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1
Sharif, Kamaruddin Bin. "Pension funding and investment : a multiple criteria decision making approach." Connect to resource, 1985. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1262290653.
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Chan, Ching-ting Janny. "The marketing of pension fund in Hong Kong : services marketing /." [Hong Kong : University of Hong Kong], 1992. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13335856.
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Nhabinde, 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.
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Shetty, Shekar T. "The Information Content of Pension Fund Asset Reversion." Thesis, University of North Texas, 1992. https://digital.library.unt.edu/ark:/67531/metadc279197/.
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Prior studies on the impact of the termination of overfunded defined benefit pension plans on shareholders' wealth have produced conflicting findings. The first study on the stock market reaction to pension plan termination was conducted by Alderson and Chen (1986); this study claimed that shareholders realize significant positive abnormal returns around the termination announcement date. A more recent study, by Moore and Pruitt (1990), disclaimed the findings of Alderson and Chen. Reexamination of these two studies with additional evidence and the use of the appropriate announcement date suggests that termination of pension plans is associated with significant wealth gain to shareholders. This study also analyzes samples from periods prior to and after the imposition in 1986 of a 10 percent excise tax on recaptured excess pension assets. The empirical results suggest that shareholders experience significant positive wealth effects for the pre-tax (1980-85) period and no wealth effects for the post-tax (1986-88) period. The primary purpose of this study is to determine the impact of stock market reaction upon shareholders' wealth under the partial anticipation hypothesis. The pre-tax sample is analyzed by isolating the expected terminators using the multiple discriminant analysis model. This study finds significant positive abnormal returns only for firms that are not anticipated by the investors as potential terminators. The results of this study do not lend support to either the "separation" or the "integration" hypothesis as proposed by Alderson and Chen (1986). Instead, the results are consistent with the information hypothesis that the market reacts to unanticipated events that provide new information. Cross-sectional regression analysis of unexpected terminators suggests that the abnormal performance of stocks of pension terminating firms is explained by the firms' debt ratio and the amount of surplus pension assets. It can be inferred that firms may resort to recapturing excess pension assets as a way of financing investments internally when faced with unfavorable credit markets.
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Lau, Cheung-yun Lily. "Mandatory provident fund as a replacement for civil service pension in Hong Kong." Hong Kong : University of Hong Kong, 2000. http://sunzi.lib.hku.hk/hkuto/record.jsp?B2218871X.
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Vidler, Sacha. "Pension reform: an analysis of the economic foundations of private pensions." Thesis, The University of Sydney, 2003. http://hdl.handle.net/2123/577.
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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.
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Vidler, Sacha. "Pension reform an analysis of the economic foundations of private pensions /." University of Sydney. Political Economy, 2003. http://hdl.handle.net/2123/577.
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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.
8
Mashruwala, Shamin D. "The impact of accounting smoothing on asset allocation in corporate pension plans : evidence from the U.K. /." Thesis, Connect to this title online; UW restricted, 2007. http://hdl.handle.net/1773/8835.
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Njuguna, Amos Gitau. "An investigation of financial and operational efficiency of pension funds in Kenya." Thesis, Nelson Mandela Metropolitan University, 2010. http://hdl.handle.net/10948/1144.
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Pension funds are the principal sources of retirement income for millions of people in the world. Pension funds are also important contributors to the gross domestic product (GDP) of countries. This study focuses on pension funds in Kenya. Retirement income accounts for 68 percent of the total income of retirees in Kenya, while pension assets account for 30 percent of Kenya’s GDP. It is therefore important that pension funds be managed effectively, not only in Kenya, but also in other countries. The primary objective of the study is to investigate ways of enhancing pension fund efficiency by establishing the determinants of such efficiency. More specifically, the study explores the effect that the organisational culture, regulations, investment strategy, ethics, risk management, design, size and the age profile of members of pension funds exert on the efficiency of these funds. A sample of 749 pension funds was drawn from the Kenyan Retirement Benefits Authority (RBA) register. The sample selection was based on the criterion that these pension funds should have been in existence within the period 2001 to 2008. Seven hundred and forty-nine (749) questionnaires were mailed to the trustees of these pension funds. Three hundred and sixty-two (362) usable questionnaires were returned, which translated into a response rate of 48.3 per cent. Except for financial efficiency, self-constructed instruments based on secondary literature reviews were used to measure the variables in the hypothesised model to improve pension fund efficiency. Appropriate steps were taken to ensure the validity and reliability of these measuring instruments. The empirical results revealed that leadership, governance, regulations, design, membership age and size of funds had no significant influence on operational efficiency of these funds. The results further showed that the membership age, design, regulations and operational efficiency of pension funds exerted no significant influence on their financial efficiency. The results also revealed that the membership age, size and design of pension funds did not influence how these funds were led by their leadership. iv The empirical results however showed that smaller pension funds were perceived to exhibit better financial efficiency, while pension funds with membership aged 31 - 40 were perceived to be better governed compared to other age groups. Finally, in rigorous structural equation analyses, no significant relationships were found between fund regulations (independent variable), on the one hand, and fund governance and leadership (dependent variables), on the other hand. Use of simple linear regression however disclosed a significant positive relationship between the afore-mentioned independent variable and dependent variables.
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Mbedzi, Ndivhuhweni Innocent. "A legal analysis on the distribution and payment of the special pensions under the Special Pensions Act, 69 of 1969." Thesis, University of Limpopo, 2013. http://hdl.handle.net/10386/1183.
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Thesis (LLM. (Labour Law)) -- University of Limpopo, 2013<br>The South African government has paid compensation in a form of special pension to individuals who have been exposed to certain types of hardship and suffering caused by the governments or their predecessors. This compensation is described as ‘the appreciation or sense of guilty of society towards those people on whom the government has rightfully or wrongfully and at any rate disproportionally inflicted damage’. Government have been prepared to pay compensation to the following persons: former enemies, victims of war, victims of harmful compulsory vaccination measures, persons who had sacrificed their jobs and education in the process of overturning oppressive governments establishing democratic government; and persons whose basic human rights had been violated by governments or their predecessors. These persons have sacrificed their lives either in exile or within South Africa fighting for South Africa to be democratic. These persons must prove that they served their respective political organisations for a period of five years or above or they were banished or restricted in certain area or imprisoned or sentenced.
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Cozort, Larry A. "The effect of accrued pension benefit preservation on worker mobility in muliemployer plans." Diss., Virginia Polytechnic Institute and State University, 1985. http://hdl.handle.net/10919/54746.
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The relationship between mobility of vested plan participants and the use of reciprocity agreements in multiemployer plans was investigated. The assumption that pension benefit forfeiture retards worker mobility was considered. The assumption that worker mobility is enhanced by benefit preservation is one of the justifications for tax incentives provided retirement plans.
Several variables were considered in addition to the use or nonuse of reciprocity agreements; however, none of the variables were found to be significantly related to the turnover rate for vested plan participants in multiemployer plans. The primary conclusion of the research was that the hypothesis that benefit preservation through the use of reciprocity agreements in multiemployer plans is ineffective in increasing turnover for vested plan participants could not be rejected.<br>Ph. D.
12
Myers, David Hobson. "Persistence in pension account returns : the impact of survivorship and reaction of asset flows /." Thesis, Connect to this title online; UW restricted, 2001. http://hdl.handle.net/1773/8783.
