MA (Labour Policies and Globalisation), Faculty of Humanities, University of the Witwatersrand, 2011 / South African pension fund assets are estimated at ZAR 1 924 billion. This is a large pool of funds that is collected from workers. However, the contention is that workers, whose savings make up the assets of pension funds have little influence on how these funds are used. As a result, most of the funds are invested in corporations, which do not reflect the aspirations of the labour movement. The argument is that if these funds were under the control and direction of the working class, enormous contributions would be made towards economic growth, socially useful investments, community development, employment creation and growth in retirement benefits. The purpose of this study was to assess the extent to which trade unions have been able to promote the interest of members and direct pension fund investment in sectors that will have a positive impact on working families and their communities in South Africa. This study adopted a qualitative method, using purposive sampling and a semi-structured outline to conduct face-to-face interviews with union unions and fund managers. Collected data were analyzed using content analysis. Results were categorized into two distinct parts. The first part looked at pension fund investment regulation and management, asset allocation, investment practices and composition of the pension board. The second part described trade unions’ role in promoting the interest of pension fund members; the extent of their influence in pension fund investments; their contribution to strengthening pension fund governance and how to enhance their influence and control of pension fund investments. The study suggests that trade unions have a critical role to play in pension fund management through their representation on the pension boards. However, the success can only be achieved if trade unions have a clear policy that spells out labour’s agenda on pension issues. Additionally, union trustees should be supported to getting involved in understanding their plans and develop capacities in capital market strategies, investment and economic development.

To establish the pension system is to ensure the life of old men. To compare the other pension systems of main countries, the old-aged economics security should adopt three-pillar system in Taiwan. This thesis puts emphasis on the empirical study of the importance of Taiwan pension fund asset allocation and attempts to develop a proper process of asset allocation decision as the reference of the pension fund sponsors when they are dealing with this task. The process of asset allocation decision could be divided into two parts: forming the efficient frontier and selecting the optimal asset allocation. This research suggests the readers to use quadratic programming techniques, which is introduced by Markowitz in 1956, to calculate the efficient frontier. With the changes in the financial situation and the coming of new information, pension fund sponsors should re-perform the process of asset allocation decision periodically to obtain the updated optimal asset allocation. The result of putting restrictions on the ratio of investment items is that the limited portfolio will reduce the utility and return relatively. As for raising the ratio of current assets, the standard doesn¡¦t increase obviously. To impress that pension fund should be in accordance with its need and object to keep appropriate current assets. Furthermore, pension fund sponsors should raise the weight of stocks and bonds to improve the performance. Pension fund sponsors who entrust risky assets to the professional institutions to manage will enhance the performance of investing, but we can¡¦t obtain the data of risk. In the future, the performance should be measured continually and join the risk to analyze.

