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1
Robertson, Lynne Margaret Maclean. "Behavioural responses to automatic enrolment in workplace pension schemes". Thesis, University of Edinburgh, 2016. http://hdl.handle.net/1842/33110.
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In October 2012, the United Kingdom adopted nation-wide automatic enrolment into workplace pension schemes. Automatic enrolment on the current scale is a major undertaking but it is also an untested policy and it is important that we understand how individuals are adapting to these radical changes in pension provision. There is currently a lack of research into the dynamic decision-making processes that lie behind some individuals' deviation from workplace pension scheme default settings. This exploratory study investigates the importance of financial planning, social relations, and the role of the employer to default adherence and deviation. The embedded case study comprises qualitative interviews with 25 middle-income employees of a large UK utility company. Participants were selected on the basis of socio-economic similarity but had variable behavioural responses to the default settings of their workplace pension scheme. The study uncovered different motives underpinning individuals' reaction to membership defaults, contribution defaults, and investment fund defaults. Continued membership following automatic enrolment was driven by social pressures. Subsequent to enrolment, individuals tried to achieve a balance between current expenditure and saving for retirement. Property ownership and mortgage debt redemption were prioritised over additional pension scheme investment. The life-stage of the individual influenced how they reacted to the contribution default settings - default adherence appeared to be linked to unsettled personal lives and career insecurity. Motives for increasing contributions were household formation, parental ageing, and relationship breakdown. Saving strategies were influenced by parental accumulation of retirement assets and parental financial literacy. Employer-matching contributions were implicated in participants' willingness to increase pension contributions beyond the minimum default; investment in share option schemes was offered as justification for limiting contributions to the maximum match. Employer endorsement effects, driven by trust in the employer's intentions, were strongly implicated in fund default adherence and in investment diversification strategies: participants pointed to the employer's promotion of the pension scheme and employer-provided financial seminars. Advice from older colleagues was also cited as influential in directing retirement savings behaviour. The research concludes that the employment context is crucial to understanding how middle-income employees react to the default settings in their workplace pension scheme.
2
Colombo, Luigi. "Funding strategies for defined benefit pension schemes". Thesis, City University London, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.418979.
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Khorasanee, M. Zaki. "Actuarial modelling of defined contribution pension schemes". Thesis, City University London, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.287640.
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Serlenga, Lorenzo. "Effects of transfers on liabilities of pension schemes". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20994.
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Mestrado em Actuarial ScienceNos últimos anos, as regras de adesão aos planos de pensões no Reino Unido tornaram-se mais flexíveis e a maioria dos membros passou a ter a possibilidade de mudar de um plano para outro, de acordo com as suas necessidades pessoais e financeiras. Isto significa que um dado membro, se assim o desejar, pode transferir o valor acumulado das contribuições feitas em seu favor para um outro fundo. A opção de transferir é justificada sobretudo pelo facto de os planos CD serem mais flexíveis na forma como os benefícios são recebidos e, às vezes, permitirem um maior controlo do membro sobre a forma como o dinheiro é investido - As transferências são um procedimento complexo do ponto de vista atuarial: os administradores precisam de calcular o montante que deve ser entregue ao membro que sai, uma tarefa realizada com a assistência do atuário do plano, que tem que definir os pressupostos económicos e demográficos necessários para o cálculo. Este trabalho resulta de um estágio no Lisbon Service Centre da Willis Tower Watson, onde estive envolvido no processo de avaliação de fundos de pensões do Reino Unido, com o objetivo de projetar as responsabilidades futuras dos planos. A legislação impõe que as empresas do Reino Unido realizem avaliações, pelo menos, a cada três anos, dada a importância, tanto para os membros como para as empresas, de conhecer o respetivo nível de financiamento e a situação financeira, em geral.
In the last years the regulations for pension plans membership became more flexible and most members have now the possibility to move from a scheme to another, according to their personal and financial needs. This means members are able to move their accumulated pots through a transfer, and this usually happens from a Defined Benefit (DB) to a Defined Contribution (DC) scheme. The option to transfer is justified because DC schemes are characterized by more freedom regarding the way benefits are collected and sometimes more control on the way the money is invested - although the member will take on the investment risk, the longevity risk and the income management risk. Transfers are a complex procedure from the actuarial point of view: trustees need to calculate the lump sum to be provided to the member leaving the scheme, a task performed with the assistance of actuaries, who are asked to set the economic and demographic assumptions required for the calculation. This work is a result of an internship at the Lisbon Service Center of Willis Tower Watson, where I have been involved in the UK pension fund valuation process, with the objective of projecting the future liability of schemes. Legislation imposes that UK firms must perform valuations of the schemes at least every three years, given the importance, both for members and clients, of knowing their funding position and financial situation.
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5
Patrício, Joana Cristina dos Santos. "The role of pension reserve funds in pay-as-you-go pension schemes financial sustainability". Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12707.
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Mestrado em FinançasO presente estudo tem como objetivo analisar a estratégia seguida pelo fundo de estabilização financeira da segurança social (FEFSS), bem como investigar qual seria a situação atual do fundo caso um maior volume de transferências se tivesse verificado ou sido aplicado em investimentos alternativos. Numa primeira fase, o estudo analisa a extensa literatura referente à importância dos fundos de pensões na sustentabilidade financeira dos sistemas pay-as-you-go, assim como a influência da sua gestão no alcance deste objetivo. De forma a proceder à análise da performance específica do caso português, foram consideradas duas políticas alternativas de transferências estáveis para o fundo, utilizando a simulação do valor do fundo na aplicação em três estratégias de investimento distintas. As transferências foram aplicadas às taxas de retorno respetivas a dois períodos de tempo: de 1989 e 2014 e de 1997 a 2014. Os resultados obtidos demonstram que as políticas de investimento propostas aumentaram o valor do portfólio, cumprindo entre 2010 e 2012 o objetivo final definido por lei de cobrir dois anos das necessidades de pensões. Deste modo, aplicando as propostas consideradas verificar-se-ia um aumento da contribuição do fundo na estabilidade do sistema pay-as-you-go.
The present study aims to analyze the strategy followed by the Portuguese financial stabilization fund (FEFSS), along with investigating what would the situation be if a greater volume of transfers would have been performed or applied in alternative investments. In the first place, the study investigates the substantial literature related to the importance of pension reserve funds in the financial sustainability of the pay-as-you-go systems, as well as the influence of its management on reaching this goal. In order to proceed to the analysis of the performance of the Portuguese case, two different policies of stable transfers to the fund are contemplated. The simulation of the value of the fund coming from the application of these policies is then used to apply three different strategies of asset allocation. Two different time-frames are taken into account to perform the study: from 1989 to 2014 and from 1997 to 2014. The final results show that the proposed investment strategies increase the value of the portfolio, allowing to fulfill between the years of 2010 and 2012 the goal set by law: covering two years of pension needs. Thus, applying the strategies considered would increase the contribution of the fund to the financial sustainability of the pay-as-you-go system.
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6
Liu, Weixi. "The valuation effects of UK defined benefit pension schemes". Thesis, University of Exeter, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.489237.
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Ratanabanchuen, Roongkiat. "Demographic transition, pension schemes' investment, and the financial market". Thesis, London School of Economics and Political Science (University of London), 2013. http://etheses.lse.ac.uk/701/.
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There have been lots of theoretical and empirical debates about the impact of demographic transition on the financial market. The main economic theory that is often cited to explain the causality is the lifecycle hypothesis. Since this hypothesis suggests that a lifetime saving pattern of individuals will have an inverted U-shape profile, there is a widely concern for the ‘market meltdown scenario’ whereby the stock market might collapse following the retirement of baby-boomers who will begin to dissipate their accumulated wealth. However, the actual dissaving rates of retired households appear to be relatively low. Therefore, no consensus regarding the actual causality of the demographic impact on asset prices has been reached. This thesis attempts to solve this puzzle by arguing that the strong relationship between asset prices and demographic variables observed since the 1960s may primarily result from a shift in the institutional structure of the financial market. The emergence of financial institutions, particularly pension schemes, has changed the way that the financial market operates. Instead of directly holding assets themselves, households have been using financial services provided by these institutions to manage their investments. By using a panel data from the Family Expenditure Survey, lifetime households’ participation rates in occupational pension schemes and personal pension plans are shown to significantly exhibit a strong hump-shape age pattern with a peak at 35-45. Interestingly, this age group has further been proved to have a long-term significant impact on UK equity prices. After analysing DB pension schemes employed by FTSE100 firms, the long-term asset allocation of these investors appears to significantly be influenced by the age structures of their policyholders. Therefore, the insight gleaned from this thesis strongly suggests that the investment behaviour of pension schemes may represent the underlying mechanism explaining the strong correlation between asset prices and demographic patterns.
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Gough, Orla Cecilia Mary. "Will occupational pension schemes survive into the 21st Century?" Thesis, City University London, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.287667.
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Marten, Elena Renee. "Interest rate risk in UK defined benefit pension schemes". Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19721.