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Tenbrock, Klaus. "Die betriebliche Altersversorgung im Betriebsübergang bei konkurrierenden Versorgungszusagen /." Frankfurt am Main ; New York : Lang, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=014841670&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Tse, Wai-kwan Elsa. "A study on Hong Kong mandatory provident fund system /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19878485.
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Zhang, Ting. "Three essays on corporate pension underfunding , securities valuation and market efficiency /." View online ; access limited to URI, 2009. http://0-digitalcommons.uri.edu.helin.uri.edu/dissertations/AAI3368009.
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Ang, Gerard S. L. "Measuring the performance of the Australian multi-sector superannuation funds using data envelopment analysis /." [St. Lucia, Qld], 2004. http://www.library.uq.edu.au/pdfserve.php?image=thesisabs/absthe18227.pdf.
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Gold, Martin Lionel. "Fiduciary finance and the pricing of financial claims a conceptual approach to investment /." Access electronically, 2007. http://www.library.uow.edu.au/adt-NWU/public/adt-NWU20070927.131807/index.html.
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Olaifa, Ayodeji. "The impact of pension fund investments on economic development in South Africa." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1015971.
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Pension fund investments have been under the spotlight lately, particularly on the back of the recent global financial and economic crisis that resulted in a significant reduction in pension fund assets across economies. Increased poverty levels and high financial indebtedness abound, as workers grapple with retrenchments, reduction in retirement benefits and reduced wages. This is causing a re-assessment of investment strategies of pension funds across the globe, and increasing support for the argument that, the traditional equity/government bond asset allocation is out - fashioned in a world of lower returns and wider choices. Pension funds by virtue of their size, can impact the society directly and/or indirectly through investments in companies that incorporate environmental, social and governance issues in their corporate behaviours, or in dedicated socially responsible investment funds or other forms of alternative investments. This study sought to provide a link between the investment patterns of pension funds and national economic development. An in-depth literature review was undertaken, and investments impacts were assessed by looking at published reports of select funds and corporations. Pension funds are an integral part of a nation‟s economy. This research work established the various dimensions in which pension fund investments can impact the socio economic development of a country, especially in developing countries, where there exists a huge infrastructural and economic gap among different sectors of the economy. Pension funds are workers capital, and therefore should be invested in a manner that will benefit workers, and these benefits cannot be restricted to mere financial benefits, it should be able to generate social, financial and environmental benefits, and in a sustainable way.
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Thorp, Susan Jane Economics Australian School of Business UNSW. "Risk management in superannuation." Awarded by:University of New South Wales. Economics, 2005. http://handle.unsw.edu.au/1959.4/20858.
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The aim of this thesis is to investigate how members of Australian superannuation funds can manage risks arising from uncertain security returns and unpredictable mortality so as to ensure a steady income stream during retirement. In chapter 2 we note that the proportion of superannuation assets invested in foreign assets has increased over the past two decades, exposing investors to currency risk. Surveys of superannuation funds verify that most international bond holdings, but not equity holdings, have been hedged for currency risk. We test the mean-variance efficiency of this practice against two alternative hedging strategies: a conventional forward hedge and a selective hedge conditioned on the domestic-foreign interest differential. Implementing optimal hedging results in portfolios whose returns stochastically dominate portfolios constructed under restricted equity hedging, according to our new adaptation of Barrett-Donald (2003) tests. Selective hedging works best for equities and conventional hedging for bonds. Chapter 3 applies a discrete-time Merton (1971) model to questions of optimal decumulation and asset allocation for self-funded retirees drawing down lump-sum retirement benefits. Risk management is taken to revolve around protecting a pre-specified minimum consumption stream. Risk tolerances and lifetimes are allowed to span a range of possibilities. In the case of an agent living to age 90, ideal investment in equity-type assets increases gradually from 27-43 % over remaining life. This is much lower than the 55-60% observed among retirees. Conservative investment strategies are needed to meet consumption goals over long lifetimes. Milevsky and Young (2002, 2003) attribute the reluctance to voluntarily annuitise to a valuable real option to delay annuitisation (RODA). Chapter 4 extends the RODA analysis to the case of HARA preferences. A formula for the optimal timing of annuitisation is derived from the solution to a dynamic stochastic consumption and investment problem with uncertain lifetime. The effect of introducing a consumption floor is to reduce the delay before annuity purchase. As in the CRRA case, delayed annuitisation is associated with optimistic predictions of the Sharpe ratio and divergence between annuity purchaser and provider predictions of mortality.
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Malan, Johannes Hendrik Josephus. "Pension fund investment in unlisted companies as a means of stimulating economic growth in Namibia : risks and opportunities." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/95582.
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Thesis (MBA)--Stellenbosch University, 2012.<br>Poverty reduction, employment creation and economic growth are priorities in the development of Namibia. Although Namibia has a relatively high domestic savings rate in the form of long-term insurance, unit trust and pension contributions, these savings do not translate into economic growth and job creation. Under Regulation 28 of the Pension Funds Act, Namibian pension funds are required to invest a minimum of 35% of pension fund assets in the domestic economy, with a minimum of 5% of assets to be invested in unlisted entities. Both measures are aimed at using domestic savings to stimulate economic growth. Regulation 28 also requires pension funds to diversify the investments of assets across different asset classes, both domestically and internationally, in order to reduce exposure to the risk posed by a specific asset class.
Taking cognisance of the additional risks involved in investment in unlisted entities, Namibian legislators drafted Regulation 29 through which these pension fund investments in unlisted entities are to be made once Regulation 29 is promulgated. Such investments will take the form of private equity investments, although provision is made for debt financing of unlisted entities.
This research paper investigates the potential risks and benefits associated with the requirement to invest in unlisted entities, and whether draft Regulation 29 will provide sufficient safeguards to mitigate the risks to pension funds of investing in this asset class. Regulation 29 has been drafted taking into consideration lessons learned from the experience of the Government Institutions Pension Fund in investing in unlisted entities.
In order to invest in unlisted entities, draft Regulation 29 requires pension funds to invest in a special purpose vehicle through which investments are made in portfolio companies that have been identified by unlisted investment managers. Pension funds will not be allowed to make direct investments in unlisted entities. The draft regulation details the contractual relationship between the pension fund and the various parties to the unlisted investment. It imposes strict reporting requirements on the pension fund, the special purpose vehicle and the unlisted investment manager, and creates a heavy regulatory burden for the Namibian Financial Institutions Supervisory Authority as the regulator.
In addition to access to sufficient funds for private equity investments, adequate investment opportunities, appropriate experience and skills of managers in the industry, and a supportive regulatory environment, private equity investors require ways to exit their investments, either through listing on a stock exchange or disposing of investments on a secondary market.
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Thom, Anna Maria. "Impact of pension funds on stock market development in South Africa and policy implications." Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/97299.
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Thesis (MDF)--Stellenbosch University, 2014.<br>ENGLISH ABSTRACT: Pension funds are large institutional investors in South Africa and hold some of the highest levels of investment, relative to gross domestic product, in the world. The South African stock market is also the largest stock market in Africa. Research has shown that pension funds can play an important role in developing stock markets. This assignment investigated the impact that pension fund investment has had on the development of the South African stock market. This question is particularly relevant in the light of the changing domestic pension policy environment and the need to better develop stock markets in Southern Africa and globally to generate economic growth.