臺灣公務人員退休撫卹基金（退撫基金）自1995年成立，由退撫基金管理委員會統一管理，按政府別、身分別，分戶設帳，分別以收支平衡為原則，但依據2003年退撫基金第2次精算結果(美世顧問公司)，軍職人員自2013年、教育人員2032年及公務人員2035年起，將陸續產生累積虧損（破產），主要原因為退休制度本身結構問題、提撥率不足所致，其次為經營績效無法大幅提升，原因為管理組織屬性欠彈性、專業人才不足、管理法令束縛及資產配置較保守，對於現有制度與管理之缺失，如何檢討改善，以提高收益，確保基金之永續發展，為本研究之重點。 本研究採用制度分析比較，藉由退撫基金與先進國家退休金計畫與管理制度加以比較，瞭解臺灣與其他國家退休管理制度上之差異，並探討未來世界退休制度管理趨勢。並蒐集勞工保險基金、勞工退休基金及公教保險準備金等基金相關資料，再與退撫基金作管理運用之比較研究，另外，與退撫基金同質型國外退休基金管理模式之相關研究文獻，作分析比較研究，依投資組合模型計算出最適資產配置，以瞭解退撫基金經營管理之效率性。 / 茲據研究結果發現，退撫基金管理係屬行政機構，管理較無彈性，另外退休撫卹制度設計而產生龐大潛藏負債，以及管理法令限制而影響營運績效。最後，針對研究結果提出對退撫基金管理之建議。就管理機構建議改為行政法人或提高委外比例。對退撫制度之潛藏負債問題建議為：逐步修改退撫制度，先實施退休所得合理化、展期年金，對於新進公務人員採用個人帳戶制，並依個人風險偏好，選擇不同的管理模式。對於管理制度建議為增加國外投資、資本利得比例、擴大投資範圍及建立資訊公開制度。 / The Public Service Pension Fund (PSPF) of Republic of China was established in 1995. On the principle of collection/payment balance, the Management Board of Public Service Pension Fund (MBPSPF) is in charge of management of the PSPF by setting up different independent accounts in accordance with the capacities and governmental levels. The outcome of actuarial evaluation conducted in the year 2003 forecasted the accumulated net loss (insolvency) will respectively happen to the military personnel in the beginning year of 2013, the educational workers in the beginning year of 2032 and the public servants in the beginning year of 3035. The factors will result in the accumulated net loss (insolvency) mainly include incomplete framework of the public service pension system and insufficient contribution rate. Due to inelastic organization and framework, shortage of professional personnel, constraint of the laws and regulations and conservative strategies of assets allocation, overall performance can not be improved substantially is also the minor factor that will result in the accumulated net loss. The key point of this study will focus on eliminating the defects of the present system and administration and making improvement to increase overall earnings, thus continuing operation of the PSPF can be ensured. / This study adopts a measure of system analysis and comparison. In comparing with pension project and administration system of mainly advanced countries, the difference between Taiwan and other advanced countries cab be realized. Thus we can further discuss and explore the future global trend of pension administration. Besides mention above, the related information of Labor Insurance Fund, Labor Pension Fund, and the insurance reserve of public servants and education workers was collected, studied, and compared with the PSPF. Furthermore, the PSPF was compared with abroad pension funds which have same attributes of PSPF by analyzing the related studies of administration or operation. And accordingly, an optimal model of assets allocation was designed for further testing and understanding the efficiency of administration of the PSPF. From this research, the followings were discovered: 1. An administrative institution such as the PSPF with no corporation register, make administration inelastic. 2. The designed system of the “Contributory Pension Fund” will result in potential enormous debts. 3. The constraint of laws and regulations will result in ineffective overall performance. Finally, regarding to the inelastic administration (as of description 1), an ideal proposal is to register the PSPF as a corporation or increase proportion of overseas discretionary management. As to the potential enormous debts (as of description 2), the proposals are to improve the system of “Contributory Pension Fund” step by step, adopt a fair and reasonable retirement income, extend the time limit of annuity, adopt an individual account for a new public servant and manage the account in accordance with his or her risk attitude. As to the ineffective overall performance (as of description 3), the proposals are to increase the proportion of overseas investment and capital gains, extend the range of investment and establish system of information disclosure.

Considering the problems of the fast aging of population and the heavy burden of the next generation to raise the elder people, the ¡§Implementation Rules of the Labor Pension Act¡¨ law was put into practice in July 1st, 2005 to release the heavy load of the next generation. The law changed the older system ¡§defined benefit pension plan¡¨ into a new system ¡§defined contribution pension plan¡¨ to slow down the problems of aging of population. Nevertheless, there were so many controversial issues about the enactment not passing the draft plan of setting up the supervisory committee of the Fund of the Labor Pension. The amount of the Labor Pension one can obtain when retiring is related to the operation of the Fund of the Labor Pension. However, now the money is putting in the bank and not doing any effective investment. This makes us start wondering if we can get our pension on time or the insufficient part of labor pension will become a heavy burden of the next generation. It can be a big issue for government in the future. In this research we will discuss the general situation of the pension scheme and the operation of the fund of pension to analyze the legal problems of draft plan in setting up the supervisory committee of the Fund of the Labor Pension. The results show that the main drawbacks of the draft plan right now are: the problems of adopting the system of Incorporated Administration, lacking the supervisory committee of labor organization and undefined responsibility of the supervisory committee. Also, the injustice of the modern pension plan is discovered in our research. We hope that this study can provide an excellent direction to improve the system.

The system of Labor Pension in Taiwan deeply influences every class of labor and its intention and regulation of retirement system also affects to operation of government financial budget. The study aims to discuss the trend toward fewer children and the population aging which are somehow affecting forward finance perspective of holistic Labor Pension Fund. Especially, we confront an unbalance situation of population structure, how it reflected the contribution income of labor pension fund and its disbursement of pension payment and how it associated to operation of Labor Pension Fund. In addition, the government should be realized how to deal with the development of population in the future, gear up for designing a better supplementary measure. Therefore, the study will be analyzed with aspect of finance on the population aging phenomenon and how birth rate decline affect toward the New Labor Pension System and Old Labor Pension System. Hopefully, the study results can benefit our labor retirement policy. The study results as follows: A. For the trend toward fewer children, in the short term, the evidence shows that it is unclear either on contribution of the New Labor Pension System or Old Labor Pension System. However, in the mid- and long term, the contribution of fund will be gradually affected, beginning to decrease slowly with the contribution. B. For the population aging phenomenon, Old Labor Pension System on payment from fund indicted that incomes are much more than disbursements so it won¡¦t be a burden on Old Labor Pension Fund. On the contrary, due to different payment regulation between New Labor Pension System and Old Labor Pension System, the population aging is irrelevant to disbursement of New Labor Pension.