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Mestrado em Actuarial ScienceDesde a crise financeira de 2008, fundos de pensões começaram a reconhecer, mais do que nunca, a necessidade de se protegerem contra o risco da taxa de juro. Este risco é o mais significativo e volátil para os fundos de pensões pois uma mudança nas condições do mercado pode ter um grande impacto tanto nos ativos como nos passivos do fundo, afetando o seu nível de financiamento. Estratégias de remoção do risco são críticas à luz dos planos de benefícios definidos (BD) estarem cada vez mais insustentáveis. Fundos de pensões estão a considerar várias estratégias de remoção do risco e a reavaliar as suas estratégias de investimento com o objetivo de garantirem, com elevado nível de confiança, os pagamentos aos seus participantes e beneficiários. Este relatório irá discutir como é que planos BD são afetados pelo risco da taxa de juro, como é que esse risco é refletido no relatório da avaliação e que estratégias e ferramentas são usadas para mitigar este risco. Este relatório é o resultado de um de um estágio de cinco meses na Willis Towers Watson. O foco do estágio foi em avaliações de fundos de pensões do Reino Unido em que eu trabalhei nos cálculos do passivo e na análise dos resultados apresentados no relatório da avaliação. O estágio providenciou-me a oportunidade de aplicar o conhecimento atuarial que desenvolvi durante o Mestrado num ambiente empresarial.
Since the financial crisis of 2008, pension schemes began recognizing more than ever that they need to protect against interest rate risk. Interest rate risk is the most significant and volatile risk to pension schemes because a change in market conditions can have a big impact on both the assets and the liabilities of the pension scheme, affecting the funding level of the scheme. De-risking strategies are critical in light of defined benefit pension schemes becoming increasingly unsustainable. Pension schemes are putting many de-risking strategies into place and reevaluating their investment strategies to get to a position to reliably pay their members. This paper discusses how DB pension schemes are affected by interest rate risk, how the risk is reflected in the actuarial valuation report, and what strategies and tools are used to mitigate interest rate risk. This paper is the result of my five-month curricular internship at Willis Towers Watson. The focus of the internship was UK pension scheme valuations in which I worked with the liability calculations and analysis associated with the actuarial valuation report. The internship gave me the opportunity to apply the actuarial knowledge that I developed in the master to a real work environment. In this paper I show an example of one client who uses de-risking strategies against interest rate risk.
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Sutcliffe, Charles Martin Sydenham. "Financial aspects of UK occupational defined benefit pension schemes". Thesis, University of Reading, 2018. http://centaur.reading.ac.uk/77838/.
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This thesis consists of a number of publications which deal with various aspects of the financial aspects of UK occupational defined benefit pension schemes. It is divided into six main sections covering (1) the history of pensions and medieval corrodies, (2) the asset allocation decision and asset-liability models, (3) valuing schemes and setting the contribution rate-actuaries versus economists, (4) different scheme designs and the redistribution of penSion wealth, (5) interactions between the sponsor and the scheme and how they affect scheme asset allocation and scheme mergers, and (6) the replication of annuities. The common theme of these papers is the application of the techniques of financial economics to defined benefit occupational pension schemes, as opposed to those of the actuarial profession. This allows the application ofa logical and consistent methodology that sheds new light on old problems.
11
Sameea, Zakariya Sultan M. "Financing social insurance in Bahrain : its history, comparison with the UK experience and proposals for reform". Thesis, University of East Anglia, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.323255.
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Ngwira, Bernard Chiwiya. "Risk management and decision making in defined benefit pension schemes". Thesis, City University London, 2004. http://openaccess.city.ac.uk/8443/.
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stochastic approach to decision-making in defined benefit pension schemes is presented. Existing decision-making tools in the form of actuarial valuations and asset and liability modelling are discussed. These tools are shown to be inadequate to fully address the objectives of the various stakeholders. Pension fund control using a quadratic criteria with linear factors is studied in the case where the fund is invested in a risk-free asset and a risky asset. Optimal asset allocation strategies are shown to be counter-intuitive. The optimal strategy is shown to involve increasing the allocation in the risky asset as the fund deficit increases and increasing the allocation in the risk-free asset as the fund deficit decreases. It is further shown that increasing the weight on the linear factors leads to an increase in the optimal allocation in the risky asset. A risk management approach to decision-making is presented. This is shown to be a more satisfactory decision-making tool in terms of setting the funding and investment strategies. The objectives of the stakeholders are addressed through downside risk measures and a performance measure for the cost. Methods of solving the problem are discussed: an indifference curve approach and a stochastic multi-objective approach leading to Pareto optimal solutions. It is shown that, in the indifference curve approach, an "efficient region" exists. This efficient region is such that all funding and investment strategies outside this region are inefficient; that is, such strategies can be improved by choosing strategies in the region. On the other hand in the multi-objective approach, pareto optimal investment strategies are located along an "efficient frontier". An extension to the stochastic approach is presented. Optimal funding and asset allocation strategies, over a range of projection horizons, are determined by taking into account the probability of default by the sponsoring employer. It is shown that, over a short-term horizon, bond-only asset allocation strategies are optimal, whilst over a longer horizon equity-backed asset allocation strategies are optimal.
13
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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Farinha, Ana Jeanete Silva. "Components of UK defined benefit occupational pension schemes with a gender analysis". Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17787.
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Mestrado em FinançasQuando iniciamos uma carreira profissional, a intenção é garantir autossustentabilidade. À medida que a vida vai passando terminamos esse ciclo de carreira profissional e iniciamos um período de reforma. É importante garantir um rendimento auto sustentável nesta fase de vida e optar por subscrever um regime de pensões de Benefício Definido é uma forma viável de o fazer. O objetivo deste trabalho é entender quais poderão ser principais componentes que impactam o comportamento dos Planos Ocupacionais de Benefício Definido em número e valor. Isso significa que aumentando o valor final de um plano de pensão em particular, poderemos aumentar o número total de Planos Ocupacionais de Benefício Definido para a população que decidimos estudar. Como o sistema de Pensões do Reino Unido foi caracterizado por uma série de reformas discriminatórias em género, decidimos incluir uma secção com os comentários que consideramos importantes em relação a Análise de Género.
When we initiate our work life, the intention to do it is to guarantee our self-sustainability. As life goes by, we end our work life and start a retirement period. It is important to guarantee a self-sustainable income in this period of life and opt to subscribe a Defined Benefit (DB) Occupational Pension Scheme (OPS), is a viable way to do it. The aim of this work is to understand which can be components that impact (DB) (OPS) in number and in value by association. This means by increasing the final amount of a particular pension plan this can increase the total number of (DB) (OPS) in the population that we decided to study. As United Kingdom (UK) pension system has been conducted a serial Reform Acts that is gender discriminatory, we also perform the considerations that we intend as necessary on Gender Analysis.
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Yang, Wei. "Risk assessment of defined benefit pension schemes: an economic capital approach". Thesis, University of Kent, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.594096.
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Lukeš, Tomáš. "Political determinants of economic reforms: case study of of pension schemes". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-72229.
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The work aims to explain the character and success/failure of pension reforms with help of political explanatory variables. The constitution of given political system is considered, as well as the actual political alignment and the role of electorate, in explaining the processes underlying the pension scheme reforms - a major topic of today's aging societies. The case study approach is used, utilising the recent experience of Great Britain and Sweden in reforming the pensions. The findings are compared with the results and conclusions suggested by a dynamic economic model of pension scheme switch, demonstrating eventually what factors and conditions are favorable for pension reforms, both from the political and the economic point of view.
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Kayitare, Emmanuel. "Factors Affecting Rwandan Informal Sector Workers' Participation in Public Pension Schemes". ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2551.
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Social security is one of the key pillars of socioeconomic development in developing
countries. Despite being an internationally recognized basic right and a key pillar of
socioeconomic development, it does not protect the majority of the global workforce.
Over 90% of workers in developing countries do not have social security coverage, the
greatest percentage belonging to informal sector. In Rwanda, the national government has
stepped up efforts to extend coverage to the wider population, but informal sector
workers have not joined the existing pension scheme in significant numbers, and the
reasons for which are unclear. Guided by Maloney's theory of voluntarism; the purpose
of this phenomenological study was to examine the factors affecting the level of workers'
participation in informal sector in pension scheme in Rwanda. This study was designed to
provide new insights into the current social security situation of informal sector workers
in Rwanda and to contribute to the knowledge base on social security and the informal
sector. The research questions focused on awareness, income levels, and other factors
that can address the social security needs of informal sector workers. Data were collected
from 22 active workers from informal sector and 5 officials from ministries and agencies
who were well-versed with social security issues. Data were analyzed via Moustakas's
steps of epoche, phenomenological reduction, imaginative narration, and synthesis of
texture and structure. The results revealed that low incomes, lack of awareness, poor
benefit design, distrust of public schemes, and frustrating laws and procedures were
hindering the increased public pension coverage of informal sector workers in Rwanda.
These findings will help Rwandan policy makers to promote positive social change by
informing policies that enhance social protection of workers in informal sector.
