Journal articles on the topic 'Pension trusts'
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1
Nobles, Richard. "Pensions as property." Legal Studies 14, no. 3 (November 1994): 345–63. http://dx.doi.org/10.1111/j.1748-121x.1994.tb00508.x.
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The overwhelming majority of employees who are members of occupational pension schemes belong to what are called ‘defined benefit’ schemes. These schemes provide for their members to receive a benefit defined by reference to a member’s salary at the date of their retirement or, if they change jobs, the salary paid just prior to their leaving. This article examines the rights of the members of defined benefit schemes. In particular, it considers claims by scheme members that the pension funds which secure their pensions represent their deferred pay, and that these funds are, in some meaningful sense, their property. The article argues that whilst the law of trusts may appear at first sight to lend support to the members’ claims, developments within the law of trusts, coupled with the underlying contradiction in the meaning of ownership in trust law, has made it difficult for the courts to recognise the members’ claims.
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Maher, Craig S., Sungho Park, and James Harrold. "The Effects of Tax and Expenditure Limits on Municipal Pension and Opeb Funding during the Great Recession." Public Finance and Management 16, no. 2 (June 2016): 121–46. http://dx.doi.org/10.1177/152397211601600203.
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The Great Recession of 2008–09 caused an array of fiscal challenges for state and local governments in the US, including the underfunding of pensions and retiree health benefits (Joyce, 2013). It is estimated that in 2009 the 61 largest cities in the US had unfunded pension and retiree health benefits liabilities equal to $217 billion (The Pew Charitable Trusts, 2013). Given these constraints, we are primarily interested in understanding the effects of institutional factors, more specifically the role of tax and expenditure limitations (TELs), on pension and other post-employment benefit (OPEB) funding. Recent studies have examined the effects of pension liabilities on bond ratings (Martell, Kioko and Moldogaziez, 2013), the effects of state budget stabilization funds on pension contributions (St. Clair, 2013) and political and institutional effects on pension plan management (Gehl, Willoughby and Bell 2013); (Chen, Ebdon, Kriz and Laforge, 2013). What is less understood is the role played by institutional structures such as form of government and state-imposed tax and expenditure limitations on pension or OPEB funding before, during and after the recession. Our findings suggest that municipal TELs are statistically associated with OPEB funding, meaning that municipalities with stricter TELs had lower OPEB funding ratios. Just as importantly, we find that during this period, municipalities with mayor-council forms confronted with stricter TELs had better funded pensions and OPEBs than in cities with similar TELs but with manager-council forms of government.
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Kilgour, John G. "The Evolution of Private Sector Retirement Income From Defined-Benefit Pensions to Target-Date 401(k) Plans." Compensation & Benefits Review 51, no. 2 (April 2019): 77–85. http://dx.doi.org/10.1177/0886368719864480.
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Traditional employer-sponsored defined-benefit pension plans in the private sector that provided lifetime benefits have declined precipitously since 1985. They have been largely replaced by Section 401(k) plans in which investment control, market risk and longevity risk have been transferred from the employer to the participant. Most participants opted for the low-yielding money market plan default option, which proved inadequate for providing viable retirement income. The Pension Reform Act of 2006 made two important changes to 401(k) plans: (1) allowed automatic enrollment and (2) allowed target-date funds as a “qualified default investment alternative.” This article examines the evolution from defined-benefit pensions to target-date funds and the closely related collective investment trusts.
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Fox, D. M. "DISCRETION AND MORAL HAZARD IN PENSION TRUSTS." Cambridge Law Journal 69, no. 2 (June 11, 2010): 240–42. http://dx.doi.org/10.1017/s0008197310000413.
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Buhler, M. "Employee benefit trusts and international pension solutions." Trusts & Trustees 14, no. 2 (February 22, 2008): 96–98. http://dx.doi.org/10.1093/tandt/ttn001.
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Avrahampour, Yally. "“Cult of Equity”: Actuaries and the Transformation of Pension Fund Investing, 1948–1960." Business History Review 89, no. 2 (2015): 281–304. http://dx.doi.org/10.1017/s0007680515000367.
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This article examines the mid-twentieth-century transformation of U.K. pension fund investment policy known as the “cult of equity.” It focuses on the influence exercised by the Association of Superannuation and Pension Funds over actuarial and corporate governance standards, through actuaries who were members of its council. This intervention led to increasingly permissive actuarial valuations that reduced contributions for sponsors of pension funds investing in equities. Increased demand for equities required pension funds to adopt a more permissive approach to corporate governance than insurance companies and investment trusts, and contributed to declining standards of corporate governance.
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White, Reilly. "Executive pensions, compensation leverage, and firm risk." International Journal of Managerial Finance 14, no. 3 (June 4, 2018): 342–61. http://dx.doi.org/10.1108/ijmf-08-2017-0172.
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Purpose The purpose of this paper is to investigate how the structure of both CEO and non-CEO executive compensation affects the overall risk of a firm. The author focuses on the interplay between CEO and non-CEO executive compensation structure. Design/methodology/approach The author uses a hand-collected pension-database that employs both OLS and two-stage least squares regressions to determine the effects of inside debt on default risk using the distance-to-default framework. The database consists of 8,965 executive-year data points from 272 firms. Findings This paper accomplishes three major objectives: first, the author presents a significant extension of Sundaram and Yermack (2007) by including non-CEO executives; the author demonstrates how the differences in inside debt between CEO and non-CEO executives are directly related to firm risk; and that funding these pensions via a Rabbi Trust eliminates most of the risk-shifting effects. Firms with the lowest compensation leverage gap between CEO and non-CEO executives were most likely to observe the agency costs associated with high executive leverage. When compensation leverage structures were substantially different, or the pension was pre-funded, these effects are neutralized. Originality/value To the best of the author’s knowledge, the first paper addresses the effects of Rabbi Trusts on risk-shifting behavior between both CEOs and non-CEO executives. Further, the author extends Sundaram and Yermack (2007) using a hand-collected database six times larger than the original paper. By focusing on the “leverage gap” between CEOs and non-CEO executives, the author presents unique evidence that underlines the risk dynamics between CEOs and their boards.
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Chun, SunEae, and MinHwan Lee. "Corporate ownership structure and risk-taking: evidence from Japan." Journal of Governance and Regulation 6, no. 4 (2017): 39–52. http://dx.doi.org/10.22495/jgr_v6_i4_p4.
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We examine the relationship between ownership structure and corporate risk-taking in Japan over the sample periods of 2000 2010. Reflecting the ongoing changes in the ownership structure in Japan, we incorporate the various kinds of insider and outsider ownership in the analysis. Ownership such as concentrated ownership, ownership by closely related parties, financial institutions comprising banks and insurance companies and managers are categorized into inside ownership, while ownership by foreigners or financial institution such as investment trusts or pension funds are categorized into outside ownership. The ownership structure is found to have a different impact on the firm’s risk-taking behavior. The study shows that concentrated ownership or ownership by closely related parties affect the firm risks in a convex manner and encourages the firm management to take more risk when the firms have growth opportunities. On the other hand, ownership by financial institutions such as bank and insurance companies, does not seem to affect the firm risk level. This implies that the financial institutions fail to play their role of a shareholder monitor. When managerial ownership is allowed, it is found that Japanese managers’ incentives are aligned with those of shareholders. Contrary to the conventional entrenchment hypothesis, however, managers seem to take more risk as the share of managerial ownership increases. Foreign investors are found to enhance corporate risk-taking in a monotonic manner and do not bias corporate investment in a conservative direction in pursuit of their short-term gains. Domestic institutions such as investment trusts or pension funds are found to neither affect the firm risk level nor enhance the firm value.
