Magister Scientiae - MSc / Essentially this project report is a discussion of mathematical modelling in pension funds, presenting sections from Cairns, A.J.D., Blake, D., Dowd, K., Stochastic lifestyling: Optimal dynamic asset allocation for defined contribution pension plans, Journal of Economic Dynamics and Control, Volume 30, Issue 2006, Pages 843-877, with added details and background material in order to demonstrate the mathematical methods. In the investigation of the management of the investment portfolio, we only use one risky asset together with a bond and cash as other assets in a continuous time framework. The particular model is very much designed according to the members’ preference and then the funds are invested by the fund manager in the financial market. At the end, we are going to show various simulations of these models. Our methods include stochastic control for utility maximisation among others. The optimisation problem entails the optimal investment portfolio to maximise a certain power utility function. We use MATLAB and MAPLE programming languages to generate results in the form of graphs and tables. / South Africa

The research set out to explore the nature of challenges in distribution of old age pensions in Lesotho. Poor institutional capacity failed the implementing agency, the Department of Pensions; to set up competent administrative structures to run run the pensions effectively and efficiently. A number of challenges have been identified, some of which were: inadequate supervision of the paying officers, fraud by workers and community agents, missing funds, insufficient resources, inadequate administrative capacity, overworked employees, faulty targeting, soft and discriminatory approach to non-compliance with rules and multiple use of identity documents by recipients. On the other hand, a number of opportunities have been identified to counteract the challenges. The main recommendation of the study was the engagement of mobile phone-based money transfer facilities to transfer the old age pensions from the government to the recipients. The Department of Pensions should make use of baseline database like information from civil registration agency like the Ministry of Home Affairs to confirm the validity of the pension recipients. Other recommendations included moving the division of old age pensions from the Pensions Department to the Ministry of Social Development which is the controlling body for other forms of social grants in Lesotho. The Ministry of Social Development is regarded as well equipped with qualified staff and facilities to deal with vulnerable people like the elderly.

O crescimento do Mercado de Previdência Complementar no Brasil é notoriamente percebido, conforme evidenciado nos relatórios de gestão apresentados pelo Ministério da Previdência Social, após o encerramento de cada exercício. Neste segmento, os Fundos de Pensão tem a importante missão de obter para seus participantes rentabilidade compatível com o mercado, evitar a deterioração do Patrimônio, garantir a continuidade do pagamento dos Benefícios já concedidos e a concessão dos benefícios futuros pactuados. O presente estudo apresenta as principais metodologias da ferramenta de ALM - Asset Liability Managment que podem ser utilizadas para gestão de Ativo/Passivo dos Fundos de Pensão. O objetivo do trabalho é sugerir a alocação de investimentos no segmento de Renda Fixa, através da análise da simulação do fluxo do passivo atuarial dos benefícios já concedidos de um Plano de Benefícios caracterizado na modalidade de Benefício Definido. Como resultado, foi apresentada sugestão de alocação dos investimentos no segmento de Renda Fixa, conforme vencimentos disponíveis no mercado em 31/12/2009, baseados na projeção dos fluxos de pagamento de Benefícios, investimentos e desinvestimentos, confirmando a importância da existência nas Entidades de Previdência Complementar, da relação entre a Gestão Atuarial e de Investimentos, para a definição estratégica dos investimentos. / Market growth for Pension Funds in Brazil is well perceived, as evidenced in the management reports submitted by the Ministry of Social Security after the end of each fiscal year. In this segment, Pension Funds play an important role for their members in obtaining return on investment in line with the market, preventing asset deterioration, ensuring continued payment of previously granted benefits and agreed future benefits. This study presents the main methodologies of the ALM tool – Asset Liability Management – that can be used to manage Assets/Liabilities of Pension Funds. The objective is to suggest the allocation of investments in the fixed income sector through analysis of the actuarial liability of previously granted benefits in a flow simulation, a Benefit Plan characterized in the Defined Benefit form. As a result, it was suggested that the allocation of investments in the fixed income segment, as due dates available in the market on Dec, 31 2009, based on the flow of benefits payment, investments and divestments, confirming the importance of the Supplementary Pension Entities, the relationship between the Actuarial and Investment Management, to define strategic investments.

