Dissertations / Theses on the topic 'Pension schemes'
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Robertson, Lynne Margaret Maclean. "Behavioural responses to automatic enrolment in workplace pension schemes." Thesis, University of Edinburgh, 2016. http://hdl.handle.net/1842/33110.
Full textColombo, Luigi. "Funding strategies for defined benefit pension schemes." Thesis, City University London, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.418979.
Full textKhorasanee, M. Zaki. "Actuarial modelling of defined contribution pension schemes." Thesis, City University London, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.287640.
Full textSerlenga, Lorenzo. "Effects of transfers on liabilities of pension schemes." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20994.
Full textNos últimos anos, as regras de adesão aos planos de pensões no Reino Unido tornaram-se mais flexíveis e a maioria dos membros passou a ter a possibilidade de mudar de um plano para outro, de acordo com as suas necessidades pessoais e financeiras. Isto significa que um dado membro, se assim o desejar, pode transferir o valor acumulado das contribuições feitas em seu favor para um outro fundo. A opção de transferir é justificada sobretudo pelo facto de os planos CD serem mais flexíveis na forma como os benefícios são recebidos e, às vezes, permitirem um maior controlo do membro sobre a forma como o dinheiro é investido - As transferências são um procedimento complexo do ponto de vista atuarial: os administradores precisam de calcular o montante que deve ser entregue ao membro que sai, uma tarefa realizada com a assistência do atuário do plano, que tem que definir os pressupostos económicos e demográficos necessários para o cálculo. Este trabalho resulta de um estágio no Lisbon Service Centre da Willis Tower Watson, onde estive envolvido no processo de avaliação de fundos de pensões do Reino Unido, com o objetivo de projetar as responsabilidades futuras dos planos. A legislação impõe que as empresas do Reino Unido realizem avaliações, pelo menos, a cada três anos, dada a importância, tanto para os membros como para as empresas, de conhecer o respetivo nível de financiamento e a situação financeira, em geral.
In the last years the regulations for pension plans membership became more flexible and most members have now the possibility to move from a scheme to another, according to their personal and financial needs. This means members are able to move their accumulated pots through a transfer, and this usually happens from a Defined Benefit (DB) to a Defined Contribution (DC) scheme. The option to transfer is justified because DC schemes are characterized by more freedom regarding the way benefits are collected and sometimes more control on the way the money is invested - although the member will take on the investment risk, the longevity risk and the income management risk. Transfers are a complex procedure from the actuarial point of view: trustees need to calculate the lump sum to be provided to the member leaving the scheme, a task performed with the assistance of actuaries, who are asked to set the economic and demographic assumptions required for the calculation. This work is a result of an internship at the Lisbon Service Center of Willis Tower Watson, where I have been involved in the UK pension fund valuation process, with the objective of projecting the future liability of schemes. Legislation imposes that UK firms must perform valuations of the schemes at least every three years, given the importance, both for members and clients, of knowing their funding position and financial situation.
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Patrício, Joana Cristina dos Santos. "The role of pension reserve funds in pay-as-you-go pension schemes financial sustainability." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12707.
Full textO presente estudo tem como objetivo analisar a estratégia seguida pelo fundo de estabilização financeira da segurança social (FEFSS), bem como investigar qual seria a situação atual do fundo caso um maior volume de transferências se tivesse verificado ou sido aplicado em investimentos alternativos. Numa primeira fase, o estudo analisa a extensa literatura referente à importância dos fundos de pensões na sustentabilidade financeira dos sistemas pay-as-you-go, assim como a influência da sua gestão no alcance deste objetivo. De forma a proceder à análise da performance específica do caso português, foram consideradas duas políticas alternativas de transferências estáveis para o fundo, utilizando a simulação do valor do fundo na aplicação em três estratégias de investimento distintas. As transferências foram aplicadas às taxas de retorno respetivas a dois períodos de tempo: de 1989 e 2014 e de 1997 a 2014. Os resultados obtidos demonstram que as políticas de investimento propostas aumentaram o valor do portfólio, cumprindo entre 2010 e 2012 o objetivo final definido por lei de cobrir dois anos das necessidades de pensões. Deste modo, aplicando as propostas consideradas verificar-se-ia um aumento da contribuição do fundo na estabilidade do sistema pay-as-you-go.
The present study aims to analyze the strategy followed by the Portuguese financial stabilization fund (FEFSS), along with investigating what would the situation be if a greater volume of transfers would have been performed or applied in alternative investments. In the first place, the study investigates the substantial literature related to the importance of pension reserve funds in the financial sustainability of the pay-as-you-go systems, as well as the influence of its management on reaching this goal. In order to proceed to the analysis of the performance of the Portuguese case, two different policies of stable transfers to the fund are contemplated. The simulation of the value of the fund coming from the application of these policies is then used to apply three different strategies of asset allocation. Two different time-frames are taken into account to perform the study: from 1989 to 2014 and from 1997 to 2014. The final results show that the proposed investment strategies increase the value of the portfolio, allowing to fulfill between the years of 2010 and 2012 the goal set by law: covering two years of pension needs. Thus, applying the strategies considered would increase the contribution of the fund to the financial sustainability of the pay-as-you-go system.
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Liu, Weixi. "The valuation effects of UK defined benefit pension schemes." Thesis, University of Exeter, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.489237.
Full textRatanabanchuen, Roongkiat. "Demographic transition, pension schemes' investment, and the financial market." Thesis, London School of Economics and Political Science (University of London), 2013. http://etheses.lse.ac.uk/701/.
