Swedish pension funds have vast  mount of money to invest in order to maintain a stable and functioning pension system. Real estate is an important part of the investment strategy  and contributes as a relatively low risk diversifier to the portfolio. The major share of Swedish pension money is place in public pension and in occupational pension. There are several institutions working to manage this capital, both governments owned and private owned institutions. Historically allocation of properties among institutional investors has taken place in the home market due to the need of local knowledge when managing real estate. Real estate is less correlated with the interest rate market creating a lag in fluctuation when the interest rate changes, this yield gap creates valuable opportunities to invest in real estate to better yields when the rate falls. Since a few years after the turn of the millennium institutional investors has increased their real estate holdings rapidly   onfirming that, or at least indicating, that there exist a yield gap in real estate investments. Historically institutional investor’s allocation in property as a part of the whole portfolio has Been low, in 2001 the public pension funds had approximately 3% invested in real estate compared to todays 10 %. The main explanation to the significant increase in property allocation in the public pension funds is the low interest rate environment the market is currently experiencing. The pension funds prefer to own real estate directly for two major reasons. Since real estate is a relatively illiquid asset it is important to keep control over the investment and secondly to avoid short term behaviour. Over the past decade investments in real estate has  increased with 900 billion SEK divided among the institutions invested in this thesis. This increase has established real estate as a more vital part of the pension fund portfolio and we believe that allocation levels will remain relatively stable at this level. However the Limited supply of properties suitable for pension funds will together with the decreased yield--‐gap result in a slowdown or even  stop in the pension fund possibility to further increase their property allocation.

Thesis (MBA)--Stellenbosch University, 2012. / Poverty reduction, employment creation and economic growth are priorities in the development of Namibia. Although Namibia has a relatively high domestic savings rate in the form of long-term insurance, unit trust and pension contributions, these savings do not translate into economic growth and job creation. Under Regulation 28 of the Pension Funds Act, Namibian pension funds are required to invest a minimum of 35% of pension fund assets in the domestic economy, with a minimum of 5% of assets to be invested in unlisted entities. Both measures are aimed at using domestic savings to stimulate economic growth. Regulation 28 also requires pension funds to diversify the investments of assets across different asset classes, both domestically and internationally, in order to reduce exposure to the risk posed by a specific asset class. Taking cognisance of the additional risks involved in investment in unlisted entities, Namibian legislators drafted Regulation 29 through which these pension fund investments in unlisted entities are to be made once Regulation 29 is promulgated. Such investments will take the form of private equity investments, although provision is made for debt financing of unlisted entities. This research paper investigates the potential risks and benefits associated with the requirement to invest in unlisted entities, and whether draft Regulation 29 will provide sufficient safeguards to mitigate the risks to pension funds of investing in this asset class. Regulation 29 has been drafted taking into consideration lessons learned from the experience of the Government Institutions Pension Fund in investing in unlisted entities. In order to invest in unlisted entities, draft Regulation 29 requires pension funds to invest in a special purpose vehicle through which investments are made in portfolio companies that have been identified by unlisted investment managers. Pension funds will not be allowed to make direct investments in unlisted entities. The draft regulation details the contractual relationship between the pension fund and the various parties to the unlisted investment. It imposes strict reporting requirements on the pension fund, the special purpose vehicle and the unlisted investment manager, and creates a heavy regulatory burden for the Namibian Financial Institutions Supervisory Authority as the regulator. In addition to access to sufficient funds for private equity investments, adequate investment opportunities, appropriate experience and skills of managers in the industry, and a supportive regulatory environment, private equity investors require ways to exit their investments, either through listing on a stock exchange or disposing of investments on a secondary market.

Ausgewählte Fragen der dritten Phase der Rentenreform in der Tschechische Republik Das Ziel meiner Diplomarbeit ist die Beschreibung, die Analyse und die Auswertung der dritten Phase der Rentenreform mit dem Hinweis an die Probleme, mit dennen auch die letzte Entscheidung der Regierung über die Aufhebung des zweiten Pfeilers des Rentensparens verbunden wurde. Die Arbeit wird systematisch an die 5 Kapitel geteilt. In der ersten Kapitel werden die universale Prinzipen und Möglichkeiten der Konstruktion der Rentensysteme zusammen mit der Aufnahme des tschechischen Rentensystems in dem System der Sozialversicherung detailisiert. Die zweite Kapitel detailisiert die Gültigrechtsausgestaltung des tschechischen Rentensystems.In der dritten Kapiltel wird auf die Probleme verbundene mit der Einführung der Groβrentenreform hingewiesen und auf diese Problematik knüpft die letzte Kapitel an, die genau das nächste Prozess der Aufhebung des zweiten Pfeilers der Rentensparung analysiert. Am Ende meiner Arbeit werden die gewonnene Kentnisse allgemein gemacht und die Überlegung über die Erfolgsamkeit der Einführung einer Fondfinanzierung in das tschechische Rentensystem. Powered by TCPDF (www.tcpdf.org)

This work analyzes the redistribution of the pension insurance for people with different income levels.

