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1
Sorsa, Ville-Pekka, i Natascha van der Zwan. "Sustaining the unsustainable? The political sustainability of pensions in Finland and the Netherlands". Journal of European Social Policy 32, nr 1 (16.11.2021): 91–104. http://dx.doi.org/10.1177/09589287211035691.
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What makes a pension scheme sustainable? Most answers to this question have revolved around expert assessments of pension schemes’ affordability or adequacy. This study shifts focus from the financial or social sustainability of pension scheme designs to their political sustainability. Political sustainability refers to policymakers’ ability and willingness to sustain pension schemes in the face of perceived challenges. We seek to fill a key research gap concerning the political sustainability of pensions by highlighting the processes of parametric adjustment through which pension schemes are sustained. We show how capital, labour and state actors have been able to actively sustain collective defined benefit (DB) pension schemes in two coordinated market economies, Finland and the Netherlands. The two countries have managed to sustain their DB pensions for relatively long periods of time despite facing the same sustainability challenges that have motivated paradigmatic shifts in other pension systems. We find that sustaining has been successful thanks to a governance culture in which policymakers have been willing to keep all pension scheme parameters open for negotiation and an institutional context that made policymakers able to turn parametric pension reforms into power resources for further reforms. Our findings also explain recent changes in the Netherlands, which moved the Dutch system towards collective defined contribution pensions.
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Daykin, C. D., i A. G. Young. "The Effect of Demographic Factors and Indexation on the Long term Financing of the State Earnings-Related Pension Scheme." Journal of the Staple Inn Actuarial Society 30 (grudzień 1987): 181–98. http://dx.doi.org/10.1017/s0020269x00010136.
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In September 1974 Barbara Castle published her proposals for a new earnings-related State pension scheme in her White Paper “Better Pensions”. This followed a succession of attempts by previous Secretaries of State for Social Services to change State pension arrangements radically. Unlike the ill-fated Crossman and Joseph schemes, however, the Castle scheme succeeded both in reaching the statute book and in coming into operation. A Bill was introduced in February 1975 and on 7 August 1975 the Social Security Pensions Act 1975 received the Royal Assent. The State earnings-related pension scheme (SERPS) came into operation on 6 April 1978. It provided State pensions related to earnings, but also offered to employers with good occupational pension schemes the possibility of ‘contracting-out’ and providing equivalent or better earnings-related benefits through their own scheme.
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Starink, Bastiaan, i Hans Van Meerten. "Cross-Border Obstacles and Solutions for Pan-European Pensions". EC Tax Review 20, Issue 1 (1.02.2011): 30–40. http://dx.doi.org/10.54648/ecta2011004.
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Pensions are currently at the top of the agenda of companies, employees, pension carriers, governments and, last but not least, the European Commission. This is partly because of the economic crisis pension funds are in right now but also because of the ageing population and the impact on public treasuries. These problems however cannot be solved easily. A well-functioning internal market for pan-European pensions without tax barriers can however contribute in solving the current pension crisis. In this article the authors describe the current situation and legislation regarding cross-border pension carriers and pension schemes within the EU. Since taxation is still one of the largest barriers for a well-functioning internal market for pension schemes, this aspect gets a lot of attention of the authors. They do not only describe current legislation and recommend changes; they also present a solution which is already being developed and is in line with current legislation: a multi-country tax-efficient pension scheme.
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DRAPER, NICK, ED WESTERHOUT i ANDRÉ NIBBELINK. "Defined benefit pension schemes: a welfare analysis of risk sharing and labour market distortions". Journal of Pension Economics and Finance 16, nr 4 (14.07.2015): 467–84. http://dx.doi.org/10.1017/s1474747215000074.
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AbstractTraditionally, collective defined benefit pension schemes have played an important role in the provision of pensions. Various trends such as population ageing put these schemes under serious pressure, however. Whether this is good or bad depends among other things on two factors: one is the value of the risk sharing between generations that is organized by pension schemes, and another is the cost of the distortions of labour supply decisions that these collective schemes imply. This paper constructs a model with overlapping generations of households and a pension scheme to assess the role of these two factors. The paper finds that the welfare gain from intergenerational risk sharing generally dominates the cost of labour supply distortions.
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Charmaille, J.-P., M. G. Clarke, J. Harding, C. Hildebrand, I. W. Mckinlay, S. R. Rice i P. Reynolds. "Financial Management of the UK Pension Protection Fund". British Actuarial Journal 18, nr 2 (23.01.2013): 345–93. http://dx.doi.org/10.1017/s135732171200044x.
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AbstractThe UK Pension Protection Fund (PPF) was established in April 2005 to protect the pensions of members of UK private sector defined benefit pension schemes which have insufficient assets and whose corporate sponsor fails. The Fund takes over the pension scheme assets and assumes responsibility for the payment of compensation to the former members of the scheme. The PPF is funded by a levy on the population of eligible schemes. This paper discusses the application of Enterprise Risk Management principles and techniques to the unique situation of the PPF. The elements of the financial management of the Fund have been developed by reference to practice within proprietary insurance institutions and within pension funds. The paper will be of interest and, we hope, of some value to students, researchers and analysts and also to the PPF's own stakeholder groups that have a stake in an effective pension protection regime.
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O'Regan, W. S., i J. Weeder. "A Dissection of Pensions Funding". Journal of the Staple Inn Actuarial Society 32 (marzec 1990): 71–115. http://dx.doi.org/10.1017/s2049929900010424.
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This paper is about actuarial methods of funding pension schemes and follows on from the report of the Working Party of the Pensions Standards Joint Committee on Terminology of Pension Funding Methods (The Terminology Report) published in 1984. It looks at the basic structure of the main methods and at how they behave. We then discuss the question of the suitability of the methods under various conditions. The reader may find it useful to have a copy of the Terminology Report to hand.The paper is written against a background of uncertainty, as regards the State Earnings-Related Pension Scheme, and of great debate and legislative activity as regards Occupational Pension Schemes. This activity and debate makes it more important than ever before that the actuarial profession explains its methods and approaches to those in the pensions industry who are not actuaries, but who nevertheless rely on actuarial advice.
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Hamilton, Myra, i Cathy Thomson. "Recognising Unpaid Care in Private Pension Schemes". Social Policy and Society 16, nr 4 (30.08.2016): 517–34. http://dx.doi.org/10.1017/s1474746416000312.
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Parents and carers often have interrupted workforce histories, causing gaps in their pension contributions and hence significantly lower retirement incomes. In some countries, to ameliorate these inequalities, carer credits have been introduced to maintain public pension contributions during periods of workforce absence. But improvements to credits in public schemes have taken place alongside a shift to private pensions that widens inequalities for carers. Introducing carer credits to private pensions is one method of addressing these inequalities. A search for examples of credits to private schemes in OECD countries revealed that, at present, they are rare and limited. This article sets out the design features and principles that should underpin carer credits to private pensions.