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Zajmi, Arta. "Equalization of guaranteed minimum pensions in the United Kingdom". Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19275.
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Mestrado em Actuarial ScienceAntes de 1978, no RU, era ao Estado que competia assegurar o pagamento das pensões. Em abril de 1978, foi dada a possibilidade de os planos de previdência privados assumirem uma parte do sistema, desde que seguissem as mesmas regras. Foi assim que surgiu a PMG. A PMG é calculada considerando vários fatores, como idade, sexo e vida útil do membro. A idade de pagamento do benefício é diferente para membros masculinos e femininos, bem como a sua taxa de formação, que depende da vida útil do membro. Essas diferenças levaram a desigualdades nos montantes atribuídos a homens e mulheres com o mesmo período de serviço. Em 2018, três membros do sexo feminino, devido a essas desigualdades, processaram os administradores do esquema de pensões do Lloyds Bank. Como resultado deste processo, todos os regimes de pensões no RU ficaram obrigados a eliminar as diferenças injustificadas entre as PMG dos seus membros. O problema é que, a par da decisão, não foi indicada uma forma clara de como proceder para atingir a desejada equalização. Ainda que alguns métodos tenham sido propostos, a verdade é que os esquemas têm autonomia para escolher o método que acharem mais conveniente. Como se trata de um tema muito atual e que exige tratamento imediato, este trabalho é--lhe inteiramente dedicado. Depois de se fazer o necessário enquadramento do problema, apresentam-se os métodos de cálculo da PMG, analisam-se os diferentes fatores que causam desigualdades e mostra-se como a equalização é alcançada através dos métodos propostos.
Before 1978 in the United Kingdom, government paid all state pensions. However, in April 1978 private pension schemes were given the option to pay their members a part of the state pension as long as they followed the same rules. That part of the pension is called the Guaranteed Minimum Pension (GMP). GMP is calculated considering several factors, such as the member?s age, sex and working lifetime. GMP payment age is different for male and female members, as well as the accrual rate, which is dependent on the working lifetime of the member. These differences led to inequalities in the GMP pension between male and female members that had the same service period. In 2018, three female members, due to these inequalities, sued the trustees of the Lloyds Bank pension scheme. As an outcome of this judgment, all pension schemes in the UK were obliged to equalise GMP for all their members. In spite of the ruling, a clear way on how to proceed with the equalisation was not given, though some methods were proposed. As of now, schemes have the authority to choose the method they find most convenient. As this is a very pressing problem, this paper is entirely devoted to it. After setting the framework, we present how GMP is calculated, analyse the different factors that cause inequalities and show how the equalisation is achieved through the proposed methods. A number of examples and illustrations are provided.
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Gash, Alexander, i n/a. "Anticipatory Budgeting: A Long-Term Analysis of Old Age Pensions in Australia, Canada and Sweden". Griffith University. Griffith Business School, 2005. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20061109.103403.
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The impact of population ageing on the social budgets of the future is a phenomenon confronting many of the world's wealthiest and most advanced nations. The impending retirement of the 'baby boomers' has raised concerns about the inadequacy of budgetary frameworks (both conceptual and real) to fulfil the financial commitments of demographically sensitive programs, namely old age pensions. Pension schemes represent, by far, the largest social welfare commitment of first world nations. Old age pensions are also demographically sensitive. Furthermore, pension systems play a crucial role in alleviating poverty, in recognising the previous contribution of an individual and in maintaining of the social and economic wellbeing of democratic polities. The financial stability of pension schemes and the ability of governments to meet future commitments will become significant issues of public policy as the pressures from population ageing intensify. Yet, committing resources, or budgeting, for longer-term pressures is an inherently problematic exercise both from an intellectual and a practical perspective. For long-term resourcing to be successful it requires perfect foresight and a level of political commitment that typically eludes most politicians and governments. Longer or medium-term budgetary pressures are often ignored or avoided until they impact on the immediate chances of either fiscal or electoral success. As such, societies face the prospect of looming financial burdens, but only have a box of short-term tools at their disposal and a limited body of scholarship to guide them through this ticking political 'time bomb'. This research tackles a significant omission in the existing literature on budgeting, public policy and social welfare, by proposing a conceptual framework for the anticipation, conceptualisation and analysis of future budget pressures. In doing so, it brings together analytical frameworks of government budgeting and social policy from a number of disciplinary areas and weaves them into a conceptual framework that allows for diagnostic and prescriptive analysis of budgetary pressures within a particular policy/spending area. The framework is also compatible with existing budgetary frameworks and decision-making processes. Through the analysis of the old age pension systems in Australia, Canada and Sweden this thesis makes an important contribution to the understanding of how demographic transition will impact on the future stability of pension schemes. The thesis contends that ageing populations will place significant pressure on each pillar of the pension system to meet its future financial commitments. This pressure will, in turn, have important implications for national budgetary processes and old age pension policy over the coming decades. In particular, governments will be required to implement a range of techniques that sit both within and beyond the traditional bounds of most budget processes. It will be imperative for researchers to explore the complexities and political possibilities of budget reform and to search for ways in which the longer-term needs of society can be adequately satisfied through the budget process.
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Gash, Alexander. "Anticipatory Budgeting: A Long-Term Analysis of Old Age Pensions in Australia, Canada and Sweden". Thesis, Griffith University, 2005. http://hdl.handle.net/10072/365858.
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The impact of population ageing on the social budgets of the future is a phenomenon confronting many of the world's wealthiest and most advanced nations. The impending retirement of the 'baby boomers' has raised concerns about the inadequacy of budgetary frameworks (both conceptual and real) to fulfil the financial commitments of demographically sensitive programs, namely old age pensions. Pension schemes represent, by far, the largest social welfare commitment of first world nations. Old age pensions are also demographically sensitive. Furthermore, pension systems play a crucial role in alleviating poverty, in recognising the previous contribution of an individual and in maintaining of the social and economic wellbeing of democratic polities. The financial stability of pension schemes and the ability of governments to meet future commitments will become significant issues of public policy as the pressures from population ageing intensify. Yet, committing resources, or budgeting, for longer-term pressures is an inherently problematic exercise both from an intellectual and a practical perspective. For long-term resourcing to be successful it requires perfect foresight and a level of political commitment that typically eludes most politicians and governments. Longer or medium-term budgetary pressures are often ignored or avoided until they impact on the immediate chances of either fiscal or electoral success. As such, societies face the prospect of looming financial burdens, but only have a box of short-term tools at their disposal and a limited body of scholarship to guide them through this ticking political 'time bomb'. This research tackles a significant omission in the existing literature on budgeting, public policy and social welfare, by proposing a conceptual framework for the anticipation, conceptualisation and analysis of future budget pressures. In doing so, it brings together analytical frameworks of government budgeting and social policy from a number of disciplinary areas and weaves them into a conceptual framework that allows for diagnostic and prescriptive analysis of budgetary pressures within a particular policy/spending area. The framework is also compatible with existing budgetary frameworks and decision-making processes. Through the analysis of the old age pension systems in Australia, Canada and Sweden this thesis makes an important contribution to the understanding of how demographic transition will impact on the future stability of pension schemes. The thesis contends that ageing populations will place significant pressure on each pillar of the pension system to meet its future financial commitments. This pressure will, in turn, have important implications for national budgetary processes and old age pension policy over the coming decades. In particular, governments will be required to implement a range of techniques that sit both within and beyond the traditional bounds of most budget processes. It will be imperative for researchers to explore the complexities and political possibilities of budget reform and to search for ways in which the longer-term needs of society can be adequately satisfied through the budget process.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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Coutinho, Maria da Graça de Tavares e. Távora Pereira. "Analysing data from pension schemes : data quality and relevance for actuarial valuations". Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19018.
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Mestrado em Actuarial ScienceOs dados são o objeto de uma análise atuarial. O primeiro passo de uma avaliação é a revisão dos dados, juntamente com a definição dos pressupostos necessários e tendo conhecimento da teoria atuarial - estas componentes juntas permitirão ao atuário realizar os cálculos necessários e interpretar os resultados obtidos. Tendo isto em consideração, a qualidade dos dados sobressaiu como um elemento fundamental, tendo sido o tema escolhido para este trabalho. Depois de um estágio no escritório de Lisboa da Willis Towers Watson, percebi que os dados são um campo bastante importante, tendo sido algo com que lidei diariamente. Neste trabalho, darei um conhecimento inicial sobre fundos de pensões, especialmente fundos de pensões do Reino Unido, uma vez que foram o meu foco durante o estágio. Apresentarei ainda um caso de estudo sobre dificuldades nos dados e o seu impacto numa avaliação, de forma a fornecer uma ilustração com números reais e o impacto que pequenos problemas podem causar. Para este estudo, um cliente de treino foi usado e os problemas apresentados foram baseados na minha experiência no trabalho diário ? todas as incoerências apresentadas no Capítulo 5 foram encontradas (e corrigidas) em clientes reais nos quais trabalhei durante o estágio.