Pension income insurance is in the Czech market since 1994 and throughout its operation, the number of its clients increase. Its unique position is due to tax attractive and state contributions. Currently, on the market oprate 10 pension funds, which provides its clients with pension plans for 5 years and then can be saved as a single draw funds or annuity, according to the pension plan. The entire pension system is composed of two pillars PAYG and fading based , which are mutually complementary. Due to adverse demographic changes and financial sustainability of the system, it is necessary to reform the pension system. On the basis of economic expertise have been drawn up various options for changes in the voluntary pillar. Due to the necessary legislative changes, there was also a significant change in the pension income insurance scheme and its position was substantially changed. The voluntary nature of pension obligations have been replaced and now have the ability to save clients money into funds with different investment strategies. "Old" pension scheme will operate in parallelly with the new system, but access to it is no longer possible, it is possible that the pension insurance with state contribution in the longer term expires. The implementation of the government will decide next month.

This study provides a view of the decision-making process of Dutch company pension funds. The success of this research was the exceptional granting of access to four cases. Lack of such access could very well be the reason why research of this nature has not been previously achieved. The financial health of pension funds, expressed by the coverage ratio, showed a decline in 2008. Research has shown that there is a relationship between decision-making processes and outcome. Were the processes appropriate to set up and maintain a sufficient coverage ratio? A tailor-made conceptual research model has been developed and used as an analysis aid to research the TO BE situation based on legal requirements and factional documents and the AS IS situation based on empirical data. The model made it feasible to shed light on the implementation of good pension fund governance principles and decision-making process, which is a contribution to the current gap in research. The research showed that there is a relationship between the implementation of pension fund governance principles and appropriate decision-making processes. It also showed that there is a relationship between an appropriate decision-making process and coverage ratio. Both conclusions are not statistically proven due to the lack of the statistical significance, but are qualitative analysed and confirmed in the conducted case studies. It is suggested to use the research model by supervisor or pension funds to establish the mismatch between the implementation of pension fund governance principles and decision-making processes to enhance the quality of decision-making processes and outcome.

by Tam Chi Cheung. / Bibliography: leaves 92-96 / Thesis (M.Ph.)--Chinese University of Hong Kong, 1986

My diploma thesis deals with the introduction and analysis of the NDC system (Notional Defined Contribution). I devote myself to pension system in the Czech Republic too. The diploma thesis provides informations on individual elements of the NDC system and its financial sustainability. In the theoretical part I deal with the pension systems in general and with states that have already introduced the NDC system. In the practical part I deal with the pension system of the Czech Republic in according to the questionnaire. I try to evaluate whether the NDC system is advantageous for the Czech Republic.

The Pension system in the Czech Republic seems to be financialy unsustainable because of demographic development and economic consequences which is why it requires detailed systemathic change. This thesis will, in theory, describe and analyze reform possibilities which are derived primarily from conclusions of the Bezděk comission. At the same time it will also focus on alternatives which are presented by political parties or which are known from experiences from abroad. This thesis will also mention particular social groups which the pension system is related to, as well as pension funds and the state. The goal is to present comprehensive overview on the pension system issues and also show possible solutions.

The aim the thesis is to describe the legislation of old age pension in the Czech Republic which is currently being in a process of significant change due to unfavourable demographical development in our country - birth-rate is decreasing, average life expectancy is increasing as well as the average age of a population. The result of ageing of the Czech population is an inability to maintain the current system, because of its financial demands. Old age pension is the most common benefit of a social insurance and its costs represent the highest expenses of the social insurance. Old age pension is supposed to substitute the loss or restriction of a salary which are caused by the age as well as by social occurrence. The thesis is composed of five chapters. The most important terminology related to old age pension is defined in the first part, followed by the description of its historic development, which has had an impact on the Czech legislation used nowadays. The paper also focuses on the conditions of an old age pension legitimate claim and describes the process that is used in terms of social insurance procedure. The Czech old age pension scheme was compared to the one used in the United States of America and Slovakia and also the current old age pension reform was explained. The third chapter is the most...