Since their creation in Europe in the seventeenth century, pension funds have grown to become one of the main sources of capital in the world. A number of role players ultimately manage the pension money of members on their behalf. Accordingly, the focus of this study is on the role players involved in the actual investment of pension fund money. For the purposes of the study, the key role players in the pension fund investment chain are identified as pension fund trustees, asset managers and asset consultants. These role players have a specific responsibility in terms of the service that they ought to provide. One of the key aspects of this dissertation is therefore determining whether their responsibility is a fiduciary responsibility. The main purpose of the study is, however, to answer one overarching research question: Does fiduciary responsibility create barriers to the implementation of responsible investment in the South African pension fund investment chain? Clearly, there are two key terms in this research question, fiduciary responsibility and responsible investment. It is suggested that responsible investment takes at least two forms: a “business case” form1 in which environmental, social and governance (ESG) issues are considered only in so far as they are financially material; and a social form in which ESG issues are considered over maximising risk adjusted financial returns. Three key questions were asked in order to find qualitative descriptions and interpretations of fiduciary responsibility: Question 1: Are the key role players in the pension fund investment chain fiduciaries? Question 2: If so, to whom do the key role players owe their fiduciary duty? Question 3: What are the fiduciary duties of the key role players in the pension fund investment chain? It is also suggested that the duty to act in the best interests of beneficiaries could be described as the all-encompassing fiduciary duty. Two main interpretations of the / Private Law / (LL.M.(Private Law))

Thesis (MDF)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: Pension funds are large institutional investors in South Africa and hold some of the highest levels of investment, relative to gross domestic product, in the world. The South African stock market is also the largest stock market in Africa. Research has shown that pension funds can play an important role in developing stock markets. This assignment investigated the impact that pension fund investment has had on the development of the South African stock market. This question is particularly relevant in the light of the changing domestic pension policy environment and the need to better develop stock markets in Southern Africa and globally to generate economic growth. The Johansen cointegration approach was applied to evaluate the impact of pension funds on the development of the South African stock market. Stock market development was measured by its depth or market capitalisation, liquidity and volatility. The analysis shows that South African pension funds have improved the liquidity and reduced the volatility of the stock market. Pension fund investment in shares increased market capitalisation, while market capitalisation was reduced when the prime lending rate was included as a control variable. Total pension fund investment decreased market capitalisation, probably through the impact of interest rates on interest-bearing assets held in the portfolio.

published_or_final_version / Business Administration / Master / Master of Business Administration

No description available.

退休規劃對個人或社會一直以來都是重要的議題。但是大部分的人往往受到心理偏誤的影響，逐漸偏離原本的目標。本研究除了檢視現行台灣地區實施的退休金制度外，也探討退休時可能面臨的各種風險及世界銀行建議之最適宜退休金制度，並發現在進行退休規劃時個人準備是不可缺少的。此外，本研究進一步釐清在退休規劃時會受到哪些心理偏誤的影響，以及這些心理偏誤會如何影響退休規劃。當退休規劃納入心理偏誤的影響後，對提供投資計畫的金融機構，應加入哪些機制才能消除因為投資人心理偏誤導致投資績效不佳的後果，期望能成功的協助投資人達成退休規劃的目標。最後，本文也討論了退休規劃建議採用的標的資產及退休商品的行銷策略。 / Retirement Savings has been an important issue for people, but most of them will deviate from their goals due to some psychological biases. In this paper, the present situation of Taiwanese pension system has been reviewed. Through analyzing the appropriate retirement system and considering the risks that people will face during the retirement, the paper points out the importance of self preparation. In addition, this paper conclude certain psychological biases that will influence retirement savings and give the alternatives of retirement savings program design to inform the financial institution in retirement plan promotion. Meanwhile, the propositions of underlying assets and marketing strategies are also provided in the research.