Full textGough, Orla Cecilia Mary. "Will occupational pension schemes survive into the 21st Century?" Thesis, City University London, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.287667.
Full textMarten, Elena Renee. "Interest rate risk in UK defined benefit pension schemes." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19721.
Full textDesde a crise financeira de 2008, fundos de pensões começaram a reconhecer, mais do que nunca, a necessidade de se protegerem contra o risco da taxa de juro. Este risco é o mais significativo e volátil para os fundos de pensões pois uma mudança nas condições do mercado pode ter um grande impacto tanto nos ativos como nos passivos do fundo, afetando o seu nível de financiamento. Estratégias de remoção do risco são críticas à luz dos planos de benefícios definidos (BD) estarem cada vez mais insustentáveis. Fundos de pensões estão a considerar várias estratégias de remoção do risco e a reavaliar as suas estratégias de investimento com o objetivo de garantirem, com elevado nível de confiança, os pagamentos aos seus participantes e beneficiários. Este relatório irá discutir como é que planos BD são afetados pelo risco da taxa de juro, como é que esse risco é refletido no relatório da avaliação e que estratégias e ferramentas são usadas para mitigar este risco. Este relatório é o resultado de um de um estágio de cinco meses na Willis Towers Watson. O foco do estágio foi em avaliações de fundos de pensões do Reino Unido em que eu trabalhei nos cálculos do passivo e na análise dos resultados apresentados no relatório da avaliação. O estágio providenciou-me a oportunidade de aplicar o conhecimento atuarial que desenvolvi durante o Mestrado num ambiente empresarial.
Since the financial crisis of 2008, pension schemes began recognizing more than ever that they need to protect against interest rate risk. Interest rate risk is the most significant and volatile risk to pension schemes because a change in market conditions can have a big impact on both the assets and the liabilities of the pension scheme, affecting the funding level of the scheme. De-risking strategies are critical in light of defined benefit pension schemes becoming increasingly unsustainable. Pension schemes are putting many de-risking strategies into place and reevaluating their investment strategies to get to a position to reliably pay their members. This paper discusses how DB pension schemes are affected by interest rate risk, how the risk is reflected in the actuarial valuation report, and what strategies and tools are used to mitigate interest rate risk. This paper is the result of my five-month curricular internship at Willis Towers Watson. The focus of the internship was UK pension scheme valuations in which I worked with the liability calculations and analysis associated with the actuarial valuation report. The internship gave me the opportunity to apply the actuarial knowledge that I developed in the master to a real work environment. In this paper I show an example of one client who uses de-risking strategies against interest rate risk.
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Sutcliffe, Charles Martin Sydenham. "Financial aspects of UK occupational defined benefit pension schemes." Thesis, University of Reading, 2018. http://centaur.reading.ac.uk/77838/.
Full textSameea, Zakariya Sultan M. "Financing social insurance in Bahrain : its history, comparison with the UK experience and proposals for reform." Thesis, University of East Anglia, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.323255.
Full textNgwira, Bernard Chiwiya. "Risk management and decision making in defined benefit pension schemes." Thesis, City University London, 2004. http://openaccess.city.ac.uk/8443/.
Full textNhabinde, Vasco Correia. "Retirement schemes and economic growth in sub-Saharan countries a panel data analysis /." Pretoria : [s.n.], 2007. http://upetd.up.ac.za/thesis/available/etd-11222007-155952.
Full textFarinha, Ana Jeanete Silva. "Components of UK defined benefit occupational pension schemes with a gender analysis." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17787.
Full textQuando iniciamos uma carreira profissional, a intenção é garantir autossustentabilidade. À medida que a vida vai passando terminamos esse ciclo de carreira profissional e iniciamos um período de reforma. É importante garantir um rendimento auto sustentável nesta fase de vida e optar por subscrever um regime de pensões de Benefício Definido é uma forma viável de o fazer. O objetivo deste trabalho é entender quais poderão ser principais componentes que impactam o comportamento dos Planos Ocupacionais de Benefício Definido em número e valor. Isso significa que aumentando o valor final de um plano de pensão em particular, poderemos aumentar o número total de Planos Ocupacionais de Benefício Definido para a população que decidimos estudar. Como o sistema de Pensões do Reino Unido foi caracterizado por uma série de reformas discriminatórias em género, decidimos incluir uma secção com os comentários que consideramos importantes em relação a Análise de Género.
When we initiate our work life, the intention to do it is to guarantee our self-sustainability. As life goes by, we end our work life and start a retirement period. It is important to guarantee a self-sustainable income in this period of life and opt to subscribe a Defined Benefit (DB) Occupational Pension Scheme (OPS), is a viable way to do it. The aim of this work is to understand which can be components that impact (DB) (OPS) in number and in value by association. This means by increasing the final amount of a particular pension plan this can increase the total number of (DB) (OPS) in the population that we decided to study. As United Kingdom (UK) pension system has been conducted a serial Reform Acts that is gender discriminatory, we also perform the considerations that we intend as necessary on Gender Analysis.
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Yang, Wei. "Risk assessment of defined benefit pension schemes: an economic capital approach." Thesis, University of Kent, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.594096.
Full textLukeš, Tomáš. "Political determinants of economic reforms: case study of of pension schemes." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-72229.
Full textKayitare, Emmanuel. "Factors Affecting Rwandan Informal Sector Workers' Participation in Public Pension Schemes." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2551.
Full textZajmi, Arta. "Equalization of guaranteed minimum pensions in the United Kingdom." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19275.