The Johansen cointegration approach was applied to evaluate the impact of pension funds on the development of the South African stock market. Stock market development was measured by its depth or market capitalisation, liquidity and volatility. The analysis shows that South African pension funds have improved the liquidity and reduced the volatility of the stock market. Pension fund investment in shares increased market capitalisation, while market capitalisation was reduced when the prime lending rate was included as a control variable. Total pension fund investment decreased market capitalisation, probably through the impact of interest rates on interest-bearing assets held in the portfolio.
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Marisetty, Vijaya Bhaskar 1973. "Performance evaluation of Australian superannuation funds." Monash University, Dept. of Accounting and Finance, 2003. http://arrow.monash.edu.au/hdl/1959.1/5843.
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Enticott, Steven John. "A critical evaluation of exchange traded option 'Delta' as a risk management tool for self-managed superannuation funds." Australasian Digital Thesis Program, 2006. http://adt.lib.swin.edu.au/public/adt-VSWT20061117.125347.
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Thesis (DBA) - Swinburne University of Technology, 2006.<br>Submitted to the partial fulfilment of the requirements for the degree of Doctor of Business Administration, Australasian Graduate School of Management, Swinburne University of Technology, 2006. Typescript. Includes bibliographical references (p. 89-92).
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Lau, Cheung-yun Lily, and 劉章欣. "Mandatory provident fund as a replacement for civil service pension inHong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2000. http://hub.hku.hk/bib/B3196624X.
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Chan, Ching-ting Janny, and 陳靜婷. "The marketing of pension fund in Hong Kong: services marketing." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1992. http://hub.hku.hk/bib/B31265182.
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Taylor, Suzanne Mary. "A statistical analysis of the origins and impacts of twenty-six years of regulatory regime changes in the Australian occupational superannuation industry." Connect to thesis, 2008. http://repository.unimelb.edu.au/10187/3138.
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Brand, Hugo. "Die voorbereiding tot aftreebeplanning binne plaaslike owerhede." Thesis, Cape Technikon, 1999. http://hdl.handle.net/20.500.11838/2083.
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Thesis (MTech (Human Resource Management))--Cape Technikon, 1999.<br>Although retirement planning is well known in most South African organizations it is an
aspect that enjoys a low priority in the majority of organisations resulting in weak and
insufficient retirement planning.
The aforementioned together with a lack of sufficient retirement planning preparation within
local authorities often leads to the formation of an incorrect perception when individuals
retire.
Aspects affecting retirement planning include the continued high inflation rate, affirmative
action, political and economic uncertainty, the population explosion, unemployment and
rationalization.
It is therefore imperative that officials receive the necessary training and leadership for the
expected success of retirement. An important shortcoming exists in this unique field to
school and prepare officials and the importance of establishing an independent future after
an active career becomes essential. The focus point for this investigation was to determine to what degree retirement planning is
operational in local authorities. Secondly, the degree to which available information in
connection with retirement planning is used to prepare officials effectively for the process
was determined. Subsequently problems experienced with the application and
implementation of a retirement plan for officials as well as obstacles that could hinder the
process of successful timeous retirement planning was also looked at.
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Brandt, Lily. "The macroeconomic impact of asset restrictions on pension funds." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/21381.
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Thesis (MBA)--Stellenbosch University, 2012.<br>Asset restrictions are prudential regulations applied by regulators around the globe. In essence,
they prescribe asset restrictions as a risk-control measure to establish appropriate capital
requirements for regulated institutions. The aim of prudential regulations and standards is to
protect consumers who acquire the products and services offered by these institutions. Pension
funds in Namibia must comply with Regulation 28 of the Pension Funds Act, 1956. Regulation 28 is
the prudential regulation that governs investment limits for pension funds. The regulation
prescribes maximum investment limits for all asset classes. In 2009, the government made a policy
decision to amend Regulation 28 to prescribe a minimum investment in unlisted shares (private
equity) that would be applicable to pension funds, long-term insurance companies and unit trusts.
The objective of government is to use Regulation 28 as a macroeconomic tool to control capital
flows and channel capital to domestic companies. The regulation will stimulate economic activities,
local ownership, create employment and reduce poverty, which will eventually facilitate economic
development. In addition, this objective has the potential to assist the development of the private
equity sector in Namibia. The implication of this development is that retirement savings will be
utilised to achieve macroeconomic objectives and develop an industry sector. Private equity has
shown tremendous growth in developed economies and is beginning to grow in Africa as well.
Private equity is a sector that has the potential to realise excellent returns for pension funds,
provided the risks are adequately controlled and managed.
The study proposes a regulatory framework for unlisted investments (private equity) by pension
funds. The framework considers risks and proposes how to best manage and control them. The
conclusion is to abolish a prescribed minimum and to increase the domestic asset requirement.
Ultimately, regulators exist to protect consumers while the development of markets is a secondary
priority.
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Li, Kin-yin Mark. "Interest groups and the debate on the establishment of a central provident fund in Hong Kong." Click to view the E-thesis via HKUTO, 1988. http://sunzi.lib.hku.hk/hkuto/record/B31975501.
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Marens, Richard Sim. "Labor's capital revisited : a social movement perspective on the fourth wave of shareholder activism /." Thesis, Connect to this title online; UW restricted, 2000. http://hdl.handle.net/1773/8754.
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Matotoka, Motlhatlego Dennis. "Section 37C of the Pension Funds Act, 24 of 1956 : a social security measure to escape destitution." Thesis, University of Limpopo, Turfloop Campus, 2013. http://hdl.handle.net/10386/1102.
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Thesis (LLM. (Labour Law)) -- University of Limpopo, 2013<br>The study will analyse section 37C of the Pension Funds Act, 24 of 1956. This section limits the deceased’s freedom of testate by placing the death benefits and the control of the board of trustees who are tasked to distribute such benefits equitably among the dependants and nominees of the deceased. Section 37C of the Act was enacted to protect dependency by ensuring that the dependants of the deceased are not left in destitute. In order to achieve this, three duties are placed on the board of trustees namely, to identify the dependants and nominees of the deceased member; to effect an equitable distribution of the benefit among the beneficiaries; and to determine an appropriate mode of payment. This section sees to all the interest of the dependants without discriminating consequently there are three classes of dependants that are created under section 37C namely; legal dependants, non-legal dependants, and future dependants.
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Siklóssy, Patrick. "Vergleich der Durchführungswege der betrieblichen Altersversorgung aus Eigentümer- und Arbeitnehmersicht /." Frankfurt, M. [u.a.] : Lang, 2009. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=017592249&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Mangammbi, Mafanywa Jeffrey. "The laws regulating beneficiary funds in South Africa : a critical analysis." Thesis, University of Limpopo (Turfloop Campus), 2013. http://hdl.handle.net/10386/1165.