Lietuvos pensijų fondų formavimo bei jų veiklos vertinimas užsienio šalių kontekste yra svarbus analizuojant Lietuvos pensijų sistemos reformą. Darbo objektu buvo pasirinktas – pensijų fondas, kuris sklandžiai įgyvendinant pensijų reformą turi tapti svarbiu socialinio draudimo elementu. Magistrinio darbo tikslas buvo vertinti pensijų fondų formavimą ir pensijų fondų veiklą Lietuvoje ir užsienio šalyse. Nors daugiausia dėmesio buvo skirta Lietuvai, bet Lietuvos pensijų fondų formavimas bei veikimas visame darbe buvo siejamas ir lyginamas su užsienio šalių patirtimi. Magistrinis darbas patvirtina, kad pensijų fondai yra galimybė gauti didesnes pensijines pajamas. Svarbus žodis prieš tai buvusiame sakinyje yra „galimybė“, nes nei vienas pensijų fondas negarantuoja sėkmingos investicijos. Tačiau žinant demografines tendencijas (senstanti visuomenė) ir pasaulio šalių pensijų fondų veiklos rezultatus, pensijų fondai yra optimalus problemos sprendimas. Magistrinio darbo rezultatai rodo, kad pensijų fondų formavimą gali skatinti skirtingos priežastys, bet jų finansavimas yra panašus – pensijų fondai gauna fiksuotą darbuotojo pajamų dalį. Gerai diversifikuotas pensijų fondų portfelis ir investavimo išmanymas sudaro prielaidas gauti norimą investicinį prieaugį, kuris suteikia galimybę gauti didesnes pajamas senatvėje. / Evaluation of Lithuanian pension funds‘ formation and operating in context of foreign countries is important for analysing reform of Lithuanian pension system. Chosen object of the paper is pension fund, which will become important part of social insurance, if pension reform is fulfilled smoothly. The purpose of this paper was to evaluate formation and operating of pension funds in Lithuania and foreign countries. Though biggest attention was brought to Lithuania, but formation and operating of Lithuanian pension funds was associated and compared with experience of foreign countries. Master paper confirmed that pension funds are possibility to get bigger pension incomes. Important word in previous sentence is ’possibility’, as no pension fund guaranties successful investment. However demographical tendencies and operating results of other countries, pension funds are optimal solution to mentioned problems. Results of master paper show that formation of pension funs may be influenced by different causes, but financing of them is similar – pension funds get fixed portion from employees’ salary. Well-diversified pension fund portfolio and good investment skills is strong background to get desirable investment return, which will give opportunity to get bigger incomes after retirement.

nÃo hà / A dissertaÃÃo trata da gestÃo de investimentos das entidades fechadas de previdÃncia complementar (EFPC) no Brasil. O tema à abordado em cinco capÃtulos. No primeiro, à apresentado uma visÃo atuarial dessas entidades, atravÃs de um breve histÃrico sobre o setor, e dos conceitos envolvidos no seu estudo. No segundo, a abordagem à financeira, destacando os segmentos do mercado financeiro brasileiro, onde as entidades aplicam seus recursos e discorrendo sobre as modernas tÃcnicas de geraÃÃo de cenÃrios econÃmicos. No terceiro capÃtulo mostramos as modelagens mais utilizadas em se tratando de dimensionamento de ativos financeiros. No quarto à realizada uma explanaÃÃo sobre modelagem de passivos atuariais em fundos de pensÃo. No Ãltimo capÃtulo à mostrado um estudo de caso com sua implementaÃÃo e anÃlise. O resultado deste trabalho foi a definiÃÃo e implementaÃÃo de um modelo de ALM simplificado para ser utilizado em um Fundo de PensÃo com Plano de BenefÃcio do Tipo BenefÃcio Definido. / This study broachs the management of the investments of a Brazilian pension fund - EFPC. The theme is described in five chapters. In the first one is presented a actuarial vision of a EFPC, through a short historic about the sector and about the concepts involved especially concerning to the segments of the Brazilian financial Market. In the second, where the EFPC invests his resources and talking about the modern techniques of generation of economics scenario. In the third chapter we show the most used modeling in dimension of financial actives. The fourth shows a explanation about Modeling of Actuaries passives in pension funds. In the last one is showed a study of case including their implementation and analysis. The result of this work was definitions and implementation of a model of simplified ALM to be used in a pension fund with a defined benefit plans.

