The Chilean pension reform has been an experiment of great success. Futhermore, thanks to it the current pensions are much higher than they would have been under the old Pay-As-You-Go system. Considering this, I decided to analyze the possible applicability of the Chilean pension system in the Czech environment. In the present diploma thesis I do analyze the potential results (replacement ratio) of the introduction of a fully funded system in the Czech Republic, in comperison with the replacement ratio of the current Czech PAYG system and the modificated Czech PAYG system that would not genarate deficits (through the reduction of pensions) and keep the retirement age same for all variants for the reason of objective comparison. Later, I do analyze the impact to the state budget of the transition to a fully funded system and discuss the advantages of a such transition. The main conclusion of this diploma thesis justifies that the transition to a fully funded system in the Czech Republic is not recommendatory, due to the fact that it requires high state budget funding and there is a great unlikelihood of benefits for all income groups in general.

My master thesis explores classical liberal attitudes towards the Welfare State. It deals especially with concepts developed by the so-called new classical liberals (also called neoclassical liberals) represented by scholars of the Arizona School. I use their ideas to reconstruct free-market liberal theory of social justice, which is then applied to pension reforms in Chile and Sweden. The thesis also recollects critiques of public pension systems by public choice theory scholars, which are then used to explore a nature of the aforementioned pension reforms. In cases of both reforms, these theoretical frameworks are used to evaluate data obtained by a desk research. Relevant documents and also data of international organizations and national statistical offices were used. In its last part, the thesis evaluates primary data obtained by semi-standardized interviews with seven Czech classical liberals and explores their attitudes towards both the free market liberal theory of social justice and pension reforms in Chile and in Sweden. Abstrakt Diplomová práce zkoumá vztah klasického liberalismu k sociálnímu státu. Zabývá se zejména koncepty vyvinutými takzvanými novými klasickými liberály reprezentovanými především badateli arizonské školy. Jejich ideje využívám k rekonstrukci tržně liberální teorie...

En Perú, a diferencia de Chile, la reforma previsional que creó el sistema de capitalización individual no eliminó el sistema de reparto, en la actualidad, ambos sistemas operan en competencia. Esta dualidad genera grandes inequidades inter e intra-generacionales para los ciudadanos expuestos a diferentes niveles de pensión y riesgos, dependiendo del sistema elegido, decisión que sucede en un contexto de poca información financiera. En vista de que existen pocos estudios que analicen la elección de afiliación del individuo a un determinado sistema de pensiones, y teniendo en cuenta que anteriormente no se ha estudiado el efecto de variables relacionadas al conocimiento financiero sobre esta elección, el presente trabajo de investigación pretende conocer cuál es el efecto de la alfabetización financiera en la probabilidad de afiliación al Sistema Privado de Pensiones (SPP) o al Sistema Nacional de Pensiones (SNP). Para ello, se trabaja con el último panel de datos disponible de la Encuesta Nacional de Hogares (ENAHO), y el periodo de análisis es 2016-2019. A través del modelo de probabilidad no lineal, Logit binomial, se encuentra que la alfabetización financiera es relevante en la afiliación al SPP o al SNP. Sin embargo, existe un efecto negativo en la probabilidad de afiliarse al SPP, y un efecto positivo en la probabilidad de afiliarse al SNP, lo cual puede deberse a que los individuos que cuentan con alfabetización financiera saben que, de afiliarse al sistema de reparto, sus futuras pensiones estarán siempre respaldadas, según Palomino (2015), por el presupuesto público. / In Peru, unlike Chile, the pension reform that created the individually funded system did not eliminate the pay-as-you-go system; currently, both systems operate in competition. This duality generates great inter- and intra-generational inequities for citizens exposed to different pension levels and risks, depending on the system chosen, a decision that takes place in a context of little financial information. In view of the fact that there are few studies that analyze the individual's choice of affiliation to a given pension system, and considering that the effect of variables related to financial knowledge on this choice has not been studied before, this research aims to determine the effect of financial literacy on the probability of affiliation to the Private Pension System (SPP) or to the National Pension System (SNP). For this purpose, we work with the latest panel of data available from the National Household Survey (ENAHO), and the period of analysis is 2016-2019. Through the non-linear probability model, binomial Logit, it is found that financial literacy is relevant in the affiliation to the SPP or the SNP. However, there is a negative effect on the probability of joining the SPP, and a positive effect on the probability of joining the SNP, which may be due to the fact that individuals with financial literacy know that, if they join the PAYG system, their future pensions will always be supported, according to Palomino (2015), by the public budget. / Trabajo de investigación