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Gómez Hernández, Denise, i Michael Demmler. "Collective Defined Contribution Schemes as an Alternative to Pension PlansCollective Defined Contribution Schemes as an Alternative to Pension Plans". Mercados Y Negocios, nr 45 (1.01.2022): 5–26. http://dx.doi.org/10.32870/myn.vi45.7651.g6730.
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Traditional pension plans, such as defined contribution and defined benefit, face several risks: being the most known, the increase of the life expectancy. To reduce this risk, many hybrid pensions plans have been proposed, to mitigate this risk. The objective of this study is to explore the financial and actuarial sustainability of a hybrid pension plan known as collective defined contribution (CDC) by accumulating a pension fund with the methodology found in Aon (2020). The results of the simulations in this study show that the replacement rate defined in the design of a CDC pension plan is reached by all the members in the plan. Moreover, that through the same pension fund, deficits and gains are financed by it.
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Gómez Hernández, Denise, i Michael Demmler. "Collective Defined Contribution Schemes as an Alternative to Pension PlansCollective Defined Contribution Schemes as an Alternative to Pension Plans". Mercados Y Negocios, nr 45 (1.01.2022): 5–26. http://dx.doi.org/10.32870/myn.vi45.7651.
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Traditional pension plans, such as defined contribution and defined benefit, face several risks: being the most known, the increase of the life expectancy. To reduce this risk, many hybrid pensions plans have been proposed, to mitigate this risk. The objective of this study is to explore the financial and actuarial sustainability of a hybrid pension plan known as collective defined contribution (CDC) by accumulating a pension fund with the methodology found in Aon (2020). The results of the simulations in this study show that the replacement rate defined in the design of a CDC pension plan is reached by all the members in the plan. Moreover, that through the same pension fund, deficits and gains are financed by it.
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Gómez Hernández, Denise, i Michael Demmler. "Collective Defined Contribution Schemes as an Alternative to Pension PlansCollective Defined Contribution Schemes as an Alternative to Pension Plans". Mercados Y Negocios, nr 45 (1.01.2022): 5–26. http://dx.doi.org/10.32870/myn.vi45.7651.g6725.
Pełny tekst źródłaStreszczenie:
Traditional pension plans, such as defined contribution and defined benefit, face several risks: being the most known, the increase of the life expectancy. To reduce this risk, many hybrid pensions plans have been proposed, to mitigate this risk. The objective of this study is to explore the financial and actuarial sustainability of a hybrid pension plan known as collective defined contribution (CDC) by accumulating a pension fund with the methodology found in Aon (2020). The results of the simulations in this study show that the replacement rate defined in the design of a CDC pension plan is reached by all the members in the plan. Moreover, that through the same pension fund, deficits and gains are financed by it.
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Iyer, Subramaniam. "Stochastic Actuarial Modelling of a Defined-Benefit Social Security Pension Scheme: An Analytical Approach". Annals of Actuarial Science 3, nr 1-2 (wrzesień 2008): 127–85. http://dx.doi.org/10.1017/s174849950000049x.
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ABSTRACTAmong the systems in place in different countries for the protection of the population against the long-term contingencies of old-age (or retirement), disability and death (or survivorship), defined-benefit social security pension schemes, i.e. social insurance pension schemes, by far predominate, despite the recent trend towards defined-contribution arrangements in social security reforms. Actuarial valuations of these schemes, unlike other branches of insurance, continue to be carried out almost exclusively on traditional, deterministic lines. Stochastic applications in this area, which have been restricted mainly to occasional special studies, have relied on the simulation technique. This paper develops an analytical model for the stochastic actuarial valuation of a social insurance pension scheme. Formulae are developed for the expected values, variances and covariances of and among the benefit expenditure and salary bill projections and their discounted values, allowing for stochastic variation in three key input factors, i.e., mortality, new entrant intake, and interest (net of salary escalation). Each deterministic output of the valuation is thus supplemented with a confidence interval, that is, a range with an attached probability. The treatment covers the premiums under the different possible financial systems for these schemes, which differ from the funding methods of private pensions, as well as the testing of the level of the Fund ratio when the future contributions schedule is pre-determined. Although it is based on a relatively simplified approach and refers only to retirement pensions, with full adjustment in line with salary escalation, the paper brings out the stochastic features of pension scheme projections and illustrates a comprehensive stochastic valuation. It is hoped that the paper will stimulate interest in further research, both of a theoretical and a practical nature, and lead to progressively increasing recourse to stochastic methods in social insurance pension scheme valuations.
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Zhukova, T. V. "International experience in financing self-employed pensions". Finance: Theory and Practice 26, nr 1 (26.02.2022): 169–85. http://dx.doi.org/10.26794/2587-5671-2022-26-1-169-185.
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The rapid development of modern self-employment, the massive transition from employment to self-employment and vice versa is a challenge for traditional pension systems. The Organisation for Economic Co-operation and Development (OECD) responded by adopting compulsory state pension schemes for the self-employed shared with employees. Russia following global trends with a small-time lag, unlike others, provides an unconditional guarantee of social pensions. It is all the more important to study the advanced international experience in attracting the self-employed to pension insurance. This is the aim of the study. Research tasks are as follows: to identify different approaches to organizing pension insurance for the self-employed across OECD countries, to examine the mechanisms and factors arising, and to evaluate their performance. The research method is cluster analysis of the generated self-employed pensions parametric indicators database according to OECD data (2019–2021) (18 indicators as part of clustering, architecture, finance, performance factors) for 28 countries. The study identifies 3 clusters (approaches) to the organization of pension provision for the self-employed: 1 — employee-like mandatory contributions to state pension schemes; 2 — mandatory contributions with advantages; 3 — voluntary pension contributions with advantages. In general, none of the approaches can be called “the best”. The effectiveness of pension decreases with any form of low-income self-employed inclusion in income-based pension schemes, as well as dependent self-employment. The author concludes that for Russia alternative options for self-employed pensions are quasi-mandatory pension insurance, self-employed employee-like participation in voluntary funded pension schemes only, state co-financing, practical training in financial literacy without going into the depth of financial knowledge. Discussion for further research is a detailed study of the application of the results into self-employed pension insurance practice in Russia.
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De La Peña, J. Iñaki, M. Cristina Fernández-Ramos i Asier Garayeta. "Cost-Free LTC Model Incorporated into Private Pension Schemes". International Journal of Environmental Research and Public Health 18, nr 5 (25.02.2021): 2268. http://dx.doi.org/10.3390/ijerph18052268.