El propósito del presente documento es el desarrollo del proyecto académico que tiene como objetivo plantear un modelo de análisis predictivo soportado por una plataforma tecnológica Cloud basada en técnicas de Machine Learning para pronosticar el fondo acumulado de un afiliado que aporte a un sistema privado de pensiones. Esto surge ante el desconocimiento sobre cómo se administran las finanzas personales en los fondos privados de pensiones representan un riesgo en el manejo del futuro de cada individuo. Esta ausencia de control en la administración del fondo de cada afiliado conlleva a no saber en todo momento a lo qué están expuestos. En la actualidad existen herramientas propias de las entidades administradoras de fondos de pensiones que permiten simular y calcular tanto el fondo como la pensión que recibirá un jubilado, sin embargo, lo que no ofrecen estas herramientas es la posibilidad de proyectar el fondo a partir de factores de crecimiento bajo criterios propios del afiliado que le otorguen la posibilidad de comprar cuál fondo voluntario de pensiones puede ser el más beneficioso al final de la vida laboral. La tecnología ha evolucionado y se aprecia grandes avances con respecto a la captura y almacenamiento de información. Una de estas tecnologías utiliza Cloud Computing, la cual ha crecido en grandes proporciones en diversas industrias y atraen la atención de comunidades de investigación debido a su potencial para implementar soluciones tecnológicas a la medida El desarrollo de este proyecto se llevará a cabo durante los ciclos académicos 2018-1 y 2018-2, realizando el análisis de tecnologías Cloud que soportan el modelo de análisis predictivo soportado por una plataforma tecnológica cloud basada en machine learning para determinar el fondo acumulado de un afiliado que aporte a un sistema privado de pensiones y el diseño del modelo tecnológico propuesto durante el ciclo 2018-1. La validación del modelo tecnológico mediante el desarrollo de la aplicación móvil, la documentación de los resultados y el plan de continuidad del proyecto en el ciclo 2018-2. / The purpose of this document is the development of the academic project that aims to propose a model of predictive analysis supported by a platform based on the cloud in the automatic learning to determine the accumulated fund in a private pension system. This arises from the lack of knowledge about how to manage personal finances in private pension funds in the management of each individual's future. This lack of control in the administration of the fund of each affiliate entails a lack of knowledge at all times. Currently, there are own tools of pension fund management entities that allow simulating and calculating both the fund and the pension that a retiree will receive, however, what these tools do not offer is the possibility of projecting the fund from Growth factors under the affiliate's own criteria that give him the possibility of buying which voluntary pension fund can be the most beneficial at the end of working life. The technology has evolved, and great advances can be seen with respect to the capture and storage of information. One of these technologies uses Cloud Computing, which has grown in large proportions in different industries and attracts the attention of research communities due to its potential to implement tailored technological solutions. The development of this project will be carried out during the 2018-1 and 2018-2 academic cycles, performing the analysis of Cloud technologies that support the predictive analysis model supported by a cloud-based technology platform in machine learning to determine the accumulated fund of an affiliate that contributes to a private pension system and the design of the technological model proposed during the 2018-1 semester. The validation of the technological model through the development of the mobile application, the documentation of the results and the plan of continuity of the project in the 2018-2 semester. / Tesis

With the issuing of Pension Funds circular PF117 in 2004 in South Africa, regulation required valuation assumptions for defined benefit pension funds to be on a best-estimate basis. Allowance for prudence was to be made through explicit contingency reserves, in order to increase reporting transparency. These reserves for prudence, however, were not permitted to put the fund into deficit (the no-deficit clause). Analysis is conducted to understand the risk that PF117 poses to pension fund sponsors and members under two key measures: contribution rate risk and solvency risk. A stochastic model of a typical South African defined benefit fund is constructed with simulations run to determine the impact of the PF117 requirements. Findings show that a best-estimate funding basis, coupled with the no-deficit clause, results in significant risk under both contribution rate and solvency risk measures, particularly in the short-term. To mitigate these risks, alternative ways of introducing conservatism into the funding basis are required, with possible options including incorporating margins into investment return assumptions or the removal of the no-deficit clause.

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))