in the model (under both the old and the new system) is slightly desirable only for individuals whose labor income conditions worsen during working life, in terms of individual welfare being measured after agents discover the final social class in which they have ended up. The analysis of the third paper overall investigates the determinants of the individual choice of contributing to supplementary private pension funds, by evaluating the effects of the latest (2004) pension reform in Italy on the behavior of a representative agent facing uncertainty on aggregate wages, financial market returns and life expectancy. The 2004 reform let individuals choose between contributing to two alternative complementary schemes (each in addition to the mandatory contribution to the public social security system), namely the firm-based severance pay scheme (the so-called TFR) on the one hand, and complementary private pension funds on the other hand. Investing in pension funds turns out to be slightly welfare improving with respect to contributing to the severance pay scheme in the model. This result is uniquely due to the fact that pension funds offer a preferred risk-return combination, since individuals in the model generally turn out to prefer receiving the capitalized amount in lump-sum fashion at retirement (as under the severance pay scheme) rather than in the form of annuities from retirement onwards (as under pension funds). The preference towards lump-sum i.e. more liquid retirement assets, despite supplementary private annuities providing insurance against longevity risk (namely the risk of workers outliving their savings after retirement), is due to two main reasons: a) the pre-existence of (sizeable) public annuities, reducing the relative value of additional longevity-risk insurance from private pensions; and b) the convenience of investing considerable resources (out of a lump-sum payout) in rewarding financial markets upon retirement.
La Tesi si propone di analizzare la capacità dei sistemi pensionistici di assicurare gli individui contro rischi di natura macroeconomica e demografica. A tal fine, il lavoro effettua delle simulazioni di comportamenti individuali lungo il ciclo di vita, in un modello di equilibrio parziale in stato stazionario, caratterizzato da incertezza su salari, rendimenti finanziari e aspettativa di vita. Il modello è calibrato in modo da riprodurre fatti stilizzati dell'economia italiana. In particolare le variabili stocastiche (macroeconomiche e demografiche), quali salari, rendimenti finanziari, mobilità sociale e probabilità di sopravvivenza seguono processi stimati sulla base dei dati disponibili per il contesto socio-economico italiano, per lo più nell'arco del periodo 1990-2004. La Tesi si compone di tre saggi. I primi due lavori si prefiggono di confrontare la capacità di assicurare rischi collegati ai salari, ad opera da un lato di un tipico sistema pensionistico di tipo retributivo (di seguito nell'abbreviazione inglese DB, Defined Benefit) che eroga pensioni basate sui salari percepiti negli ultimi anni di lavoro prima del pensionamento, modellato sul sistema pensionistico italiano precedente alla riforma Amato del 1992; dall'altro lato, ad opera di un tipico sistema pensionistico contributivo a capitalizzazione figurativa dei contributi (di seguito nell'abbreviazione inglese NDC, Notional Defined Contribution) che eroga pensioni basate sui contributi versati nel corso dell'intera vita lavorativa e capitalizzati ad un tasso figurativo (“notional”) quale il tasso medio di crescita dell'economia, modellato sul nuovo sistema pensionistico italiano introdotto dalla riforma Dini nel 1995. Il primo lavoro considera un modello con un agente rappresentativo, soggetto a incertezza su salari aggregati e rendimenti finanziari nonché al rischio di mortalità. Il nuovo sistema pensionistico italiano di tipo NDC risulta migliorare il benessere individuale “ex-ante” (ossia, il benessere individuale misurato all'inizio della vita economica) rispetto al precedente sistema di tipo DB, in termini puramente assicurativi. Questo guadagno deriva dal fatto che il nuovo regime pensionistico, nel calcolo delle pensioni, aggrega (in “pooling”) una serie più estesa di salari rischiosi, determinando in tal modo una migliore diversificazione del rischio sui salari, che causa una riduzione in termini attesi nella varianza delle pensioni stesse. Il secondo lavoro estende la portata della precedente analisi considerando un modello con agenti eterogenei appartenenti a diverse classi sociali (ossia, a diverse classi di reddito lavorativo), soggetti a incertezza sia sui salari specifici di ciascuna classe sia sulla mobilità sociale (stocastica) intra-generazionale durante la vita lavorativa, oltre che alla rischiosità dei rendimenti finanziari e dell'aspettativa di vita. In questo scenario il precedente risultato si ribalta, in quanto il nuovo sistema NDC risulta peggiorare il benessere “ex-ante” rispetto al precedente sistema DB in termini puramente assicurativi, per individui appartenenti a tutte le classi sociali. Questo risultato è dovuto al fatto che il nuovo schema pensionistico comporta una più alta correlazione tra pensioni (“asset” previdenziale) e salari percepiti nel corso dell'intera vita lavorativa (considerati come proxy per il “capitale umano” individuale), in tal modo aumentando la quantità complessiva di incertezza cui gli individui sono soggetti nel corso della loro intera vita, e questo effetto prevale (causando una perdita di benessere) quando gran parte dell'incertezza salariale è legata alla mobilità sociale stocastica intra-generazionale. In generale, il sistema previdenziale nel modello (sia del tipo DB che del nuovo tipo NDC) risulta leggermente desiderabile esclusivamente per gli individui le cui condizioni reddituali peggiorano durante la vita lavorativa, in termini di benessere individuale misurato dopo che gli agenti hanno scoperto la classe sociale finale cui si trovano ad appartenere. L'analisi del terzo lavoro è complessivamente volta ad investigare le determinanti della scelta individuale di contribuire a forme di previdenza privata complementare, attraverso la valutazione degli effetti dell'ultima riforma previdenziale in Italia (2004) sul comportamento di un agente rappresentativo soggetto a incertezza su salari aggregati, rendimenti finanziari e aspettativa di vita. La suddetta riforma permette agli individui di scegliere tra due schemi alternativi a cui versare contributi (obbligatori), in aggiunta ai contributi per il sistema pensionistico pubblico, ossia lo schema del Trattamento di Fine Rapporto da un lato, e i fondi pensione complementari dall’altro. Investire nei fondi pensione risulta aumentare leggermente il benessere degli individui nel modello, rispetto alla scelta di contribuire allo schema del TFR. Questo esito è dovuto unicamente al fatto che i fondi pensione offrono una migliore combinazione rischio-rendimento, poiché gli individui nel modello preferiscono in generale ricevere il capitale accumulato in somma fissa al pensionamento (come accade nel caso del TFR) piuttosto che sotto forma di rendita dal pensionamento in avanti (come accade nel caso dei fondi pensione). Questa preferenza per il versamento in un'unica soluzione, ossia per forme più liquide di risparmio previdenziale privato, nonostante pensioni erogate sotto forma di rendita forniscano assicurazione contro il rischio di longevità (ossia il rischio che un lavoratore viva più a lungo di quanto atteso, e quindi si ritrovi con insufficienti risorse risparmiate per gli ultimi anni di vita), è dovuta a due motivi principali: a) la pre-esistenza di (cospicue) rendite pensionistiche pubbliche, che riduce il valore relativo dell'assicurazione aggiuntiva fornita da rendite private; b) la convenienza relativa di investire, al momento del pensionamento, nei mercati finanziari ad alto rendimento atteso una quota consistente delle risorse ricevute in somma fissa.