Data is the object of an actuarial analysis. Reviewing the data is the first step of a valuation, along with setting up assumptions and having the knowledge about the actuarial theory - these components together will enable the actuary to perform the necessary calculations and interpret its results. Having this in mind, data quality is something worthy to give a thought about and that's what this work will be for. After an internship at Willis Towers Watson Lisbon office, I realised data was a subject of high importance and the one I dealt with on a daily basis. Here, I will give some background knowledge about pension schemes, mainly United Kingdom pension schemes as they were my main focus. A case study about data issues and their impact on a valuation will be presented to give the reader real numbers and the real impact some minor data issues can have. For this study, a training client was used and the problems described were based on my work-experience - all inaccuracies present in Chapter 5 were found (and corrected) in real clients during my internship.
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Sweeting, Paul. "Schemes and sponsors: Issues in defined benefit pension provision in the United Kingdom". Thesis, University of Bristol, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.492564.
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This dissertation considers issues arising from the interaction between the defined benefit pension schemes and their sponsoring employers. If the pension scheme is in deficit - so has liabilities in excess of the assets held - then the shortfall must be made up by the sponsor; if there is a surplus of assets over liabilities, then the sponsor can use this to reduce the level of contributions payable.
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Silva, Francisco Wilson Ferreira da. "Financial study of actuarial solvency, economic and own pension schemes municipal social CearÃ". Universidade Federal do CearÃ, 2014. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=11978.
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nÃo hÃO ordenamento jurÃdico brasileiro, à partir de 1998, permitiu que os entes federativos estados e municÃpios pudessem migrar do Regime Geral de PrevidÃncia (RGPS), capitaneado pelo INSS, para um Regime PrÃprio de PrevidÃncia Social (RPPS) tomando o cuidado para os aportes financeiros necessÃrios para a harmonia do equilÃbrio atuarial de modo a garantir, no futuro, o pagamento dos benefÃcios a quem de direito (massa laboral incluÃda nos regimes previdenciÃrios), de sorte que dos 5.509 municÃpios brasileiros, 1.957 instituÃram os seus RPPS e, 55 municÃpios no Estado do CearÃ, dos 184 existentes. O objetivo principal desta pesquisa foi apurar o resultado atuarial dos RPPS instituÃdos nos municÃpios cearenses por meio de um software construÃdo pelo autor e confrontÃ-lo com o resultado atuarial contido nos Demonstrativos de Resultado das AvaliaÃÃes Atuariais â DRRAÂs. De acordo com os cÃlculos realizados os RPPS municipais cearenses apresentam dÃficit atuarial no montante de R$ 3.361.632.976,77, enquanto o valor do resultado atuarial demonstrados nos DRAAÂs apresentam dÃficit atuarial no valor de R$ 10.344.705.187,76. Em ambas as apuraÃÃes o resultado deficitÃrio tem concentraÃÃo nos municÃpios de Fortaleza, CanindÃ, MaracanaÃ, Juazeiro do Norte e Itapipoca. Na 1. e 2. apuraÃÃo os municÃpios de Amontada e Caucaia se mostraram superavitÃrios, acrescentando-se, tambÃm, que os municÃpios de Cruz e Fortim se revelaram superavitÃrios no cÃlculo realizado pelo autor. O dÃficit atuarial do MunicÃpio de Itapipoca apresentou-se preciso, tanto no cÃlculo formulado pelo autor, quanto no demonstrado no DRRA do ente. Conclui-se que os entes previdenciÃrios deficitÃrios nÃo oferecem sistema de estrutura para o acÃmulo de recursos para o pagamento de compromissos definidos nos planos de benefÃcios.
The Brazilian legal system , starting from 1998 revealed that the federative states and municipalities could migrate from the General Provident Fund Scheme ( RGPS ) , headed by the INSS , for its Own Social Security System ( RPPS ) taking care to financial contributions necessary for the harmony of actuarial balance to ensure in the future payment of benefits to those eligible ( work force included in pension schemes ) , so that the 5,509 Brazilian municipalities, 1,957 have instituted their RPPS and 55 towns in State of Cearà , the existing 184 . The main objective of this research was to determine the actuarial results of RPPS established in municipalities of Cearà through a software built by the author and confront him with the actuarial results contained in the statements of income of the Actuarial Reviews - DRRA 's. According to the calculations the Cearà municipal RPPS present actuarial deficit in the amount of R $ 3,361,632,976.77 , while the value of actuarial results demonstrated in the present DRAA 's actuarial deficit of R $ 10,344,705,187.76 . In both calculations the deficit result has concentration in the cities of Fortaleza, CanindÃ, MaracanaÃ, Juazeiro and Itapipoca. In 1. & 2. calculating the municipalities of Amontada and Caucaia proved surplus, also adding to the towns of Cruz and Fortim, the surplus calculation performed by the author. The actuarial deficit of the municipality of Itapipoca presented itself takes both the calculation made by the author, as in shown in the DRRA one. It is concluded that the pension deficit loved not offer structural system for the accumulation of resources for the payment of obligations defined benefit plans. There is evidence that there is no consistency in the figures to the MPAS during transport of the DRAA 's MPAS is recommending the external control bodies investigate that the reason pointed out the differences.
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Fox, Alison M. "An exploration of the governance and accountability of UK defined benefit pension schemes". Thesis, University of Dundee, 2010. https://discovery.dundee.ac.uk/en/studentTheses/85699d70-c916-4c85-910e-bb0ab103e120.
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In recent years, the financial status of pension schemes has attracted a great deal of attention from the national press and policy makers. Despite the resulting increase in regulation, many authors maintain that the governance of UK pension schemes remains opaque. This thesis analyses the accountability relationships that are evident in the governance mechanisms of UK pension schemes and investigates how accountability is discharged therein. It finds that trustees are central to the governance of UK pension schemes and that the following stakeholders are accountable to the trustees: (i) sub-committees to the trustee board; (ii) the fund manager; and (iii) the actuary. The evidence suggests that accountability is fully discharged in these relationships. Conversely, trustees are accountable to (i) the auditor; (ii) the PR; (iii) the sponsoring employer; and (iv) the members/beneficiaries of the pension scheme. The evidence suggests that a variety of documents are used to discharge the trustees’ accountability including: (i) the annual report of the pension scheme; (ii) the annual report of the sponsoring employer; (iii) the Statement of Investment Principles; (iv) the Summary Funding Statement; (v) the Popular Report; (vi) and other pension scheme media such as pension scheme booklets, the pension scheme web-site and annual benefit statements. In doing so, the evidence suggests that, in terms of Stewart’s (1984) model, accountability for probity and legality, process, performance and policy accountability is discharged. The evidence also suggests that, with the exception of the pension scheme members/beneficiaries, the trustees are held to account in all of their accountability relationships. The main finding of this thesis is that pension scheme members/beneficiaries fail to engage in the governance processes of the pension schemes on which they rely so much; if they wish to preserve their future pension benefits, they will need to find a voice.
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Šufliarska, Radka. "Komparácia variant kapitalizovaného penzijného piliera". Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-73724.
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This thesis deals with the comparison of funded pension schemes in United Kingdom and in Slovakia. The aim of the thesis is the classification of pension systems and consequently the characteristic of pension system's structure in United Kingdom and in Slovakia. The thesis also has for the other goal to carry out the comparison of funded pension schemes of both countries in terms of the most significant factors which influence finances invested in pension funds. The Thesis consists of four sections. The first chapter is devoted to the characteristics of construction of basic pension system types, the way of their funding, types of pension plans and structure of three tier pension system. The second and the third chapter is focused on pension systems of United Kingdom and Slovakia, demographic changes in both countries, previous and present forms of the system, changes and intended reforms. The fourth chapter comprises of the comparison of the investment portfolio structure, rate of return, costs and charges of pension funds.
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Carlsson, Evert. "After work - investing for retirement /". Göteborg : Department of Economics, School of Economics and Commercial Law [Nationalekonomiska institutionen], Göteborgs universitet, 2008. http://hdl.handle.net/2077/9574.
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Pailová, Vladimíra. "Penzijní připojištění jako nástroj krytí potřeb lidí ve stáří". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-9614.
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This thesis deals with problematics of pension schemes. First part contains characteristics of pensions schemes and short overview about deveplopment of this product in Czech Republic. In following parts, problems of pension schemes are described and characteristics of its successor pension packages are listed. In the final part, there is described life insurance as a main competitor to pension schemes and those two products are thoroughly compared.
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Růžková, Lucie. "Penzijní připojištění". Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-73490.
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This thesis deals with problematics of pension schemes.First part contains characteristics of pensions schemes, influence of demographic faktors on this product and short overview about development in Czech Republic. I expose reasons why is need to reform pension system. In the final part, there is described the proposed pension reform.
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Zhao, de Gosson de Varennes Yuwei. "Benefit Design, Retirement Decisions and Welfare Within and Across Generations in Defined Contribution Pension Schemes". Doctoral thesis, Uppsala universitet, Nationalekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-274253.