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Long-term care coverage is not integrated into an individual’s retirement strategy. It is an additional public health service that is not considered into private pension funds. Nevertheless, this coverage is not sufficient due to the problems of financial sustainability of the public pension systems. However, there are large sums in pension plans dedicated to paying retirement pensions that can be transformed into support for long-term care coverage. This paper develops a mechanism of pension transformation through the different mortality of the beneficiary when becoming a dependent beneficiary. This mechanism allows the beneficiary to convert their pension to LTC support at their own choice, without increasing the cost of the private pension scheme. The proposed model provides consistency in the pension that a retiree receives and adapts it to a retiree’s life expectancy: the retiree receives a higher pension when he/she needs it most.
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Madrigal, A. M., F. E. Matthews, D. D. Patel, A. T. Gaches i S. D. Baxter. "What Longevity Predictors Should Be Allowed for When Valuing Pension Scheme Liabilities?" British Actuarial Journal 16, nr 1 (marzec 2011): 1–38. http://dx.doi.org/10.1017/s1357321711000018.
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AbstractData held within administration records of occupational pension schemes yield a rich source of information on mortality rates and the statistical predictors (covariates) of longevity. In this paper we provide, for the first time, a multivariable analysis of post-retirement mortality using the detailed information held within occupational pension scheme records.Using the extensive dataset of over one million living pensioners and dependants and 530,000 historic deaths collected by Club Vita, we investigate the importance of factors including gender, affluence and lifestyle on the observed period life expectancy of individuals. We describe one approach to constructing a multivariable model for pensioner baseline mortality, showing how such factors explain a variation in observed period life expectancy in excess of ten years. The relative importance of each factor on mortality is analysed and we describe the interactions between these factors and age, answering questions such as whether the impact of a healthy lifestyle or affluence attenuates with age. Further, we highlight the importance of the choice of affluence measure in analysing mortality, and show that the salary at retirement is a better predictor of longevity than the pension amount for male pensioners.The results of this paper are directly relevant to any pensions actuary advising on an appropriate baseline assumption (i.e. current mortality rates) for use with occupational pension schemes.
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Aitken, I. M., i P. A. Hurcombe. "Pension Schemes and the Family – A Time for Change?" Transactions of the Faculty of Actuaries 44 (1992): 113–79. http://dx.doi.org/10.1017/s0071368600010272.
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1.1 The principal motivation for this paper is our involvement in the valuation of pension benefits under the Family Law (Scotland) Act 1985 and the review being undertaken by the Pensions Management Institute Working Group on pensions and divorce. As a consequence of the introduction of the Family Law (Scotland) Act 1985, there is an explicit provision that pension benefits should be included as part of the matrimonial property in a divorce settlement. It will be clear from this paper that we have considerable doubts as to whether the present law is satisfactory; nevertheless it is difficult to argue that such an important item as pension rights should be disregarded in divorce. This however, is often the position in England, Wales and Northern Ireland.
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Wiß, Tobias. "Divergent occupational pensions in Bismarckian countries: the case of Germany and Austria". Transfer: European Review of Labour and Research 24, nr 1 (luty 2018): 91–107. http://dx.doi.org/10.1177/1024258917748258.
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Pension reforms and the changing public/private pension mix of the last decades are well documented. However, a more detailed look at the design of occupational pensions reveals remarkable differences even in countries that are usually treated as similar in the literature. Germany and Austria share many similarities and are having to cope with similar reform pressure. However, the design of occupational pensions varies substantially. Why? In Germany, trade unions are regularly involved in occupational pension schemes and benefits are calculated on the basis of defined contributions (DC), but with minimum return guarantees preventing losses in times of financial turmoil. By contrast, trade unions rarely participate in Austrian occupational schemes. In Austria, pure DC schemes without guarantees resulted in heavy occupational pension cuts during the recent financial market crises. Following the method of difference, the article explains this difference by trade union structure, unions’ strategic thinking and (lacking) reform threats supported by employers.
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Miti, Jairous Joseph, Mikko Perkio, Anna Metteri i Salla Atkins. "Factors associated with willingness to pay for health insurance and pension scheme among informal economy workers in low- and middle-income countries: a systematic review". International Journal of Social Economics 48, nr 1 (1.12.2020): 17–37. http://dx.doi.org/10.1108/ijse-03-2020-0165.
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PurposeThe purpose of this paper is to establish the main factors influencing willingness to pay for health insurance and pension schemes among informal workers in low- and middle-income countries (LMICs). Historically, informal economy workers have been excluded from social protection coverage. There is a growing need, interest and policy discourse in LMICs to extend social security to informal economy workers. However, little is known about informal workers' willingness to pay (WTP) for social security services in different LMIC settings.Design/methodology/approachThe authors conducted a systematic review and searched five databases from 1987 to 2017. Included papers focused on “social security”, “social insurance”, “pension”, “informal economy”, “informal sector” and “informal workers” in LMICs. Authors conducted independent data appraisal and data extraction. A total of 1790 papers were identified. After exclusion, 34 papers were included in the analysis. Given the heterogeneous results, the authors performed a narrative synthesis to consolidate the findings of the different studies.FindingsIn total, 34 studies from 17 countries were included in the review, out of which 23 studies focused on health insurance, 7 studies on pension schemes and 4 studies on social security in general. The study showed that income and trust were associated with WTP for both health insurance and pension schemes. In addition, family size, age, education and residential area were common factors for both forms of social security. For health insurance, experience of sickness, attitude and presence of medical doctors as well as distance from the healthcare facility all played a role in determining WTP. For pension schemes, low and flexible contribution rates, benefit package, government subsidies and quality of administration of the schemes influenced enrolment and contributions.Research limitations/implicationsMore evidence is needed for WTP for pensions among informal workers.Practical implicationsThe findings show that socio-economic differences, scheme-type (health or pension) and level of trust influence WTP for health insurance or pension among informal sector workers. The review results suggest that the factors influencing WTP for health insurance and pensions interplay in a complex web of relations. More evidence is needed on WTP for pensions among informal workers.Social implicationsFurther studies are particularly needed on the interrelationship of the influences to WTP, including gender issues, access barriers and socioeconomic factors, among program design issues for social security.Originality/valueThis paper is based on a systematic review methodology and contributes to the discourse on extending social security to informal economy workers based on evidence from various countries.
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SCHMÄHL, WINFRIED. "Dismantling an Earnings-Related Social Pension Scheme: Germany's New Pension Policy". Journal of Social Policy 36, nr 2 (5.03.2007): 319–40. http://dx.doi.org/10.1017/s0047279406000626.