Impact of private pension funds on capital market Final work of University Postgraduate Studies consists of 73 pages, 18 figures, 10 tables, 81 sources of literature and 3 appendixes, in Lithuanian. Key words:pensions, social security, pension reform, private pension funds, capital market. The object of research is private pension funds. The aim of research is to estimate impact of private pension funds on capital market. The objektives are: 1) specify the concept of private pension funds, 2) perform theoretical analysis of private pension funds activity, 3) estimatepossible possible position of private pension funds in capital market, 4) frame the methodology of the estimation the impact of private pension funds on capital market, 5) traverse the capital market in Lithuania and investment of private pension funds, 6) estimate the factors of private pension funds that determinant the potential impact on capital market, 7)estimate the impact of private pension funds on capital market. methods of research: analysis and synthesis of scientific literature, logical analysis and synthesis, comparable analysis, graphic methods of modeling.

In the master’s work I analyze and systematize pension system classifying methods of different Lithuanian and foreign authors, present pension provision models, disclose problems of single-stage pension systems (applied till 2004) and mark out the advantages of the system, based upon accumulation. I analyze in detail experience of the foreign countries in pension fund creation. I perform analysis of the readiness of the Lithuanian residents for funds accumulation in the 3rd stage pension funds. I confirm the scientific investigation hypothesis, formulated by myself, that the previous experience of participation in the financial market predetermines better the ability of the people to select the pension fund that meets the required interests best of all regarding the investment direction, taking into consideration age, income and gender of the pension fund participants.

The aim of this study is to examine what effects the pension reforms of 1935 and 1946 had on the poor relief rates of old age pensioners, in Sweden between the years 1930 and 1950. Unlike earlierstudies the focus is on how different groups of pensioners were affected. Salonens theoreticalframework on subsistence is used, which states that an individuals subsistence is based on incomesand expenditures in relation to the market, the family and the state. Both quantitative and qualitativemethods are used. By studying governmental investigations, the study finds that the purpose of thereform of 1935 was to favor women and the urban elders, while the favored groups by the reform of1946 were the urban elders as well as elders in one person households. The 1935 reform did notaffect the favored groups notably since the pensions were too small. The larger pensions of 1946however did substantially even out the poor relief rates between different elders. After theimplementation in 1948 the difference in poor relief rates between different elders was almost nonexistent. This was due to a substantially larger drop in the poor relief rates of the urban elders aswell as amongst elders in one person households. By studying different incomes of old agepensioners, the study finds that the pensioners with the greatest need of the 1946 years largerpensions were the urban men, the rural women, as well as the one person households in both ruraland urban areas. In conclusion this study finds that the reform of 1935 was unsuccessful insupporting the more vulnerable elders, while the reform of 1946 was successful in that matter.