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Akhtar, Zia. "Auto enrolment, pension trusts and ethical finance: Banks and regulators have an increasing role in promoting Shariah finance." International Journal of Disclosure and Governance 12, no. 4 (August 13, 2015): 275–83. http://dx.doi.org/10.1057/jdg.2015.7.
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Wang, Wenjing, and Arthur S. Guarino. "The Impact of the Covid-19 Crisis on Common Stock Dividend Payout Policy." Research in Economics and Management 5, no. 4 (September 8, 2020): p68. http://dx.doi.org/10.22158/rem.v5n4p68.
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For many investors, dividends play a key role in evaluating the return of a common stock and the main reason for making the investment. For those investors, dividends are a necessary aspect since they are a vital source of income. But with the Covid-19 pandemic, many corporations have been adversely affected by a global economic slowdown. For publicly traded corporations, depending on its industry, dividends have been sharply affected to the point of either being reduced or suspended indefinitely. Using the Standard and Poor’s 500 stock index as a guide, stock analysts can possibly acquire a better understanding as to how reduced or suspended dividend income will affect different investors. The aim and purpose of this paper is to examine the affect the reduction and suspension of dividends will have as a source of needed income for private investors, pension funds, mutual funds, insurance companies, and real estate investment trusts.
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Glicklich, Peter A., and Heath Martin. "Selected US Tax Developments: Guidance on Qualified Shareholders of REITs Still Lacking." Canadian Tax Journal/Revue fiscale canadienne 67, no. 4 (December 27, 2019): 1309–17. http://dx.doi.org/10.32721/ctj.2019.67.4.ustd.
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The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) imposes tax and withholding requirements with respect to gain realized by a foreign person on the disposition of an interest in real property located in the United States. The Protecting Americans from Tax Hikes Act of 2015 created two new exemptions from FIRPTA, one for foreign pension funds and another for "qualified shareholders," which are essentially foreign publicly traded real estate investment trusts (REITs). In order to qualify for the exemption for qualified shareholders, a foreign REIT would likely need to be designated by the Internal Revenue Service as a "qualified collective investment vehicle," but no guidance has been provided on how a foreign REIT may obtain such designation. In the absence of such guidance, the exemption for qualified shareholders is effectively unavailable, and as time passes, taxpayers are losing their ability to take advantage of the exemption in current- or prior-year tax returns. The authors suggest that a foreign publicly traded REIT be allowed to "self-designate" as a qualified collective investment vehicle if it meets certain requirements.
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HYDE, MARK, JOHN DIXON, and GLENN DROVER. "Assessing the Capacity of Pension Institutions to Build and Sustain Trust: A Multidimensional Conceptual Framework." Journal of Social Policy 36, no. 3 (June 7, 2007): 457–75. http://dx.doi.org/10.1017/s0047279407001043.
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As policy makers have sought to reconfigure the public–private boundaries of their pension systems, trust has become an increasingly salient issue. At stake is the attainment of desired policy outcomes regarding retirement. By what criteria, then, should the capacity of pension institutions to build and sustain trust be assessed? This article emphasises the strategic importance of institutional design in the trust process. Building on Sztompka's seminal analysis of the institutional foundations of trust, and a substantial review of the literature and survey evidence regarding public confidence in pensions, we identify, justify and give indicative operational content to six trust benchmarks. This provides a conceptual foundation for future empirical research on the capacity of pension institutions to build and sustain trust.
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Grech, Aaron. "What Makes Pension Reforms Sustainable?" Sustainability 10, no. 8 (August 15, 2018): 2891. http://dx.doi.org/10.3390/su10082891.
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Policymakers pushing pension reforms have tended to justify changes on the basis that they would make systems more sustainable by lowering future spending on pensions. This is a rather narrow interpretation of sustainability that fails to consider that other fiscal programs may need to accommodate the impact of reforms that reduce pension system adequacy. In this light, this article argues that in order to correctly assess the sustainability of pension reforms, one needs to adopt a more holistic framework that encapsulates the interaction between pension system goals and constraints. In a number of countries, reforms focused solely on reducing future spending were followed by reforms that restored generosity. A holistic approach to assess pension sustainability could help limit this cycle of reform and increase trust in pension systems.
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Falkingham, Jane. "Income in later life." Reviews in Clinical Gerontology 8, no. 1 (February 1998): 81–88. http://dx.doi.org/10.1017/s0959259898008107.
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In July 1997 Harriet Harman, the new Secretary of State for Social Security in the UK, announced a fundamental and wide-ranging review of all aspects of pension provision. The review comes at a time when trust in the pensions industry is at an all-time low. The reputation of occupational pensions was dealt a severe blow by the Maxwell scandal, and personal pensions have now been revealed as a very bad buy for many of the almost six million people who have signed up for them since 1988. That such pensions were mis-sold has now been formally acknowledged and steps taken to prevent a repetition, but many people are still waiting for their compensation. State provision is also not immune from this crisis of confidence. Since 1980 the basic pension has been indexed to prices rather than to earnings as previously. As a result its value has shrunk to 14% of average male earnings, compared with 21% in 1980, and it is predicted to fall further to a ‘nugatory’ 9% by 2020.
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Foster, Liam. "Young People and Attitudes towards Pension Planning." Social Policy and Society 16, no. 1 (November 6, 2015): 65–80. http://dx.doi.org/10.1017/s1474746415000627.
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There has been much concern about people not saving enough for retirement in the UK and how to encourage further saving. This has led to pension policy developments, including the introduction of auto-enrolment, a form of ‘soft’ compulsion, to ‘nudge’ people to save. Given that young working age cohorts have longest to contribute to pensions and have traditionally been least likely to save for retirement, it is important to investigate their attitudes and expectations in relation to pensions and the potential effects of auto-enrolment on their future retirement income. This study utilises the findings of thirty interviews with young people aged eighteen to thirty about their opportunities and attitudes towards pensions, and identifies a variety of factors which affect pension contributions, including knowledge and advice, trust and myopia. It then focuses explicitly on auto-enrolment before concluding that if auto-enrolment is to succeed, people need to be reassured beyond doubt that it ‘pays to save’.
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Sakoe, Jonathan, and Leo Moses Twum Barima. "Pension Systems in Ghanaian Public Universities." International Journal of Research and Innovation in Social Science VIII, no. II (2024): 629–41. http://dx.doi.org/10.47772/ijriss.2024.802042.
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Workers think more about the future and the pension schemes they join when they are in active employment. The study considers the pension systems in the Ghanaian public universities. It assesses how university workers’ pay their defined benefit and contribution plans towards their pensions. Survey design was used in the methodology and chi-square was used to test the hypothesis. It was found out that there is significant difference in the retirement packages that the Ghana University Staff Superannuation Scheme (GUSSS) and Social Security and National Insurance Trust (SSNIT) pay to their members.
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Miti, Jairous Joseph, Mikko Perkio, Anna Metteri, and Salla Atkins. "Factors associated with willingness to pay for health insurance and pension scheme among informal economy workers in low- and middle-income countries: a systematic review." International Journal of Social Economics 48, no. 1 (December 1, 2020): 17–37. http://dx.doi.org/10.1108/ijse-03-2020-0165.