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A paradigm shift in pension policy decided by the German red–green coalition government will considerably affect the level and structure of pension benefits as well as the mix of public and private old-age security arrangements. The article starts with a brief outline of the pension schemes as they had been designed before the recent decisions, and with a few remarks on the reasons for current reform debates. The major measures of the 2001 Pension Reform are then described. The focus of the article is on the effects of the reform for (personal) income distribution and institutional design. A partial shift from (mandatory) public (pay-as-you-go financed) pensions to (voluntary) private (capital-funded) pensions and from defined benefit towards defined contribution will, among other things, reduce the benefit level in the social pension insurance. A large number of contributors – even after many years of paying contributions – will only receive benefits below the social assistance level. It can be expected that this development will transform the present earnings-related statutory pension scheme – which has a strong contribution–benefit link and is aimed at income smoothing over the lifecycle – into a basic, highly redistributive pension scheme, aimed mainly at avoiding poverty. Income inequality in old age is expected to increase as a result of the new strategy in pension policy.
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YU, WAI KAM. "Pension reforms in urban China and Hong Kong". Ageing and Society 27, nr 2 (15.02.2007): 249–68. http://dx.doi.org/10.1017/s0144686x06005459.
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This study of recent pension reforms in Hong Kong and urban China particularly addressed three questions. What are the causes of the pension reforms in these two economies? What are their key features? What difficulties have been faced by the Hong Kong and Beijing governments during their implementation? As well as enhancing our understanding of the pension schemes in these two countries, the paper makes a contribution to the debate on whether government welfare reforms in responses to economic globalisation are converging on one pattern, an ideal mix of pension schemes. This paper shows that both convergent and path-dependent processes explain the forms of the measures introduced by the Hong Kong and Beijing governments. They have responded not only to the challenges brought by economic globalisation but also to the legacy of previous policies. Moreover, the welfare effectiveness of the new schemes has been undermined both by the two governments' non-welfare policies, particularly to promote economic growth, and by the constraints created by the previous welfare measures. The paper also argues that to develop only a non-contributory comprehensive pension scheme is not the solution to the problem of how best to provide old-age income security, but that this welfare goal principle should be more strongly upheld in pensions reforms.
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Levanda, O. M. "Social Insurance in the Countries of the World and Prospects for Ukraine". Business Inform 10, nr 525 (2021): 194–200. http://dx.doi.org/10.32983/2222-4459-2021-10-194-200.
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The article is aimed at denfining the perspective approaches and evaluating the feasibility of using the world experience of social, in particular pension, insurance in Ukraine. On the basis of the analytical approach, the essence and content of social insurance are considered. In particular, social insurance schemes were studied, among which are distiguished the following: social security that covers all workers and is controlled and funded by the State authorities; scheme for the employed population – includes the relationship between the employer and the employee, which are provided as part of the conditions of employment; individual insurance scheme – concluded solely on the initiative of the insurer. It is determined that common schemes against the background of the COVID-19 crisis among the countries of the world (including Ukraine) are assistance in case of illness, unemployment benefits, pensions and disability payments, health insurance provision, social insurance contributions. It is proved that social insurance performs a protective function for society against external risks. In particular, in the context of the spread of coronavirus infection, thanks to the social insurance system, the degree of impact of the COVID-19 crisis on the income of vulnerable groups at the expense of public policy programs has been reduced. The experience of countries around the world as to social insurance programs, including pension schemes is researched along with their further consideration, namely: schemes with defined contributions (DC); schemes managed by non-governmental institutions; notional defined contributions (NDC) schemes; schemes managed by the public administration sector; schemes of defined benefits (DB); hybrid schemes that combine the characteristics of DC and DB pension schemes; schemes administered by an autonomous pension fund. It is determined that pension schemes are being implemented within terms of three systems: solidarity, accumulation and hybrid. In general, the results of the research indicate that the management of the social insurance system in the countries of the world in general and in Ukraine in particular is carried out under regulatory and legal control by the State, which acts as a guarantor of protection of the population in the conditions of national peculiarities of the economy.
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LIU, Shuai, Chuanyu WANG i Juan XUE. "Valuation of Hybrid Pension Scheme Liabilities under Inflation". Wuhan University Journal of Natural Sciences 27, nr 2 (kwiecień 2022): 153–60. http://dx.doi.org/10.1051/wujns/2022272153.
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In recent years, it is of great interest to evaluate the level of liabilities of the hybrid pension system as the mixed pension schemes are favored by various countries around the world. This paper further improves the hybrid pension liability assessment method proposed by Broeders et al by accounting for inflation risk and assuming that inflation risk is measured by a price index that follows geometric Brownian motion. A simulation-based pricing framework is then introduced to assess the hybrid pension liability. The results show that the introduction of inflation risk increases the total outstanding liability of hybrid pensions. Furthermore, inflation is negatively correlated with the total outstanding liability of the hybrid pension scheme, while inflation volatility is positively correlated with it.
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Poškutė, Virginija, Tadas Gudaitis, Teodoras Medaiskis i Jaroslav Mečkovski. "SEARCH FOR SUSTAINABLE PENSION SYSTEM AND STATE SUPPORT FOR FUNDED PENSIONS IN CEE COUNTRIES". Business: Theory and Practice 23, nr 2 (7.09.2022): 313–22. http://dx.doi.org/10.3846/btp.2022.16250.
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Pension systems around Europe are being reformed for several decades already. Main objectives of the reforms are to enable people to have adequate income at retirement and to ensure the system’s financial sustainability. Many European countries implemented policies aiming at diversification of financing sources of income at older age: risk-sharing between pay-as-you-go and funded pensions is expected to help in achieving social policy objectives towards pension systems. Central and Eastern European countries (CEE) face even more challenges in ensuring adequate income at retirement. First, CEE countries were required to transform radically their economies in 1990s towards market economy, including old age pension systems. Second, in order to ensure diversified future old age pension income and attract more financial means to the system, introduction of funded pensions from scratch and ensuring as wide as possible coverage with funded pension schemes was of primary importance also. The paper discusses latest developments of retirement pension systems in Europe and state involvement in private pension schemes. In doing so, the focus is on the introduction of funded private pension schemes in selected CEE countries. In spite of initially chosen different paths for the reforms, inconsistent state policies towards funded pensions in the CEE countries resulted in similar outcomes of the reforms. The paper starts with discussion on main objectives of pension systems – enabling people to have adequate income at retirement and ensuring financial sustainability of the systems. Further, possibilities to achieve the objectives of pension reforms are analysed – diversification of income at retirement. Third part of the paper discusses prevailing debates on future of welfare state as such and individualisation trends within different European welfare state models. These debates and perceptions of population about responsibilities of a state for individual welfare affect direction of reforms and future shape of old age pension systems. Fourth part of the paper deals with state policies and tools that are used for encouragement of participation in supplementary pensions. Final part of the paper presents more detailed outline of the pension reforms in selected CEE countries and summarises particular challenges of their pension systems. The paper ends with a discussion on policy implications in relation to latest developments of pension systems in CEE countries.