Viešojo sektoriaus ekonomikos magistro baigiamojo darbo tema aktuali tuo, jog Lietuvos visuomenė senėja, išlieka dideli emigracijos mastai, o gimstamumo lygis žemas. Todėl valstybei vis sunkiau spręsti pagyvenusių žmonių gerovės klausimą. Be to, cikliniai ekonomikos svyravaimai sukelia nedarbo lygio ir valstybės skolos augimą bei darbo užmokesčio mažėjimą. Nestabilios tampa ir finansų rinkos, todėl pablogėjusi fiskalinė padėtis, savaime suprantama, trikdo pensijų sistemos finansavimą, o investicijų grąžos ir turto vertės sumažėjimas trumpuoju laikotarpiu veikia (has implication – impact) pensijų kaupimo sistemų finansinę grąžą bei mokumą. Iki šiol nei vienai šaliai nepavyko sukurti pensijų sistemos, kuri neturėtų rimtų trūkumų, todėl tęsti studijas ir ieškoti geriausių sprendimų reformuojant pensijų sistemas yra prasminga. Šio darbo tikslas buvo įvertinti Lietuvos pensijų sistemos rezultatyvumą ir jos tvarumą ilgalaikėje perspektyvoje bei nustatyti sistemos tobulinimo kryptis. Siekiant įgyvendinti tikslą buvo identifikuotos esminės socialinės politikos modelių charakteristikos ir jų pritaikymas Lietuvai, aplinkos veiksniai, keliantys pensijų sistemos reformų poreikį,esamos pensijų sistemos spragos ir problemų sprendimo variantai. Išanalizavus problemą teoriniu lygmeniu, analitinėje dalyje empiriškai buvo patikrintos teorinės prielaidų teisingumas bei pateikdos rekomendacijos Lietuvos pensijų sistemai tobulinti. Išanalizavus teorinius pensijų sistemos rezultatyvumo aspektus... [toliau žr. visą tekstą]
The theme of Master‘s Work in Public Sector Economics deals with topical issues concerning ageing, emigration, low birthrate problems in Lithuania. Because of these factors the assurance of citizens social welfare is a complicating task for a State. Moreover, cyclical economics fluctuations cause the rise in public debt and unemployment level, also the fall in wages. Consequently financial markets become unstable and the worsen fiscal situation disturbs the sponsorship of pensions system. Moreover, the fall in investments change and value of assets in short run has impact on financial change of pensions funds and its paying capacity. Until now all of the states failed to create pensions system without serious drawbacks, so the extension of studies in search of best solutions for pensions system is still meaningful and even essential. The goal of this paper work was to evaluate the effectiveness of Lithuania‘s pensions system, its stability in the long run, and to sattle the improvement directions. In order to implement the goal the main characteristics of social policy models and its adaptability to Lithuania‘s pension system have been identified, the external factors causing the need of pensions systems reforms have been characterized, the drawbacks of present pensions system have been pionted out and the recommendations to eliminate it have been proposed. After making analysis of theoretical aspects of pensions systems effectiveness and later testing it empirically, the... [to full text]

Mestrado em Ciências Actuariais
O estudo e comparação do desenvolvimento do setor dos seguros de vida e dos sistemas de pensões em diferentes países é um empreendimento de certa forma ambicioso, dada a complexidade das realidades em causa. Na prática, são quadros sujeitos a múltiplas influências, sobretudo o crescimento económico, o crescimento dos salários e a inflação, fatores que variam de país para país. Apesar disso, o objetivo principal deste trabalho é precisamente proporcionar uma visão tão global quanto possível de tais realidades. Para esse efeito, e de algum modo na esteira dos trabalhos de Whitehouse, se analisarão os sistemas públicos de pensões, compilando dados relativos às idades normais de reforma, aos critérios de elegibilidade, aos montantes dos benefícios, ao esforço contributivo e à participação dos Estados no financiamento dos sistemas. Esta informação será complementada com elementos adicionais relativos às iniciativas particulares de poupança, nomeadamente a participação em planos privados de pensões e a aquisição de seguros de vida. Particular destaque será dado a alguns países, considerados paradigmáticos ou especialmente relevantes para o estudo. O importante problema da reforma nos sistemas públicos de pensões será aflorado no final.
Life insurance and Pension systems are complex issues and comparing them across countries is therefore difficult. In practice, they are greatly affected by economic growth, wage growth and inflation, and these vary from country to country. With this project we mainly intend to bring worldwide overview of features of the public Pension systems, with additional information on private pension and savings arrangements. Information on the age at which pensions can be accessed, the eligibility requirements, the benefit amounts, the contribution rates, the technical methods, and the nature of government?s financial involvement are other important features to be searched for in this survey. Related information concerning Life insurance products will also be searched. Particular attention will be given to a few selected countries, chosen according to how paradigmatic they are, or their significance to this study. To finalize, a look into the nowadays very important problem of public Pension systems reform around the world.

In diploma thesis titled Age financed by benefits from pension pillars, is a reader first of all informed about a classification of various pension systems. In the following text is described pension system of the Czech Republic in many details, which forms two pillars in present time. According to the description of the Czech pension system, is also explained demographic situation from historical and future context. Very important is also considered explanation and description of pension systems in other countries, which is based on OECD report from 2015. In practical part is a used methodic of Melbourne Mercer Global Pension index. The evaluation of pension systems is very detailed in selected countries except Czech Republic. The index methodology is applied on Czechs pension system in last part of the diploma thesis. Final index evaluation is used for the proposal improvement of pension system.