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Thesis (LLM. (Labour Law)) -- University of Limpopo, 2013<br>This mini-dissertation evaluates the laws regulating beneficiary funds in South Africa. A beneficiary fund is a fund established for the purposes of accepting lump sum death benefits awarded in terms of Section37C of the Pension Funds Act (the Act) to a beneficiary (dependant or nominee) on the death of a member, which are not paid directly to that beneficiary or to a trust nominated by the member, or to the member’s estate or to the guardian’s fund. This replaces the previous payments to trusts and a fund can now only pay to a trust if the trust was nominated by the member, a major dependant or nominee; a person recognised in law or appointed by a court as the person responsible for managing the affairs or meeting the daily care needs of a minor or incapacitated major dependant or nominee. Any association of persons or business carried on under a fund or arrangement established with the object of receiving, administering, investing and paying benefits, referred to in section 37C on behalf of beneficiaries, payable on the death of more than one member of one or more pension funds is a beneficiary fund and must be registered by the Financial Services Board and approved. Beneficiary funds were introduced as a result of the amendments to the Pension Funds Act into the Financial Services Laws General Amendment Act, 22 of 2008. The beneficiary funds were introduced with stronger regulatory framework. They have sufficient governance, reporting requirements and conduct annual audits.
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Kruger, Leander. "Comparison of taxation reforms regarding retirement funding between South Africa and the United Kingdom." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/18200.
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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.
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Laaradh, Kamel. "Analyse financière des investissements institutionnel : performance et persistance de la performance des fonds de pension et des unit trusts britanniques." Orléans, 2007. http://www.theses.fr/2007ORLE0507.
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En tant que principaux détenteurs d'avoirs financiers et ayant une participation de plus en plus accrue sur les marchés des capitaux, les investisseurs institutionnels exercent une influence maîtresse sur le développement des marchés financiers. Dans le cadre de cette thèse, nos études se limitent aux fonds de pension et aux mutual funds. Ces fonds ne présentent certes pas la totalité des investisseurs institutionnels mais constituent les deux composantes les plus importantes et les plus dynamiques. De plus d’une présentation de leurs montées sur quelques marchés (principalement ceux des pays de l’OCDE) ainsi que de leurs concepts (premier chapitre), nous exposons différents modèles d’évaluation de la performance et de la persistance de la performance (deuxième chapitre). Les chapitres trois et quatre font respectivement l’objet d’une étude de la performance et de la persistance de la performance d’un ensemble d’échantillon de fonds de pension britannique et des unit trusts (équivalent aux mutual funds américains et aux OPCVM français). Les résultats montrent qu’en moyennes ces deux types d’investisseurs institutionnels et malgré leur gestion active, n’arrivent pas à procurer une performance supérieure à celle donnée par le marché sur lequel ils investissent. De plus, la sur-performance de certain de ces fonds n’est pas stable et elle est même réversible pour plusieurs d’entre-eux. En revanche, ces deux types de fonds peuvent se concurrencer entre eux s’ils intéressent à quelques uns des marchés.
36
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 textAbstract:
This dissertation examines the impact of advertising self-disclosures (present versus absent) and advertising message appeals (hard sell versus soft sell) which is moderated by innate personal traits within the context of financial services advertising. In particular this study investigates the impact of self-regulatory focus (i.e. innate personal traits) on self-disclosures and advertising message appeal with regards to cognitive (knowledge), affective (attribute evaluation) and conative (buying intention) responses of retail investors. The industry concerns private retirement schemes (PRS). The theoretical framework is based on Higgins (2012) regulatory focus theory on chronic personal disposition inherent in an individual (i.e. prevention/promotion), and how this disposition might mitigate with self-disclosures and message appeal contained in advertisements in terms knowledge, attribute evaluation (i.e. attitude) and buying intention. ANOVA results from a between subjects experiment indicated that the individual regulatory orientation interacts with the effects of advertising self-disclosures and message appeals. Specifically, when exposed to hard sell advertisements with self- disclosures (soft sell advertisements with self-disclosures) perceived knowledge, attribute evaluation and buying intention towards the PRS is favorable to prevention oriented investors (promotion oriented investors). In addition the effect is greater on prevention subjects in comparison to promotion subjects. This study proposes theoretical, managerial, public policy implications and future research directions.
37
Kgatla, Itumeleng Peter. "Social security and retirement reforms in South Africa : prospects and challenges." Thesis, University of Limpopo, Turfloop Campus, 2013. http://hdl.handle.net/10386/1114.
Full textAbstract:
Thesis (LLM. (Development and Management Law)) -- University of Limpopo, 2013<br>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.
38
Clark, James Peter. "Performance, performance persistence and fund flows : UK equity unit trusts/open-ended investment companies vs. UK equity unit-linked personal pension funds." Thesis, University of Exeter, 2013. http://hdl.handle.net/10871/10821.
Full textAbstract:
This thesis analyses and compares the performance, performance persistence and fund flows for UK equity unit trusts/OEICs and UK equity unit-linked personal pensions over the sample period January 1980 to December 2007. Unit-linked personal pension funds are an illiquid investment from the investor’s perspective since any invested capital is inaccessible until retirement whereas for unit trusts/OEICs capital invested can be withdrawn at any time. Since decreasing returns to scale from fund flows are the equilibrating mechanism in Berk and Green (2004) that results in no persistence in performance the illiquid nature of unit-linked personal pension funds should ensure more evidence of performance persistence in comparison to unit trusts/OEICs. I find significant evidence using performance ranked portfolio strategies that underlying portfolios that are only composed of unit-linked personal pension funds have greater performance persistence than unit-linked personal pension funds that have underlying portfolios that also include at least a unit trust/OEIC. This evidence is consistent with Berk and Green (2004) since the illiquid nature of personal pension funds results in an attenuated performance fund flow relationship restricting the equilibrating mechanism. However, there are anomalies in the performance persistence results in relation to Berk and Green (2004) but it could be due to the differential between the number of non-surviving unit trusts/OEICs and non-surviving unit-linked personal pension funds. I also find that the performance fund flow relationship based on abnormal returns from a Carhart four factor model for both UK equity unit trusts/OEICs and UK unit-linked personal pensions is convex but the performance fund flow relationship is more attenuated for the unit-linked personal pension funds. For the worst performing unit trusts/OEICs there are outflows on average whereas for unit-linked personal pensions there are fund inflows on average. For performance persistence tests conditional on underlying portfolio fund flows unit trusts/OEICs that have the worst performance but the lowest net fund flows in the ranking period have significantly greater subsequent performance in comparison to the unit trusts/OEICs that have the worst performance but the highest net fund flows in the ranking period. This empirical evidence provides support for Berk and Green (2004) but for the unit-linked personal pension funds the evidence is less convincing. There is very little evidence that UK equity unit-trusts/OEICs or UK equity unit-linked personal pensions produce abnormal returns. These results are robust across the single index (CAPM) model, the Fama and French three factor model and the Carhart four factor model for both conditional and unconditional models. There is also no evidence that unit trusts/OEICs or unit-linked personal pension funds can time the market. There is a significantly negative timing effect across unconditional factor models which becomes insignificant for the conditional models. There is also no evidence that unit trusts/OEICs have significantly different performance than unit-linked personal pension funds.
39
Kekana, Makabelo Ephraim. "A critical narrative analysis of the deployment of corporate arrangements in the conduct of government employee pension fund." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/5372.