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Rajevska, Olga. "Theoretical Old-Age Pension Benefits and Replacement Rates in the Baltic States: A Retrospective Simulation". Economics and Business 28, nr 1 (1.04.2016): 13–19. http://dx.doi.org/10.1515/eb-2016-0002.
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Abstract The author presents a comparative analysis of old-age pension systems in Estonia, Latvia and Lithuania using a method of retrospective simulation run on a self-developed model. The model baseline case is a person retiring in December 2014 after 40 years of service with nationwide average salary. Other cases include low and high-earners, funded schemes participants and simulations for modified notional capital valorisation formulae. Three study countries return very dissimilar results, which is caused by differences in their pension systems’ designs. Lack of non-contributory element (basic pension) in Latvia leads to a low degree of progressivity, with inexcusably low pensions to low-earners and excessively generous pensions to high-earners. Participation in funded pillar II schemes has not brought any significant gains to pension plan sharers. Notional capital valorisation rules adopted in different countries that use the NDC-system significantly influence pension amount.
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Miles, David. "The Implications of Switching from Unfunded to Funded Pension Systems". National Institute Economic Review 163 (styczeń 1998): 71–86. http://dx.doi.org/10.1177/002795019816300109.
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This article analyses the implications of switching from unfunded to funded pension systems. It is plausible that in the long run and on average people would be better off if pensions were funded. But in the transition from an unfunded to a funded scheme funds need to be accumulated and that requires national saving to be higher. While deficit financing can, under certain circumstances, help spread the burden of the transition across generations the scale of extra debt that might be needed in many European countries is problematic in the context of Monetary Union. Ultimately, it is likely to prove hard to make significant headway towards greater funding of pensions in Europe without some people being worse off. The task is harder the more generous are existing state pensions, the more rapid is the ageing of the population and the more constrained is the government in using deficit financing. Given all this the UK is in a relatively good position (vis a vis rest of Europe) to complete a transition which, arguably, began almost twenty years ago. Things are much tougher on the Continent.But there are more than transitional issues. Unfunded pension schemes can help people insure against shocks that affect particular generations and because such schemes often involve intra-generational redistribution (because linkage between contributions made and pensions subsequently received is often quite low), as well as inter-generational transfers, they can help compensate for missing insurance markets. A key question for those who advocate a complete move to funded schemes is how the redistributive and insurance roles that are played, to varying extents, by state-run, unfunded pension schemes could be achieved by other means.
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Collard, Sharon. "Workplace Pension Reform: Lessons from Pension Reform in Australia and New Zealand". Social Policy and Society 12, nr 1 (25.09.2012): 123–34. http://dx.doi.org/10.1017/s1474746412000474.
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The UK Government's workplace pension reforms introduce major changes to the way in which employees save for retirement. Eligible employees will be automatically enrolled into a workplace-based pension scheme and, for the first time in the UK, employers will be legally required to contribute to employees’ pensions. This article critically examines the evidence from New Zealand and Australia, two countries that have undergone pension reforms similar in some ways to the UK reforms. We assess what we can learn from their experiences in two areas: firstly, how pension schemes are structured and, secondly, the outcomes for individuals. The evidence highlights the potential of automatic enrolment to overcome people's disinterest in pension saving. At the same time, relatively few UK employees are likely to choose where their pension savings are invested. As a result, default funds will play an important role in determining the pension outcomes for individuals.
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Nobles, Richard. "Pensions as property". Legal Studies 14, nr 3 (listopad 1994): 345–63. http://dx.doi.org/10.1111/j.1748-121x.1994.tb00508.x.
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The overwhelming majority of employees who are members of occupational pension schemes belong to what are called ‘defined benefit’ schemes. These schemes provide for their members to receive a benefit defined by reference to a member’s salary at the date of their retirement or, if they change jobs, the salary paid just prior to their leaving. This article examines the rights of the members of defined benefit schemes. In particular, it considers claims by scheme members that the pension funds which secure their pensions represent their deferred pay, and that these funds are, in some meaningful sense, their property. The article argues that whilst the law of trusts may appear at first sight to lend support to the members’ claims, developments within the law of trusts, coupled with the underlying contradiction in the meaning of ownership in trust law, has made it difficult for the courts to recognise the members’ claims.
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Balachandran, J. "Flawed pension schemes". British Dental Journal 213, nr 4 (sierpień 2012): 147. http://dx.doi.org/10.1038/sj.bdj.2012.732.
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Butler, Graham. "Private Pensions and EU Internal Market Law: Enhancing Retirement Provision through Harmonisation". European Business Law Review 32, Issue 5 (1.10.2021): 853–76. http://dx.doi.org/10.54648/eulr2021030.
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Pensions, pension policy, and retirement provision has been historically associated with Member States alone. However, this is not so any longer. For years, occupational pension schemes have been brought within the scope of the internal market of the European Union. Extensive judgments from the Court of Justice of the European Union, as well as harmonised legislation from the EU legislature have followed to improve the marketplace for work-related pensions. Today, the market freedoms are now being furthered to cover not just occupational pension schemes, but also, the private pension market. In light of such developments at EU level, including the development of pan-European Personal Pension (PEPP) products, what is evident is a significant shift in the establishment of an EU-wide private pension market, mirroring developments in the United States in what are known as ‘individual retirement accounts’ (IRAs). In light of these EU advances emanating from free movement case law and the PEPP Regulation, with effects for both individual Europeans as future retirees, and financial services undertakings as pension product providers; this article analyses the complementary aspects of both positive and negative integration in the private pension market. The article elaborately demonstrates the significant effect of legal progress, through slow-moving developments, that are collectively contributing to closing the deficit in the retirement provision of Europe’s retirees of the future. EU internal market law, EU free movement law, pension law, private pensions, national personal pension products, PPP, Pan-European Personal Pension Products, PEPP, retirement, harmonisation
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Uzoamaka, Okechukwu, Elizabeth, Nebo, Gerald i Eze, Jude. "Strategic Management of Pension Scheme in Selected Private Manufacturing Organizations in South Eastern Nigeria". European Scientific Journal, ESJ 12, nr 34 (31.12.2016): 338. http://dx.doi.org/10.19044/esj.2016.v12n34p338.