The aim of the thesis is to analyze the transformation of the Turkish welfare regime in the framework of the social security reforms and the effect of the individual pension system on both this transformation and women&rsquo
s welfare considering the gender gap in retirement. While there is a growing literature on Turkey&rsquo
s social security reform, there are only few studies on the gender dimension of social security and the gender effects of the reform. This study aims to contribute to this literature by examining the gender gap in recently introduced individual pension system (2003) in Turkey from a sociological perspective. The literature review focuses mainly on Esping-Andersen&rsquo
s welfare regime typology and its critics to categorize the current welfare regime of Turkey. The Southern European welfare regimes are examined particularly to construct a theoretical framework for the Turkish welfare regime and its transformation. Furthermore, the literature on gender inequality and social security is examined to discuss the gender gap in private pension systems. This thesis based upon some statistical and actuarial analyses to explore the gender gap. By using &lsquo
actual data&rsquo
the effects of some sociodemographic and socio-economic factors on the participation and the contribution rate to the individual pension system are examined. Besides, gender gap in benefits that arise from the defined contribution schemes in a serious of projection using a stochastic actuarial model is analyzed. The study is supported by the interviews made with three experts and decision makers about these issues.

This thesis covers the development of pension schemes in the People's Republic of China from 1949 until now. The goal is to explain what is the structure of chinese pension schemes, why are the pension schemes divided between rural and urban areas and how are the migrant workers' pension schemes incorporated into the social security system. Furthermore the reforms and challenges of the current pension system are analysed as well as the linkage to the hukou reform and family planning reform.

This diploma thesis deals with the communication of state substantial economic reforms. Methodology is a case study that examines the governmental communication of the pension reform in 2013. The introduction of the thesis briefly outlines the socioeconomic situation in the Czech Republic after 2008. The theoretical part sets out the necessary basis in the fields of media and communication, public relations, political communication, psychology and public choice theory and it also provides an overview of pension system reforms development in the Czech Republic area from the time of Austro-Hungarian Empire. It notes that this issue is one of the constant governmental agenda, especially after 1989, and its enforcement is depends on the political settlement. Practical part of the thesis analyzes the communication discourse of governmental pension reform effective from 1 January 2013. For this purpose it uses structured interviews with stakeholders, quantitative content media analysis and public opinion polls. It concludes that there was no communication strategy for the pension reform and governmental information activities were insufficient and time inadequate. The thesis results in a set of recommendations for the government and its future economic reforms communication. It includes political consensus, clear message and target group identification, detailed timeline plan and the principle of simplicity in the reform explaining.

Doctor of Philosophy(PhD)
Retirement income policy in Australia has undergone significant changes over the last two decades, including the introduction of the Superannuation Guarantee [SG] with mandatory contributions in 1992 and the 2007 superannuation changes with the benefit tax abolition. Numerical implications of adopted pension reforms and reform proposals such as further increases in the SG contribution rate, changes to superannuation taxation and to means-testing of the age pension have been examined mainly by micro-simulation models. These models, often criticized for their lack of theoretical content, provide an incomplete picture of pension policy effects because of no or limited behavioural responses to underlying policy changes. In this thesis, models based on the life-cycle theory of saving pioneered by Modigliani and Brumberg (1954) are applied to simulate behavioural, welfare and macroeconomics effects of proposed changes to Australia’s pension policy. In particular, this thesis develops the following computable models: a life-cycle, single household model, a partial equilibrium, household model and a general equilibrium model with overlapping generations [OLG]. The single household model describes lifetime behaviour of the utility-maximising single household with uncertain lifespan. The model features perfect capital markets, endogenous labour supply and retirement decisions, and it incorporates main aspects of Australia’s pension and income tax policy settings. The simulated policy changes are (i) increase in the SG contribution rate, (ii) superannuation tax changes and (iii) abolition of the age pension means test. The results indicate higher retirement consumption and welfare gains from all the analysed pension policy changes. Partial equilibrium and general equilibrium models introduced in this thesis are built on lifetime behaviour of the single household. Both models distinguish many generations of households by age and, therefore, are capable of studying behavioural and welfare effects of policy changes for different generations. The partial equilibrium model examines behaviour of the household sector in the environment of the fixed factor prices. It is shown, for instance, that welfare gains from the investigated pension policy changes are not uniformly distributed across generations. The general equilibrium OLG model extends the partial equilibrium analyses by incorporating production, government and foreign sectors in addition to household and pension sectors. The model is a small open economy version of Auerbach and Kotlikoff’s (1987) OLG model. The simulation results are significantly different from those in the partial equilibrium framework, driven mainly by the changes in aggregate labour supply. For instance, the higher SG rate policy increases aggregate assets and saving. However, the saving increases are exported abroad rather than invested in the domestic capital stock. Hence, the implications of this policy change for the capital stock and output are minimal. Younger cohorts and future born generations experience consumption and welfare gains but older cohorts are negatively affected by a higher consumption tax rate resulting from this hypothetical policy change.