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Essay 1 (with Juha Alho and Edward Palmer): All around the world, public pension schemes are moving in the direction of non-financial (NDC) and financial defined contribution (DC) schemes. Both rely on accurate projections of life expectancy in the creation of annuities. Accurate projections are critical for system stability, individual utility and inter-generational welfare. This paper suggests a path-breaking innovation that changes the perspective from the Lee-carter (LC) family of trend models which assume a constant rate of change in mortality over time. Our approach is to project the cohort life expectancy on basis of the specific cohort rate of change in mortality. This relaxes the strong trend assumption underlying the LC model, which is the reason why LC model does not work well in the phase of accelerating or decelerating mortality. We use unisex mortality data for $8$ countries to test the performance of our approach both ex-post and ex-ante. The ex-post experiment shows that our approach generally performs better when the rate of change in mortality is accelerating and performs as well as LC model when the rate of change is time-invariant. The ex-ante experiment, on the other hand, shows that our model almost always delivers higher projection of remaining life expectancy than the LC model for the more recent cohorts, which is consistent with the ex-post experimental results.Essay 2: Due to the systematic underestimation of cohort life expectancy, NDC pension schemes face a financial risk that can leads to inter-generational unfairness, given the current practice. This paper proposes an alternative method of computing annuity to address this problem. The proposal is to adjust the annuity based on re-estimations of the remaining life expectancy at intervals after retirement, but only up to a ceiling age. The scheme is assessed using 208 cohort annuity pools from eight sample countries. This experiment shows that the proposed scheme succeeds in reducing the inter-generational unfairness for 60-80% of the cohort annuity pools, compared to current practice of fixing the annuity at age 65. Because the adjustment is borne by the relatively large group of younger persons, the per capita change in utility is rather small assuming risk neutrality.
Essay 3: This paper studies how the incentive to retire in a DC (NDC) scheme is influenced by engaging private information on life expectancy. This is an important question since the decisions made under the two scenarios, optimizing using the private life expectancy or the cohort average made available by the pension provider, create different welfare and financial outcomes. The analytical framework is a standard life-cycle model, accounting for monetary gain from work and non-monetary gain from leisure. The unique feature here is that the individual life expectancy is an explicit driver of disutility of work. The theoretical result is that prevailing private information of a longer-than-average life expectancy can lead to both advancing and delaying retirement, depending on other factors determining utility. The numerical example using Swedish data proves the theoretical results and suggests a rather small average impact on the choice of retirement by engaging private information of life expectancy.
Essay 4: Pensions in the increasingly popular Notional Defined Contribution (NDC) Pay-as-You-Go Schemes are granted based on cohort-specific life expectancy, regardless socioeconomic differences. This risks perverse intra-generational and unintended inter-generational transfers. This paper introduces an alternative with separate annuity pools for different socioeconomic classes. Using unique Swedish data and the Swedish NDC pension system as an example, the analysis shows a significant gap in life expectancy between socioeconomic classes defined by occupation. In the Swedish context, this implies a perverse transfer of 5% of the pension capital from the manual workers to the non-manual workers, which can be abolished by using the group plan. In addition, the group plan also lessens the risk of inter-generational transfers resulting from the gap in life expectancy.
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Soares, Mariana Flor Eiras. "UK pension funds : fund portfolio performance analysis". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20707.
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Mestrado em Mathematical FinanceNo UK, indivíduos recebem uma pensão após a reforma, ou se falecer sua/seu esposa/o. Esta pode ser oferecida pelo estado, mas um dos casos mais comuns é; as pessoas recebem-na do seu fundo de pensão ocupacional (derivado do seu caminho de trabalho). Este tipo de pensão é fornecido pelo empregador e acumula benefícios que irão gerar o salário do empregado após a reforma. Para financiar as pensões, os empregadores devem criar um portfólio de investimento, que inclui diversos fundos e classes de ativos (alguns que pretendem gerar maiores retornos, assumindo maiores riscos, e outros que pretendem gerar retornos seguros, mas mais baixos). De modo a monitorizar o desempenho destes fundos, com o fim de entender se está a ser feita uma gestão adequada dos mesmos, é necessário ter em conta os seguintes fatores: gestão de risco, alocação dentro das diferentes classes de fundos e seleção de fundos. Para este efeito é utilizado o método de analise de atribuição, que nos diz o valor que foi adicionado ao portfolio proveniente das decisões do gestor. No atual período de pandemia, que afetou os mercados financeiros de forma considerável, o estudo desenvolvido neste projeto, visa perceber qual foi o impacto desta situação em quatro portfolios diferentes, com diferentes estratégias de investimento, e maioritariamente estudar as diferentes posições que foram assumidas pelos diferentes gestores, com o objetivo de manter a estabilidade do desempenho dos portfolios depois da grande queda dos mercados que se deu com o fecho da economia no inicio de 2020.
In the UK, individuals receive a pension after their retirement or their spouse's death. This pension can be provided by the state, but one of the most common cases is that people will receive it from their occupational pension fund (in result of their work path). This type of pension is sponsored by the employer and it accumulates benefits that will generate the income of a person after their retirement. To fund the pensions of the employees, employers need to create investment portfolios, that include different funds and asset classes (some seek higher growth while assuming higher risk, and others seek guaranteed, but lower returns). To monitor the performance of these portfolios and understand if the management is being done efficiently, one needs to take into consideration: risk management, asset allocation and selection decisions. For this effect, we use the attribution analysis method, which tells us the value that has been added to the portfolio by the active management decisions. In a period of pandemic, that affected the financial markets considerably, the study practiced in this project, aims to understand what was the impact of the situation in four different portfolios, with different investment strategies, and mainly to study the different positions that were assumed by the different managers, in order to keep the portfolios stability after the rough market crash that came with the economic shutdown in the beginning of 2020.
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Carvalho, Tiago Lima de. "Asset-liability management in pension funds". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21054.
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Mestrado em Mathematical FinanceOs fundos de pensão têm uma participação representativa nos mercados financeiros, seja considerando o capital investido ou o perfil de escolha de ativos. Nos planos de pensão de benefício definido, o foco é assegurar cobrir os passivos com os ativos existentes. A gestão de ativos e passivos (em inglês ALM) é o conjunto de métodos e ferramentas projetadas com a finalidade de orientar como os fundos devem investir seus ativos a fim de que, em determinada data, seja possível pagar seus passivos. Este conceito é amplamente utilizado em empresas seguradoras e fundos de pensão. O portfolio de investimentos é construído de acordo com análises de mercado, definição dos riscos em que o fundo deseja se expor e os objetivos de retorno. O propósito deste projeto é, aplicando a teoria de investimentos orientados a passivos, recuperar o nível de financiamento de um fundo de pensões, a fim de cumprir com as metas do esquema e se expondo ao menor risco possível. Este projeto terá como informação base a estimativa dos passivos, da taxa de juros e da inflação. A partir deles, contruiremos o portfolio de investimentos, projetaremos o fluxo de caixa e monitoraremos o risco de não cumprimento dos objetivos. Para validar a consistência do modelo, iremos comparar contra uma estratégia mais arriscada. As conclusões, após contextualização (prática e teórica), demonstram que é possível recuperar o nível de financiamento, de acordo com prazos estabelecidos e com um nível moderado de risco.
Pension funds have a very representative role in the financial markets, considering investments made and the asset allocations profile. In defined benefit pension schemes, the major focus is to secure the participants future payments with the accumulated contributions. Or, in other words, to cover the liabilities with the assets. Asset Liability Management (ALM) is a collection of methodologies and tools structured to guide the assets investments in order to protect the liabilities. This concept has been used largely in insurance companies and pension funds. It analyzes market expectations, scheme risks and objectives, in order to create the best asset investment option. The purpose of this project is, using a Liability Driven Investment (LDI) technique, recover the Funding Ratio of a pension fund, achieve the scheme goals and minimize the risk. Project liabilities, interest rate and inflation are the bases of this work. Build the asset portfolio, project the fund cashflow and track the risk are the principal steps to achieve the goal. To check the results adherence, the output will be compared with a bold recovery strategy. To conclude, after setting the context (theoretical and practical perspectives), the work will show how to recover a Funding Ratio using a developed model and keeping the risk inside pension plan limits.
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Schulz, Peter. "Occupational pension schemes in Germany changes in the German landscape of old-age plans, cta model". Hamburg Diplomica-Verl, 2007. http://d-nb.info/987352857/04.
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Schulz, Peter. "Occupational pension schemes in Germany : changes in the German landscape of old-age plans, cta model /". Hamburg : Diplomica Verl, 2008. http://www.diplom.de/katalog/arbeit/10523.
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Freudenberg, Christoph [Verfasser], i Bernd [Akademischer Betreuer] Raffelhüschen. "Adequacy and fiscal sustainability : a long-term evaluation of public pension schemes in Hungary and Poland". Freiburg : Universität, 2015. http://d-nb.info/1122592744/34.
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Zimermannová, Petra. "Závislosť finančnej gramotnosti a dopytu po produktoch zabezpečujúcich tretí vek". Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-262217.