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Management of pension schemes in Nigeria has been characterized by multiple and diverse problems despite several modifications of the pension schemes by the government. The study examined the extent strategies adopted for pension management can enhance employees’ confidence in the scheme. The study adopted a survey design. The data were analyzed using tables, frequencies, and mean. Z- test was used to test the hypotheses at 0.05 significance. It was revealed that to a very large extent strategies adopted for pension and retirement management can enhance employees’ confidence in the management of the schemes. The researchers recommended among others that an efficient structural framework should be put in place always to monitor the contribution and implementation of the Contributory Pension Scheme. Pension plays an increasingly important role in the economy of any country because the money earmarked for pension could be used for the establishment of small enterprises and infrastructural development.
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Ngugi, Wilson, Amos Njuguna i Francis Wambalaba. "The Influence of Pension Scheme Maturity on Investment Strategies of Pension Funds in Kenya". International Journal of Business and Management 13, nr 10 (5.09.2018): 1. http://dx.doi.org/10.5539/ijbm.v13n10p1.
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The longevity risk borne by members of defined contribution pension schemes and the funding risk borne by sponsors of defined benefit pension funds have shifted attention to the investment strategies employed by pension funds. We use secondary data from 206 occupational retirement benefits schemes in Kenya, to examine the influence of pension scheme maturity on investment strategies. We then triangulate the results using focused group discussions with industry experts. Results from the regression models indicate that scheme maturity does not influence the investment strategies of occupation schemes in Kenya contrary to life cycle theory. The Retirement Benefits Authority and trustees of retirement benefits schemes in Kenya are advised to offer members’ investment choices coupled with education to enable them make decisions to reduce their exposure to risky assets as they age.
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Broadbent, Simon, Justin van de Ven i Martin Weale. "Commentary: Pensions and Pension Policy". National Institute Economic Review 193 (lipiec 2005): 4–10. http://dx.doi.org/10.1177/0027950105058544.
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The Pensions Commission is to make its recommendations on pension policy reform later this year, in the light of comments on the challenges identified in its first Report. Widespread agreement on the need for such reform is partly a consequence of problems which have already surfaced, such as the insolvency of some pension schemes, moves to curtail benefits and mis-selling scandals. However the main impetus comes from the fact, clearly demonstrated by the Pensions Commission (2004), that for pensioners to enjoy the current relative standard of living in fifty years time will require people either to (i) retire later (ii) save more; or (iii) pay higher taxes. In the Commission's view the key issues are to find a consensus on the appropriate combination of these three, or of the alternative of lower pensioner incomes, and to find ways of bringing about such an outcome. We focus on aspects of such a reform and suggest one measure which could be implemented without further ado.
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PFARR, CHRISTIAN, i UDO SCHNEIDER. "Choosing between subsidized or unsubsidized private pension schemes: evidence from German panel data". Journal of Pension Economics and Finance 12, nr 1 (21.08.2012): 62–91. http://dx.doi.org/10.1017/s1474747212000170.
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AbstractSince 2002, the German government has been attempting to increase private old-age provisions by introducing incentives such as supplementary subsidies and tax credits. Since then, the so-called ‘Riester pension’ has grown in popularity. Apart from subsidized pension plans, unsubsidized private pension insurances have – already in the past – been a very important instrument among old-age provision schemes. With data of the German SAVE study for the years 2005–2009, we analyze whether the decision for a ‘Riester pension’ is independent of the decision for unsubsidized private pension insurance using methods for simultaneous equations. Our estimates indicate that decisions on ‘Riester’ and private pensions are not independent and the proposed random parameters bivariate probit model results in efficiency gains compared to separate probit estimations. Regarding governmental subsidies, we find positive incentive effects of child subsidies, whereas low income earners are not seen to increase their old-age provisions. Further, there is strong evidence for a ‘crowding-in’ among alternative assets, i.e., that individuals holding various assets make additional investments in ‘Riester pensions’ or private pension insurances. Finally, when subsidies are given, these subsidies are a clearly stronger saving motive than the aim to make provisions for old age, a result confirmed by the additional fixed-effects estimations.
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PORTEOUS, BRUCE T., PRADIP TAPADAR i WEI YANG. "Economic capital for defined benefit pension schemes: An application to the UK Universities Superannuation Scheme". Journal of Pension Economics and Finance 11, nr 4 (15.03.2012): 471–99. http://dx.doi.org/10.1017/s1474747212000029.
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AbstractThis article considers the amount of economic capital that defined benefit (DB) pension schemes potentially need to cover the risks they are running. A real open scheme, the Universities Superannuation Scheme, is modelled and used to illustrate our results and, as expected, economic capital requirements are large. We discuss the appropriateness of these results and what they mean for the DB pension scheme industry and their sponsors. The article is particularly pertinent following the recent European Commission Green Paper on the future of European pensions systems, its call for advice on reviewing the Institutions for Occupational Retirement Provision Directive and the introduction of the Basel 2 and Solvency 2 risk-based regulatory regimes for banking and insurance, respectively.
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Upite, Inese, i Feliciana Rajevska. "Development of service pension policy in Latvia from 1996 until 2016". SHS Web of Conferences 51 (2018): 03011. http://dx.doi.org/10.1051/shsconf/20185103011.
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The government made a decision to terminate the development of the service pension in 1997. However, during 1998–2016 the scope of service pension beneficiaries was extended. Thereby along with the overall social insurance pension system, the social pension scheme has been established and developed for a certain range of people funded by the state budget – the system of the service pension. The aim of the article is to explore the development of the service pension policy during 1996–2016. To accomplish it, in the framework of the study concepts related to the service pensions and the tendencies of reformation of the service pension schemes were studied. The international practice and the experience of several countries were explored, as well as the analysis of legal acts, policy planning papers and statistics was performed. The purpose of the service pension has changed and diversified, moreover, the issues regarding the service pension coverage are promoted by a group of politicians, escaping a wider discussion in public and even in the government.
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Akarsu, Mahmut Zeki, Danny Assad i Kacper Kurek. "The Pension Fund System in Turkey and Sweden". Studenckie Prace Prawnicze, Administratywistyczne i Ekonomiczne 34 (17.02.2021): 131–46. http://dx.doi.org/10.19195/1733-5779.34.9.
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Pension Funds are handy systems in every country because the life quality of older adults should be maintained in the right conditions. Retirees who have worked for years deserve to have a good quality of life during their retirement. Every country has its unique pension scheme and pension fund that taxes current workers in order to be able to pay retired people’s salaries. However, pension schemes are not perfect anywhere in the world. Some countries have a better system than others. That is why two countries (Turkey and Sweden) will be compared with each other in terms of their respective pension schemes. Firstly, each country’s pension scheme will be examined individually, and then they will be compared based on their positive and negative sides. This research paper aims to find an excellent example of a pension scheme or the best combination between countries.
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Vigodchikova, I. Y. "About the Management of the Pension Accumulation Taking into the Risk’s Control". Izvestiya of Saratov University. Economics. Management. Law 13, nr 2 (2013): 227–32. http://dx.doi.org/10.18500/1994-2540-2013-13-2-227-232.