The dissertation investigates support by economists for the global policy shift away from unfunded public pension schemes towards funded private pension schemes. Influential economists and institutions, including the World Bank, present a suite of economic arguments that suggest that this shift will have positive effects on national economies, particularly in the context of aging. The arguments may be categorised according to their relation to the operation of three sets of institutions: capital markets, labour markets and political systems. In capital markets, the transition is purported to increase private and national saving, increase the quantity and quality of investment, and provide more efficient private administration. In labour markets, it is claimed that the shift will reduce labour market distortions associated with public pensions, which inhibit competitiveness, produce unemployment and encourage early retirement. According to the World Bank, public pensions systems cause these distortions without achieving their stated objective of reducing inequality. In the political sphere, the shift is purported to insulate the pension system from political pressures, which otherwise inevitably lead to crisis. The thesis provides evidence which refutes these claims. The best research, including studies by orthodox economists, indicate that the shift does not increase savings or investment, or improve the quality of financial investment. The main effect of tax concessions associated with private pension systems is to divert to private pension funds savings that would occur in any case via other mechanisms. The tax concessions are also regressive, even in systems with compulsory elements. Private administration of pensions, particularly in a plural consumer market setting, is highly inefficient, with customers at a disadvantage in dealing with providers due to the complexity and opacity of products and pricing. A negative relationship is found between public pension spending and levels of elderly poverty, suggesting that reducing public pension spending increases levels of elderly inequality. Public pensions are found not to explain differences in economic growth between regions. Elements of system design which distort labour markets, such as by encouraging early retirement, can easily be adjusted. However, such elements are explicit government policy in several countries. A review of public and private pensions finds that examples of public system crisis are associated with instances of economic and political collapse, rather than system design. Private funded systems are found to be more vulnerable, not less, to the same external influences. Relatively generous universal public pension systems are found to be financially sustainable despite demographic change, assuming modest levels of economic growth.

The dissertation investigates support by economists for the global policy shift away from unfunded public pension schemes towards funded private pension schemes. Influential economists and institutions, including the World Bank, present a suite of economic arguments that suggest that this shift will have positive effects on national economies, particularly in the context of aging. The arguments may be categorised according to their relation to the operation of three sets of institutions: capital markets, labour markets and political systems. In capital markets, the transition is purported to increase private and national saving, increase the quantity and quality of investment, and provide more efficient private administration. In labour markets, it is claimed that the shift will reduce labour market distortions associated with public pensions, which inhibit competitiveness, produce unemployment and encourage early retirement. According to the World Bank, public pensions systems cause these distortions without achieving their stated objective of reducing inequality. In the political sphere, the shift is purported to insulate the pension system from political pressures, which otherwise inevitably lead to crisis. The thesis provides evidence which refutes these claims. The best research, including studies by orthodox economists, indicate that the shift does not increase savings or investment, or improve the quality of financial investment. The main effect of tax concessions associated with private pension systems is to divert to private pension funds savings that would occur in any case via other mechanisms. The tax concessions are also regressive, even in systems with compulsory elements. Private administration of pensions, particularly in a plural consumer market setting, is highly inefficient, with customers at a disadvantage in dealing with providers due to the complexity and opacity of products and pricing. A negative relationship is found between public pension spending and levels of elderly poverty, suggesting that reducing public pension spending increases levels of elderly inequality. Public pensions are found not to explain differences in economic growth between regions. Elements of system design which distort labour markets, such as by encouraging early retirement, can easily be adjusted. However, such elements are explicit government policy in several countries. A review of public and private pensions finds that examples of public system crisis are associated with instances of economic and political collapse, rather than system design. Private funded systems are found to be more vulnerable, not less, to the same external influences. Relatively generous universal public pension systems are found to be financially sustainable despite demographic change, assuming modest levels of economic growth.

Pensija – tai senatvės pajamos, skirtos kasdieniam senų žmonių vartojimui finansuoti. Šiandien beveik visi Lietuvos pensininkai, kaip ir daugelyje Europos šalių, pensijas gauna iš valstybės, t. y. valstybė turi finansuoti beveik visą pensininko vartojimą. Dėl ilgėjančio senų žmonių amžiaus ir mažėjančio gimstamumo didėja valstybės išlaidos senatvės pensijoms. Vienas iš siūlomų valstybės išlaidų mažinimo būdų – padidinti asmeninių santaupų vaidmenį senatvės pajamose. Manoma, kad ateityje daugelis pensinio amžiaus žmonių beveik visą savo vartojimą turės finansuoti iš asmeninių santaupų. Vadinasi, pensijų sistemos reforma padidins asmeninių santaupų svarbą. Asmeninių santaupų struktūra – esminis pensijų reformos klausimas. Lietuvos gyventojai, galėdami laisvai pasirinkti investicijų formas (vyriausybės taupymo lakštai, banko indėliai ir pan.) ir investicijų horizontą, dažniausiai savo santaupas laiko trumpalaikių banko indėlių forma. LR Vyriausybė įvedė privalomąjį kaupimą pensijų fonduose, dalį socialinių draudimo įmokų perduoti į privačius pensijų fondus. Šie fondai pradėjo veikti 2004 metų pradžioje. Pensijų fondų finansavimo šaltinis – privalomos darbuotojų įmokos. Privalomojo kaupimo pensijų įmoka yra atimama iš valstybinio socialinio pensijų draudimo įmokos.
According to the currently effective system in Lithuania funds collected from currently employed persons are immediately paid out to the existing pensioners (the solidarity principle of generations). Pensions currently paid are too low to maintain a “normal” living standard. The practices of well-developed Western countries suggest that an old age pension should make at least 70 per cent of the average wages previously earned by the person in order to maintain a similar living standard (now it represents about 40 per cent of average wages). In the future pensions are likely even to decrease in relative terms as life expectancy is getting longer and employed persons will have to maintain more and more pensioners. In order to ensure a higher living standard for future pensioners the pension reform has been launched recently. It may help to take care of one’s future and have a possibility to receive higher income when retired. Participation in private pension funds provides a possibility to accumulate pension funds in one’s personal account. Pension funds invest contributions paid by employed persons in shares, bonds and bank deposits. By investing part of income of individuals in the pension funds the Government is changing the structure of personal savings, and that influences the importance of certain segments of the financial sector (banks, capital market, insurance, etc.) in the Lithuanian economy.