Full textAbstract:
Thesis (MPA (Public Management and Planning))--University of Stellenbosch, 2010.<br>ENGLISH ABSTRACT:
The South African (SA) government is experiencing problems with regard to its service delivery
mandate in public institutions. These problems have resulted from a number of factors, such as
SA’s history of unequal distribution of resources; the introduction of remedial legislations and
programmes when the new government took office in 1994; incorrect implementation of these
legislations and programmes with the accompanying departure of skilled managers
accompanied by the influx of new and inexperienced managers. Deliberate interventions were
introduced to address this service delivery problem however, many public institutions remain
unsuccessful in fulfilling their mandate to service delivery.
In this study, the Government Employees Pension Fund (GEPF) is used as a case study to
learn more about the effect of corporate governance in addressing service delivery problems in
public institutions. As a government entity, the GEPF experienced some service delivery
problems with regard to its mandate. Like any other public entity in SA, the GEPF is governed
by all legislative provisions governing public entities and is equally affected by challenges such
as scarcity of resources (financial; equipment and skills).
The objectives of the study is to identify major principles and techniques related to
corporatisation as an approach to management practice; to identify major challenges
encountered by GEPF prior to corporatisation; and to analyse the deployment of corporate
arrangements in the conduct of the GEPF in relation to these techniques and principles. The
basis of this research is a thorough literature study and interviews with managers of the GEPF.
The major finding of this study is that the GEPF has entrusted basic duties and responsibilities
affecting its mandate to employer institutions (EIs). These basic yet sensitive functions have
been left arbitrarily to EIs, hence the GEPF is unable to execute its duties in its benefits
administration in line with its vision. Other findings include internal processes are incorrectly
applied, thus hampering effective and efficient benefits administration; there is lack of, or limited
use of a performance management system; there is an inability to deal with predictable
problems; and the organisation of resources does not support the vision of the GEPF.
Achievements in terms of the corporatisation process to improve performance were noted. The
enrolment of the services of consultants to assist the GEPF to improve its performance led to
the following: approval of the organisational structure that supports the GEPF’s vision; empowerment of managers in terms of skills capacity; conversion of contract workers to
permanent; and taking an aggressive approach to performance and risk management. It is
therefore concluded that although challenges still exist, the GEPF has embarked on a
systematic process to rid itself of the challenges it faces.<br>AFRIKAANSE OPSOMMING:
Die Suid-Afrikaanse Owerheidsektor ervaar tans probleme ten opsigte van sy
diensleweringsmandaat. Die probleme met swak dienslewering kan toegeskryf word aan faktore
soos Suid-Afrika se geskiedenis van wat betref die onbillike verdeling van hulpbronne, die
daarstel van ʼn nuwe regering in 1994 wat gelei het tot regstellende wetgewing en programme,
die onoordeelkundige implementering van hierdie nuwe wetgewing en programme, en die
gepaardgaande verlies van bekwame bestuurders en die aanstelling van nuwe en onervare
bestuurders. Ten spyte van doelbewuste ingrypings om die diensleweringprobleem aan te
spreek, bly owerheidsinstellings steeds in gebreke om aan hul diensleweringsmandaat te
voldoen.
Die Government Employees Pension Fund (GEPF) is as ʼn gevallestudie gebruik om die effek
van korporatiewe bestuur op die hantering van diensleweringsprobleme in owerheidsinstellings
te bepaal. Die GEPF as ʼn owerheidsinstelling ervaar ook probleme wat sy mandaat van
dienslewering betref. In vergelyking met ander owerheidsinstellings ervaar die GEPF
soortgelyke uitdagings ten opsigte van hulpbronverdeling (op finansiële vlak, en wat toerusting
en vaardighede betref).
Die doelwit van die studie is om die hoofbeginsels en -tegnieke verbonde aan korporatisering as
ʼn bestuursbeleid te identifiseer, om die hoofuitdagings vir die GEPF voor intervensie op ʼn
objektiewe en onbetrokke wyse te identifiseer, en om die tegnieke en beginsels aangewend
sedert die implementering van die intervensie te analiseer. Hierdie studie is op ʼn deeglike
literatuurstudie en die voer van onderhoude met bestuurslede van die GEPF geskoei.
Die vernaamste bevinding van die studie is dat die GEPF sy basiese verpligtinge en
verantwoordelikhede rakende sy mandaat aan die werkgewersinstellings toevertrou. Die
basiese, dog sensitiewe funksies wat arbitrêr aan die werkgewer oorgelaat word, kniehalter die
GEPF om sy administratiewe pligte volgens sy visie uit te voer. Ander bevindings sluit in dat
interne prosesse op ʼn ondoeltreffende manier toegepas word, wat dan doeltreffende
administrasie kortwiek. Dit sluit in die gebrek of beperkte gebruik van ʼn prestasiebestuurstelsel,
die onbevoegdheid om ooglopende probleme te identifiseer en beperkte hulpbronne, wat nie die
visie ondersteun nie. Die aanwending van korporatiewe prosesse om dienslewering te verbeter blyk suksesvol te
wees. Die aanstelling van konsultante om behulpsaam te wees met dienslewering het gelei tot
die goedkeuring van ʼn organisatoriese struktuur wat die visie van die GEPF ondersteun, die
bemagtiging van bestuurders omdat hul vaardigheid verbeter is, die aanstelling van
kontrakwerkers in permanente poste en ʼn aggressiewe benadering tot prestasie- en
risikobestuur.
Die gevolgtrekking is dat alhoewel daar nog uitdagings bestaan, die GEPF ʼn sistematiese
proses onderneem het om die uitdagings te oorkom.
40
Hirschbeck, Lisa. "Encouraging individual retirement savings in South Africa." Thesis, Rhodes University, 2015. http://hdl.handle.net/10962/d1017535.
Full textAbstract:
Many South Africans may not have adequate retirement savings when they retire and this has the effect of a low income replacement ratio on retirement that may lead to a decrease in the standard of living of the retiree and in extreme cases the retiree becoming dependent on their family and the government. Owing to this trend of no or inadequate retirement savings, South Africa embarked on a retirement reform journey in 2004. The goal of this research is to determine whether the retirement reform mechanisms outlined by National Treasury would encourage individual retirement savings that should assist South Africans to achieve stability of income in their retirement. This research analysed the current retirement savings options and vehicles available for South Africans, the current tax incentives and disincentives and reviewed the proposed changes to tax incentives and disincentives during the accumulation phase of retirement savings and explained how these proposed tax incentives are harmonised for the accumulation phase of retirement. The research explained how National Treasury aims to limit pre-retirement withdrawals and how it intends to encourage the annuitisation of post-retirement benefits. The penultimate chapter of this research measured the effect (by making certain assumptions) of the changes proposed by National Treasury on the income replacement ratio of the retiree. Throughout the research comparisons were made between The OECD Roadmap for the good design of defined contribution pension plans and National Treasury’s proposals. This research did not directly address the effect of increased life expectancies on retirement savings or increases in youth unemployment and the effect that this may have on retirement savings. The effect of financial charges levied on retirement savings on the income replacement ratio of a retiree was also not explored. Furthermore, not all pension funds are regulated by the Pension Funds Act and how these pension funds can be brought within the purview of the Pension Funds Act was not investigated. Automatic enrolment of retirement savings for all employees in South Africa in retirement vehicles is a further research area that could be addressed.
41
Koegelenberg, Frederik Johannes. "Optimal asset allocation for South African pension funds under the revised Regulation 28." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/20232.