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Introduction. To stably receive a high enough retirement in the future, the individual should early start to make pension savings and efficiently and deliberately be engaged in pension schemes not only to return but also to increase his/her savings. For this, pension savings schemes should be analyzed from the viewpoint of personal preferences and effective interest rates, and the risks of possible losses due to the activity of pension funds should be taken into account. The aim of this work is to develop recommendations for the individual to play an active role in the management of his/her pension savings and offer a mathematically-based model for making decisions on the structure of savings. To achieve this object, a version of pension savings is considered on the basis of preliminary analysis of pension funds’ performance indicators and making decisions on entering pension schemes by comparison of the investment risk (due to instable financial indicators) and the effective interest rate of the pension scheme selected. Methods. A number of new mathematical models of pension schemes and a new method of pension savings optimization on the basis of the uniform distribution of the risk of investment are proposed. Results. A model example of pension savings is provided with the account of the equitable distribution of the investment risk in three funds. Conclusion. To reduce risks, the participant himself can manage his/ her savings portfolio, entering several pension funds simultaneously and taking into account his/her assessments of profitability and risks. For this, it is desirable to develop an investment risk estimation system. It is advisable to take an appropriate effective interest rate as the profitableness of a pension scheme. The work presents a mathematical model for the management structure of pension savings and demonstrates its application. The obtained solution on the structure of savings can remain unchanged for a number of years, and may vary by reviewing main parameters and indicators of the risk of pension schemes.
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Sweeting, Paul J. "The cost and value of UK pensions". Annals of Actuarial Science 12, nr 1 (13.06.2017): 49–66. http://dx.doi.org/10.1017/s1748499517000082.
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AbstractOver the last 20 years, the extent of defined benefit provision has declined substantially in the United Kingdom. Whilst most of the focus has been on deficits relating to past benefit accrual, the increasing cost of future benefit accrual is also important. There are two reasons for this. First, the change in the cost of defined benefit accrual represents the difference in the earnings for employees with membership of a defined benefit scheme and those with membership of a defined contribution scheme. Second, the current cost of defined benefit accrual gives an indication of the cost of an adequate pension. As such, it can be compared with levels of contribution to defined contribution schemes to determine whether these are adequate. I therefore look at how the cost of pensions has changed relative to the cost of non-pensions earnings. I also look at the main components of the change in pensions cost – those relating to benefits payable, discount rates and longevity – to analyse their relative importance. I find that the cost of employing a member of defined benefit pension scheme has consistently outpaced the cost of employing someone in a defined contribution arrangement. I also find that the current cost of accrual is significantly higher than the average level of payments to defined contribution schemes.
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Schmähl, Winfried. "Perspektiven der Alterssicherungspolitik in Deutschland – Über Konzeptionen, Vorschläge und einen angestrebten Paradigmenwechsel". Perspektiven der Wirtschaftspolitik 1, nr 4 (listopad 2000): 407–30. http://dx.doi.org/10.1111/1468-2516.00025.
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Abstract The paper outlines different concepts for designing pension policies linked to current reform proposals in Germany. The role of the state, mandatory or voluntary savings for old age and the primary objectives and types of income redistribution aimed at by the design of pension schemes are central. In contrast to the economic debate which is dominated by the topic pay-as-you-go (PAYG) versus funding, the author argues that it is especially important to deal with changes within the major German PAYG-financed scheme in order to realize positive economic and social effects, especially by a close contribution±benefit link as part of a broader reform concept. There are, however, limits to an overall reduction of the pension level in such a pension scheme, if a close contribution±benefit link is to remain politically acceptable. Here this is demonstrated by current reform proposals for substituting a major part of PAYG pensions by funded pensions in Germany. The paper also points out some hidden, implicit and long-term effects of such a strategy. Finally, the author refers to some often neglected effects in mainstream proposals for a major shift towards funding. 430
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Lin, Hung-Yang. "Benchmarking Outputs of Pension Provisions in China, Hong Kong, Singapore and Taiwan: An SMOP Approach". Asian Journal of Social Science 39, nr 3 (2011): 332–64. http://dx.doi.org/10.1163/156853111x577604.
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AbstractThis research intends to construct a pension policy index with the Surface Measure of Overall Performance (SMOP) approach to measure, compare and rank the performance of pension system outputs of urban and rural China, Hong Kong, Singapore and Taiwan. It is found that the overall performance of these five Asian pensions was generally low. The urban and rural Chinese pension schemes were ranked as the best and worst systems respectively; while Hong Kong, Singapore and Taiwan’s performances were at similar levels. These five Asian schemes were with significant weaknesses in old-age poverty reduction, de-familisation and scale of resources emphasized on retirement income security.
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Cowling, C. A., T. J. Gordon i C. A. Speed. "Funding Defined Benefit Pension Schemes". British Actuarial Journal 11, nr 1 (1.04.2005): 63–97. http://dx.doi.org/10.1017/s1357321700003159.
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ABSTRACTThis paper puts the case for the Actuarial Profession revising and tightening its standards on actuarial funding advice in relation to United Kingdom occupational pension schemes. We critique current actuarial practice and advocate principles for measuring solvency and providing funding advice. In particular, we advocate that funding targets should be clearly and unambiguously related to scheme solvency. The paper also covers optimal investment strategy, treatment of the ‘company covenant’ when giving funding advice and governance issues relating to pension schemes.
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Walker, Robert, Geoffrey Hardman i Sandra Hutton. "The Occupational Pension Trap: Towards a Preliminary Empirical Specification". Journal of Social Policy 18, nr 4 (październik 1989): 575–93. http://dx.doi.org/10.1017/s0047279400001860.
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ABSTRACTLegislation in 1985 and 1986 has attempted to give new impetus to the growth of occupational and personal pension schemes. This article demonstrates that, because of the interaction between occupational pensions and means-tested social security provision, many of today's pensioners receive little or no financial benefit from their occupational pension. The evidence presented is consistent with the thesis that the pensioners who are worst affected by the ‘pension trap’ include those who, as workers, were low-paid and experienced interrupted employment. As a consequence they reached retirement with small state and occupational pensions, limited savings and no house which they owned. Many are women. The penetration of occupational and personal pensions is currently lowest among the same groups of workers and it could be that the Government's policy to extend the coverage of private pensions will result in an increase in the severity of the pension trap. Some measures for reducing the impact of the pension trap are discussed.
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Ginn, Jay, i Ken MacIntyre. "UK Pension Reforms: Is Gender Still an Issue?" Social Policy and Society 12, nr 1 (12.10.2012): 91–103. http://dx.doi.org/10.1017/s1474746412000504.