Lietuvos Respublikoje nuo 2004 metų veikia nauja socialinio draudimo pensijų sistema. Ji suteikia Lietuvos Respublikos gyventojams teisę kaupti papildomai pensijos daliai pensijų fonduose. II ir III pakopos pensijų fondų veiklos priežiūrą atlieka Lietuvos Respublikos Vertybinių popierių komisija. Pensijos yra tam tikra taupymo forma, kuri leidžia sulyginti pajamas per visą gyvenimo laikotarpį. Kiekvienas dirbantis žmogus gali taupyti tam tikrą einamųjų pajamų dalį, taip užtikrindamas sau išmokas iš÷jus į pensiją. Todėl išsivysčiusiose šalyse pensijos ir pensijų fondai vystėsi jau nuo senų laikų – jų užuomazgų galima rasti jau XVII amžiuje. Pirmosios valstybinės pensijos įvestos, generolo Oto fon Bismarko dėka, Vokietijoje 1889 metais. Daugumoje Europos Sąjungos valstybių praktikoje išryškėjo tendencija II pensijų sistemos pakopą daryti kaip privalomąją. Lietuvos Respublikos privalomąjį pobūdį išlaikė tik pirmoji pakopa, tuo tarpu antroji ir trečioji yra savanoriškos. Nuo 2004 m. sausio m÷n. 1 d. Lietuvos Respublikos gyventojai dalį įmokų “Sodrai” turi teisę pervesti į pensijų fondus, o taip pat gali savanoriškai kaupti papildomai pensijos daliai pensijų fonduose ar gyvybės draudimo įmonėse, mokėdami tam tikro dydžio įmokas. Teisę tapti pensijų fondo dalyviu turi asmenys, privalomai draudžiami valstybiniu socialiniu pensijų draudimu pagrindinei ir papildomai pensijos daliai gauti, išskyrus asmenis, kurie jau yra sukakę senatvės pensijos amžių. Pensijų įmokos dydis 2006 metais... [to full text]
Lithuanians, since 01/01/04, a part of their payments to “Sodra” can remit in pension funds. All pension accumulation enterprises are strictly controlled and supervised by the Stock Commission. Pension is a particular way on saving, which allows dispensing lifetime income. Every working person can put aside a certain part of his income, thus guaranteeing allowance when the person retires. In wealthy countries pensions and pension funds have existed for a long time, their origins dating as far back as the 17th. First retirement was instituted by Otto von Bismarck in Germany 1889. There is a tendency that in most of European Union states II level’s of the pension system are compulsory. In Lithuania only I level is compulsory, while II and III are voluntary. Lithuanians, since 01/01/04, a part of their payments to “Sodra” can remit in pension funds, also they can accumulate voluntary for subsidiary part of the pension in pension funds or insurance enterprises, by making certain payments. To become a participant of the pension fund may a person, who is compulsory insured with the social retirement insurance, to get main or subsidiary part of pension. Person, who is already turned the retirement age, have no right to participate in the second level. In 2006 the pension payment is 4.5 percent, since 2007 – 5.5 percent of participant’s income, from which the national social security payments are countable. Payments are remitted from VSDF (National Social Insurance Fund) budget to... [to full text]

This thesis deals with a very important issue in South African society, i.e. the provision of financial and non-cash support to older persons. Older persons in South Africa can be described as a sizeable but vulnerable group requiring specific protection. Section 27 of the South African Constitution of 1996 obliges the state to take reasonable legislative and other measures within available resources to progressively realise the right of access to social security. Hence, the steps taken by the state to promote older persons&rsquo
right of access to social security and to protect their right to dignity need to be evaluated. The legislative framework for the provision of financial and non-cash support to older persons currently is fragmented into various statutes dealing with retirement income, state grants to older persons and care and support services for older persons. Therefore, the current legislation lacks an integrated approach to the provision of support and care to older persons, as well as a central principle on which to base future legislation concerning older persons. One such principle that could potentially be adopted is intergenerational solidarity, which can be described as the solidarity between the active working-age population, as one generation, from which benefits flow to older persons as the other. This thesis evaluates whether intergenerational solidarity should form the basis of South African legislation on the provision of retirement income and the provision of care and support to older persons, and if so, whether it in fact does. If the answer to the latter is in the negative, the thesis further examines whether the current process to reform the retirement income system and related legislation in South Africa would be a suitable platform to introduce the concept of intergenerational solidarity to legislation concerning older persons.