A previdência complementar é um importante instrumento para a complementação de renda na aposentadoria e configura-se como benefício atrativo às carreiras que as provêm. Pela própria natureza, geralmente produz efeitos a longo prazo e demanda avaliação atuarial para a determinação da saúde financeira dos planos, utilizando-se, para tal, de premissas aderentes às características econômicas e biográficas da população alvo. A presente dissertação procura, a partir da premissa taxa de desconto, apresentar as variações da obrigação atuarial frente ao nível da taxa de juros, principalmente quando aplicada a um cenário de oscilação relevante desta última. Procura-se identificar a pertinência da variação de uma obrigação de longo prazo em virtude de uma premissa que varia no curto prazo. O estudo foca os reflexos nas patrocinadoras de benefícios pós-emprego com características de benefício definido de previdência privada fechada, conforme normativos emitidos pelo IASB (International Accounting Standards Board), CPC (Comitê de Pronunciamentos Contábeis) e CVM (Comissão de Valores Mobiliários). / The complementary pension is an important tool for supplementary income in retirement and appears as attractive benefit to careers that offer. Generally produces long-term effects and demand actuarial valuation to determine the financial health of the plans, using up to this end, economic assumptions and biographical characteristics of the target population. This dissertation seeks from the discount rate assumption, demonstrate the variations of actuarial liabilities against the level of interest rates, especially when applied to a relevant oscillation scenario. Seek to identify the relevance of changes in a long-term obligation by virtue of a premise that varies in the short term. The study focuses on the reflex in the sponsors of postemployment benefits with defined benefit characteristics of closed pension, conform regulations issued by the IASB (International Accounting Standards Board), CPC (Accounting Pronouncements Committee) and CVM (Brazilian Securities Commission).

Between 1980-2006, thousands of South African pension funds converted members from defined benefit to defined contribution structures. This research set out to answer the questions of why this phenomenon occurred and whether peculiar environmental circumstances influenced the outcome. The research framework identified various stakeholders in the retirement fund industry - government; regulator; pension fund adjudicator; ombudsman for long term insurance; trade unions; members; trustees; business; employers and service providers - and isolated the elements to be considered in the research. Industry experts were interviewed to obtain a macro view of the phenomenon and specific manifestations of the phenomenon were also considered in case studies. The purpose of the research was to develop a model for managers to assist them in dealing with environmental change. Qualitative research methodology was utilised and feedback from semi-structured interviews was categorised into several emergent themes. Within-case and cross-case analyses were conducted. Research results indicate that the conversion phenomenon occurred in two waves - one initiated in the 1980s and driven by the trade unions and a second in the 1990s, driven by employers, often at the advice of their consultants. Evidence of the start of a third wave also emerged. Results indicate that an environmental shock exerted a substantial influence on the course of events. Under these:  Various factors combined to drive organisational evolution (i.e. adaptation to the environment).  Adaptation speed was inappropriate and exceeded that which was required for sufficient thought.  Uncertainty and vacuum circumstances arose leading to consequences that require redress.  The power of the relative stakeholders changed and influenced the strategic outcome.  An imbalance in stakeholder interests arose and ethical factors became consequential.  Business acted to restore certainty for itself. Existing literature explained organisational behaviour in environments of competitive shock and high turbulence, but not in circumstances of environmental shock. A model emerged to assist managers to deal with environmental change, which was applied to an analysis of pension fund reform. It was also applied to the pension fund perspective on Broad-Based Black Economic Empowerment. This model may also be applied in analysis of land redistribution, sanctions and constitutional development. / Business Management / DBL

O debate acerca do equilíbrio financeiro e atuarial dos regimes de previdência social é tema relevante e de alta indagação no momento atual da economia brasileira, e em particular, na gaúcha. Os diferentes regimes de previdência social adotados no Brasil e seus modelos de financiamento devem estar intimamente ligados ao equilíbrio financeiro e atuarial, adequados a soluções que permitam o atingimento de seus fins precípuos, voltados à garantia do pagamento de benefícios a seus segurados, sem que, no entanto, esse proceder gere prejuízos nas contas públicas e outros aportes estatais. No âmbito do Rio Grande do Sul, as fórmulas encontradas ao longo de décadas objetivando a solidez do regimes previdenciários aqui adotados, não discrepam daquelas adotadas em âmbito nacional e resumem-se basicamente a três pontos: sucessivas alterações legislativas com a mudança do modelo de financiamento da repartição simples para o da capitalização; a majoração paulatina das alíquotas que se constituem na principal fonte de receita do sistema; e a instituição do regime de previdência complementar. A (in)adequação de medidas adotadas no regime próprio de previdência gaúcho voltadas à busca do equilíbrio financeiro e atuarial foi a resposta encontrada ao que se propôs analisar na presente dissertação. / The debate about the financial and actuarial balance of social security regimes is an important and highly discussed subject at the current moment of the Brazilian economy, and particularly in Rio Grande do Sul. The different types of social security systems adopted in Brazil as well as their funding models must be closely linked to the financial and actuarial balance, being appropriate to solutions that enable the achievement of their main purposes, aimed at ensuring the payment of benefits to its policyholders, however, in a manner that this proceeding doesn’t generate any losses in the public accounts as well as at any other state contributions. In the scope of Rio Grande do Sul, the formulas found along decades aiming the trustworthiness of the social security schemes adopted here, do not disagree from those adopted at the national level and thus can be summarized basically into three points: successive legislative alterations with the changing of the funding model from the simple sharing model to the capitalization one; the gradual increase in rates that are the main source of system revenues; and the institution of the complementary pension regime. The (in) adequacy of measures taken in the Rio Grande do Sul own Special Security Regime that aimed the pursuit of financial and actuarial balance was found as the answer for what this dissertation proposed to analyse.