Los sistemas de pensiones tienen como finalidad otorgar una pensión de jubilación adecuada, por lo que resulta de importancia estudiar y analizar este mercado, para poder conocer su evolución a lo largo de los años, tanto en países desarrollados como en desarrollo. El presente trabajo de investigación continúa el estudio de los sistemas de pensiones a través de la revisión de diferentes publicaciones que se han ido realizando acerca de las variaciones, la importancia y los efectos de los fondos de pensiones, tanto en la economía como en los mercados financieros. La literatura revisada contempla datos y resultados de economías de diferentes países, entre los que se destaca Estados Unidos, las principales economías europeas y los países de América Latina, que en los últimos treinta años han presentado reformas en sus planes de pensiones. Varios de los documentos analizados presentan información histórica y conceptos relacionados a pensiones, así como también estudios basados en modelos estadísticos y econométricos, que refuerzan los resultados de los efectos favorables de la existencia de los fondos de pensiones en diferentes aspectos de la economía de los países, como son el crecimiento, mercado de capitales, entre otros. El objetivo principal del trabajo busca conocer la evolución de los sistemas de pensiones y sus reformas. La principal conclusión a la que llega esta investigación es que los sistemas de pensiones presentan diversas modificaciones y se ven afectados por los ciclos de crisis económicas, debido a que no logran cubrir el objetivo de contar con un adecuado fondo de retiro. / The purpose of pension systems is to provide an adequate retirement pension, so it is important to study and analyze this market in order to know how it has evolved over the years, both in developed and developing countries. This research work continues the study of pension systems by reviewing different publications that have been published on the variations, importance and effects of pension funds, both in the economy and in the financial markets. The literature reviewed includes data and results from the economies of different countries, including the United States, the main European economies and the countries of Latin America, which in the last thirty years have presented reforms in their pension plans. Several of the documents analyzed present historical information and concepts related to pensions, as well as studies based on statistical and econometric models, which reinforce the results of the favorable effects of the existence of pension funds on different aspects of the countries' economies, such as growth, capital markets, among others. The main objective of the work is to learn about the evolution of pension systems and their reforms. The main conclusion reached by this research is that pension systems present several modifications and are affected by economic crisis cycles, because they fail to cover the objective of having an adequate retirement fund. / Trabajo de Suficiencia Profesional

The Swedish Financial Supervisory Authority introduced new guidelines and regulations on March 1, 2019. These regulations induced Swedish banks and other creditors to consider future events as a mean to improve their ability to determine the risk of debtors. A forecast generator was created as a tool to accomplish this. The constraints of this thesis limited the forecast generator to mortgages with four parameters: loss of income, pension, foreign currency and depreciation. The forecast generator was created by combining components of Vitec Capitex's existing mortgage calculator as well as by adding new components. The new components were utilized in advancing loans and budgets in time, as well as calculating a suitable income insurance in the case of a loss of income. Furthermore, the forecast generator could approximate the pension a debtor would receive when retired. The forecast generator could calculate the economic situation of debtors after a future event took place such as a loss of income or an early or late retirement. A suitable income insurance would prevent a debtor from insolvency in the case of an income loss. / Finansinspektionen införde nya riktlinjer och föreskrifter den 1 mars 2019. Dessa föreskrifter anvisade banker och andra borgenärer att ha ett framåtblickande perspektiv för att förbättra deras förmåga att bedöma gäldenärers risk. En beräkningsmotor skapades som ett verktyg för att genomföra detta. Avgränsningarna för denna avhandling begränsar beräkningsmotorn till konsumenter som köper bostadskrediter med fyra parametrar: inkomstbortfall, pension, utländsk valuta och värdeminskning. Beräkningsmotorn skapades genom att kombinera komponenter från Vitec Capitex's existerande beräkningsmotor samt genom att lägga till nya komponenter. De nya komponenterna användes för att beräkna lån och budget för gäldenärer över tid, samt beräkna en passande inkomstförsäkring utifrån ett inkomstbortfall. Vidare kunde beräkningsmotorn approximera en pensionsinkomst efter gäldenären gått i pension. Beräkningsmotorn kunde även beräkna den ekonomiska situationen för gäldenärer efter en framtida händelse inträffat som inkomstbortfall eller en tidig pension. En lämplig inkomstförsäkring skulle skydda en gäldenär från obestånd ifall ett inkomstbortfall inträffat.