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This master thesis aims to explore the relationship between financial literacy and probability of saving in private pension schemes in the Czech Republic among citizens older than 50 years. While the first part of this master thesis provides overview of pension systems among the OECD countries with emphasis on the Czech Republic, the second part brings the theoretical background for the financial literacy and for the measurements of financial literacy according to international studies. The last part of this master thesis serves as a practical part of this master thesis. In order to examine the relationship between financial literacy and saving for retirement, we performed a logistic regression. We set the probability of saving in a private pension scheme as a dependent variable and independent variables according to the studied literature. The last part of this master thesis also provides the summary of our conclusions about the importance of financial literacy within the decisions about saving for retirement and also the opinion that the lack of financial literacy was one of the main causes for unsuccessful pension reform in the Czech Republic where the second pillar was cancelled recently.
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Weber, Carlos Augusto Pereira. "Previdência social : diagnósticos e impacto da nova previdência complementar dos servidores públicos federais no Brasil". reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2016. http://hdl.handle.net/10183/147429.
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O objetivo deste trabalho é verificar o impacto na alteração do regime previdenciário de repartição para um modelo misto, através da criação do fundo complementar previdenciário para os novos servidores federais no Brasil. O estudo apresenta os diagnósticos e os conceitos e modelos de previdência adotados no Brasil e sintetiza as experiências de países latino-americanos que reformaram seus respectivos regimes previdenciários com a finalidade de reduzir o déficit com os inativos. No caso brasileiro, após a promulgação da Constituição Federal de 1988 foram editadas duas Emendas Constitucionais (a de nº 20 de 1998 e a de nº 41 de 2003) que possibilitaram a criação, em 2012, da entidade fechada de previdência complementar, para os novos servidores públicos federais, chamada FUNPRESP. O estudo conclui que com o surgimento deste fundo, será possível equalizar os valores dos benefícios pagos entre os regimes geral e próprio. Nesse sentido, o teto dos benefícios de aposentadorias pagos do regime próprio dos servidores federais estará indexado ao valor do teto do regime geral de previdência social. Assim, caso o servidor decida suplementar ganhos acima deste teto, para fins de aposentadoria, ele deverá aderir ao fundo e contribuir, sobre o salário participação, em uma conta individualizada. Desta forma, o governo buscou garantir equidade nos pagamentos de benefícios entre os regimes de previdência geral e próprio, além de tentar reduzir o déficit das contas públicas previdenciárias no longo prazo.The objective of the present paper is to check the impact on changing from the actual social security of federal pensions to a mixed model, through a creation of a defined contribution pension plan for new federal public employees in Brazil. The study show off diagnostics and exhibit the concepts of pension models adopted in Brazil and brief international experiences of countries that have altered their social pension schemes in Latin America, with object to reduce government deficits of inactive. In the Brazilian case, after the Federal Constitution of 1988, Constitutional Amendments were enacted (nº 20 of 1998 and nº 41 of 2003) which enabled the creation, in 2012, of a complementary retirement plan for new federal public employees, called FUNPRESP. The study concludes than with the emergence of this fund, it will be possible to equalize the amounts of benefits paid between pension schemes. Thereby, the remuneration limit of the benefits paid to the actual system of federal employees pensions will be indexed to the remuneration limit of the general social security. Therefore, if the public employee decides complement gains above this compensation limit, for pension purposes, they should choose to contribute with a quota to an individualized pension plan. So, the government tried to ensure equity in benefit payments between the pension schemes, as well as tried to reduce the deficit of the social security public finances in the long term.
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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.
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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.
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Aguiar, Emílio Júnior Ribeiro. "Early retirement reductions covered by a DC pension plan : case study analysis for Portugal". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21065.
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Mestrado em Actuarial ScienceEm Portugal, o envelhecimento da população desafia a sustentabilidade financeira do sistema de Segurança Social. Ao longo dos anos, muitas emendas legislativas foram introduzidas no sistema de Previdência Social com o objetivo de torná-lo auto-sustentável, todavia existe uma dificuldade para entregá-lo sem restringir os benefícios de aposentadoria devido a evolução demográfica. Inevitavelmente, isso leva a impactos negativos nas pensões de aposentadoria por idade. As administrações anteriores combinaram essas reformas com medidas que reforçam o estabelecimento de esquemas privados de fundos de pensões, dando-lhe um papel mais preponderante, de forma a diversificar as fontes de renda de aposentadoria. No contexto de aumento da responsabilidade individual pela adequação da renda de aposentadoria. Esta dissertação analisa a pensão de velhice com especial enfoque nas reformas antecipadas, dada a forte penalização que existe. Além disso, verifica-se a possibilidade de um plano de contribuição definida para mitigar totalmente essas reduções. Portanto, são descritos os dois sistemas, o público e o complementar.
In Portugal, population ageing is challenging the financial sustainability of the Social Security system. Throughout the years many legislative amendments have been introduced in the Social Security system, with the goal to make it self-sustainable, but it is struggling to deliver it without restricting old-age benefits due to the increase of the elderly population. Inevitably, this leads to negative impacts in the old-age retirement pensions. Past administrations have combined these reforms with measures to reinforce the establishment of the funded private pension sector, giving it a more prominent role, so as to diversify the sources of retirement income. In the context of increasing the individual responsibility for the adequacy of retirement income. This paper analyses the old-age benefits with special focus in the early retirement option, given the heavy penalties inherent to this option. Also, examines the possibility of fund a DC pension plan to fully mitigate those penalties.
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Гордієнко, В. В. "Організація діяльності недержавних пенсійних фондів в Україні". Thesis, Українська академія банківської справи Національного банку України, 1998. http://essuir.sumdu.edu.ua/handle/123456789/51470.
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В дисертації визначені суть, значення, функції та необхідність широкого впровадження недержавних пенсійних фондів в сучасну практику пенсійних відносин в Україні. В роботі запропоновано пенсійні схеми, що найбільш притаманні в застосуванні недержавними пенсійними фондами. Обґрунтована необхідність удосконалення нормативно-правового забезпечення діяльності Недержавних пенсійних фондів. Запропоновано методику розрахунку пенсійних внесків та пенсійних виплат, а також систему показників для визначення ступеня ризику при інвестуванні грошових потоків недержавними пенсійними фондами.В диссертации определены суть, значение, функции и необходимость широкого внедрения негосударственных пенсионных фондов в современную практику пенсионных отношений в Украине. В работе предложены пенсионные схемы, которые наиболее эффективные в использовании негосударственными пенсионными фондами. Обоснована необходимость совершенствования нормативно-правового обеспечения деятельности негосударственных пенсионных фондов. Предложена методика расчета пенсионных взносов и пенсионных выплат, а также система показателей для определения степени риска при инвестировании денежных потоков негосударственными пенсионными фондами.
The essence, meaning, functions and the necessity of the wide implementation of non-state pension funds in Ukraine are highlighted in the dissertation. Pension schemes which are mostly used by non-state pension funds are given. The necessity of improving the prescriptive legal support of non-state pension funds is proven. The methods of indexes for determining the risk degree while investing money flows by non-state pension funds are suggested.
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Vanišová, Šárka. "Analýza výnosnosti penzijního připojištění s důrazem na zdaňování". Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-72700.
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The subject of this thesis is to assess the status of the supplementary pension scheme in the Czech Republic. The work deals with issues of return pension schemes. Examines aspects that affect profitability, in particular the taxation of pension schemes and the investment of pension funds. On the basis of the knowledge generated through analysis of the comparison is made of benefits to be paid at the end of the period -- annuities and lump sum compensation. The analysis performed provides information about which of these benefits is for the client to the pension fund more profitable option. The first part of the work deals with the characteristics of the supplementary pension scheme in the Czech Republic, describes its emergence, evolution, status in the pensions system. In the second chapter are discussed the main aspects that affect its profitability, taxation, and return on pension funds. The third chapter contains the comparsion annuities and lump sum compensation.
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Polický, Martin. "Analýza penzijních systémů vybraných zemí EU". Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113279.
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This thesis deals with analysis of pensions system of European Union with the focus on demographic development and situation on labour market. It deals with historic development of pension systems and various classifications of these systems. Consequently, it looks into theoretical advantages of PAYG systems and fund-schemes in terms of demographic development and labour market. In the empirical part, this thesis analyzes choosen pension scheme of European Union in the criteria of social security, financial sustainability and microeconomic efficiency. The results of the analysis imply that the Netherlands' pension scheme might be the best, because it performed well in all criteria. The work is then trying to answer the question, whether the fund-scheme is better than PAYG system when it comes to meeting the challenges of ageing population. This thesis finds little evidence that the fund-scheme could cope better with the challenges than the PAYG system and therefore this thesis concludes that fund-scheme is not a solution to the demographic development.
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Lütke, Kleimann Mechthild. "Occupational Pension Schemes and their Relevance for the Employment Relationship in Germany. A Case Study Approach in the German Financial Services Sector". Thesis, University of Bradford, 2018. http://hdl.handle.net/10454/17180.