Full textAntes de 1978, no RU, era ao Estado que competia assegurar o pagamento das pensões. Em abril de 1978, foi dada a possibilidade de os planos de previdência privados assumirem uma parte do sistema, desde que seguissem as mesmas regras. Foi assim que surgiu a PMG. A PMG é calculada considerando vários fatores, como idade, sexo e vida útil do membro. A idade de pagamento do benefício é diferente para membros masculinos e femininos, bem como a sua taxa de formação, que depende da vida útil do membro. Essas diferenças levaram a desigualdades nos montantes atribuídos a homens e mulheres com o mesmo período de serviço. Em 2018, três membros do sexo feminino, devido a essas desigualdades, processaram os administradores do esquema de pensões do Lloyds Bank. Como resultado deste processo, todos os regimes de pensões no RU ficaram obrigados a eliminar as diferenças injustificadas entre as PMG dos seus membros. O problema é que, a par da decisão, não foi indicada uma forma clara de como proceder para atingir a desejada equalização. Ainda que alguns métodos tenham sido propostos, a verdade é que os esquemas têm autonomia para escolher o método que acharem mais conveniente. Como se trata de um tema muito atual e que exige tratamento imediato, este trabalho é--lhe inteiramente dedicado. Depois de se fazer o necessário enquadramento do problema, apresentam-se os métodos de cálculo da PMG, analisam-se os diferentes fatores que causam desigualdades e mostra-se como a equalização é alcançada através dos métodos propostos.
Before 1978 in the United Kingdom, government paid all state pensions. However, in April 1978 private pension schemes were given the option to pay their members a part of the state pension as long as they followed the same rules. That part of the pension is called the Guaranteed Minimum Pension (GMP). GMP is calculated considering several factors, such as the member?s age, sex and working lifetime. GMP payment age is different for male and female members, as well as the accrual rate, which is dependent on the working lifetime of the member. These differences led to inequalities in the GMP pension between male and female members that had the same service period. In 2018, three female members, due to these inequalities, sued the trustees of the Lloyds Bank pension scheme. As an outcome of this judgment, all pension schemes in the UK were obliged to equalise GMP for all their members. In spite of the ruling, a clear way on how to proceed with the equalisation was not given, though some methods were proposed. As of now, schemes have the authority to choose the method they find most convenient. As this is a very pressing problem, this paper is entirely devoted to it. After setting the framework, we present how GMP is calculated, analyse the different factors that cause inequalities and show how the equalisation is achieved through the proposed methods. A number of examples and illustrations are provided.
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Gash, Alexander, and n/a. "Anticipatory Budgeting: A Long-Term Analysis of Old Age Pensions in Australia, Canada and Sweden." Griffith University. Griffith Business School, 2005. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20061109.103403.
Full textGash, Alexander. "Anticipatory Budgeting: A Long-Term Analysis of Old Age Pensions in Australia, Canada and Sweden." Thesis, Griffith University, 2005. http://hdl.handle.net/10072/365858.
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Doctor of Philosophy (PhD)
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Coutinho, Maria da Graça de Tavares e. Távora Pereira. "Analysing data from pension schemes : data quality and relevance for actuarial valuations." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19018.
Full textOs dados são o objeto de uma análise atuarial. O primeiro passo de uma avaliação é a revisão dos dados, juntamente com a definição dos pressupostos necessários e tendo conhecimento da teoria atuarial - estas componentes juntas permitirão ao atuário realizar os cálculos necessários e interpretar os resultados obtidos. Tendo isto em consideração, a qualidade dos dados sobressaiu como um elemento fundamental, tendo sido o tema escolhido para este trabalho. Depois de um estágio no escritório de Lisboa da Willis Towers Watson, percebi que os dados são um campo bastante importante, tendo sido algo com que lidei diariamente. Neste trabalho, darei um conhecimento inicial sobre fundos de pensões, especialmente fundos de pensões do Reino Unido, uma vez que foram o meu foco durante o estágio. Apresentarei ainda um caso de estudo sobre dificuldades nos dados e o seu impacto numa avaliação, de forma a fornecer uma ilustração com números reais e o impacto que pequenos problemas podem causar. Para este estudo, um cliente de treino foi usado e os problemas apresentados foram baseados na minha experiência no trabalho diário ? todas as incoerências apresentadas no Capítulo 5 foram encontradas (e corrigidas) em clientes reais nos quais trabalhei durante o estágio.
Data is the object of an actuarial analysis. Reviewing the data is the first step of a valuation, along with setting up assumptions and having the knowledge about the actuarial theory - these components together will enable the actuary to perform the necessary calculations and interpret its results. Having this in mind, data quality is something worthy to give a thought about and that's what this work will be for. After an internship at Willis Towers Watson Lisbon office, I realised data was a subject of high importance and the one I dealt with on a daily basis. Here, I will give some background knowledge about pension schemes, mainly United Kingdom pension schemes as they were my main focus. A case study about data issues and their impact on a valuation will be presented to give the reader real numbers and the real impact some minor data issues can have. For this study, a training client was used and the problems described were based on my work-experience - all inaccuracies present in Chapter 5 were found (and corrected) in real clients during my internship.
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Sweeting, Paul. "Schemes and sponsors: Issues in defined benefit pension provision in the United Kingdom." Thesis, University of Bristol, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.492564.
Full textSilva, Francisco Wilson Ferreira da. "Financial study of actuarial solvency, economic and own pension schemes municipal social CearÃ." Universidade Federal do CearÃ, 2014. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=11978.