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The UK Pensions Commission confirmed that women's domestic roles are crucial to their pension disadvantage. As a result, measures enacted in the Pensions Acts of 2007 and 2008 aimed to make state pensions more inclusive for those with periods out of the labour market for family caring, as well as encouraging more saving through private pensions by those with low to moderate earnings. Will these legislative changes, and subsequent reforms and plans, substantially reduce future gender inequality in UK pensions? In this article, we suggest the benefits to women will be patchy and overall less than expected. We first review the interaction of male-oriented pension schemes with the gendered division of caring labour and how this has changed for later cohorts of women. We then analyse, from a gender perspective, the pension reforms and proposals since 2007. Finally, we consider policy alternatives that would give women a better deal in pensions and conclude with an assessment of the mixed effects of pension reforms.
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Hunt, Andrew, i David Blake. "MODELLING MORTALITY FOR PENSION SCHEMES". ASTIN Bulletin 47, nr 2 (16.01.2017): 601–29. http://dx.doi.org/10.1017/asb.2016.40.
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AbstractFor many pension schemes, a shortage of data limits their ability to use sophisticated stochastic mortality models to assess and manage their exposure to longevity risk. In this study, we develop a mortality model designed for such pension schemes, which compares the evolution of mortality rates in a sub-population with that observed in a larger reference population. We apply this approach to data from the CMI Self-Administered Pension Scheme study, using U.K. population data as a reference. We then use the approach to investigate the potential differences in the evolution of mortality rates between these two populations and find that, in many practical situations, basis risk is much less of a problem than is commonly believed.
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Marcinkiewicz, Edyta. "Factors Affecting the Development of Voluntary Pension Schemes in CEE Countries: A Panel Data Analysis". Central European Economic Journal 3, nr 50 (18.12.2018): 26–40. http://dx.doi.org/10.1515/ceej-2017-0015.
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Abstract The study provides some quantitative information on voluntary pension plans in 10 CEE countries obtained from various local sources. The comparative analysis shows that there is a considerable variation in this group in terms of participation and contributions to the voluntary pension plans. In addition, this study empirically examines several factors that can possibly affect the development of voluntary pensions: income per capita and poverty rate, income inequality, replacement rate from the pension system, education attainment, interest rate and demographic burden. It uses a panel regression framework for the period of 2006–2014. The results reveal that, in the case of participation in voluntary pension plans, only income level per capita is associated with a greater number of pension plan members. As far as contributions are concerned, education seems to be the most important determinant of additional pension savings. Other factors do not seem to explain well both of the studied variables reflecting the development of voluntary pension schemes. However, as individual fixed effects are proven to be significant in the estimated models, one could conclude that country-specific characteristics play a significant role in explaining the development of voluntary pension schemes. They can be referred to the design and parametric settings of the non-mandatory pension system.
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Essien, Ettah B., i Michael S. Akuma. "The New Contributory Pension Scheme in Nigeria: Gleaning From Past Pension Schemes". IOSR Journal of Economics and Finance 2, nr 5 (2014): 33–40. http://dx.doi.org/10.9790/5933-0253340.
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BÖRSCH-SUPAN, AXEL, ANETTE REIL-HELD i DANIEL SCHUNK. "Saving incentives, old-age provision and displacement effects: evidence from the recent German pension reform". Journal of Pension Economics and Finance 7, nr 3 (9.05.2008): 295–319. http://dx.doi.org/10.1017/s1474747208003636.
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AbstractIn response to population aging, pay-as-you-go pensions are being reduced in almost all developed countries. In many countries, governments aim to fill the resulting gap with subsidized private pensions. This paper exploits the recent German pension reform to shed new light on the uptake of voluntary, but heavily subsidized private pension schemes. Specifically, we investigate how the uptake of the recently introduced ‘Riester pensions’ depends on state-provided saving incentives, and how well the targeting at families and low-income households works in practice.We show that, after a slow start, private pension plans took off very quickly. While saving incentives were effective in reaching parents, they were less successful in attracting low-income earners, although Riester pensions exhibit a more equal pattern by income than occupational pensions and unsubsidized private pension plans.We also provide circumstantial evidence on displacement effects between saving for old-age provision and other purposes. Households who plan to purchase housing are less likely to have a Riester pension. The same holds for households who attach high importance to a bequest motive. Occupational pensions and other forms of private pensions, however, act as complements rather than as substitutes.
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Pokorný, Jan, i Pavlína Hejduková. "Fondová schémata jako možná řešení finanční udržitelnosti dánského penzijního systému". Trendy v podnikání 10, nr 4 (2021): 49–60. http://dx.doi.org/10.24132/jbt.2020.10.4.49_60.
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The financial sustainability of pension systems is one of the crucial topics in the context of population aging. The issue of financial sustainability is primarily associated with public unfunded pension schemes, where there is an increase in future expenditures and a reduction in income due to the demographic structure. A possible solution to this problem is represented by the introduction of fund schemes into the design of the pension system which is recommended by the World Bank. But it brings certain risks for pension systems. An example of the implementation is Denmark, where the public fund scheme ATP exists in the first pillar and the second pillar is funded and managed by private companies. The aim of this paper is to present the Danish pension system with a focus on fund schemes and their differences with emphasis on management. This paper uses a literature review and analysis of quantitative data in the form of a time series. Data are used from Stat Bank and Forsikring & Pension. Next, the synthesis method is used to summarize the findings. The conclusions of the paper provide a basic overview of Danish pension fund schemes and can be an inspiration for possible reforms of pension systems in other countries.
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Gannon, Frédéric, Florence Legros i Vincent Touzé. "Sustainability of pension schemes". Revue de l'OFCE 170, nr 6 (25.03.2021): 377–401. http://dx.doi.org/10.3917/reof.170.0377.
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Pritchard, Tricia. "Public sector pension schemes". Early Years Educator 13, nr 4 (sierpień 2011): 6. http://dx.doi.org/10.12968/eyed.2011.13.4.6.
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Southall, S. M., i J. D. Punter. "A Pension Scheme Wind-up: Legitimate Act or Smash-and-Grab?." Journal of the Staple Inn Actuarial Society 30 (grudzień 1987): 1–66. http://dx.doi.org/10.1017/s0020269x00010070.
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The last paper on the winding-up of pension schemes was presented to the Institute by Gilley in March 1972. Since that time it has justifiably been the standard work on the subject and it has only recently been withdrawn from the Institute's examination syllabus. This paper is an attempt to up-date Gilley's work and to describe a complex and practical field of actuarial operation. Since 1972 there has been a substantial amount of pensions legislation which has inevitably changed the detailed procedures involved in a pension scheme dissolution. Nevertheless, many of the general considerations and ideas expressed in Gilley's paper are still valid today.