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Due to employees’ reduced entitlements to the German statutory state pension on
the one hand, and the challenge to employers of a skilled worker shortage on the
other, employers’ contributions towards occupational pension schemes (OPS)
might be an effective human-resources management tool. Thus, the overarching
research question is: What is the relevance of OPS for the employment
relationship in Germany? Five sub-research questions address the role of OPS in
recruitment and retention management, organisational commitment, the potential
differences between women and men and between young and old employees and
the employees’ psychological contract. The empirical study is a single case study
in the financial-services sector.
Key findings: OPS are of more relevance for retaining employees than for
recruiting them. Their role differs significantly between employees with different
generations of the OPS and, therefore, different pension entitlements. Only minor
differences can be found between women and men and between younger and
older employees. Satisfaction with the occupational pension scheme has no
significant impact on organisational commitment. The majority of employees
perceived psychological contract fulfilment with respect to the OPS.
The contribution to theory is the closure of five research gaps. As far as is
known, this is the first study in Germany that analyses the role of OPS in a
specified context and from multifaceted viewpoints (recruitment/retention,
quantitative/qualitative, men/women, age groups).
The contribution to practice comprises the provision of a transferable analysis
blueprint of the role of OPS in the employment relationship and the provision of
recommendations that relate, among others, to communication and information
aspects, cost-benefit calculations and the usage of additional employer
contributions as a possible selective reward element.
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Mellkvist, Lars. "Den andres bröd : Levnadsrisk utifrån Lee-Cartermodellen". Thesis, Uppsala University, Department of Economics, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-9227.
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Under det gångna århundradet ökade den förväntade livslängden avsevärt såväl i Sverige som i övriga världen. 1900-talets förbättrade livslängd drevs inledningsvis av en minskad barnadödlighet medan de senare årtiondena kännetecknades av minskad dödlighet i höga åldrar.
En åldrande befolkning innebär ökade krav på sjukvård, äldreomsorg och inte minst pensionssystem. Pålitliga prognoser för vår framtida livslängd behövs för att beräkna de resurser som nämnda verksamheter kommer att ta i anspråk och utgör förutsättningen för en rättvis prissättning av försäkringsprodukter med levnadsrisk.
Lee-Carter-modellen är en av vår tids tongivande modeller för mortalitetsprognostisering. Modellen används här för att göra livslängdsprognoser utifrån svenska mortalitetsdata; prognoserna jämförs sedan med observerade utfall.
Mot bakgrund av resultatet diskuteras levnadsrisk med fokus på pensioner.
Inte oväntat presterar prognoserna ingen felfri bild av verkligheten och prognosfelet varierar i storlek mellan skattningarna; att använda dem som underlag för pensionsberäkningar hade i förlängningen varit ohållbart. Exemplet illustrerar på samma gång vår osäkerhet inför framtidens livslängdsutveckling och svårigheten i att prognostisera den.
During the past century, Sweden along with many other countries experienced a sharp decline in mortality rates. The increased life expectancy was initially propelled by mortality reductions among infants and subsequently by a survival improvement in advanced ages.
An ageing population has large implications for those providing services to the elderly, such as medical care and pensions, whilst also addressing the need for accurate and reliable mortality forecasts and projection methods.
The Lee-Carter model is the current gold standard for mortality forecasting and has been widely adopted in several studies. Here, the model is applied on Swedish mortality data; the projections are then compared to the observed lifespan development. Against this backdrop, a discussion on longevity risk in pensions schemes follows.
The forecasts performed in this study do not perfectly reflect the observed mortality change in the examined period; furthermore, the variation of the estimation errors limits the actuarial value of the projections. The findings illuminate the uncertainty that surrounds our future life expectancy as well as the difficulties associated with forecasting it.
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Thießen, Friedrich, i Jan Justus Brenger. "Scheinbare und tatsächliche Kostenbelastung von Rürup-Renten-Verträgen". Universitätsbibliothek Chemnitz, 2017. http://nbn-resolving.de/urn:nbn:de:bsz:ch1-qucosa-229370.
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Rürup-Renten-Verträge als Form der privaten Altersvorsorge sollen Verbrauchern als eine zukünftige Einnahmequelle im Rentenalter dienen. Es sind komplizierte langlaufende Verträge. Eine Produktbeschreibung erhält der Verbraucher durch das seit dem 01.01.2017 gesetzlich vorgeschriebene Produktionsformationsblatt. In diesem wird auch zu den Kosten Stellung genommen. Die aufzuführenden Kostenbestandteile sind gesetzlich vorgeschrieben. Die von den Anbietern gewählte Darstellungsart der Kosten ist aber so verklausuliert, dass eine verständnisvolle Kostenübersicht erheblich erschwert wird. Die Gesamtkosten eines Vertrages werden verschleiert. Ein Vergleich mit alternativen Anlageformen wird erschwert. Ein Kostenwettbewerb kann nicht zustande kommen. In unserem Beispiel zehren die Kosten ein Drittel der Sparbeiträge auf. Angesichts der volkswirtschaftlichen Bedeutung der Altersvorsorge sollte der Gesetzgeber korrigieren und ein verständlicheres Informationsblatt vorschreibenRürup pension contracts allow future payments after retirement. For consumers their structure is hard to understand. Since January 1st, 2017, a key information document (“product information sheet”) is required by law. It gives an overview of the product and its characteristics. It contains information about the cost of the contract. Unfortunately, this information is difficult to understand. The sheet only conveys an unclear view of the costs incurred. E.g. no information about the total costs are given. Instead the costs are split into different components which are explained in differing ways. Due to such intransparent information a comparison between alternative plans is hardly possible. In our example one third of all savings are allocated to costs. According to the high economic importance of private pension schemes government should prescribe a key information document with clearer and more honest information
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Dinis, José Pedro Rodrigues. "Planos e fundos de pensões no Reino Unido : uma visão geral". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21109.
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Mestrado em Mathematical FinanceNum esquema Benefício Definido, a promessa de um benefício é garantida pela empresa, muitas vezes indexada a um benefício baseado nos últimos salários pré-reforma. Esta promessa implica uma gestão cuidada das responsabilidades futuras de reforma, o que resulta em custos acrescidos em torno de cálculos atuariais complexos, de modo a calcular o valor necessário de Assets que garantam o pagamento do benefício no término da vida ativa do membro. Estes cálculos têm sempre por base pressupostos financeiros que permitem a projeção dos benefícios até à idade de reforma. Num esquema de Contribuição Definida, em vez de um benefício definido existem contribuições definidas, em que o valor do benefício do membro (na reforma) é sempre dependente da Performance do fundo. A empresa detentora de um esquema de Contribuição Definida não necessita de recorrer a cálculos atuarias, o que implica uma gestão bastante simplificada quando comparada à gestão em esquemas Benefício Definido. No departamento de avaliações da Mercer, desenvolvem-se avaliações atuariais baseadas em pressupostos providenciados por uma equipa de consultores. A minha tarefa no decorrer do meu estágio era garantir uma análise cuidada do comportamento das Liabilities do esquema, de modo a retificar possíveis ganhos ou perdas no nível de financiamento, entre as duas avaliações. Com esta análise, observa-se a capacidade financeira do esquema, onde se verifica se o valor dos Assets é suficiente para financiar os benefícios de pensão de cada membro. Finalmente, todos os resultados são posteriormente apresentados aos Trustees, de modo a tomarem medidas necessárias de gestão do esquema.
Defined Benefit pension schemes require scrupulous management of future benefit payments. This comes with the extra cost for companies, since the payments need to be managed through actuarial calculations. Calculating the required employee payments until the age of retirement, and matching them to benefit payments until the age of death of the benefit-holder, are some of the factors that make these calculations so complex and uncertain. Therefore, companies have adopted the Defined Contributions approach. This method mitigates risk for the employers, by defining fixed contributions from the behalf of the employee. The benefits are directly tied to the performance of the underlying pension fund. This approach reduces uncertainty on the age of death and cash flow projections. Therefore, this method is more simple and transparent. Mercer's evaluations department, carries actuarial calculations based on input from consultants in an in-house software. The liabilities of the pension scheme are updated based on the year of evaluation. Throughout my internship, I was in charge of monitoring the individual pension scheme's liabilities while ensuring a sufficient assets coverage. Furthermore, the analysis conducted throughout my internship was presented to the Trustees and used to manage the pension scheme.
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Nitti, Alessandro. "The Italian Asset Management market from an Asset Servicer’s perspective". Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-195837.