Full textO ordenamento jurÃdico brasileiro, à partir de 1998, permitiu que os entes federativos estados e municÃpios pudessem migrar do Regime Geral de PrevidÃncia (RGPS), capitaneado pelo INSS, para um Regime PrÃprio de PrevidÃncia Social (RPPS) tomando o cuidado para os aportes financeiros necessÃrios para a harmonia do equilÃbrio atuarial de modo a garantir, no futuro, o pagamento dos benefÃcios a quem de direito (massa laboral incluÃda nos regimes previdenciÃrios), de sorte que dos 5.509 municÃpios brasileiros, 1.957 instituÃram os seus RPPS e, 55 municÃpios no Estado do CearÃ, dos 184 existentes. O objetivo principal desta pesquisa foi apurar o resultado atuarial dos RPPS instituÃdos nos municÃpios cearenses por meio de um software construÃdo pelo autor e confrontÃ-lo com o resultado atuarial contido nos Demonstrativos de Resultado das AvaliaÃÃes Atuariais â DRRAÂs. De acordo com os cÃlculos realizados os RPPS municipais cearenses apresentam dÃficit atuarial no montante de R$ 3.361.632.976,77, enquanto o valor do resultado atuarial demonstrados nos DRAAÂs apresentam dÃficit atuarial no valor de R$ 10.344.705.187,76. Em ambas as apuraÃÃes o resultado deficitÃrio tem concentraÃÃo nos municÃpios de Fortaleza, CanindÃ, MaracanaÃ, Juazeiro do Norte e Itapipoca. Na 1. e 2. apuraÃÃo os municÃpios de Amontada e Caucaia se mostraram superavitÃrios, acrescentando-se, tambÃm, que os municÃpios de Cruz e Fortim se revelaram superavitÃrios no cÃlculo realizado pelo autor. O dÃficit atuarial do MunicÃpio de Itapipoca apresentou-se preciso, tanto no cÃlculo formulado pelo autor, quanto no demonstrado no DRRA do ente. Conclui-se que os entes previdenciÃrios deficitÃrios nÃo oferecem sistema de estrutura para o acÃmulo de recursos para o pagamento de compromissos definidos nos planos de benefÃcios.
The Brazilian legal system , starting from 1998 revealed that the federative states and municipalities could migrate from the General Provident Fund Scheme ( RGPS ) , headed by the INSS , for its Own Social Security System ( RPPS ) taking care to financial contributions necessary for the harmony of actuarial balance to ensure in the future payment of benefits to those eligible ( work force included in pension schemes ) , so that the 5,509 Brazilian municipalities, 1,957 have instituted their RPPS and 55 towns in State of Cearà , the existing 184 . The main objective of this research was to determine the actuarial results of RPPS established in municipalities of Cearà through a software built by the author and confront him with the actuarial results contained in the statements of income of the Actuarial Reviews - DRRA 's. According to the calculations the Cearà municipal RPPS present actuarial deficit in the amount of R $ 3,361,632,976.77 , while the value of actuarial results demonstrated in the present DRAA 's actuarial deficit of R $ 10,344,705,187.76 . In both calculations the deficit result has concentration in the cities of Fortaleza, CanindÃ, MaracanaÃ, Juazeiro and Itapipoca. In 1. & 2. calculating the municipalities of Amontada and Caucaia proved surplus, also adding to the towns of Cruz and Fortim, the surplus calculation performed by the author. The actuarial deficit of the municipality of Itapipoca presented itself takes both the calculation made by the author, as in shown in the DRRA one. It is concluded that the pension deficit loved not offer structural system for the accumulation of resources for the payment of obligations defined benefit plans. There is evidence that there is no consistency in the figures to the MPAS during transport of the DRAA 's MPAS is recommending the external control bodies investigate that the reason pointed out the differences.
Fox, Alison M. "An exploration of the governance and accountability of UK defined benefit pension schemes." Thesis, University of Dundee, 2010. https://discovery.dundee.ac.uk/en/studentTheses/85699d70-c916-4c85-910e-bb0ab103e120.
Full textŠufliarska, Radka. "Komparácia variant kapitalizovaného penzijného piliera." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-73724.
Full textCarlsson, Evert. "After work - investing for retirement /." Göteborg : Department of Economics, School of Economics and Commercial Law [Nationalekonomiska institutionen], Göteborgs universitet, 2008. http://hdl.handle.net/2077/9574.
Full textPailová, Vladimíra. "Penzijní připojištění jako nástroj krytí potřeb lidí ve stáří." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-9614.
Full textRůžková, Lucie. "Penzijní připojištění." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-73490.
Full textZhao, de Gosson de Varennes Yuwei. "Benefit Design, Retirement Decisions and Welfare Within and Across Generations in Defined Contribution Pension Schemes." Doctoral thesis, Uppsala universitet, Nationalekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-274253.
Full textEssay 2: Due to the systematic underestimation of cohort life expectancy, NDC pension schemes face a financial risk that can leads to inter-generational unfairness, given the current practice. This paper proposes an alternative method of computing annuity to address this problem. The proposal is to adjust the annuity based on re-estimations of the remaining life expectancy at intervals after retirement, but only up to a ceiling age. The scheme is assessed using 208 cohort annuity pools from eight sample countries. This experiment shows that the proposed scheme succeeds in reducing the inter-generational unfairness for 60-80% of the cohort annuity pools, compared to current practice of fixing the annuity at age 65. Because the adjustment is borne by the relatively large group of younger persons, the per capita change in utility is rather small assuming risk neutrality.