O crescimento do Mercado de Previdência Complementar no Brasil é notoriamente percebido, conforme evidenciado nos relatórios de gestão apresentados pelo Ministério da Previdência Social, após o encerramento de cada exercício. Neste segmento, os Fundos de Pensão tem a importante missão de obter para seus participantes rentabilidade compatível com o mercado, evitar a deterioração do Patrimônio, garantir a continuidade do pagamento dos Benefícios já concedidos e a concessão dos benefícios futuros pactuados. O presente estudo apresenta as principais metodologias da ferramenta de ALM - Asset Liability Managment que podem ser utilizadas para gestão de Ativo/Passivo dos Fundos de Pensão. O objetivo do trabalho é sugerir a alocação de investimentos no segmento de Renda Fixa, através da análise da simulação do fluxo do passivo atuarial dos benefícios já concedidos de um Plano de Benefícios caracterizado na modalidade de Benefício Definido. Como resultado, foi apresentada sugestão de alocação dos investimentos no segmento de Renda Fixa, conforme vencimentos disponíveis no mercado em 31/12/2009, baseados na projeção dos fluxos de pagamento de Benefícios, investimentos e desinvestimentos, confirmando a importância da existência nas Entidades de Previdência Complementar, da relação entre a Gestão Atuarial e de Investimentos, para a definição estratégica dos investimentos. / Market growth for Pension Funds in Brazil is well perceived, as evidenced in the management reports submitted by the Ministry of Social Security after the end of each fiscal year. In this segment, Pension Funds play an important role for their members in obtaining return on investment in line with the market, preventing asset deterioration, ensuring continued payment of previously granted benefits and agreed future benefits. This study presents the main methodologies of the ALM tool – Asset Liability Management – that can be used to manage Assets/Liabilities of Pension Funds. The objective is to suggest the allocation of investments in the fixed income sector through analysis of the actuarial liability of previously granted benefits in a flow simulation, a Benefit Plan characterized in the Defined Benefit form. As a result, it was suggested that the allocation of investments in the fixed income segment, as due dates available in the market on Dec, 31 2009, based on the flow of benefits payment, investments and divestments, confirming the importance of the Supplementary Pension Entities, the relationship between the Actuarial and Investment Management, to define strategic investments.

Sveriges befolkning lever allt längre och därav har en ny överenskommelse gällande pension utformats för att kunna upprätthålla den svenska ekonomin. Pensionsåldern kommer att höjas och för att äldre ska orka arbeta längre behövs en god arbetsmotivation och rätt förutsättningar. Syftet med denna studie var därför att undersöka vad äldre arbetstagare upplever som viktigt för att orka och vilja arbeta längre. Nio semistrukturerade intervjuer genomfördes med arbetstagare över 60 år som var yrkesverksamma inom olika branscher. Intervjuerna analyserades med en induktiv tematisk analys. Äldre arbetstagare motiveras framförallt av inre motivationsfaktorer som trivsel på arbetsplatsen och goda relationer till kollegor. Ett fortsatt arbetsliv kan enligt respondenterna också påverkas av delaktighet och utvecklingsmöjligheter på arbetsplatsen. Möjligheten till utveckling i arbetet kan påverkas av de förutsättningar som arbetstagaren ges men arbetstagaren har samtidigt ett eget ansvar att ta till vara på utvecklingsmöjligheterna. / The population of Sweden tends to live longer and therefore a new agreement about the retirement age has been designed to maintain the Swedish economy. The retirement age will increase and to make older employees cope with a longer worklife it´s important to maintain a good work motivation and also give the employees the right conditions to be able to work longer. The purpose of this study was therefore to study what employees perceive as important to be able and willing to work longer. Nine semi-structured interviews were performed with employees over 60 years old and were professionals in different industries. The interviews were analysed with an inductive thematic analysis. Older employees are primarily motivated by intrinsic factors such as well-being at work and good relations with colleagues. Participation and development opportunities were important factors to be able to work longer. The opportunity for development at work can be affected by the conditions given to the employee, but the employee also has his own responsibility to take advantage of the development opportunities