Full textAbstract:
Thesis (MComm)--Stellenbosch University, 2012.<br>ENGLISH ABSTRACT: On 1 July 2011 the revised version of Regulation 28, which governs the South African
pension fund industry with regard to investments, took effect. The new version allows for
pension funds to invest up to 25 percent compared to 20 percent, in the previous version,
of its total investment in foreign assets. The aim of this study is to determine whether
it would be optimal for a South African pension fund to invest the full 25 percent of its
portfolio in foreign assets.
Seven different optimization models are evaluated in this study to determine the optimal
asset mix. The optimization models were selected through an extensive literature study
in order to address key optimization issues, e.g. which risk measure to use, whether
parametric or non parametric optimization should be used and if the Mean Variance model
for optimization defined by Markowitz, which has been the benchmark with regard to asset
allocation, is the best model to determine the long term asset allocation strategies.
The results obtained from the different models were used to recommend the optimal
long term asset allocation for a South African pension fund and also compared to determine
which optimization model proved to be the most efficient.
The study found that when using only the past ten years of data to construct the
portfolios, it would have been optimal to invest in only South African asset classes with
statistical differences with regard to returns in some cases. Using the past 20-years of data
to construct the optimal portfolios provided mixed results, while the 30-year period were
more in favour of an international portfolio with the full 25% invested in foreign asset
classes.
A comparison of the different models provided a clear winner with regard to a probability
of out performance. The Historical Resampled Mean Variance optimization provided the highest probability of out performing the benchmark. From the study it also became
evident that a 20-year data period is the optimal period when considering the historical
data that should be used to construct the optimal portfolio.<br>AFRIKAANSE OPSOMMING: Op 1 Julie 2011 het die hersiene Regulasie 28, wat die investering van Suid-Afrikaanse
pensioenfondse reguleer, in werking getree. Hierdie hersiene weergawe stel pensioenfondse
in staat om 25% van hulle fondse in buitelandse bateklasse te belê in plaas van 20%, soos
in die vorige weergawe. Hierdie studie stel vas of dit werklik voordelig sal wees vir ‘n SA
pensioenfonds om die volle 25% in buitelandse bateklasse te belê.
Sewe verskillende optimeringsmodelle is gebruik om die optimale portefeulje te probeer
skep. Die optimeringsmodelle is gekies na ’n uitgebreide literatuurstudie sodat van die
sleutelkwessies met betrekking tot optimering aangespreek kon word. Die kwessies waarna
verwys word sluit in, watter risikomaat behoort gebruik te word in die optimeringsproses,
of ‘n parametriese of nie-parametriese model gebruik moet word en of die “Mean-Variance”
model wat deur Markowitz in 1952 gedefinieer is en al vir baie jare as maatstaf vir portefeulje
optimering dien, nog steeds die beste model is om te gebruik.
Die uiteindelike resultate, verkry van die verskillende optimeringsmodelle, is gevolglik
gebruik om die optimale langtermyn bate-allokasie vir ‘n Suid-Afrikaanse pensioenfonds
op te stel. Die verskillende optimeringsmodelle is ook met mekaar vergelyk om te bepaal
of daar ‘n model is wat beter is as die res.
Vanuit die resultate was dit duidelik dat ’n portfeulje wat slegs uit Suid-Afrikaanse bates
bestaan beter sal presteer as slegs die laaste 10-jaar se data gebruik word om die portefeulje
op stel. Hierdie resultate is ook in meeste van die gevalle bevestig deur middel van hipotese
toetse. Deur gebruik te maak van die afgelope 20-jaar se data om die portefeuljes op te
stel, het gemengde resultate gelewer, terwyl die afgelope 30-jaar se data in meeste van die
gevalle ’n internasionaal gediversifiseerde portefeulje as die beter portefeulje uitgewys het.
In ’n vergelyking van die verskillende optimeringsmodelle is die “Historical Resampled Mean Variance” model duidelik as die beter model uitgewys. Hierdie model het die hoogste
waarskynlikheid behaal om die vasgstelde maatstafportefeuljes uit te presteer. Die resultate
het ook gedui op die 20-jaar periode as die beste data periode om te gebruik as die optimale
portfeulje opgestel word.
42
Chuckun, Vedvyas Sharma. "Using pension funds in infrastructure finance in Africa : the case of NEPAD projects." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/917.
Full textAbstract:
Thesis (MDF (Development Finance))--University of Stellenbosch, 2010.<br>ENGLISH ABSTRACT: Infrastructure and related services are crucial for facilitating economic activities, creating
employment opportunities and generating economic growth. The African continent has a
huge infrastructure gap estimated by the World Bank at US$75 billion per annum.
However, the current levels of public sector resources and foreign capital inflows in Africa
are insufficient to fund this infrastructure gap. Africa, therefore, needs to explore new
sources of funding to finance its infrastructure backlog. It is then natural that Africa should
encourage the private sector to invest in the infrastructure sector.
According to the Organisation for Economic Cooperation and Development (OECD), the
worldwide funded pensions market is about US$24.6 trillion of which US$16.2 trillion is
held by pension funds (Inderst, 2009). Infrastructure investments provide important
benefits including long-term and inflation-hedged cash revenues which are compatible with pension fund interests. Pension funds around the world have been already investing in infrastructure assets, for example in Latin America, Australia, Canada and the United
States of America (US) amongst others. However, such experiences of pension fund
participation in infrastructure financing in Africa are very rare. Anecdotal evidence
suggests that African pension funds currently manage assets of about US$300 billion. If a
small portion of the pension fund assets could be invested in infrastructure projects in Africa, the continent’s infrastructure gap could be partly addressed.
The New Partnership for Africa’s Development (NEPAD), a programme of the African
Union, seeks to address the infrastructure gap and mobilise the necessary resources
domestically and from outside the continent. NEPAD, together with the African
Development Bank (AfDB) and the regional economic communities, has developed an
Infrastructure Plan for Africa. This study explores the possibility of utilising some of the
Africa pension fund assets for infrastructure investments especially in the NEPAD
infrastructure projects. The global trends in pension fund investments in infrastructure are
reviewed to propose a model for infrastructure investments by African pension funds and
some recommendations are put forward on how to increase such investments. AFRIKAANSE OPSOMMING: Infrastruktuur en verwante dienste is krities vir die fasilitering van ekonomiese aktiwiteite,
die skep van werksgeleenthede en om ekonomiese groei te genereer. Die Afrika-kontinent
het ’n groot infrastruktuur-gaping wat deur die Wêreldbank op US$75 biljoen per jaar
beraam word. Die huidige vlakke van openbare-sektor hulpbronne en buitelandse
kapitaalinvloei is egter onvoldoende om hierdie infrastruktuur-gaping te befonds. Afrika moet daarom nuwe bronne vir befondsing ondersoek om sy infrastruktuur agterstand te
befonds. Dit is dan natuurlik dat Afrika die privaatsektor sal aanmoedig om in die
infrastruktuur-sektor te belê.