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PurposeThe purpose of this paper is to establish the main factors influencing willingness to pay for health insurance and pension schemes among informal workers in low- and middle-income countries (LMICs). Historically, informal economy workers have been excluded from social protection coverage. There is a growing need, interest and policy discourse in LMICs to extend social security to informal economy workers. However, little is known about informal workers' willingness to pay (WTP) for social security services in different LMIC settings.Design/methodology/approachThe authors conducted a systematic review and searched five databases from 1987 to 2017. Included papers focused on “social security”, “social insurance”, “pension”, “informal economy”, “informal sector” and “informal workers” in LMICs. Authors conducted independent data appraisal and data extraction. A total of 1790 papers were identified. After exclusion, 34 papers were included in the analysis. Given the heterogeneous results, the authors performed a narrative synthesis to consolidate the findings of the different studies.FindingsIn total, 34 studies from 17 countries were included in the review, out of which 23 studies focused on health insurance, 7 studies on pension schemes and 4 studies on social security in general. The study showed that income and trust were associated with WTP for both health insurance and pension schemes. In addition, family size, age, education and residential area were common factors for both forms of social security. For health insurance, experience of sickness, attitude and presence of medical doctors as well as distance from the healthcare facility all played a role in determining WTP. For pension schemes, low and flexible contribution rates, benefit package, government subsidies and quality of administration of the schemes influenced enrolment and contributions.Research limitations/implicationsMore evidence is needed for WTP for pensions among informal workers.Practical implicationsThe findings show that socio-economic differences, scheme-type (health or pension) and level of trust influence WTP for health insurance or pension among informal sector workers. The review results suggest that the factors influencing WTP for health insurance and pensions interplay in a complex web of relations. More evidence is needed on WTP for pensions among informal workers.Social implicationsFurther studies are particularly needed on the interrelationship of the influences to WTP, including gender issues, access barriers and socioeconomic factors, among program design issues for social security.Originality/valueThis paper is based on a systematic review methodology and contributes to the discourse on extending social security to informal economy workers based on evidence from various countries.
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Vlasova, O. I., T. А. Zaglodina, and I. V. Chebykina. "“Pension capital” in representations of large cities residents: the experience of sociological analysis." SHS Web of Conferences 128 (2021): 01038. http://dx.doi.org/10.1051/shsconf/202112801038.
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The article discusses the possibility of applying the theories of human and social capital to the sociological study of “pension capital”. The authors methodologically substantiate that “pension social capital” in modern Russia already has certain institutional characteristics. On the example of an applied sociological study carried out with the financial support of a grant from the Russian Foundation for Basic Research, it is revealed that the public opinion of residents of large cities is dominated by attitudes towards paternalistic, traditional ways of forming pension capital. Responsibility for the future provision of pensions is massively entrusted to state institutions by the townspeople. Alternative sources of pension savings are perceived by the population as secondary, not enjoying special trust. The team of authors comes to the conclusion that among active citizens, groups are formed that have a special potential for future active formation of social pension capital.
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Macdonald, A. S. "Join the DOTS and Make a Picture." Journal of the Staple Inn Actuarial Society 29 (March 1986): 125–42. http://dx.doi.org/10.1017/s0020269x00009968.
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The Guinness Book of Records once claimed that the number π to a million decimal places, printed in full and bound in book form, was the Most Boring Book in the World. To the uninitiated, the Department of Trade Returns of U.K. life offices must seem to be in the same class, and when I chose the topic I wondered if this might affect the welcome which this paper would receive. For anyone with a professional interest in life offices, however, the Returns are too important to ignore. They contain the greatest amount of published data on the U.K. life assurance industry, they form an essential prop of our liberal supervisory system and they ought to be a line of defence against tighter controls.Life assurance has always been unusual in attracting long term contractual savings in large amounts. This was even more true a century ago than it is today, as there were no great pension funds or unit trusts. Human nature being what it is, this led some to view life assurance with more enthusiasm than sense. The mid-nineteenth century saw numerous small life offices set up, many of which were soon in trouble and it became common for such offices to be taken over by others. This was not so bad when the business was transferred to a larger, sounder office but quite often the new proprietor was an office in no better state than that taken over.
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Sukovic, Danilo. "Reforms of pension system and problem of aging population." Stanovnistvo 51, no. 1 (2013): 91–102. http://dx.doi.org/10.2298/stnv1301091s.
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This paper analyzes the far-reaching changes on social plane caused by aging population which endanger social security for old people, especially in times of global economic crisis and major changes in the labor market. A special emphasis is given to the economic unsustainability of the pension system in Serbia, where the ratio of the aging population and the working population is very unfavorable, and where high unemployment and weak economic growth threaten an aging population and increase the poverty. The analysis shows that pensions in Serbia in recent years have a real decline, and their relation to average earnings is still unfavorable despite large subsidies from the state budget which last years covers about 50 % of the expenditure for pensions. The second part of the paper discusses the advantages and disadvantages of PAYG (pay as you go) pension system and private pension insurance. The advantage of PAYG pension system is that it protects the retired persons' savings which would not be lost due to extraordinary market circumstances, such as wars, high inflation, etc. This system avoids the risk of a failed investment opportunities, which is the biggest weakness of private pension funds. In addition, the population trust this system believing that the government will not allow them to live in poverty when they get old. The key advantage of the private pension system is that this system realizes the economic function of pensions, because contributions paid are saving for their old age. Also, the placement of pension contributions to the capital market increase the return on investment and total government savings, which contribute to higher economic growth. Advantages of one pension system are actually weaknesses of another. Since the system "pay as you go" has proved ineffective to provide pension funding for the elderly population, which is increasing due to longer life expectancy, and its relationship to the working population is more unfavorable, it is necessary to introduce the pension reform, which has already more or less successfully implemented in many countries of the world. Globalization and especially the global economic crisis have made this issue particularly urgent. Finally, it is noted that the pension reform in Serbia should not just include leaving the system "pay as you go" and a gradual transition to a private pension plan. Also, it is necessary to implement the long overdue economic reforms to achieve significant long-term economic growth, because only higher economic growth can create the material conditions for desired changes in the pension system.
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HENIN, P. Y., and Th WEITZENBLUM. "Welfare effects of alternative pension reforms: Assessing the transition costs for French socio-occupational groups." Journal of Pension Economics and Finance 4, no. 3 (October 6, 2005): 249–71. http://dx.doi.org/10.1017/s1474747205001927.
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In this paper, we assess the welfare costs and gains of different scenarios of pension reforms in France, using a life-cycle model including various sources of heterogeneity and distinguishing between socio-occupational groups. The pension reforms considered combine features regarding the generosity of the pension system as well as features regarding the financing schemes: PAYG, the build-up of a temporary fund and that of a permanent one. We focus on both macro and distributional issues. It appears that (i) a considerable increase in savings is to be expected, even in the case where pensions remain generous, (ii) a considerable crowding-out effect would occur in the case of the constitution of a fund trust, (iii) reducing the generosity of pension seems relatively more beneficial to low-income low-life expectancy agents, while (iv) postponing the legal retirement age benefits relatively more high-income high-life expectancy agents.
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RING, PATRICK JOHN. "Security in Pension Provision: A Critical Analysis of UK Government Policy." Journal of Social Policy 34, no. 3 (June 15, 2005): 343–63. http://dx.doi.org/10.1017/s0047279405008810.
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The Labour government has often argued that it is attempting to find a ‘third way’ in politics, appearing to take its inspiration from Anthony Giddens and, in relation to Labour's pensions policy, Giddens' notion of ‘positive welfare’.Noting that the government maintains that ‘pensions are all about security’, and that it has declared the importance of this position throughout its reform of UK pension provision, this article critically examines the nature of the ‘security’ its reform is likely to deliver. Using the work of Giddens, it notes the importance of the concept of ontological security, and the relevance of trust to security. From this basis, and drawing upon the work of both Giddens and Niklas Luhmann, it goes on to consider whether the government's reforms of the three pillars of pension provision in the UK – state provision, occupational provision and personal provision – are capable of delivering greater security in pension provision.It concludes that, quite apart from the potential criticisms of the conception of positive welfare itself, the government's apparent adoption of such an approach has failed to appreciate adequately the importance of ontological security to any understanding of welfare. As a consequence, it is suggested that the practical outcome is reform that is likely to create much less security in pension provision than either Giddens' approach, or indeed regular government pronouncements, might suggest.