Regression Discontinuity Design (RDD) is one of the most popular designs in the field of causal inference in nonexperimental settings. It is based on the idea that the treatment is (totally or partially) determined by a threshold point of an observed continuous variable. When the treatment is just partially determined by that variable, it is usu- ally defined fuzzy RDD. In this setting, given a certain outcome, the only effect that one is able to identify is the Average Treatment Effect (ATE) for the subpopulation of the Compliers at the threshold point. The ATE could be obtained by the ratio between the discontinuity at the threshold point in the average of the observed outcome divided by the discontinuity in the treatment probability. This thesis explores, from a methodological and empirical perspective, how the change of slope at the threshold point is informative for the estimate of the parameter of interest. Starting from the changes of the eligibility criterion for retirement that took place in Italy in the ’90s we propose an alternative estimator, based on Instrumental Variables, that is a combination of the discontinuity and the change of slope. Furthermore we provide a simulation study to compare the efficiency of the different estimators. Then we analyze the effects of retirement on the subjective well–being. Finally we generalize the results using the Two Sample Instrumental Variable estimator, in order to improve the efficiency of estimates based on administrative data and to con- struct delayed outcomes for the same cohorts.
Il Regression Discontinuity Design è una delle più diffuse tecniche nell'ambito dell’inferenza causale nei processi quasi-sperimentali. È basata sull'idea che l'esposizione ad un trattamento sia (parzialmente o totalmente) stabilita da un punto di soglia di una variabile continua e osservabile. Quando l'esposizione al trattamento è solo parzialmente stabilita da questa variabile, si è solito definirlo fuzzy Regression Discontinuity Design. In questo contesto, dato un determinato outcome di interesse, è possibile identificare soltanto l’effetto medio del trattamento per la sotto-popolazione dei Compliers. Tale effetto può essere ottenuto dal rapporto tra la discontinuità nel punto di soglia nella media dell'outcome divisa per la discontinuità nella probabilità di esposizione al trattamento. La tesi esamina, da un punto di vista metodologico e empirico, come possano essere informativi per la stima del parametro di interesse i cambiamenti di pendenza nel punto di soglia. Partendo dalle modifiche nei criteri di ammissibilità al pensionamento avvenuti in Italia a partire dagli anni '90, abbiamo proposto uno stimatore, basato sulla logica delle Variabili Strumentali, che è una combinazione della discontinuità e del cambiamento di pendenza. In seguito abbiamo proposto uno studio di simulazione per confrontare l'efficienza dei diversi stimatori. Successivamente abbiamo analizzato gli effetti del pensionamento sulla soddisfazione personale percepita. Infine abbiamo generalizzato, usando lo stimatore a Variabili Strumentali su Due Campioni per migliorare l'efficienza delle stime con dati amministrativi o per costruire outcome successivi al pensionamento.

Darbe pateikiama samprata apie našlių pensijų sistemą, jos struktūrą, teoriškai pagrindžiami ir pateikiami Lietuvos socialinės saugos teisei būdingų našlių pensijų modeliai.Sistemos reformos kryptys analizuojamos, remiantis našlių subjektinių teisių įgyvendinimo analize. Paliečiami socialinio teisingumo aspektai, skiriant valstybines našlių pensijas bei nustatant valstybinių socialinio draudimo našlių pensijų dydį. Pateikiama našlių namų ūkių disponuojamų pajamų analizė. Socialinės politikos plotmėje nagrinėjami našlių socialinio saugumo užtikrinimo garantai. Reziumuojama, kad didelė našlių dalis iš valstybės negauna socialinės paramos. Lietuvos socialinės apsaugos teisėje n��ra našlių paramos modelio. Darbo pabaigoje pateikiamos išvados ir pasiūlymai iškeltoms teisinio reguliavimo problemoms spręsti.
The paper provides the conception of systems of state social insurance, state and social support benefits applied in the Lithuanian social security system. Based on the analysis of legal acts, the structure of the widows‘ pension system is being defined. The paper gives theoretical substantiation of and provides widows‘ pension models typical for the Lithuanian social security system. Aiming to reveal complexity and problems of the widows‘ pension system, legal regulation of widows‘ pensions and rent are being analysed in detail. There is also a review of conditions and requirements for the deceased and their spouses set out in the legal acts. Assumptions of the reform of widows‘ pension system are based on three problematic aspects: is the support provided realised following the principles of state social insurance and provision of the state and social suppport benefits; are the subjective rights of widows to support in case of widowhood approached to equivalently; is social justice retained in contribution of budget means. Trends of the reform of widows‘ pension system are analysed based on the analysis of implementation of subjective rights of widows. The paper touches aspects of social justice in assignation of widows‘ pensions and in determination of the amount of state social insurance widows‘ pensions. Widows‘ social security assurance is being analysed in the plane of social policy. It may be concluded that a great number of widows receive no benefits from the state... [to full text]

The first part of the thesis describes the history of the Slovak pension scheme until its recent reform, within an international context. The second half of the paper is split into two parts, first one devoted to the macroeconomic and microeconomic analysis of the Slovak republic with respect to the ageing population. The second part analyses the Czech case. In both cases I applied the one-country General Equilibrium Overlapping Generations Model (OLG). I show the impact of a changing population structure on the respective economies in the long run and how the possible reform scenarios (PAYG, Defined Contribution and Fully-Funded system) would alter these results.

The existing system in the Czech Republic is based on the continuous financing combined with the optional additional pension insurance. The pension reform in the Czech Republic is necessary. The basic reason is the developments of the demographic situation. It will be necessary to ensure that the new pension system is financially sustainable.