Socialinio darbuotojo padėjėjas yra žmogus arčiausiai kliento, teikiantis socialinę pagalbą. Socialinis darbas Lietuvoje tik naujai atrandama profesija platesniame visuomenės kontekste. Šiame kontekste socialinis darbuotojas yra plėtros veikėjas, o socialinio darbuotojo padėjėjas tampa socialinės pagalbos teikėjas. Todėl socialinių darbuotojų padėjėjų veikla reikalauja išsamesnio tyrimo. Lietuvoje nėra atliktų tyrimų, atskleidžiančių socialinio darbuotojo padėjėjo veiklas, atliekamus vaidmenis socialinio darbo kontekste. Šis tyrimas – tai pirmasis bandymas pažvelgti į socialinio darbuotojo padėjėjo veiklą globos įstaigoje, kartu atskleidžiant socialinio darbuotojo padėjėjo dalyvavimą socialinio darbo profesijos veikloje, teikiant socialines paslaugas, ir jo indėlį, formuojant socialinio darbo profesijos sampratą Lietuvoje. Darbe keliami tyrimo klausimai: 1. Kokie ypatumai būdingi socialinių darbuotojų padėjėjų veiklai pensionate, teikiant socialinę pagalbą proto negalės žmonėms? 2. Kaip socialinis darbuotojas turėtų organizuoti socialinių darbuotojų padėjėjų, kaip paslaugos teikėjo, veiklą pensionate? Tyrimo objektas – pensionato socialinių darbuotojų padėjėjų veikla. Tyrimo tikslas – atskleisti socialinių darbuotojų padėjėjų veiklą pensionate. Tikslui pasiekti darbe iškeliami šie tyrimo uždaviniai: 1. Apibūdinti socialinių darbuotojų padėjėjų, kaip pagalbos teikėjų, veiklą pensionate. 2. Išanalizuoti socialinių darbuotojų padėjėjų veiklos trukdžius ir profesinės veiklos... [toliau žr. visą tekstą] / Social worker‘s assistant is the man closest to the customer, providing him services of social support. In Lithuania social work is just a newly discovered profession in the broader context of society. In this context, the social worker is a public character of development and social worker‘s assistant becomes a provider of social support. Therefore, the activity of social worker‘s assistant requires a more thorough investigation. In Lithuania there are no accomplished studies of revealing the activity of social worker‘s support, his roles in the context of social work. This study is the first attempt to look at the social worker‘s assistant activities in the body care institution, simultaneously revealing the participation of social worker‘s assistant in social work profession by providing social services and his contribution to shaping the concept of social work profession in Lithuania. The object of research – pension social worker‘s assistant activity. Inquiry questions: 1. What are the main characteristic features of social worker‘s assistant activity at a pension in providing social support to mentally disabled people? 2. How social worker should arrange social workers assistants’ activity as residential service providers at the pension? Purpose of research - to reveal the activity of social worker‘s assistants at the pension. Tasks of research: 1. Describe the social workers assistants’ activity as the providers of services of social support at the pension. 2. To... [to full text]

Pensionsområdet upplevs av många som svårt och jobbigt att sätta sig in i. Framtida pension består av de olika delarna allmän pension, tjänstepension och privat pension och det ser olika ut för alla beroende bland annat på arbetsplats och intjänande. Studiens fokus är tjänstepension och den grupp som har möjlighet att välja en alternativ pensionslösning. Studien är undersökande till sin natur och syftar till att utforska och beskriva medarbetares och experters syn på mötet mellan en medarbetare och en försäkringsförmedlare. Mötet ämnar ses som en potentiell arena för kunskapsutveckling kring tjänstepension och tjänstepensionsbeslut. Studien syftar också till att svara på frågan om vilka möjligheter och hinder, vad gäller lärande och kunskapsutveckling, pensionsmötet upplevs innebära. Utgångspunkt för den teoretiska referensramen är det sociokulturella perspektivet på lärande och några centrala begrepp inom teorin som upplevs särskilt aktuella för studien. Tidigare forskning och litteratur som ansetts relevanta är bland annat litteratur om pensionsmötet och det pensionsval mötet mynnar ut i. Då uppsatsen handlar om själva pensionsmötet belyses dessutom forskning som fokuserar på institutionella samtal samt liknande sociala sammanhang som mötet mellan pensionsrådgivare och medarbetare, så som möten mellan banktjänsteman och konsument. Forskningsstrategin som använts i studien är kvalitativ, och empirisk data har samlats genom intervjuer med medarbetare och experter inom området. Resultatet visar att arbetstagaren i många fall hindras få en neutral arena för kunskapsutveckling vad gäller beslut om pension. Hindren kan vara egna fördomar, krångligt upplägg eller rådgivarens roll. Arbetsgivarens roll lyfts också som viktig för framtida lärande i den här typen av möten.