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Burdenyuk, Svitlana. "LEGAL PREREQUISITES FOR INTRODUCTION OF MANDATORY ACCUMULATIVE PENSION INSURANCE." Economic Analysis, no. 30(3) (2020): 63–71. http://dx.doi.org/10.35774/econa2020.03.063.
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Introduction. The priority of overcoming social tensions in society is a decent pension, which is one of the types of social guarantees of the state to its citizens, which should be protected by the legislation of Ukraine. Legislation and regulations are important means of regulating relations between the state and citizens in the field of pension insurance. Accumulative pension provision has been under discussion for more than a year, and it is the lack of a reliable legal framework that suspends its implementation. The article analyses the legal aspects of the introduction of funded pension insurance, studies the legislation, considers changes and their impact on pensions, in particular on the funded component. Thus, the legislative regulation of the accumulative pension provision is an important component both for improving the trust of citizens and the standard of living of the elderly, and for filling the income part of the Pension Fund of Ukraine. The question of whether the state will be able to pay accumulative pension contributions is relevant for society, which first of all needs legal guarantees of receiving their pension savings, so this question needs constant further research. Creating legislative preconditions for the functioning of funded pension provision is an urgent requirement of the time and a necessary condition for the existence of an effective, socially just system of relations in the field of social security. Purpose. To characterize and systematize the accumulative pension provision by studying the legal aspects of its introduction. Improving the legislation of Ukraine on the functioning of the accumulative pension insurance system will make it unified and improve the pension provision of future generations of pensioners. Method (methodology). The research methods are the historical method, because the pension legislation changed at different times and the evolution of the country's development was postponed. The article also uses methods of comparison and analysis to draw appropriate conclusions about the legal and legal framework of pensions and its progress in accordance with the requirements of the time. Results. The article considers the legislative and normative – legal acts that regulate pension legal relations in Ukraine. The legal aspects of launching private pension insurance are analyzed and the draft law «On accumulative pension provision» is characterized, the introduction of which will allow introducing the stock market in Ukraine, which will allow it to be independent of external investors.
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Dimitrov, Stanislav. "Development of the taxation of retirement products in Bulgaria." VUZF Review 6, no. 4 (December 27, 2021): 22–32. http://dx.doi.org/10.38188/2534-9228.21.4.03.
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Retirement products are long-term savings products. It is widespread government to encourage the saving via tax incentives. Bulgaria follows favourable taxation of saving in voluntary pension funds. The paper is searching answer whether the applied tax policy of personal retirement products in Bulgaria is efficient. The research is focused on three main areas: the nature of the tax incentives in the country; the development of the taxation of pensions across European Union and the areas for improvements of the tax policy taking into account the characteristics of the Bulgarian socio-economic environment. The efficiency of the tax advantages often is under doubt in the literature. These studies omit the fact that without tax reliefs the coverage and the efficiency of saving in personal pension plans will be low. One of the conclusions of the current research is that the tax incentives for personal retirement products have to be a part of the design of the plans and these reliefs need to be adapted to the changing economic environment. The paper reaches the conclusion that evolution of the taxation of pensions in the country is needed. The positive changes will increase the trust in the personal retirement products and will improve the adequacy and sustainability of the overall pension system in Bulgaria. This evolution can be done through set of measures that will encourage people to save and will be factor for improving the results from the saving in personal pension plans.
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Jerbi Maatougui, Abir, and Khamoussi Halioui. "The effect of outside blockholders on earnings management around seasoned equity offerings in French listed companies on the SBF120." Journal of Financial Reporting and Accounting 17, no. 3 (September 2, 2019): 449–67. http://dx.doi.org/10.1108/jfra-02-2018-0012.
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Purpose The purpose of this study is to test the effect of the presence of outside blockholders on earnings management around seasoned equity offerings (SEOs). Design/methodology/approach Given that SEO can be one of motivations for earnings management, the authors examined the role of outside blockholders in monitoring the opportunistic behavior of managers around 50 SEOs realized by 45 French companies during the 2005-2009 period based on panel data model. Findings The authors found that issuing firms are used for upward earnings management during the pre-offering period. Indeed, the discretionary accruals know a continuous evolution during the three years preceding SEO and peaked in the year prior to the SEO. This result led us to examine the role played by the outside blockholders on earnings management. The results provided empirical evidence that the presence of outside blockholders in SEO firms is able to restrain earnings management practices. Research limitations/implications This study allows to inform investors that French issuing firms are less overvalued in the presence of outside blockholders than in their absence. As a result, investors have an interest in participating in the SEO of firms that hold outside blockholders in their capital structure. Again, based on this study, users of financial statements can trust the reliability of the financial statements published by companies with outside blockholders because of the careful control exercised by these shareholders in the process of producing financial information. However, similar to how any research may suffer from some limitations, this work has two major limitations. Firstly, the authors examined the impact of outside blockholders on earnings management without distinguishing between the different types of blockholders (such as individual investors, pension funds, mutual funds, banks and trusts). Secondly, they have estimated the discretionary accruals by referring to a single model (Kothari et al., 2007). However, the use of two or more models for estimating accruals will lead to more robust results. Originality/value The empirical literature emphasizes the monitoring role played by these shareholders on earnings management. However, it does not distinguish between the circumstances when the monitors either lose or win from exaggerations. This research completes this lack by studying the impact of outside blockholders on earnings management around SEOs.
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Carlsson Hauff, Jeanette. "Trust and risk-taking in a pension investment setting." International Journal of Bank Marketing 32, no. 5 (July 1, 2014): 408–28. http://dx.doi.org/10.1108/ijbm-11-2013-0138.
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Purpose – The purpose of this paper is to examine the effect of trust on financial risk-taking in a pension investment setting. Further: to delineate the effects of varying levels of individuals’ financial knowledge and involvement on risk-taking, and on the trust-risk-taking relation. Design/methodology/approach – Questionnaire to a subsample of Swedish bank customers, thereafter statistical analysis using multiple moderated regression. Findings – Support the notion of trust being an influential variable in explaining risk-taking, and show that highly knowledgeable and highly involved individuals take on more risk. That individuals defined by knowledge and involvement have a different trust-risk-taking relation, however, not verified. Research limitations/implications – Adds to the body of research emphasising the importance of “soft”, emotionally tilted input to consumers’ decision making, even concerning financial tasks such as risk-taking. Narrowly defined pension system environment may hamper generalisations since many constructs tested are situation specific. Practical implications – From a practical perspective, individual investment behaviour is of increasing importance for the individual as retirement saver and for the financial industry in its attempt to tailor-make financial products to its customers. From a legislators’ perspective, the dimensions of knowledge and involvement describe the type of consumer supposedly most vulnerable: the uninterested individual with low levels of financial knowledge. Originality/value – Tests the importance of trust on choice of risk level in a pension setting and is able to expand previous results into the area of consumer behaviour regarding pensions. The paper further manages to assess the specificities as regards the relation between trust and risk-taking for individuals with varying levels of knowledge and involvement.
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Kapranova, L. D. "Non-governmental coverage of retirement benefits as part of the national socio-economic policy." National Interests: Priorities and Security 16, no. 3 (March 16, 2020): 449–66. http://dx.doi.org/10.24891/ni.16.3.449.