This diploma thesis inquires into the system of retirement pensions in Czech Republic which is based on two pillars. The first pillar comprises of mandatory elemental pension insurance which provides for over 94 % of incomes of today's retirees. The second pillar mainly comprises of additional voluntary retirement insurance with benefits and some products of life insurance. Considering actual setting of the pensions system based almost solely on pay as you-go funding (PAYG), though substantially demographically reliant, this situation won't be sustainable in the long term. The main goal of the diploma thesis is to find out approximate retirement pension income for different groups based on different amount of wages and connected drop in income especially considering actual changes which are in effect since October 2011. The crucial part of the thesis is subsequently focused on options for private saving through the third complementary pillar with concentration on development of selected indicators in additional retirement insurance with benefits and calculation of the amount of lifelong pension.

The diploma thesis deals with the pension reform and the pension system in the Czech Republic. The paper explains fundamental terms in the field and explains their function. The main aim of the thesis is a definition and risk analysis of individual parts of the pension system. The secondary aim is guidance how to use each of the parts of the system.

The diploma thesis in the first part deals with an overview of basic pension schemes, their typology and distribution. Further, this section deals with the reasons for the reform of the pension system and demographic developments and general trends in pension protection system. The second part deals with analyse the so-called "small" and "large" pension reform, then analysis of the current pension system in Czech Republic for each column of the pension system in particular. At the end thesis represents a model calculation of the expected cash income at retirement age from three columns of the pension system based on specified parameters adaptable to a wide range of subjects which can be calculated for each pillar in particular. Thesis concludes that participation in second column of pension system is advantageous for those, who have salary above average or for people, who have restricted access to save on retirement.

Mestrado em Actuarial Science
O Brasil experimentou um aumento de quase sete pontos na Razão de Dependência de Idosos, de 7,0 em 1990 para 13,8 em 2020. As projeções estimam que suba para 36,2 em 2050, o que significa que haverá aproximadamente 36 indivíduos com 65 anos ou mais por 100 indivíduos em idade produtiva. Em 2019, a situação das finanças públicas brasileiras era muito grave e, pelo sexto ano consecutivo, estava deficitária. O desequilíbrio foi causado principalmente pelo déficit previdenciário. As dúvidas sobre a sustentabilidade do sistema previdenciário são muito pertinentes nos dias de hoje, uma reforma foi aprovada e começou a ser implementada em 2019. O objetivo é projetar a receita e os benefícios até 2100, no âmbito de alterações alternativas de pensões paramétricas e também no âmbito de uma reforma sistemática, nomeadamente a passagem para um sistema de CD. Os custos de transição e outras despesas, e os custos relacionados com a pensão mínima garantida, também são contabilizados. Os achados comprovaram que a reforma iniciada em 2019 melhora o equilíbrio e permite que o déficit do RGPS diminua nos próximos dez anos, mas um aumento será observado a partir de então - embora em valor bem menor do que seria em um cenário de reforma pré-2019. Portanto, é muito provável que a discussão sobre a sustentabilidade do sistema volte a estar na ordem do dia em alguns anos. Explorarando as alternativas propostas, mudar para o esquema NDC parece resolver o problema a longo prazo.
Brazil has experienced an increase of nearly seven points in the Old-Age Dependency Ratio, from 7.0 in 1990 to 13.8 in 2020. Projections estimate it will rise to 36.2 in 2050, which means that there will be approximately 36 individuals aged 65 and over per 100 individuals of working age. In 2019, the condition of the Brazilian public finance was very serious and for the sixth year in a row it was in deficit. The imbalance was mainly caused by the social security deficit. Doubts about the sustainability of the pension system are very pertinent nowadays and a reform was approved and started to be implemented in 2019. The goal is to project the revenue and the benefits until 2100, under alternative parametric pension changes and also under a systematic reform, namely the shift to a DC system. Transition costs and other expenses, and the costs related to the minimum guaranteed pension, are also accounted for. The findings proved that the reform started in 2019 improves the balance and allows the deficit in RGPS to decrease for the next ten years, but an increase will be observed from that time on - although of a much less amount than it what would be in pre-2019 reform scenario. Therefore, it is very likely that the discussion about the sustainability of the system will be again the order of the day in a few years. Exploring the proposed alternatives, switch to NDC scheme seems to solve the problem in the long run.
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The goal of the submitted thesis "Analysis of supplementary pension insurance in Czech Republic in comparison with Slovak Republic" is analyze and compare currently functioning supplementary pension system in our country and Slovak Republic. The whole thesis is focused on third pillar of pension system, namely the supplementary pension insurance. The thesis contains difficulties and issues that the pension system faces. There is also analyzed upcoming pension reform and comparison of actual pension scheme with the future one. Part of this thesis is also analysis of pension funds currently operating in the Czech pension insurance market and selection of optimal pension fund.

The aim of this diploma thesis Analysis of performance of pension funds is a detailed mapping of the area of pension to highlight the current shortcomings and to familiarize the reader with pension reform which vill come into force in January.The work is divided into five parts. In the first two sections the reader familiar with the operation of pension funds and pension funds, which are regulated by Act 42/1994 Coll. The third chapter is devoted to a comparison of the results of pension funds operating on the Czech market. The fourth part deals with the profitability of pension funds and the fifth chapter summarizes the most important changes in the pension reform awaits III. pillar pension system.