Darbe nagrinėjama 2013 m. antros pensijų pakopos reforma Lietuvoje. Apžvelgiami reformos privalumai, trūkumai ir įstatyminė bazė, taip pat pagrindiniai skirtumai su 2003 m. įgyvendinta reforma. Darbo tikslas – įvertinti 2013 m. pensijų kaupimo sistemos reformos patrauklumą, išanalizuoti apklausoje pateiktą informaciją, ištirti priklausomybes ir ryšius tarp sprendimo dalyvauti naujoje reformoje, rizikos veiksnių kaupiant lėšas ,,Sodroje“ ir/arba privačiuose pensijų fonduose nuo apklausoje išvardintų veiksnių. Taip pat nagrinėjamos pensijų sistemos Lietuvoje ir kitose šalyse, išskiriamos problemos ir jų sprendimų būdai, kaupiant lėšas privačiuose pensijų fonduose, nurodomos rizikos formos ir pensijų fondų charakteristikos. Siekiant sužinoti rinkos dalyvių požiūrį į naują reformą, buvo taikomas anketinis apklausos metodas, kurio rezultatai parodė tam tikrų veiksnių priklausomybes ir ryšius. Darbą sudaro 5 dalys: įvadas, pensijų sistemos ir pensijų fondų charakteristika, antrosios pakopos pensijų fondų ir vykdomos pensijų kaupimo sistemos reformos analizė, antrosios pensijų pakopos reformos įvertinimas, išvados ir siūlymai, literatūros sąrašas. Darbo apimtis – 66 p. teksto be priedų, 9 iliustr., 22 lent., 59 bibliografiniai šaltiniai. Atskirai pridedami darbo priedai. / The work analyzes second pillar pension reform in Lithuania in 2013. This work includes an overview of the advantages, disadvantages and legislative basis of the reform, as well as the main differences to the reform of 2003. The aim of the work – is to evaluate pension accumulation reform of 2013 attractiveness, to analyze information of the survey, to explore the dependencies and connections between the decision to participate in the new reform, risk factors for garnering funds in the „Sodra“ and/or in the private pension funds from the factors listed in the survey. Also this work examines pension systems of Lithuania and other countries, analyzes problems and solutions of accumulation of assets in private pension funds, indicates the forms of risk and characteristic of pension fund. Results of a questionnaire survey, witch was used to learn the views of market participants to the new reform, showed the impact of certain dependencies and connections. Structure: introduction, pension scheme and the pension fund characteristics, second pillar pension funds and ongoing pension accumulation system reform analysis, the rating of the second pillar pension reform, conclusions and suggestions, references. Thesis consist of: 63 p. text without attachments, 9 pictures, 22 tables, 59 bibliographic sources. Separately added the work attachments.

This essay has the purpose to explore what awareness women in their professional lives have over how the choices they make affect their pension. Together with the reasoning behind the choices who will later affect their economy in old age retirement. Through connections with staff at a kindergarden I found women who unconstrained choose to be apart of the study, consisting of women in working age in a relationship and they all had children. It was my intention to make a qualitative interview study where I interviewed women to get their thoughts and how they act in certain situations during their professional life. After I had conducted the interwiews I noticed that the results could be seen in relationship to norms and values in socitey. By using a norm theory the answers could be analysed and the norm that was constructed by the women was highlighted. As a complement to the norm theory i used a gender theory to explain why these women took those actions whom was highlighted in these interwiews. The act that was highlighted was that women take more parental leave than men which research proves affects womens economic in retirement negative and the norm that could be constructed was that men work full time.

We use the labor force ad hoc module "transition from work into retirement" to analyze the link between individual as well as pension system characteristics and planned retirement age within the European Union. We find that timing of retirement is correlated between partners who are, already at the stage of retirement planning. In richer countries of the EU15, standard retirement age seems to have a larger effect on planned retirement age than in poorer EU15 states or in new EU member states. The effect of pension wealth is largest in the new EU member states and smallest in rich EU15 countries. Furthermore, industry and occupation effects differ by country type. (authors' abstract)