Thesis (MTech (Human Resource Management))--Cape Technikon, 1999. / Although retirement planning is well known in most South African organizations it is an aspect that enjoys a low priority in the majority of organisations resulting in weak and insufficient retirement planning. The aforementioned together with a lack of sufficient retirement planning preparation within local authorities often leads to the formation of an incorrect perception when individuals retire. Aspects affecting retirement planning include the continued high inflation rate, affirmative action, political and economic uncertainty, the population explosion, unemployment and rationalization. It is therefore imperative that officials receive the necessary training and leadership for the expected success of retirement. An important shortcoming exists in this unique field to school and prepare officials and the importance of establishing an independent future after an active career becomes essential. The focus point for this investigation was to determine to what degree retirement planning is operational in local authorities. Secondly, the degree to which available information in connection with retirement planning is used to prepare officials effectively for the process was determined. Subsequently problems experienced with the application and implementation of a retirement plan for officials as well as obstacles that could hinder the process of successful timeous retirement planning was also looked at.

Made available in DSpace on 2014-06-11T19:29:46Z (GMT). No. of bitstreams: 0 Previous issue date: 2009-04-16Bitstream added on 2014-06-13T18:59:32Z : No. of bitstreams: 1 cavallieri_mp_me_arafcl.pdf: 580485 bytes, checksum: 1d57da9dea79db8b098ccb0c51ded48a (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / A Previdência Social é uma política de proteção social que está integrada ao Sistema de Seguridade Social brasileiro. O histórico do sistema e a atual situação de crise têm relevância para a ordem política, econômica e social do país. A forma como se estrutura a distribuição dos benefícios previdenciários possui nítido impacto sobre o desempenho da Previdência, sobre o bem-estar social e sobre a maneira como os agentes se comportam e interagem no sistema. Esta pesquisa tem como objeto de análise o Sistema Previdenciário brasileiro a partir da Emenda Constitucional nº. 20, de 16 de dezembro de 1998, promulgada pelo governo Fernando Henrique Cardoso. Este enfoque permite discutir de forma mais aprofundada a importância da questão deficitária do sistema, fortemente influenciada pelas mudanças no perfil demográfico e pela forma como se estruturam as relações no mercado de trabalho atualmente. Através de uma verificação da literatura e das abordagens existentes, de dados coletados e sistematizados pela Dataprev, pelo IBGE e pelo IPEA, procuraremos avaliar o impacto advindo com tal Emenda Constitucional, no que diz respeito à Aposentadoria por Tempo de Contribuição, tanto em relação ao seu aspecto atuarial como no que tange ao impacto social, utilizando para isso dados sobre déficit, demografia e mercado de trabalho. O objetivo é verificar a eficácia deste tipo de reforma nos temos em que se propôs, observar o comportamento dos indivíduos diante das mudanças e verificar o significado disso para o Sistema Previdenciário brasileiro. / The Social Security is a policy of social protection that is integrated into the Brazilian Social Security System. The history of the current situation of crisis and have relevance to the political. Economic and social of the country. The way they structure the distribuition of benefits has significant impact on the performance of Welfare, on welfare and on the way they behave and interact players in the system. This research has a object of analysis the Brazilian pension system from the Constitutional Amendment nº. 20, 16 December 1998, promulgated by Fernando Henrique Cardoso‟s government. This approach allows to discuss in depth the importance of the issue of the poor, heavily influenced by changes in demographic profile and the way relationships are structured in the labor market today. Through an examination of existing literature and approaches, data collected and systematized by DATAPREV, by IBGE and IPEA, try to asses the impact that comes whit this Constitucional Amendment, with respect to Time for Retirement Contribution, both in relation to actuary as its appearance in terms of social impact, using for this data deficiency, demography and the labor market. The objective is to verify the offectiveness of this type of reform in which we proposed to observe the behavior of individuals facing the changes and verify the significance of that for the Brazilian pension system.