Volgens die Organisasie vir Ekonomiese Samewerking en Ontwikkeling (OECD), is die
wêreldwye pensioenmark omtrent US$24.6 triljoen waarvan US$16.2 triljoen deur
pensioenfondse gehou word (Inderst, 2009). Infrastruktuur-beleggings bied belangrike
voordele insluitend langtermyn- en inflasie-verskanste kontantinkomstes wat versoenbaar
is met pensioenfonds belange. Pensioenfondse regoor die wêreld het alreeds begin om in
infrastruktuurbates te belê, byvoorbeeld in Latyns-Amerika, Australië, Kanada en in die
Verenigde State van Amerika. Sulke gevalle van pensioenfonds deelname aan
infrastruktuur-finansiering in Afrika is egter seldsaam. Daar word gespekuleer dat Afrika se
pensioenfondse tans bates bestuur van ongeveer US$300 biljoen. As ’n klein gedeelte van
die pensioenfondsbates in infrastruktuur-projekte in Afrika belê kon word, sou die kontinent
se infrastruktuur-gaping gedeeltelik aangespreek word.
Die nuwe vennootskap vir Afrika se ontwikkeling (New Partnership for Africa’s
Development, NEPAD), ‘n program van die Afrika Unie, streef daarna om die infrastruktuur
gaping aan te spreek en die nodige hulpbronne binnelands en van buite die kontinent te
mobiliseer. NEPAD, tesame met die Afrika Ontwikkelingsbank (AfDB) en die streek se
ekonomiese gemeenskappe, het ’n infrastruktuur-plan vir Afrika ontwikkel. Hierdie studie
ondersoek die moontlikheid om ’n gedeelte van Afrika se pensioenfondsbates vir
infrastruktuur-beleggings aan te wend, veral in die NEPAD infrastruktuur-projekte. Die
wêreldwye neigings in pensioenfondsbeleggings in infrastruktuur word ondersoek om ’n
model voor te stel vir infrastruktuur-beleggings deur Afrika pensioenfondse en ’n paar aanbevelings word gemaak om sodanige beleggings te verhoog.
43
Li, Kin-yin Mark, and 李建賢. "Interest groups and the debate on the establishment of a central provident fund in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1988. http://hub.hku.hk/bib/B31975501.
Full text
44
Valero, Carreras Diego. "Análisis económico actuarial del desarrollo de planes de pensiones complementarios en las empresas latinoamericanas y de países emergentes." Doctoral thesis, Universitat de Barcelona, 2011. http://hdl.handle.net/10803/52153.
Full textAbstract:
La tesis pretende demostrar que el desarrollo de pensiones complementarias en países emergentes puede ser una fórmula posible de reducción de la pobreza en la vejez, entendida esta como la provisión de elementos suficientes para que el ingreso tras el retiro permita mantenimientos dignos del nivel de vida. Para ello se analiza la viabilidad económica para las empresas y el Estado, y la suficiencia económica para las personas. Concretamente esta tesis investiga acerca del nivel adicional de coste que pueden tener las empresas en el desarrollo de pensiones complementarias que sean suficientes para mantener el nivel de vida. Se determina el incremento en sus costes laborales, también la incidencia que un marco impositivo ad-hoc puede tener para ellas.<br>The doctoral thesis demonstrates that occupational pension plan development in emerging countries can be a way to prevent poverty in old age, understood as income under retirement would be enough to maintain a minimum standard of living. Thus, the economic feasibility for companies and governments is analyzed. This thesis also deals with level of coverage for population as well. More specifically, research is focused on additional cost for companies to set up occupational pension plans, after designing several models. Labour cost increasing is calculated and put on place comparing among different countries with the benchmarked case study, the Dominican Republic. A tax framework for the country and its companies is proposed and validated, foreseeing the economic flows during the next following 25 years.
45
Camargo, Regina Galhardi de. "Modelos de decis??o para aquisi????o, manuten????o ou baixa de investimentos de renda vari??vel para fundos de pens??o." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2005. http://132.0.0.61:8080/tede/handle/tede/559.
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Previous issue date: 2005-08-30<br>Due to difficulties faced by the Brazilian official social security, the government has been supporting the expansion of the private social security. Through regulatory and legal agencies, the Brazilian official social security has been being given more transparency, security and flexibility. As part of the situation, the pension funds, also named EFPC, have the basic function of providing social security complementary benefits to the employees of an enterprise (or sponsor). As a way of guaranteeing the future payment of offered benefits to participants, the complementary pension entities manage investments which arise from sponsors and employees?? contributions. Those investments are associated in portfolios, and their arrangement limits and diversification established by SPC. According to ABRAPP data, on February 2005, Brazilian pension funds invested eighty one billion reais in the application of resources in a variable income segment, 31% of their total investments. The aim of this work is to propose a model for the investments portfolio in variable income of the pension funds, whose building was made possible through a bibliographical research. This research had the objective to provide a theoretical and specific review of risk, value, valuation and opportunity cost. The contribution of this work is the transition from the theoretical model to the practical application The model was applied to enterprises connected to Previ??s investments portfolio of variable income, and the conclusion is: through the use of such a model, managers of pension funds can sustain their acquisition, maintenance and investments write off decisions, parts of that entities??variable income portfolio.<br>Diante das dificuldades enfrentadas no Brasil pela previd??ncia oficial, o Governo tem incentivado a expans??o do sistema previdenci??rio privado, conferindo-lhe, por meio dos ??rg??os normativos e legais, maior transpar??ncia, seguran??a e flexibilidade. Nesse cen??rio, inserem-se os fundos de pens??o, tamb??m chamados de entidades fechadas de previd??ncia complementar - EFPC, que t??m a fun????o b??sica de propiciar benef??cios previdenci??rios complementares aos empregados de uma empresa, chamada de patrocinadora. Para garantir o pagamento futuro dos benef??cios oferecidos aos participantes, as entidades de previd??ncia complementar gerenciam os investimentos decorrentes do patrim??nio formado pelas contribui????es dos patrocinadores e empregados. Esses investimentos s??o agregados em carteiras, cujos limites de composi????o e diversifica????o s??o estabelecidos pela SPC - Secretaria da Previd??ncia Complementar. Conforme dados da ABRAPP - Associa????o Brasileira das Entidades Fechadas de Previd??ncia Complementar, em fevereiro de 2005, os fundos de pens??o brasileiros possu??am cerca de R$ 81 bilh??es de recursos alocados no segmento de renda vari??vel, o que significava 31% da totalidade de seus investimentos. Este trabalho prop??e um modelo para a carteira de investimentos em renda vari??vel dos fundos de pens??o, cuja constru????o deu-se a partir de uma pesquisa bibliogr??fica, objetivando uma revis??o te??rica e espec??fica sobre os temas: risco, valor, avalia????o de empresas e custo de oportunidade. O modelo foi aplicado para empresas que fazem parte da carteira de investimentos de renda vari??vel da Previ - Caixa de Previd??ncia dos Funcion??rios do Banco do Brasil, e ?? a conclus??o do trabalho. Ou seja, por meio da ado????o do modelo constru??do, ?? poss??vel aos gestores dos fundos de pens??o modelar as decis??es de aquisi????o, manuten????o ou baixa de investimentos que comp??em a carteira renda vari??vel dessas entidades.
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Pádua, Rosana Passos de. "Um estudo sobre os impactos contábeis e econômicos da marcação a mercado dos investimentos de longo prazo na definição do déficit, equilíbrio ou superávit atuarial dos fundos de pensão no Brasil (IAS 19 e IAS 26)." Pontifícia Universidade Católica de São Paulo, 2018. https://tede2.pucsp.br/handle/handle/21063.