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Subject. The article examines the existing non-governmental system of retirement benefits and non-governmental pension funds, key trends and issues in the Russian Federation. Objectives. I analyze key performance indicators of non-governmental pension funds and detect the main development challenges. I also study the composition and mix of their investment portfolio, growth in pension savings and their return. Methods. The study relies upon methods of logic, statistical, qualitative and quantitative analysis, and graphical methods for representing results of the analysis. Results. I discovered that more people opt for non-governmental pension plans in the Russian Federation. I analyzed the comprehensive investment portfolio of a non-governmental pension fund and found a growth in deposited funds and their return. Non-governmental funds’ investment portfolio now include more investment in the real economy. Non-governmental pension funds may become a source of financing the real economy to implement long-terms infrastructure projects through PPP. Conclusions and Relevance. Continuing their development, non-governmental pension funds are called on to increase the standard of living and ensure the sustainability of the pension system. The stability of the national economy, growing income of the population and trust in financial institutions are cornerstones for reinforcing the non-governmental pension system. The fact that the funded part of retirement pension has been frozen impedes the development of non-governmental pension funds, since the influx of financial resources is restricted. Long-term savings people make in non-governmental funds may streamline investments in the economy. Currently, the fund raising program for non-governmental pensions funds is insufficiently implemented, with efforts to revitalize it being ineffective.
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Pysarevska, Hanna. "Pension security in Ukraine: current trends and directions of development." Ukrainian Journal of Applied Economics and Technology 9, no. 2 (April 24, 2024): 197–201. http://dx.doi.org/10.36887/2415-8453-2024-2-33.
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The article aims to substantiate the directions for reforming and developing the pension system in Ukraine. To achieve the goal, the following research methods were used: methods of analysis and synthesis; abstract logical method; methods of theoretical generalization − formulating definitions of the concepts "pension security", "accumulated pension", etc.; systemic approach − changes and problems in the indicators of the pension system and the development of measures to solve them. As a result of the research, the concept of pension security and the pension system as a process of securement financial support in the form of pensions to a specific category of unemployed citizens, which is aimed at reducing the level of poverty due to its positive impact on such social risks as old age, disability and loss of working capacity, is defined as a set of legal, organizational, financial and economic institutions and norms, as well as professional organizational structures aimed at reducing the level of poverty by positively influencing such social risks as disability and loss of working capacity. The main problems of the pension system of Ukraine at the current stage are substantiated, namely the rapid deterioration of the ratio between the working age and the retirement age due to the drop in the birth rate and the increase in emigration, a permanent deficit of pension funds due to budget imbalance; low level of pensions; underdevelopment of non-state pension security; decrease in the number of payers due to economic instability, military events and other factors; significant lack of public awareness of pension provision; lack of trust in state financial programs and reforms. The main direction of the reform of the pension system has been determined − the introduction of non-state pension security, based on the principles of voluntary choice of the type of pension security and the creation of conditions for non-state pension security at the legislative level, as well as taking into account the risks associated with non-state pension security, such as the risk of investment losses, the instability of the financial market and the possibility of abuse by pension funds. Additional areas of pension development have been identified: increasing the efficiency of the system of tax collection and control over their payment to ensure stable financing of the Pension Fund; support for programs and initiatives aimed at increasing financial literacy among the population, which will contribute to more effective management of personal finances and retirement planning; introducing mechanisms to encourage additional voluntary contributions to the pension fund, such as tax benefits or special support programs for those who actively plan their financial future; development of social programs and services for pensioners aimed at improving their quality of life, access to medical care, cultural and educational events; strengthening mechanisms for controlling the Pension Fund's expenses and effective use of its resources to meet the needs of pensioners as much as possible; open and transparent control over the activities of pension funds and the functioning of the pension system. The scientific novelty of the study consists in substantiating the set of measures for the development and reform of the pension system of Ukraine, which involves the development of non-state pension schemes. The practical significance of the work is that the research results can be used at the level of individual organizations and industries and at the level of individual regions of Ukraine. Prospects for further research are the substantiation of the toolkit for the practical implementation of non-state pension funds. Keywords: pension security, accumulative pension security, pension system, non-state pension security, corporate pension fund
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Dabara, Daniel Ibrahim, and Olusegun Adebayo Ogunba. "The Structure, Conduct and Performance of REITs in Emerging Markets: Empirical Evidence from Nigeria." JOURNAL OF AFRICAN REAL ESTATE RESEARCH 4, no. 2 (January 31, 2020): 76–97. http://dx.doi.org/10.15641/jarer.v4i2.827.
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Purpose: This study examines the correlations between the structure, conduct and performance of Real Estate Investment Trusts in Nigeria (N-REITs) with a view to providing information that will enhance and guide real estate investment decisions on N-REITs. Design/Approach: The study population consists of all three REIT companies in Nigeria, namely: Skye Shelter Fund, Union Home REIT and UACN Property Development Company (UPDC) REIT. Secondary data on dividends and share prices of N-REITs; Total Business Revenues (TBR) and Total Individual Expenditure (TIE) on conduct variables were sourced from periodicals of the respective companies covering the period from 2008 to 2016. The data series for the study were analyzed by means of the Kwiatkowski-Phillips-Schimidt-Shin (KPSS) unit root tests, Philip-Perron (PP) unit root tests, Granger Causality tests, and the Ordinary Least Square (OLS) regression. Findings: The study shows a Herfindahl Hischman Index (HHI) that ranged between 41.81% (recorded in 2010) and 100% recorded in 2008. This suggests a high concentration in the N-REITs industry. Similarly, the Granger Causality Test conducted reveals a bi-directional causal relationship between the structure, conduct and performance of N-REITs. Practical Implications: The study provides essential information (on the HHI, return performance and causal relationships) for stakeholders in the real estate sector regarding the influence of structure and conduct on the performance of N-REITs. This information will be valuable for equipping asset managers, insurance companies, pension funds and individual real estate investors in making informed investment decisions. Originality/Value: This study is unique as it is the first to draw a link between the structure, conduct and performance of REITs in an African emerging real estate market; something that has not been considered in previous studies.
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Moseiko, Viktoriya. "The problem of trust and modern Russian pension system." Moscow University Economics Bulletin, no. 5 (October 31, 2021): 232–48. http://dx.doi.org/10.38050/013001052021511.
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The paper attempts to identify the relationship between trust viewed through private good, club good, private external effects and public good, and pension systems, presented in the form of vertical and horizontal social contracts. Guided by the typology of benefits in the analysis of trust, the author argues: trust in a horizontal pension contract develops in a network of transactions regarding the production of a pension good and is a combination of its various types. In a vertical contract, the possibilities of individuals' retirement planning and the position of private structures in the pension market are limited, that reduces the role of trust as a private and club good and strengthens the importance of trust in the form of a public good. The author shows that in a horizontal pension contract, trust is a basic prerequisite for all pension interactions. The effectiveness of a horizontal pension contract depends on the level of trust: low trust increases transaction costs and makes pension planning unviable. The author concludes that in conditions of low confidence, satisfaction of pension needs is easier to organize through a vertical type contract in which pension needs are satisfied centrally. At the same time, low trust of Russians to pension institutions is the result of a vertical pension contract.
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LEONOV, Dmytro. "IMPACT OF GOVERNMENT REGULATION OF PRIVATE PENSION FUNDS DEVELOPMENT IN UKRAINE." WORLD OF FINANCE, no. 3(60) (2019): 165–78. http://dx.doi.org/10.35774/sf2019.03.165.