Essay 3: This paper studies how the incentive to retire in a DC (NDC) scheme is influenced by engaging private information on life expectancy. This is an important question since the decisions made under the two scenarios, optimizing using the private life expectancy or the cohort average made available by the pension provider, create different welfare and financial outcomes. The analytical framework is a standard life-cycle model, accounting for monetary gain from work and non-monetary gain from leisure. The unique feature here is that the individual life expectancy is an explicit driver of disutility of work. The theoretical result is that prevailing private information of a longer-than-average life expectancy can lead to both advancing and delaying retirement, depending on other factors determining utility. The numerical example using Swedish data proves the theoretical results and suggests a rather small average impact on the choice of retirement by engaging private information of life expectancy.
Essay 4: Pensions in the increasingly popular Notional Defined Contribution (NDC) Pay-as-You-Go Schemes are granted based on cohort-specific life expectancy, regardless socioeconomic differences. This risks perverse intra-generational and unintended inter-generational transfers. This paper introduces an alternative with separate annuity pools for different socioeconomic classes. Using unique Swedish data and the Swedish NDC pension system as an example, the analysis shows a significant gap in life expectancy between socioeconomic classes defined by occupation. In the Swedish context, this implies a perverse transfer of 5% of the pension capital from the manual workers to the non-manual workers, which can be abolished by using the group plan. In addition, the group plan also lessens the risk of inter-generational transfers resulting from the gap in life expectancy.
Soares, Mariana Flor Eiras. "UK pension funds : fund portfolio performance analysis." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20707.
Full textNo UK, indivíduos recebem uma pensão após a reforma, ou se falecer sua/seu esposa/o. Esta pode ser oferecida pelo estado, mas um dos casos mais comuns é; as pessoas recebem-na do seu fundo de pensão ocupacional (derivado do seu caminho de trabalho). Este tipo de pensão é fornecido pelo empregador e acumula benefícios que irão gerar o salário do empregado após a reforma. Para financiar as pensões, os empregadores devem criar um portfólio de investimento, que inclui diversos fundos e classes de ativos (alguns que pretendem gerar maiores retornos, assumindo maiores riscos, e outros que pretendem gerar retornos seguros, mas mais baixos). De modo a monitorizar o desempenho destes fundos, com o fim de entender se está a ser feita uma gestão adequada dos mesmos, é necessário ter em conta os seguintes fatores: gestão de risco, alocação dentro das diferentes classes de fundos e seleção de fundos. Para este efeito é utilizado o método de analise de atribuição, que nos diz o valor que foi adicionado ao portfolio proveniente das decisões do gestor. No atual período de pandemia, que afetou os mercados financeiros de forma considerável, o estudo desenvolvido neste projeto, visa perceber qual foi o impacto desta situação em quatro portfolios diferentes, com diferentes estratégias de investimento, e maioritariamente estudar as diferentes posições que foram assumidas pelos diferentes gestores, com o objetivo de manter a estabilidade do desempenho dos portfolios depois da grande queda dos mercados que se deu com o fecho da economia no inicio de 2020.
In the UK, individuals receive a pension after their retirement or their spouse's death. This pension can be provided by the state, but one of the most common cases is that people will receive it from their occupational pension fund (in result of their work path). This type of pension is sponsored by the employer and it accumulates benefits that will generate the income of a person after their retirement. To fund the pensions of the employees, employers need to create investment portfolios, that include different funds and asset classes (some seek higher growth while assuming higher risk, and others seek guaranteed, but lower returns). To monitor the performance of these portfolios and understand if the management is being done efficiently, one needs to take into consideration: risk management, asset allocation and selection decisions. For this effect, we use the attribution analysis method, which tells us the value that has been added to the portfolio by the active management decisions. In a period of pandemic, that affected the financial markets considerably, the study practiced in this project, aims to understand what was the impact of the situation in four different portfolios, with different investment strategies, and mainly to study the different positions that were assumed by the different managers, in order to keep the portfolios stability after the rough market crash that came with the economic shutdown in the beginning of 2020.
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Carvalho, Tiago Lima de. "Asset-liability management in pension funds." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21054.
Full textOs fundos de pensão têm uma participação representativa nos mercados financeiros, seja considerando o capital investido ou o perfil de escolha de ativos. Nos planos de pensão de benefício definido, o foco é assegurar cobrir os passivos com os ativos existentes. A gestão de ativos e passivos (em inglês ALM) é o conjunto de métodos e ferramentas projetadas com a finalidade de orientar como os fundos devem investir seus ativos a fim de que, em determinada data, seja possível pagar seus passivos. Este conceito é amplamente utilizado em empresas seguradoras e fundos de pensão. O portfolio de investimentos é construído de acordo com análises de mercado, definição dos riscos em que o fundo deseja se expor e os objetivos de retorno. O propósito deste projeto é, aplicando a teoria de investimentos orientados a passivos, recuperar o nível de financiamento de um fundo de pensões, a fim de cumprir com as metas do esquema e se expondo ao menor risco possível. Este projeto terá como informação base a estimativa dos passivos, da taxa de juros e da inflação. A partir deles, contruiremos o portfolio de investimentos, projetaremos o fluxo de caixa e monitoraremos o risco de não cumprimento dos objetivos. Para validar a consistência do modelo, iremos comparar contra uma estratégia mais arriscada. As conclusões, após contextualização (prática e teórica), demonstram que é possível recuperar o nível de financiamento, de acordo com prazos estabelecidos e com um nível moderado de risco.