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Previous issue date: 2018-03-14<br>Brazil is facing many discussions about the future of social security, and in this context,
complementary social security becomes even more relevant; due to this, a great
interest arose in studying the accounting of pension funds in the light of Brazilian and
international rules, IAS 19 and IAS 26. The research problem consisted in
understanding and seeking alternatives to the difficulty of pension fund managers to
comply with the rules of the financial market and to mark-to-market for long-term
investments with the current conditions of interest rate volatility, in the same time there
is no mark-to-market of actuarial liabilities, causing an actuarial mismatching. The
research was conducted through a case study based on a six-year pension fund
financial statement and the outcome of the case study demonstrated that a possibility
to minimize this effect and reduce the risk of sponsors and participants being called to
cover the deficits, would be the accounting of the counterpart of the mark-to-market of
the asset in a transitional liability account as a provision, without impacting the results
of the pension funds<br>O Brasil está passando por um momento de muitas discussões sobre o futuro da
previdência social e nesse contexto, a previdência complementar torna-se ainda mais
relevante; em virtude disso, surgiu o grande interesse em estudar a contabilidade dos
fundos de pensão à luz das regras brasileiras e das internacionais, IAS 19 e IAS 26.
O problema de pesquisa consistiu em compreender e buscar alternativa para a
dificuldade dos gestores dos fundos de pensão em obedecer às regras do mercado
financeiro e marcar a mercado os investimentos de longo prazo com as condições de
volatilidade de taxas de juros, sem que haja a marcação a mercado dos passivos
atuariais, causando desequilíbrio atuarial. A pesquisa foi realizada através de estudo
de caso, com base em demonstrações financeiras de seis anos de uma entidade
privada e o resultado do estudo de caso demonstrou que uma possibilidade para
minimizar esse efeito e reduzir o risco de patrocinadores e participantes serem
chamados a cobrir os déficits, seria a contabilização da contrapartida da marcação a
mercado do ativo em conta transitória de passivo a título de provisão, sem impactar o
patrimônio dos fundos de pensão
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Fisher, Hilton. "An Assessment of the state of e-government in South Africa the case of the Government Employees Pension Fund /." Thesis, Pretoria : [s.n.], 2005. http://upetd.up.ac.za/thesis/available/etd-06192006-154208.
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Liberato, Marcos de Mello. "A rela????o entre estrutura e mecanismos de governan??a corporativa e o desempenho dos fundos de pens??o no Brasil." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2013. http://132.0.0.61:8080/tede/handle/tede/531.
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Previous issue date: 2013-10-15<br>Pension Funds in Brazil are presented as large institutional investors, moving a significant sum of money in the financial market. Investment decisions made by its managers should generate positive returns in order to ensure a dignified retirement to its participants and beneficiaries. The corporate governance structure of pension funds and their mechanisms are essential elements in the management of these entities, and the consequent impact exerted on their performance. The objective of this research is to study the relationship between structure and corporate governance mechanisms and performance of pension funds in Brazil. This is an empirical study, with quantitative treatment of the data by use of linear regression with panel data. The period of analysis included the years 2008 to 2012. The results were favorable to the affirmative conclusion regarding the existence of an associative relationship between corporate governance mechanisms and their performance<br>As Entidades Fechadas de Previd??ncia Complementar no Brasil, conhecidas como fundos de pens??o, apresentam-se como grandes investidores institucionais, movimentando uma significativa soma de dinheiro no mercado financeiro. As decis??es de investimento tomadas por seus gestores devem gerar retornos positivos, de forma a garantir uma aposentadoria digna a seus participantes e benefici??rios. A estrutura de governan??a corporativa dos fundos de pens??o, e seus mecanismos, constituem elementos fundamentais na gest??o dessas institui????es, e no consequente impacto exercido sobre seu desempenho. O objetivo desta pesquisa ?? analisar a rela????o entre a estrutura e os mecanismos de governan??a corporativa e o desempenho dos fundos de pens??o no Brasil. Este ?? um estudo emp??rico anal??tico, com tratamento quantitativo dos dados, pelo uso da t??cnica de regress??o linear com dados em painel, cujo per??odo de an??lise compreendeu os anos de 2008 a 2012. Os resultados obtidos foram favor??veis ?? conclus??o afirmativa a respeito da exist??ncia de uma rela????o associativa entre os mecanismos de governan??a corporativa e o desempenho dessas entidades
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Molinari, Claire Marcella. "The environment, intergenerational equity & long-term investment." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:30dd270b-3f0f-4b8b-979e-904af5cb597b.
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This thesis brings together two responses to the question ‘how can the law extend the timeframe for environmentally relevant decision-making?’ The first response is drawn from the context of institutional investment, and addresses the timeframe and breadth of environmental considerations in pension fund investment decision-making. The second response is related to the context of public environmental decision-making by legislators, the judiciary, and administrators. Three themes underlie and bind the thesis: the challenges to decision-making posed by the particular temporal and spatial characteristics of environmental problems, the existence and effects of short-termism in a variety of contexts, and the legal notion of the trust as a means for analysing and addressing problems of a long-term or intergenerational nature. These themes are borne out in each of the four substantive chapters. Chapter III sets out to demonstrate the theoretical potential of pension funds to drive the reduction of firms’ environmental impact, and, focusing particularly on the notion of fiduciary duty, explores the barriers that stand in their way. Chapter IV provides a practical application of the theoretical recommendations outlined in its predecessor. It provides a framework outlining how pension funds might implement a longer term, more sustainable approach to investing. The second half of the thesis, operating in the context of public environmental decision-making, is centred upon a particularly poignant legal notion with respect to the environment and time: the concept of intergenerational equity. Just as the first half of the thesis deals with the timeframes relevant to investment decision-making by pension funds within the bounds of fiduciary duty, largely a private law affair with public implications, the second half of the thesis is concerned with the principle of intergenerational equity as a means for extending the decision-making timeframe of legislative, judicial and administrative decision-makers. As previous analyses of the concept of intergenerational equity provide little insight into its practical implications when applied to particular factual situation, Chapter V sets out the structure of the principle of intergenerational equity as revealed by case law. Chapter VI brings together the issues from the first three papers by conceptualising intergenerational equity in resource management as an issue of long-term investment. Long-term environmental decision-making faces many obstacles. Individual behavioural biases, short-term financial incentive structures, the myopic pressures of the electoral cycle and the tendency of the common law to reinforce the (often shorttermist) status quo all present significant barriers to the capacity of both private and public decision-makers to act in ways that favour the longer term interests of the environment. Nonetheless, this thesis argues that there is reason for hope: drawing upon the three themes that underlie all of the substantive Chapters, it articulates potential legislative changes and recommends the adoption of particular governance structures to overcome barriers to long-term environmental decision-making.
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Průdek, Tomáš. "Návrh expertního systému pro výběr vhodného spořícího produktu pro klienty společnosti AWD." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222066.
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This thesis object with functioning of present retirement system in the Czech republic and in selected countries. There are described differences of financing and differences of pillars on which are this systems built. Further are in this thesis answered reasons for reforming of this systems. The goal of this thesis is design expert system used to serve to financial advisers for suitable saving product selection according to client requests.