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Introduction. The development of an effective pension system is one of the cornerstones of forming a socio-economic model of state development for any country. The mechanisms of formation and use of financial resources of the pension system affect all aspects of the functioning of such model. Assignment of tasks of the organization of future provision of pensions only on some one of the parties of this process (state, employer, individual) is historically demonstrated the vulnerability of such “single-level” models. Accordingly, most countries in the world are developing multi-level models of national pension systems to create various organizational forms of retirement provision, to attract as many participants as possible, and to provide the financial resources needed to secure future retirees. The introduction of a multi-level pension system in Ukraine is still continues. Therefore, the study of problems of state regulation of the functioning of new forms of pension provision for the national pension system and the prospects for their development remains relevant. Purpose of the research is to investigate the problematic aspects of the activity of non-state pension funds as a component of the multi-level pension system of Ukraine and determine the prospects for their development, taking into account the influence of the state. Results. The place of the non-state pension funds in the multilevel pension system of Ukraine is defined. Influence and interdependence of activity of NSPF and other elements of an accumulative component of the national pension system is reasonable. Negative aspects of influence of the state on functioning of non-state level of the pension system in general and NSPF in particular and also consequences for development of activity of NSPF slowing down of development by public authorities of the accumulative making pension system of Ukraine are revealed. Conclusions and recommendations on stimulation of structural reform of the national pension system and development of activity in it the non-state pension funds are formulated. Conclusions. During of pension reform in Ukraine the state focuses attention on reforming of a solidary component of the pension system which covers a considerable part of electorate (pensioners) and slows down introduction of mandatory funded pension system as it will not have fast influence on the electorate presented by the working citizens. Development of nonstate level of the pension system in the context of social and economic development by the government is practically not considered and restrains by subjective factors: a voluntary nature, low level of awareness and trust of citizens and the enterprises concerning activity of the nonstate pension funds and also purposeful (or spontaneous) actions / inaction of public authorities which complicate operating conditions of institutions of non-state pension provision. Objective factors that hamper the development of non-state pension provision are the problems of the national economy, caused by the global and national economic crises (high level of shadowing of the economy and wages, outstripping growth of the share of current consumption in monetary incomes of the population, inflation and currency devaluation, reduce the possibility of the diversification of domestic investments and insufficient accumulated pension assets in foreign currency equivalent for effective foreign investment, etc.). Necessary condition of effective influence of state regulation on development of the national pension system is observance of the legislation by public authorities and appropriate performance of the tasks assigned to these bodies, prevention of emergence of legal collisions between rules of various acts of the legislation, full economic grounding of regulatory measures. The leverage of the development of non-state pension funds may be the introduction of a mandatory accumulation level of the pension system with the involvement of non-state pension funds in the maintenance of mandatory retirement savings. It can stimulate additional voluntary pension savings, a legalization of wages of the working citizens, increase in sources of provision of pensions of the citizens and increase in level replacement of labor income in an old age and also formation of a powerful source of investment resources for financing of national economic development.
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von Bodungen, A. "Der Artist Pension Trust." KUR - Kunst und Recht 8, no. 2 (2006): 43. http://dx.doi.org/10.15542/kur/2006/2/6.
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Chen, Xiaohua. "Research on the Incentive Mechanism of the Pension Service Supply Chain under Asymmetric Information." Mathematical Problems in Engineering 2021 (August 3, 2021): 1–12. http://dx.doi.org/10.1155/2021/5219420.
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The information asymmetry between the pension service integrator and the pension service providers will affect the efficiency of the whole supply chain, and information sharing can solve this problem to a certain extent. To achieve information sharing, mutual trust is the first condition and mutual trust is also one of the important means of endogenous incentives. In this paper, the trust incentive coefficient is embedded in the principal-agent model. Considering the service capability coefficient, the communication degree coefficient, and the information sharing degree coefficient of the pension service providers, the trust incentive model of the supply chain of the pension service is constructed, the model is solved, and the conclusion is drawn. Finally, the correctness of the conclusion is verified by the numerical simulation using SAS software. The final results show that, under the condition of information asymmetry, the trust incentive coefficient of the pension service integrator to the pension service providers is positively correlated with the effort coefficient, the service capability coefficient, the communication coefficient, and the information sharing degree coefficient of the pension service providers, while it is positively correlated with the effort cost coefficient, the output sharing coefficient, and the risk aversion coefficient of the pension service providers. The variance of number and external environmental variables is negatively correlated. This research has shown that the trust is a means of incentive for pension service providers to share information. This research has a certain practical significance for improving the service efficiency of the pension services supply chain and optimizing the level of pension services.
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Newell, Graeme, and Muhammad Jufri Bin Marzuki. "The significance and performance of UK-REITs in a mixed-asset portfolio." Journal of European Real Estate Research 9, no. 2 (August 1, 2016): 171–82. http://dx.doi.org/10.1108/jerer-08-2015-0032.
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Purpose UK-Real Estate Investment Trusts (REITs) are an important property investment vehicle, being the fourth largest REIT market globally. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of UK-REITs in a mixed-asset portfolio over 2007−2014. The post-global financial crisis (GFC) recovery of UK-REITs is highlighted. Design/methodology/approach Using total monthly returns, the risk-adjusted performance and portfolio diversification benefits of UK-REITs over 2007–2014 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of UK-REITs in a mixed-asset portfolio. Sub-period analysis is used to assess the post-GFC recovery of UK-REITs. Findings UK-REITs delivered poor risk-adjusted returns compared to UK stocks over 2007–2014 with limited portfolio diversification benefits. However, since the GFC, UK-REITs have delivered strong risk-adjusted returns, but with continued limited portfolio diversification benefits with UK stocks. Importantly, this sees UK-REITs as strongly contributing to the UK mixed-asset portfolio across the portfolio risk spectrum in the post-GFC environment. Practical implications UK-REITs are a significant market at a European and global REIT level. The results highlight the major role of UK-REITs in a UK mixed-asset portfolio in the post-GFC context. The strong risk-adjusted performance of UK-REITs compared to UK stocks sees UK-REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum. This is particularly important, as many investors (e.g. small pension funds, defined contribution [DC] funds) use UK-REITs to obtain their property exposure in a liquid format, as well as the increased importance of blended property portfolios of listed property and direct property. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of UK-REITs and the role of UK-REITs in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of UK-REITs in a portfolio.
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WEBB, ROB, DUNCAN WATSON, PATRICK RING, and CORMAC BRYCE. "Pension Confusion, Uncertainty and Trust in Scotland: An Empirical Analysis." Journal of Social Policy 43, no. 3 (May 1, 2014): 595–613. http://dx.doi.org/10.1017/s0047279414000051.
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AbstractIn the context of the new automatic enrolment requirements for all eligible employees to make pension provision for their employees, and the importance of trust in pension provision, this article utilises data from the Scottish Social Attitudes Survey, which, in its 2005 wave, asked correspondents specific questions regarding pension provision. We integrate two different empirical approaches in order to achieve a more robust understanding of pension confusion in Scotland. We find that pension confusion is dominated by pension uncertainty and myopia, but these may be reduced for those working in the financial sector. We consider the implications of these findings for the relationship of trust between employers and their employees, as well as for trust in government pension policy more generally.
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Apostolakis, George, Frido Kraanen, and Gert van Dijk. "Pension beneficiaries’ and fund managers’ perceptions of responsible investment: a focus group study." Corporate Governance: The International Journal of Business in Society 16, no. 1 (February 1, 2016): 1–20. http://dx.doi.org/10.1108/cg-05-2015-0070.