Pension funds have a very representative role in the financial markets, considering investments made and the asset allocations profile. In defined benefit pension schemes, the major focus is to secure the participants future payments with the accumulated contributions. Or, in other words, to cover the liabilities with the assets. Asset Liability Management (ALM) is a collection of methodologies and tools structured to guide the assets investments in order to protect the liabilities. This concept has been used largely in insurance companies and pension funds. It analyzes market expectations, scheme risks and objectives, in order to create the best asset investment option. The purpose of this project is, using a Liability Driven Investment (LDI) technique, recover the Funding Ratio of a pension fund, achieve the scheme goals and minimize the risk. Project liabilities, interest rate and inflation are the bases of this work. Build the asset portfolio, project the fund cashflow and track the risk are the principal steps to achieve the goal. To check the results adherence, the output will be compared with a bold recovery strategy. To conclude, after setting the context (theoretical and practical perspectives), the work will show how to recover a Funding Ratio using a developed model and keeping the risk inside pension plan limits.
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Schulz, Peter. "Occupational pension schemes in Germany changes in the German landscape of old-age plans, cta model." Hamburg Diplomica-Verl, 2007. http://d-nb.info/987352857/04.
Full textSchulz, Peter. "Occupational pension schemes in Germany : changes in the German landscape of old-age plans, cta model /." Hamburg : Diplomica Verl, 2008. http://www.diplom.de/katalog/arbeit/10523.
Full textFreudenberg, Christoph [Verfasser], and Bernd [Akademischer Betreuer] Raffelhüschen. "Adequacy and fiscal sustainability : a long-term evaluation of public pension schemes in Hungary and Poland." Freiburg : Universität, 2015. http://d-nb.info/1122592744/34.
Full textZimermannová, Petra. "Závislosť finančnej gramotnosti a dopytu po produktoch zabezpečujúcich tretí vek." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-262217.
Full textWeber, Carlos Augusto Pereira. "Previdência social : diagnósticos e impacto da nova previdência complementar dos servidores públicos federais no Brasil." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2016. http://hdl.handle.net/10183/147429.
Full textThe objective of the present paper is to check the impact on changing from the actual social security of federal pensions to a mixed model, through a creation of a defined contribution pension plan for new federal public employees in Brazil. The study show off diagnostics and exhibit the concepts of pension models adopted in Brazil and brief international experiences of countries that have altered their social pension schemes in Latin America, with object to reduce government deficits of inactive. In the Brazilian case, after the Federal Constitution of 1988, Constitutional Amendments were enacted (nº 20 of 1998 and nº 41 of 2003) which enabled the creation, in 2012, of a complementary retirement plan for new federal public employees, called FUNPRESP. The study concludes than with the emergence of this fund, it will be possible to equalize the amounts of benefits paid between pension schemes. Thereby, the remuneration limit of the benefits paid to the actual system of federal employees pensions will be indexed to the remuneration limit of the general social security. Therefore, if the public employee decides complement gains above this compensation limit, for pension purposes, they should choose to contribute with a quota to an individualized pension plan. So, the government tried to ensure equity in benefit payments between the pension schemes, as well as tried to reduce the deficit of the social security public finances in the long term.
Rajasakran, Thanaseelen. "Effects of advertising self-disclosure, message appeal and regulatory orientation: a field experiment on private retirement schemes in Malaysia." HKBU Institutional Repository, 2015. https://repository.hkbu.edu.hk/etd_oa/157.
Full textAguiar, Emílio Júnior Ribeiro. "Early retirement reductions covered by a DC pension plan : case study analysis for Portugal." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21065.
Full textEm Portugal, o envelhecimento da população desafia a sustentabilidade financeira do sistema de Segurança Social. Ao longo dos anos, muitas emendas legislativas foram introduzidas no sistema de Previdência Social com o objetivo de torná-lo auto-sustentável, todavia existe uma dificuldade para entregá-lo sem restringir os benefícios de aposentadoria devido a evolução demográfica. Inevitavelmente, isso leva a impactos negativos nas pensões de aposentadoria por idade. As administrações anteriores combinaram essas reformas com medidas que reforçam o estabelecimento de esquemas privados de fundos de pensões, dando-lhe um papel mais preponderante, de forma a diversificar as fontes de renda de aposentadoria. No contexto de aumento da responsabilidade individual pela adequação da renda de aposentadoria. Esta dissertação analisa a pensão de velhice com especial enfoque nas reformas antecipadas, dada a forte penalização que existe. Além disso, verifica-se a possibilidade de um plano de contribuição definida para mitigar totalmente essas reduções. Portanto, são descritos os dois sistemas, o público e o complementar.
In Portugal, population ageing is challenging the financial sustainability of the Social Security system. Throughout the years many legislative amendments have been introduced in the Social Security system, with the goal to make it self-sustainable, but it is struggling to deliver it without restricting old-age benefits due to the increase of the elderly population. Inevitably, this leads to negative impacts in the old-age retirement pensions. Past administrations have combined these reforms with measures to reinforce the establishment of the funded private pension sector, giving it a more prominent role, so as to diversify the sources of retirement income. In the context of increasing the individual responsibility for the adequacy of retirement income. This paper analyses the old-age benefits with special focus in the early retirement option, given the heavy penalties inherent to this option. Also, examines the possibility of fund a DC pension plan to fully mitigate those penalties.