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The asset management industry constitutes a vital part of the economy thanks to its financing role. The sector has profoundly changed since its establishment and, nowadays, changes in organization, investors’ behaviour and regulatory framework are deeply reshaping the industry. In this context, also the Italian market, which has traditionally been characterised by some distinguishing features, is being influenced by a series of modifications at both European and national level. The purpose of this paper is to analyse the Italian Asset Management industry’s structure and organisation, understand how it is evolving and grasp the factors that can affect its market to then draw implications influencing the business and operations of an asset servicer. This work divides the Italian Asset Management market into two parts, the Asset Managers segment, including collective management and discretionary mandates, and the Pension Schemes segment. These two composing parts are analysed from an Asset Servicer’s perspective, presenting data over the financial instruments they contain. The paper follows the Case Study approach employing mainly secondary quantitative data. In Italy, the distribution of Asset Management products as well as trading activities remain based on banking networks. In recent years, among collective management products, foreign-law mutual funds are the ones that grew the most. This, along with the fact that the asset servicers’ market is dominate by few specialized players operating on a global scale, puts the spotlight on asset servicers’ cross-border level of integration. Even tough discretionary mandates are struggling to recover and have grown at a slower pace, due to “MiFID II” upcoming rules, financial intermediaries will be encouraged to place these products on the market. Lastly, the Italian pension system is underdeveloped if compared to other European countries and few players own the majority of the complementary pension schemes market. The paper highlights how technology innovations, policies of the ruling governments, interest rates levels and national and communitarian regulation are the factors driving the asset management industry.
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Kačėnaitė, Jurgita. "Pensijų fondų veiklos teisinis reguliavimas". Master's thesis, Lithuanian Academic Libraries Network (LABT), 2006. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2007~D_20061227_171449-97265.
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Lietuvos Respublikoje nuo 2004 metų veikia nauja socialinio draudimo pensijų sistema. Ji
suteikia Lietuvos Respublikos gyventojams teisę kaupti papildomai pensijos daliai pensijų fonduose.
II ir III pakopos pensijų fondų veiklos priežiūrą atlieka Lietuvos Respublikos Vertybinių popierių
komisija.
Pensijos yra tam tikra taupymo forma, kuri leidžia sulyginti pajamas per visą gyvenimo
laikotarpį. Kiekvienas dirbantis žmogus gali taupyti tam tikrą einamųjų pajamų dalį, taip
užtikrindamas sau išmokas iš÷jus į pensiją. Todėl išsivysčiusiose šalyse pensijos ir pensijų fondai
vystėsi jau nuo senų laikų – jų užuomazgų galima rasti jau XVII amžiuje. Pirmosios valstybinės
pensijos įvestos, generolo Oto fon Bismarko dėka, Vokietijoje 1889 metais.
Daugumoje Europos Sąjungos valstybių praktikoje išryškėjo tendencija II pensijų sistemos
pakopą daryti kaip privalomąją. Lietuvos Respublikos privalomąjį pobūdį išlaikė tik pirmoji pakopa,
tuo tarpu antroji ir trečioji yra savanoriškos. Nuo 2004 m. sausio m÷n. 1 d. Lietuvos Respublikos gyventojai dalį įmokų “Sodrai” turi teisę
pervesti į pensijų fondus, o taip pat gali savanoriškai kaupti papildomai pensijos daliai pensijų
fonduose ar gyvybės draudimo įmonėse, mokėdami tam tikro dydžio įmokas. Teisę tapti pensijų
fondo dalyviu turi asmenys, privalomai draudžiami valstybiniu socialiniu pensijų draudimu
pagrindinei ir papildomai pensijos daliai gauti, išskyrus asmenis, kurie jau yra sukakę senatvės
pensijos amžių. Pensijų įmokos dydis 2006 metais... [to full text]Lithuanians, since 01/01/04, a part of their payments to “Sodra” can remit in pension funds. All pension accumulation enterprises are strictly controlled and supervised by the Stock Commission. Pension is a particular way on saving, which allows dispensing lifetime income. Every working person can put aside a certain part of his income, thus guaranteeing allowance when the person retires. In wealthy countries pensions and pension funds have existed for a long time, their origins dating as far back as the 17th. First retirement was instituted by Otto von Bismarck in Germany 1889. There is a tendency that in most of European Union states II level’s of the pension system are compulsory. In Lithuania only I level is compulsory, while II and III are voluntary. Lithuanians, since 01/01/04, a part of their payments to “Sodra” can remit in pension funds, also they can accumulate voluntary for subsidiary part of the pension in pension funds or insurance enterprises, by making certain payments. To become a participant of the pension fund may a person, who is compulsory insured with the social retirement insurance, to get main or subsidiary part of pension. Person, who is already turned the retirement age, have no right to participate in the second level. In 2006 the pension payment is 4.5 percent, since 2007 – 5.5 percent of participant’s income, from which the national social security payments are countable. Payments are remitted from VSDF (National Social Insurance Fund) budget to... [to full text]
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Teixeira, Marcio França. "A previdência em carne e osso". Pontifícia Universidade Católica de São Paulo, 2008. https://tede2.pucsp.br/handle/handle/12559.
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Previous issue date: 2008-10-10Search This search, from a reading of the historical evolution of the legislation are highlighted Previdenciária where all constitutional amendments, compared examine the benefits of retirees by the General Rules and by the Owner. The main analysis is to show, through subject of meat and bone, how does the benefits and finds that its decline is in economic terms. Finally, the poll showed what other consequences the decrease in benefits brings to the subject of meat and bone
Esta Pesquisa busca, por intermédio de uma leitura da evolução histórica da Legislação Previdenciária em que são evidenciadas todas alterações constitucionais, analisar comparativamente os benefícios previdenciários dos aposentados pelo Regime Geral e pelo Regime Próprio. O objetivo principal é mostrar, por meio de sujeitos de carne e osso, o quanto significa o benefício previdenciário e o que seu constante declínio representa em termos econômicos. Por fim, a pesquisa demonstrou quais outras conseqüências a diminuição do benefício previdenciário traz ao sujeito de carne e osso
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Balnave, Nikola Robyn. "Industrial Welfarism in Australia 1890-1965". University of Sydney. Work and Organisational Studies, 2002. http://hdl.handle.net/2123/572.
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This thesis examines industrial welfarism in Australia from 1890 to 1965. This period witnessed the gradual spread of the welfarism movement throughout Australian industry as employers sought ways to increase productivity and control in the face of external challenges. Once reaching its peak in the immediate post-War period, the welfarism movement was gradually subsumed as part of the increasing formalisation of personnel management. Waves of interest in welfare provision coincided with periods of labour shortage and/or labour militancy in Australia, indicating its dual role in the management of labour. Firstly, by offering benefits and services beyond that made necessary by the law or industrial awards, welfarism was designed to create a pool of good quality workers for management to draw from. Secondly, managers sought to enhance their control over these workers and their productive effort, using welfarism as a technique to build worker consent to managerial authority. This could be achieved through subtle methods aimed at boosting loyalty and morale, or through more direct programs designed to increase worker dependency on the company. In both ways, individual and collective worker resistance could be minimised, thereby reinforcing managerial prerogative. Despite its adoption by a variety of companies, a number of economic, political and institutional factors limited the extent of industrial welfarism in Australia. These include the small-scale of most enterprises prior to the Second World War, state involvement in the area of industrial relations and welfare provision, and the strength of organised labour. While the welfarism movement did not reach the heights experienced overseas, it nonetheless provided an important contribution to the development of formal labour management in Australia.
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Arenas, Stephanie Lucic. "Actuarial gains and losses for an Irish pension scheme". Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16965.
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Mestrado em Actuarial ScienceOs planos de pensões proporcionam uma fonte de rendimento no período de reforma, adquiridos durante a vida ativa. São extremamente importantes porque constituem uma das principais fontes dos benefícios facultados pelas empresas aos seus colaboradores, e também da poupança nacional. As responsabilidades de um plano de pensões representam o montante de capital que será necessário para o pagamento de benefícios futuros. A principal preocupação de um atuário no processo da avaliação de um plano de pensões é identificar se os passivos estimados correspondem de facto aos compromissos assumidos. Para mensurar e analisar se uma avaliação atuarial está do lado seguro, o atuário precisa de efetuar uma análise de ganhos e perdas atuariais. Durante um período de cinco meses realizei um estágio na Mercer, empresa de consultoria que atua em 3 grandes áreas: Carreira, Pensões e Investimentos e Benefícios. Este relatório é o resultado final da experiência obtida no estágio ao longo desse período. O principal objetivo foi estudar as bases necessárias para a realização de uma avaliação atuarial, bem como uma análise das causas subjacente a cada elemento que contribui para o ganho ou perda atuarial. Todas as ações foram desenvolvidas no contexto da realidade irlandesa.
Pension plans provide most of income at retirement to many people. They are extremely important as one of the main sources of labor benefits and also of national savings. The liabilities of a pension plan correspond to amounts of money that have to be set aside, in order to pay for future obligations. The main concern of an actuary performing an actuarial valuation on a pension scheme is whether the estimated liabilities will be enough to cover future commitments. In order to measure and assess if the actuarial valuation is on the safe side, the actuary needs to perform an actuarial gain and loss analysis. A 5-month internship was done in Mercer, a consulting firm operating in the areas of human capital, wealth and health programs. This paper is the result of the internship. In this report, we aimed to study the basis on how to perform an actuarial valuation, followed by an analysis of the reasoning behind each element that contributes to an actuarial gain or loss. All actions were developed in the framework of the Irish case.
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