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Purpose This study aims to explore the views of pension beneficiaries and fund managers regarding greater involvement and investment autonomy and the attitudes toward diverse responsible investment criteria. The conventional form of investing is usually vulnerable to high financial market volatility events and financial crises, and most importantly, it has proven insufficient in addressing important social issues. A newly introduced investment culture known as impact investing strives for social gains in the long term rather than the maximization of financial returns by aiming to tackle social problems. However, some in the field claim that implementing such investment policies compromises the fiduciary responsibility of pension funds’ trustees to manage trust funds in the best interest of beneficiaries. Design/methodology/approach This study uses qualitative methods to explore the perception of proposed pension policies, such as beneficiaries’ greater involvement in determining pension investment policies that can have a positive long-term impact on their lives and on the provision of investment autonomy. For this purpose, the study investigates beneficiaries’ positions regarding responsible investment criteria from a freedom-of-choice perspective. The study sample consists of members and managers of a Dutch pension administrative organization with a cooperative structure. Three semi-structured, homogeneous discussions with focus groups containing between seven and nine participants each are conducted. The data are coded both deductively and inductively, following the framework approach, which is a qualitative data analysis method. Findings Participants demonstrate positive attitudes toward greater involvement and freedom of choice. However, the findings also indicate that members and pension fund managers have different views regarding responsible investment criteria. Members have more favorable attitudes toward responsible investment than do managers. Research limitations/implications This research is limited to focus group discussions with managers and members in the Dutch healthcare sector. Practical implications How little the current pension system matches people’s investment preferences is a matter of concern, and the main implications of this research thus center upon designing a more democratic pension system for the future. Greater involvement by pension fund beneficiaries, whose roles are currently limited, would help legitimize responsible investing. This research implies that pension policies should be designed to align with the preferences of pension fund beneficiaries and be accompanied by diverse intervention strategies. Social implications Pension reforms that encourage pension beneficiaries to exert greater influence in determining pension policy will help shrink the democratic deficit in collective pensions. Originality/value This study contributes to the literature on pension fund governance and long-term responsible investing by examining the attitudes toward impact and sustainable investments and by making suggestions for future research. To the best of the authors' knowledge, this study is the first to investigate the attitudes of pension fund participants toward targeted impact investments.
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RICCI, ORNELLA, and MASSIMO CARATELLI. "Financial literacy, trust and retirement planning." Journal of Pension Economics and Finance 16, no. 1 (August 20, 2015): 43–64. http://dx.doi.org/10.1017/s1474747215000177.
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AbstractWe study the complex relationship between financial literacy, retirement planning and trust in financial institutions, using data from the 2010 Bank of Italy Survey on Household Income and Wealth. The impact of financial literacy on retirement planning is a well-established issue in the existing empirical literature; our main contribution is proving that financial knowledge not only impacts retirement planning, but also the decisions of entering a private pension scheme (or devoting the severance pay to a private pension scheme). Adding the consideration of trust poses serious econometric concerns, since both financial literacy and trust in financial institutions are likely to be endogenous and the presence of two endogenous regressors renders the identification of causality very difficult. Our solution is to keep only financial literacy as endogenous and include in our models an exogenous regional indicator of social capital (similar to the one adopted by Guisoet al., 2004), as a proxy for the level of trust between the counterparts of a financial contract in each geographical area. Our main findings show that trust has a positive influence on both the decisions to enter a private pension scheme or to devote the severance pay to a private pension scheme.
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Bergh, Andreas. "Hayekian welfare states: explaining the coexistence of economic freedom and big government." Journal of Institutional Economics 16, no. 1 (September 12, 2019): 1–12. http://dx.doi.org/10.1017/s1744137419000432.
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AbstractTo explain the coexistence of economic freedom and big government, this paper distinguishes between big government in the fiscal sense of requiring high taxes, and big government in the Hayekian sense of requiring knowledge that is difficult to acquire from a central authority. The indicators of government size in measures of economic freedom capture the fiscal size but ignore the Hayekian knowledge problem. Thinking about government size in both the fiscal and Hayekian dimensions suggests the possibility of Hayekian welfare states where trust and state capacity facilitate experimentation and learning, resulting in a public sector that is big in a fiscal sense but not necessarily more vulnerable to the Hayekian knowledge problem. Pensions in Sweden are used as a case to illustrate the empirical relevance of the argument. The new pension system represents big government in a fiscal sense, but by relying on decentralized choice it requires relatively little central knowledge.
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Donald, M. Scott. "The Pension Trust: Fit For Purpose?" Modern Law Review 82, no. 5 (July 18, 2019): 800–832. http://dx.doi.org/10.1111/1468-2230.12438.
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Volkova, T. G. "REASONS AND FEATURES OF IMPLEMENTING BLOCKCHAIN TECHNOLOGY IN THE PENSION SYSTEM OF THE RUSSIAN FEDERATION." Bulletin of Udmurt University. Series Economics and Law 30, no. 3 (June 26, 2020): 333–39. http://dx.doi.org/10.35634/2412-9593-2020-30-3-333-339.
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Due to the introduction of the digital economy on the territory of the Russian Federation and the urgency of the problem of implementing the distributed registry system (Blockchain) in various financial spheres, including the system of accounting for pension rights and obligations in the state and non-state pension systems, an attempt was made to assess the principles of implementing the Blockchain mechanism in the system of accounting for pension rights, insurance premiums and pension payments. The current system of centralized registries is based on the full confidence of its participants-clients. In particular, persons insured in the pension system. The non-transparency of the non-state pension component and the periodic changes in the state pension system seriously undermine this trust of citizens. Thus, the system of distributed registries that will solve this problem operates on the principles of transparency, availability for verification, reliability (security of transactions), economy, and trust on the part of customers. The article also considers the problem of formation and distribution of the accumulative pension component. The analysis of its losses and features of transfer to different pension organizations - participants of the state pension insurance system is carried out. It is proposed to solve the problems associated with these processes by implementing a system of distributed registries and smart contracts. In conclusion, the advantages and disadvantages of the distributed registry system are presented, as well as the difficulties of its implementation in the near future in the pension system of the Russian Federation are analyzed.
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Vlasova, O. I., T. A. Zaglodina, and I. V. Chebykina. "PENSION INVESTMENT OF RUSSIANS: SOCIAL CONCERNS AND RESOURCES." KAZAN SOCIALLY-HUMANITARIAN BULLETIN 11, no. 6 (December 2020): 15–19. http://dx.doi.org/10.24153/2079-5912-2020-11-6-15-19.
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The article deals with pension investment as a special form of social pension capital. The authors of the article try to substantiate that in the modern scientific and social context the boundaries of understanding "human capital" are significantly expanding. The article, supported by the Russian Foundation for Basic Research, is based on the data of a full-scale sociological study of Russians (N=1050) on various aspects of pension investment and pension capital formation. In the course of the study, the authors managed to identify that at present the Russians demonstrate extremely low investment pension activity, the formation of pension capital is extremely delayed and correlates with the age of respondents. The population sees the government as the main source of future pension formation, but there is little trust in specific institutional forms of investment. Only financial instruments not related to direct investment are assessed positively by the population: work in the civil service, supervisory, military and law enforcement agencies, as well as receiving "white" salary. This research has recorded the unfavourable state of the social pension investment sphere. The low level of investment activity and lack of trust in institutional mechanisms of capital investment seem to be an extremely unfavorable signal for the pension future of broad social groups. From the sociological point of view, there is a need to develop relevant explanatory theories of investment changes, and from the side of state and investment institutions to develop relevant measures to correct the situation.
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Brandt, Ulrich, Dagmar Zanker, and Dina Frommert. "Financial Crisis, Confidence in Financial Markets and Participation in Private Pension Plans in Germany." Socialinė teorija, empirija, politika ir praktika 29 (July 3, 2024): 8–22. http://dx.doi.org/10.15388/stepp.2024.29.1.