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Гордієнко, В. В. "Організація діяльності недержавних пенсійних фондів в Україні." Thesis, Українська академія банківської справи Національного банку України, 1998. http://essuir.sumdu.edu.ua/handle/123456789/51470.
Full textВ диссертации определены суть, значение, функции и необходимость широкого внедрения негосударственных пенсионных фондов в современную практику пенсионных отношений в Украине. В работе предложены пенсионные схемы, которые наиболее эффективные в использовании негосударственными пенсионными фондами. Обоснована необходимость совершенствования нормативно-правового обеспечения деятельности негосударственных пенсионных фондов. Предложена методика расчета пенсионных взносов и пенсионных выплат, а также система показателей для определения степени риска при инвестировании денежных потоков негосударственными пенсионными фондами.
The essence, meaning, functions and the necessity of the wide implementation of non-state pension funds in Ukraine are highlighted in the dissertation. Pension schemes which are mostly used by non-state pension funds are given. The necessity of improving the prescriptive legal support of non-state pension funds is proven. The methods of indexes for determining the risk degree while investing money flows by non-state pension funds are suggested.
Vanišová, Šárka. "Analýza výnosnosti penzijního připojištění s důrazem na zdaňování." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-72700.
Full textPolický, Martin. "Analýza penzijních systémů vybraných zemí EU." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113279.
Full textLütke, Kleimann Mechthild. "Occupational Pension Schemes and their Relevance for the Employment Relationship in Germany. A Case Study Approach in the German Financial Services Sector." Thesis, University of Bradford, 2018. http://hdl.handle.net/10454/17180.
Full textMellkvist, Lars. "Den andres bröd : Levnadsrisk utifrån Lee-Cartermodellen." Thesis, Uppsala University, Department of Economics, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-9227.
Full textUnder det gångna århundradet ökade den förväntade livslängden avsevärt såväl i Sverige som i övriga världen. 1900-talets förbättrade livslängd drevs inledningsvis av en minskad barnadödlighet medan de senare årtiondena kännetecknades av minskad dödlighet i höga åldrar.
En åldrande befolkning innebär ökade krav på sjukvård, äldreomsorg och inte minst pensionssystem. Pålitliga prognoser för vår framtida livslängd behövs för att beräkna de resurser som nämnda verksamheter kommer att ta i anspråk och utgör förutsättningen för en rättvis prissättning av försäkringsprodukter med levnadsrisk.
Lee-Carter-modellen är en av vår tids tongivande modeller för mortalitetsprognostisering. Modellen används här för att göra livslängdsprognoser utifrån svenska mortalitetsdata; prognoserna jämförs sedan med observerade utfall.
Mot bakgrund av resultatet diskuteras levnadsrisk med fokus på pensioner.
Inte oväntat presterar prognoserna ingen felfri bild av verkligheten och prognosfelet varierar i storlek mellan skattningarna; att använda dem som underlag för pensionsberäkningar hade i förlängningen varit ohållbart. Exemplet illustrerar på samma gång vår osäkerhet inför framtidens livslängdsutveckling och svårigheten i att prognostisera den.
During the past century, Sweden along with many other countries experienced a sharp decline in mortality rates. The increased life expectancy was initially propelled by mortality reductions among infants and subsequently by a survival improvement in advanced ages.
An ageing population has large implications for those providing services to the elderly, such as medical care and pensions, whilst also addressing the need for accurate and reliable mortality forecasts and projection methods.
The Lee-Carter model is the current gold standard for mortality forecasting and has been widely adopted in several studies. Here, the model is applied on Swedish mortality data; the projections are then compared to the observed lifespan development. Against this backdrop, a discussion on longevity risk in pensions schemes follows.
The forecasts performed in this study do not perfectly reflect the observed mortality change in the examined period; furthermore, the variation of the estimation errors limits the actuarial value of the projections. The findings illuminate the uncertainty that surrounds our future life expectancy as well as the difficulties associated with forecasting it.
Thießen, Friedrich, and Jan Justus Brenger. "Scheinbare und tatsächliche Kostenbelastung von Rürup-Renten-Verträgen." Universitätsbibliothek Chemnitz, 2017. http://nbn-resolving.de/urn:nbn:de:bsz:ch1-qucosa-229370.
Full textRürup pension contracts allow future payments after retirement. For consumers their structure is hard to understand. Since January 1st, 2017, a key information document (“product information sheet”) is required by law. It gives an overview of the product and its characteristics. It contains information about the cost of the contract. Unfortunately, this information is difficult to understand. The sheet only conveys an unclear view of the costs incurred. E.g. no information about the total costs are given. Instead the costs are split into different components which are explained in differing ways. Due to such intransparent information a comparison between alternative plans is hardly possible. In our example one third of all savings are allocated to costs. According to the high economic importance of private pension schemes government should prescribe a key information document with clearer and more honest information
Dinis, José Pedro Rodrigues. "Planos e fundos de pensões no Reino Unido : uma visão geral." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21109.