I Sverige pågår en förändring av pensionssystemet där pensionsåldern fortsatt förväntas att höjas. Samtidigt har demografiska förändringar med en åldrande befolkning medfört en ökad arbetsbelastning på vård och omsorgssektorn, inte minst äldrevården. Detta har skapat ett växande behov av att bibehålla äldre arbetskraft och värna om kompetensförsörjningen inom yrket. För att möta denna omställning behöver personalchefer inom vård och omsorgssektorn använda HRM- praxis som ett led i att arbeta hållbart och nå ett förlängt arbetsliv, för äldre arbetskraft. Studien har haft för avsikt att undersöka vård och äldreomsorgens personalfunktion och linjechefers (personalchefers) perspektiv på hållbart arbete, genom att söka svar på forskningsfrågorna: 1.) Vilka perspektiv har personalchefer på möjligheter och utmaningar gällande demografiska förändringar i åldrandet, samt på ett förlängt arbetsliv? 2.) Vilka perspektiv har personalchefer angående arbetet med policy och HRM-praxis, för att hantera bristen på mänskliga resurser, samt för att bevara betydelsefull kompetens och äldre arbetskraft inom vård och omsorgssektorn? Data från nio respondenter med personalansvar utgjorda av semistrukturerade intervjuer, analyserades genom tematisk analys. Resultatet visade i korthet att personalchefer beskrev utmaningar med en växande äldre befolkningsandel och med förhöjd pensionsålder. Samtidigt framhölls möjligheten att nyttja äldre arbetskraft längre i yrkeslivet. Vidare beskrevs brister i användandet av HRM-praxis, där individ/ålderspecifika HRM-praxis uttrycktes vara extra utmanande. Dock påtalades att vissa delar av HRM-praxis hade nyttjats, så som att tillmötesgå äldre medarbetare med fysiska hjälpmedel, samt viss kompetensutveckling och möjlighet att reducera tjänstegrad. Samtidigt framkom utmaningar med kompetensförsörjning, psykosociala hjälpmedel och möjligheter till bilateralt nyttjande att arbetskraft. Även om dessa fynd inte går att generalisera kan resultatet innebära viktiga insikter för såväl användandet av HRM-praxis inom vård och äldre omsorgen samt vidare forskning. / In Sweden, a change is taking place in the pension system where the retirement age is still expected raise. At the same time, demographic changes with an aging population have led to an increased workload in the health- and welfare sector, especially within elderly care. This has created a growing need to retain older workers and safeguard the supply of skills in the profession. To meet this change, HR managers in the health care sector need to use HRM practice, as part of working sustainably and achieving an extended working life for older workers. This study aimed to examine the line managers (HR managers) perspectives on sustainable work within the elderly care sector, by seeking answers to research questions: 1.) What perspectives do HR managers have on opportunities and challenges regarding demographic changes in aging, and on extended working life? 2.) What are the perspectives of HR managers regarding the work with policy and HRM practice, to deal with the lack of human resources, and to preserve significant skills and older workforce in the health care sector? Data from nine respondents with personnel responsibilities, consisting of semi-structured interviews were analyzed through thematic analysis. The results showed in short that HR managers described challenges with a growing older population and with an increased retirement age. Nevertheless, the possibility of using older labor longer in working life was emphasized. Furthermore, shortcomings in the use of HRM practices were described, where individual / age-specific HRM practices were expressed to be extra challenging. However, it was pointed out that certain parts of HRM practice had been used, such as accommodating older employees with physical aids, as well as some competence development, and the opportunity to reduce the degree of working hours. At the same time, challenges arose with the supply of skills, psychosocial aids and opportunities for bilateral use of labor. Although these findings cannot be generalized, the results may provide important insights for both the use of HRM practice in care and elderly care as well as further research.

Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The South African retirement fund industry, financially sound and well regulated includes a private savings sector and government employees provided for with a near fully-funded retirement arrangement, but approximately three-quarters of the population reach retirement without adequate savings and are dependent on a government social assistance grant programme. One of the broad objectives of government retirement policy is to encourage individuals to provide adequately for their retirement needs and that of their dependents. The retirement funding system has been codified in the Pension Funds Act of 1956. The only investment guidelines that trustees of retirement funds had to follow was Regulation 28 of the Pension Funds Act, which prescribed maximum limits for investments of funds in the various asset classes but provided very little guidance on appropriate investment strategies. The new draft Regulation 28 compels trustees to draw up carefully considered investment strategies. The South Africa Muslim population, though two percent in number has a significant impact on the economy. This report investigates how Regulation 28 collectively with the new draft regulation can be modified to comply with the tenets of the Muslim faith i.e. Shari'ah (Islamic law) requirements. Perhaps the most significant distinction is investment in equity instruments are the main avenue available to Muslim investors for wealth creation, as Islamic law forbids interest. Islamic Commercial Law differs from conventional Western Finance, the most significant difference being the prohibition of riba (interest), commonly equated to interest in conventional finance. However, there are Muslim scholars and thinkers who are not convinced about equating interest with riba with some challenging the riba interest equation. / AFRIKAANSE OPSOMMING: Die finansieel sterk en goed gereguleerde Suid-Afrikaanse Aftreefondsindustrie sluit 'n privaat spaarsektor in en voorsien aan staatsdienswerknemers 'n aftreeplan wat byna ten volle befonds word. Ongeveer twee derdes van die populasie bereik egter aftrede sonder voldoende fondse en is van die regering se Sosiale Bystandsfondsprogram afhanklik. Een van die bree doelwitte van die regering se aftreefondsbeleid is om individue aan te moedig om voldoende aan hulle en hulle afhanklikes se afreebehoeftes te voorsien. Die aftreefondstelsel is in die Pensioenfondswet van 1956 gekodifiseer. Die enigste beleggingsriglyne wat deur trustees van afreefondse gevolg moes word is Regulasie 28 van die Pensioenfondswet. Hierdie riglyne het maksimum limiete vir die belegging van fondse in verskillende bate kategoriee voargeskryf, maar het baie min leiding ten opsigte van die geskikte beleggingstrategiee voorsien. Die nuwe Regulasie 28 konsep verplig trustees am weldeurdagte beleggingstrategiee op te stel. Die Suid-Afrikaanse Moslem populasie, alhoewel net 2% van die totale populasie, het 'n beduidende impak op die ekonomie. Hierdie verslag ondersoek hoe Regulasie 28 in samewerking met die nuwe Regulasie 28 konsep verander kan word am aan die Moslem geloofsleerstellings, bv. Shari'ah (Islam wet) se vereistes te voldoen.

Thesis (MBA)--Stellenbosch University, 2012. / Asset restrictions are prudential regulations applied by regulators around the globe. In essence, they prescribe asset restrictions as a risk-control measure to establish appropriate capital requirements for regulated institutions. The aim of prudential regulations and standards is to protect consumers who acquire the products and services offered by these institutions. Pension funds in Namibia must comply with Regulation 28 of the Pension Funds Act, 1956. Regulation 28 is the prudential regulation that governs investment limits for pension funds. The regulation prescribes maximum investment limits for all asset classes. In 2009, the government made a policy decision to amend Regulation 28 to prescribe a minimum investment in unlisted shares (private equity) that would be applicable to pension funds, long-term insurance companies and unit trusts. The objective of government is to use Regulation 28 as a macroeconomic tool to control capital flows and channel capital to domestic companies. The regulation will stimulate economic activities, local ownership, create employment and reduce poverty, which will eventually facilitate economic development. In addition, this objective has the potential to assist the development of the private equity sector in Namibia. The implication of this development is that retirement savings will be utilised to achieve macroeconomic objectives and develop an industry sector. Private equity has shown tremendous growth in developed economies and is beginning to grow in Africa as well. Private equity is a sector that has the potential to realise excellent returns for pension funds, provided the risks are adequately controlled and managed. The study proposes a regulatory framework for unlisted investments (private equity) by pension funds. The framework considers risks and proposes how to best manage and control them. The conclusion is to abolish a prescribed minimum and to increase the domestic asset requirement. Ultimately, regulators exist to protect consumers while the development of markets is a secondary priority.