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The financial crisis of 2008/2009 has not only left its mark on the value of retirement savings, but also on savings and investment behaviour. It has led to a loss of confidence in financial markets and its main protagonists. However, trust is a key mechanism for savings and investment decisions. We illustrate the loss of trust by looking at the number of pension plans purchased in the years following the financial crisis. The paper is based on data of the study on ‘Life courses and old-age provisions’ (LeA, Lebensverläufe und Altersvorsorge). The data was gathered in 2016 and provides information on the life histories of people living in Germany who were born between 1957 and 1976, as well as on pension entitlements in all three pillars of the German pension system. The analysis concentrates on so-called Riester pension plans, the most dynamic private pension scheme in Germany. We estimate a panel fixed-effects logit model to examine whether the financial crisis had an impact on the participation in Riester pension plans. Results show that instead of a shock effect relating to the crisis years, we see a negative linear effect following the crisis.
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Kang, Geukjoo, and Wonjong Kim. "A Study on the Effects of Pension’s Service Quality on Revisit Intention." Korean Society of Culture and Convergence 44, no. 5 (May 31, 2022): 225–42. http://dx.doi.org/10.33645/cnc.2022.5.44.5.225.
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This study aims to provide a systematic and comprehensive explanation of the effect of pension service quality on revisit intention for customers who have experienced pension facilities. Interaction quality, physical environment and accessibility had been set as influential variables that might affect customer satisfaction, customer trust, and revisit intention. In order to empirically verify the established hypothesis, data were collected through a questionnaire survey, and structural equation analysis was conducted using SPSS and AMOS programs. As a result, it was confirmed that the relationship between service quality and customer satisfaction had been supported, while the relationship between service quality and customer trust had been partially supported. Moreover, the relationship among the satisfaction, trust and revisit intention had been all accepted. Through the study, we expect this study will help with expanding the scope of future studies on pension management.
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VAN DALEN, HENDRIK P., KÈNE HENKENS, and DOUGLAS A. HERSHEY. "Perceptions and expectations of pension savings adequacy: a comparative study of Dutch and American workers." Ageing and Society 30, no. 5 (January 21, 2010): 731–54. http://dx.doi.org/10.1017/s0144686x09990651.
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ABSTRACTWhat drives the perceptions of pension savings adequacy and what do workers expect to receive when they retire? These questions are assessed among married workers using an identical survey distributed to Dutch and American workers in 2007. Despite marked differences in expected pension replacement rates – where the Dutch replacement rates are systematically higher than the American rates – the perceived savings adequacy is more or less the same across Dutch and American workers. In both countries, about half of the respondents were confident they had amassed sufficient retirement savings. Individuals' perceived savings adequacy was found to be influenced by three groups of factors: trust in pension institutions (pension funds, banks, insurance companies and governments), social forces and psychological dispositions. This study shows that differences in the dispositions of workers (with respect to future orientation and financial planning) played a far larger role in explaining differences in perceptions of savings adequacy in the United States than in The Netherlands. Dutch workers rely and trust their pension fund and seem to leave thinking about and planning for retirement to its managers.
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Aleksandrova, Olga. "Value or burden: how do youth trust in the institutions of the welfare state affect their future?" Science. Culture. Society 29, no. 3 (October 5, 2023): 109–19. http://dx.doi.org/10.19181/nko.2023.29.3.6.
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The article analyzes young people's perceptions of the ability of the state health care system and pension insurance to meet current and future needs for adequate medical care and a prosperous life, and the impact that they can have on the fate of these institutions. It is shown that young people do not count on a state pension, which is primarily due to the disappointing experience of current pensioners , as well as the mass involvement of young people in informal employment, which does not involve paying taxes and deductions to social funds. The respondents justify the latter by the fact that they do not expect any care from the state and in the future rely only on themselves. Young people are also skeptical about public health care. Problems with timely access to a doctor’s appointment and diagnostic examination in district clinics, their unfriendly medical staff , doubts about its professional qualities are pushing young people into private medicine, which they see in a much more positive light. It is significant that, in the opinion of the respondents, public medical institutions are ahead of private ones in terms of the aggregate index of abuse of trust, and its key forms are those that are designed to force patients to resort to paid services. Respondents explain the readiness of employees of state medical institutions for such unseemly behavior, first of all, by mercenary considerations, as well as fear not to fulfil of the demanding of superiors an increase in the volume of paid services. Negative perceptions of young people about the state pensions and the health care system lead to their devaluation. The loss of support in the generations that are becoming the majority is fraught for these institutions with further degradation and even abolishment that does not meet with much resistance. This is detrimental not only from the point of view of future social risks in a society devoid of “safety nets”, but also in terms of the further disintegration of society.
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Fatkhlislamova, Gulnara. "Modern tendencies of functioning of nongovernmental pension funds in the system of obligatory pension insurance." Upravlenie 7, no. 1 (May 7, 2019): 19–25. http://dx.doi.org/10.26425/2309-3633-2019-1-19-25.
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This article summarizes and systematizes key trends in the development of non-state pension funds (NPFs) in the exercise of the functions of trust management of pension savings of citizens for the period from 2005 to 2017. The participation of non-state pension funds in the compulsory pension insurance system has led to their emergence as the largest insurer, so starting from 2016, the NPF, as a large institutional investor, began to concentrate more than half of all pension savings funds transferred to management. A quantitative analysis of the institutional structure of the Russian system of trust management of the pension system means allows determining the main directions of its transformation; there is a clear tendency to a reduction: the total number of NPFs operating in the OPS system. The article defines the strategy of investing APFs in various classes of assets during the study period, it has been revealed that of the total amount of invested pension savings in corporate securities, 2/3 of them fall on NPF investments. Over the last analyzed period, there has been a sharp increase in the investment of pension savings of NPFs in government securities, which is largely due to the tightening of regulatory requirements for the risk level of portfolio investment. Important areas of research are evaluating the effectiveness of the functioning of APFs in the system of compulsory pension insurance from the position of comparing the accumulated return on the NPF portfolio with accumulated inflation for the period analyzed, and also according to the criterion of actually accumulated investment income with indexed income on inflation.
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Havolli, Ymer, and Ruzhdi Morina. "DEVELOPMENT OF KOSOVO PENSION SAVING TRUST FUND." Eurasian Journal of Business and Management 4, no. 4 (2016): 56–70. http://dx.doi.org/10.15604/ejbm.2016.04.04.006.
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Ring, Patrick J. "Trust: a challenge for private pension policy." Journal of Comparative Social Welfare 28, no. 2 (June 2012): 119–28. http://dx.doi.org/10.1080/17486831.2012.655982.
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Moffat, Graham. "Pension Funds: A Fragmentation of Trust Law?" Modern Law Review 56, no. 4 (July 1993): 471–96. http://dx.doi.org/10.1111/j.1468-2230.1993.tb01881.x.
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Wynne-Griffith, H. R. "Towards a Pensions Act." Journal of the Staple Inn Actuarial Society 28 (March 1985): 185–87. http://dx.doi.org/10.1017/s0020269x00009816.
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Despite a plea for no more legislation, the author admits to having been overtaken by events. To this extent, the paper should be seen as a review of the current position in 1984. Whilst the trust fund might not be an ideal vehicle it did seem to be the best available and probably better than an alternative, totally new instrument. This view is held by the TUC, Gower, the Wilson Committee, and the Occupational Pensions Board (OPB). The principal deficiency at present is that the three relationships: Employee-Employer, Employer-Trustee and Trustee-Employee need to be better defined. Is membership of a scheme enforceable by an employee under contract law—or, indeed, by the employer? If so, are the benefits enforceable by the employee against the employer if the trustees have inadequate resources? Certain more immediate suggestions were (i) a pension fund should be protected against claims by a liquidator, (ii) the trustees on wind-up should be a creditor ranking with unpaid salaries, (iii) separate bank accounts for trustees and employer (this has now come to pass).