Full textNum esquema Benefício Definido, a promessa de um benefício é garantida pela empresa, muitas vezes indexada a um benefício baseado nos últimos salários pré-reforma. Esta promessa implica uma gestão cuidada das responsabilidades futuras de reforma, o que resulta em custos acrescidos em torno de cálculos atuariais complexos, de modo a calcular o valor necessário de Assets que garantam o pagamento do benefício no término da vida ativa do membro. Estes cálculos têm sempre por base pressupostos financeiros que permitem a projeção dos benefícios até à idade de reforma. Num esquema de Contribuição Definida, em vez de um benefício definido existem contribuições definidas, em que o valor do benefício do membro (na reforma) é sempre dependente da Performance do fundo. A empresa detentora de um esquema de Contribuição Definida não necessita de recorrer a cálculos atuarias, o que implica uma gestão bastante simplificada quando comparada à gestão em esquemas Benefício Definido. No departamento de avaliações da Mercer, desenvolvem-se avaliações atuariais baseadas em pressupostos providenciados por uma equipa de consultores. A minha tarefa no decorrer do meu estágio era garantir uma análise cuidada do comportamento das Liabilities do esquema, de modo a retificar possíveis ganhos ou perdas no nível de financiamento, entre as duas avaliações. Com esta análise, observa-se a capacidade financeira do esquema, onde se verifica se o valor dos Assets é suficiente para financiar os benefícios de pensão de cada membro. Finalmente, todos os resultados são posteriormente apresentados aos Trustees, de modo a tomarem medidas necessárias de gestão do esquema.
Defined Benefit pension schemes require scrupulous management of future benefit payments. This comes with the extra cost for companies, since the payments need to be managed through actuarial calculations. Calculating the required employee payments until the age of retirement, and matching them to benefit payments until the age of death of the benefit-holder, are some of the factors that make these calculations so complex and uncertain. Therefore, companies have adopted the Defined Contributions approach. This method mitigates risk for the employers, by defining fixed contributions from the behalf of the employee. The benefits are directly tied to the performance of the underlying pension fund. This approach reduces uncertainty on the age of death and cash flow projections. Therefore, this method is more simple and transparent. Mercer's evaluations department, carries actuarial calculations based on input from consultants in an in-house software. The liabilities of the pension scheme are updated based on the year of evaluation. Throughout my internship, I was in charge of monitoring the individual pension scheme's liabilities while ensuring a sufficient assets coverage. Furthermore, the analysis conducted throughout my internship was presented to the Trustees and used to manage the pension scheme.
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Nitti, Alessandro. "The Italian Asset Management market from an Asset Servicer’s perspective." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-195837.
Full textKačėnaitė, Jurgita. "Pensijų fondų veiklos teisinis reguliavimas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2006. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2007~D_20061227_171449-97265.
Full textLithuanians, 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]
Teixeira, Marcio França. "A previdência em carne e osso." Pontifícia Universidade Católica de São Paulo, 2008. https://tede2.pucsp.br/handle/handle/12559.
Full textSearch This search, from a reading of the historical evolution of the legislation are highlighted Previdenciária where all constitutional amendments, compared examine the benefits of retirees by the General Rules and by the Owner. The main analysis is to show, through subject of meat and bone, how does the benefits and finds that its decline is in economic terms. Finally, the poll showed what other consequences the decrease in benefits brings to the subject of meat and bone
Esta Pesquisa busca, por intermédio de uma leitura da evolução histórica da Legislação Previdenciária em que são evidenciadas todas alterações constitucionais, analisar comparativamente os benefícios previdenciários dos aposentados pelo Regime Geral e pelo Regime Próprio. O objetivo principal é mostrar, por meio de sujeitos de carne e osso, o quanto significa o benefício previdenciário e o que seu constante declínio representa em termos econômicos. Por fim, a pesquisa demonstrou quais outras conseqüências a diminuição do benefício previdenciário traz ao sujeito de carne e osso
Balnave, Nikola Robyn. "Industrial Welfarism in Australia 1890-1965." University of Sydney. Work and Organisational Studies, 2002. http://hdl.handle.net/2123/572.
Full textArenas, Stephanie Lucic. "Actuarial gains and losses for an Irish pension scheme." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16965.
Full textOs planos de pensões proporcionam uma fonte de rendimento no período de reforma, adquiridos durante a vida ativa. São extremamente importantes porque constituem uma das principais fontes dos benefícios facultados pelas empresas aos seus colaboradores, e também da poupança nacional. As responsabilidades de um plano de pensões representam o montante de capital que será necessário para o pagamento de benefícios futuros. A principal preocupação de um atuário no processo da avaliação de um plano de pensões é identificar se os passivos estimados correspondem de facto aos compromissos assumidos. Para mensurar e analisar se uma avaliação atuarial está do lado seguro, o atuário precisa de efetuar uma análise de ganhos e perdas atuariais. Durante um período de cinco meses realizei um estágio na Mercer, empresa de consultoria que atua em 3 grandes áreas: Carreira, Pensões e Investimentos e Benefícios. Este relatório é o resultado final da experiência obtida no estágio ao longo desse período. O principal objetivo foi estudar as bases necessárias para a realização de uma avaliação atuarial, bem como uma análise das causas subjacente a cada elemento que contribui para o ganho ou perda atuarial. Todas as ações foram desenvolvidas no contexto da realidade irlandesa.
Pension plans provide most of income at retirement to many people. They are extremely important as one of the main sources of labor benefits and also of national savings. The liabilities of a pension plan correspond to amounts of money that have to be set aside, in order to pay for future obligations. The main concern of an actuary performing an actuarial valuation on a pension scheme is whether the estimated liabilities will be enough to cover future commitments. In order to measure and assess if the actuarial valuation is on the safe side, the actuary needs to perform an actuarial gain and loss analysis. A 5-month internship was done in Mercer, a consulting firm operating in the areas of human capital, wealth and health programs. This paper is the result of the internship. In this report, we aimed to study the basis on how to perform an actuarial valuation, followed by an analysis of the reasoning behind each element that contributes to an actuarial gain or loss. All actions were developed in the framework of the Irish case.
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