退撫基金成立之目的主要為解決經費來源以減輕政府財政負擔，而退撫基金運作迄今已逾十年，退撫基金管理運用機構因受組織屬性、功能及人力之限，經營績效無法大幅提昇，因基金規模不斷成長，參加基金人數及支領定期給與之退休人數亦快速增加，面對日增之業務量，似有必要針對基金管理機構組織屬性、功能及人力配置等重新審視檢討。 鑑於基金運作之良窳，對於退撫基金支付能力具有關鍵性的影響，且涉及全國軍公教人員及各級政府退撫經費之負擔，因此，基金管理機構是否有適當之組織結構，能否採行企業化經營以靈活妥善運用基金，以及如何因應現有制度與管理上之缺失，創造高收益率以穩固退撫財源，均為本研究之重點。時值政府為提升國家整體競爭力，積極推動更具彈性與企業精神之「行政法人」，本研究乃分別就德國、英國、日本公法人制度，以及世界主要國家退休基金管理現況進行文獻探討，再針對我國退撫基金管理及運用現況進行檢視分析，復對基金管理會現職員工以問卷調查其對機關改制為行政法人之態度，並輔以深度訪談及SWOT分析等方法，以探究我國退撫基金管理機構行政法人化之可行性。 茲據研究結果發現，基金管理機構因受組織屬性、功能及人力之限，退撫基金管理無法獨立運作，致影響經營績效之提昇，其業務性質確具專業性，應頗適合行政法人化，惟因尚有潛藏負債、最後支付責任、行政法人法草案尚未建置完成以及現實上之政治生態等諸多考量，故建議其如擬行政法人化，應先明確區分政府及行政法人之潛藏負債及最後支付責任，並宜配合退休制度一同考量。 / The purpose of establishing Public Service Pension Fund （PSPF）mainly focuses on reducing the financial burden of the government. However, after more than ten years of operation, the performance of the pension fund still cannot significantly improve due to the limitation of attributes, functions and human resources of organization. This, together with the adjustment of contribution rates to reflect the normal costs, has received universal condemnation and worries about how to improve the operation of the fund in order to relieve the pressure of raising contribution rates. Due to the gradual increase of workloads caused by the continued growth of fund scale, fund participants and the number of retirees receiving regularly payments, it seems to be necessary to inspect and review the attributes, functions and human resources of the fund management agency. As the quality of the fund operation has crucial effects to the payment ability of the PSPF, and the expenditure burden of all fund participants and different levels of local governments, whether the fund management agency has proper organization structure, whether it is suitable to adopt the craft industry, and how to cope with the drawbacks of present system and management are the main points of this research. While the government is actively boosting “administrative corporation”, which is more flexible and possesses business spirit, with the aim of promoting integral competitiveness of the government, this research first literarily discusses public corporation system of Germany, Britain and Japan, and the current management state of main countries in the world. This is followed by an analysis of current management and operation state of the PSPF, and questionnaires filled by the employees of the Management Board of PSPF to understand their opinions on changing to administrative corporation. The analysis is reinforced by a deep interview, SWOT analysis and so on to investigate the feasibility of administrative corporation system for the management agency of PSPF.. This research finds out that being unable to operate independently, due to the limitations of organization attributes, functions and human resources, the PSPF’s management performance has been negatively influenced. Judging from agency functions, “administrative corporation” can be a suitable system for the organization. However, with considerations like inclined liabilities, final disbursement duty, and the Administrative Corporation Act still pending for legislative approval, it is suggested that a clear distinction between the inclined liabilities and final disbursement duty of the government and the administrative corporation has to be made, together with a consideration of the retirement system, before the “administrative corporation” system is put into real practice.

本文討論退休金長期預期報酬率之設定。根據會計公報規定，公司之退休金長期預期報酬率必須符合其資產配置。但是在本文中我們發現資產配置並無法有效的反應公司的退休金長期預期報酬率，因此我們提出展望理論及盈餘管理兩種理論來解釋退休金長期預期報酬率之設定。我們發現經理人企圖透過改變退休金長期預期報酬率的假設來進行盈餘管理，同時退休金長期預期報酬率也會因為公司的風險態度而有所改變。 / Abstract: We try to find out the considerations for managers to set their assumptions of expected long term rate of return on pension plan assets (ROPA). First, we use the asset allocations of pension funds and historical returns to calculate the expected rate of return based on historical asset returns (EROPA). There is difference between ROPA are EROPA, suggests that asset allocations are not the only consideration when managers setting their ROPA assumption. Two theories are examined in this paper to explain such difference between ROPA and EROPA: earnings management and prospect theory. We use two models to test the earnings management, single accrual model and threshold model. We find that the intentions to smooth the reported income are the main incentives for managers to manipulation their ROPA. The incentive to do earnings management can partly explain the difference between ROPA and EROPA. However, in threshold model, we can not observe any evidence in our research. We also introduce prospect theory to examine the risk attitude. We find that managers’ risk attitude affect the setting of assumptions, too. We conclude prospect theory provides a good explanation of the difference between ROPA and EROPA.