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.

Ph.D. (Finance) / The majority of private pension plans offered by employers are defined contribution plans where the risk is borne by the member. In a member-directed pension plan, the individual members need to make decisions regarding the investment of their contributions. The board of trustees usually provide them with a number of options to choose from. This research answers the question: which factors influence the investment decisions of members of member-directed defined contribution pension plans? The study makes a unique contribution to the field of retirement finance by determining the impact of financial risk tolerance, demographics, behavioural factors, and pension plan design and presentation factors on the investment decisions of members of a member-directed defined contribution pension plan. The results of the study inform a number of role players in the pension value chain to ultimately aid the pension plan member to effect a more optimal investment choice. A survey approach was followed to collect primary data to analyse together with secondary data within a quantitative research paradigm. A census was conducted on individuals who were members of the member-directed defined contribution pension plan of a South African higher education institution on 31 March 2008. A structured questionnaire was used to collect data on members’ demographics, financial risk tolerance, behavioural factors, and pension plan design and presentation factors. Secondary data consisted of additional demographic factors, which were available on the employers’ information system and data on member investment decisions obtained from the administrators of the pension plan. Of the 879 survey instruments distributed, 620 were returned at least partially completed and could be used in the study.

Thesis (Ph.D.)--Mississippi State University. Department of Finance and Economics. / Title from title screen. Includes bibliographical references.

The purpose of this research was to examine the United States population of plans with over 100 participants to determine the extent of the reaction away from defined benefit plans resulting from the 1986 and 1987 legislation.

本文採用LIBOR市場利率模型評價確定提撥制退休金計畫所附之收益率保證，此保證收益率連結至隨機LIBOR市場利率，在相關的文獻上(特別在隨機利率方面)，尚未有相關的研究。本文同時考慮兩種保證型態：到期日保證與多期保證，運用平賭過程理論，在延伸之LIBOR市場利率模型(ELMM)下推導此兩種保證的理論公式解。相較於其他利率模型或HJM模型，採用ELMM所推得之評價公式更適合於實務運用。為供實務運用，文中並探討如何進行參數校準，亦進行蒙地卡羅模擬以驗證模型理論解的準確性。 / We derive the pricing formulas for the guarantees embedded in defined contribution (DC) pension plans with the guaranteed minimum rate of return set relative to a LIBOR interest rate. The guaranteed rate associated with a stochastic LIBOR interest rate has not yet been studied in the relevant literature, particularly in the presence of stochastic interest rates. An extended LIBOR market model (LMM) is employed to price the interest rate guarantees embedded in DC pension plans under maturity and multi-period guarantees. The pricing formulas derived under the extended LMM are more tractable and feasible for practice than those derived under the instantaneous short rate models or the HJM model. Calibration procedures are also discussed for practical implementation. Monte Carlo simulation is provided to evaluate the accuracy of the theoretical results.