依憲法第81條規定，法官為終身職，非受刑事或懲戒處分或禁治產之宣告，不得免職。非依法律，不得停職、轉任或減俸。復依司法人員人事條例第41條規定，實任司法官合於公務人員退休法退休規定，而自願退休時，除退休金外，並另加退養金；其辦法由司法院會同考試院、行政院以命令定之。又依司法官退養金給與辦法規定略以，未滿60歲者，給與5%。60歲以上未滿65歲者，給與10%。但身體衰弱，致不能勝任職務，經公立醫院證明者，給與60%。65歲以上未滿70歲者，給與140%。70歲以上者，給與5%。 目前於「司法人員人事條例」及「司法官退養金給與辦法」規定，司法官滿70歲應停止辦案，若在65歲至70歲間自願退休，可加領140%退養金；逾70歲未退休，等到退休時，只能加領5%退養金，亦即實任法官合於公務人員退休法規定，自願退休時，除依規定發給退休金外，另依司法官退養金給與辦法規定，按一次退休金總額或月退休金數額，發給一次退養金或月退養金，最高加發上開金額140%。現行司法官退養金給與比例係按司法官退休時之年齡作區分，並未考量司法官任職年資，恐有違平等原則。突顯我國司法官退養制度上出現三個問題，第一為我國司法官退養制度之公平合理性；第二為依年齡區分，做得愈久，加發退養金卻領得愈少；第三為停止辦案之司法官，仍領有司法官之給與，有違公平正義原則。並以羅爾斯的正義論觀點來看司法官退養制度是否符合公平正義原則。 藉由上述研究動機及問題，本論文以文獻分析法和德菲法為研究方法，通過專家一致性意見，探討「我國司法官退養制度」之合理性議題進行問卷。經由三輪德菲法問卷結果的反覆修正，最終司法官身職定義、優遇制度、退養制度、公平正義等四個面向，探討我國司法官退養制度之合理性。最後，本論文在我國司法官退養制度之實務不合理方面，提出建議修法，以期能提供政府規劃人事制度之參考與借鑒。 關鍵詞：退養金制度、司法官、正義論 / According to article 81 of ROC Constitutional Law, Judge shall hold office for life, no judge shall be removed from office unless he has been guilty of a criminal offense or subjected to disciplinary action, or declared to be under interdiction. No judge shall, except in accordance with law, be suspended from office, transferred, or liable to salary cuts. Further according to article 41 of The Statute For Judiciary Personnel, while substantive judge is conform to Civil Service Retirement Act and retire voluntarily, in addition to pension, also added retirement pension; such regulation may be issued by an order of Judicial Yuan jointly with Examination Yuan and Executive Yuan. Again, according to Regulations For Judge Retirement Pension, 5% for those who under 60-year-old. 10% for those who above 60-year-old and under 65-year-old. However, those who have a failure in health, therefore, are not qualified for this position, 60% for those who have obtained the public hospital certificate.140% for those who above 65-year-old and under 70-year-old. 5% for those who above 70%. According to The Statue For Judiciary Personnel and Regulations of Pension for Judges, judges should cease to handle cases after he or she arrives 70 years old. Judges who apply for retirement between 60 and 70 years old are eligible to have 140% pension scheme. 5% pension scheme is issued to those who choose to retire after 70. Meanwhile, based on the rules of Civil Service Retirement Act, officers volunteer to retire will be issued an amount of pension either once and for all or on a monthly basis. Apart from this, it is ruled by Regulations of Pension of Judges, pension scheme should be issued once and for all or on a monthly basis, plus 140% pension scheme, whenever possible. However, currently pension schemes for judges are different from retirement ages, instead of seniority since it might fail to meet constitutional requirements such as the principle of equality.also highlighted three questions appeared in our judge retirement system, first is the equity and reason of judge retirement system; the second is distinguishing from age, the longer of the employment is, the less of retirement pension get; the third is judge suspending case, still have judge payment, against the principle of equity and justice. And at the point of Theory of Justice of John Rawls, whether Judge Retirement system is conform to justice and reason principle. By way of the abovementioned research motive and question, the research method of this thesis is based on documentary analysis method and Delphi Technique, through unity opinion of expert, probe into the reasonable topic of “judge retirement system of our country” and to proceed questionnaire. After repeatedly amendment of three run Delphi method questionnaire result, finally, four directions of definition of judge holding office for life、system of treating with preference、retirement system、reason and justice, etc., to probe into the reason of judge retirement system of our country. Finally, this thesis raises law amendment suggestion at the aspect of unreasonable practice of judge retirement system of our country, and expect may provide reference and example to government regarding planning personnel system. Key words: Retirement Pension System、Judge、Theory of Justice

當前我國公務人員退休年金的財政結構因受到人口結構失衡、退休年齡過早、經費不足及世代不均等問題，其財務壓力猶如各國般逐漸顯現，考試院爰於102年4月11日提出「公務人員退休撫卹法」草案，自目前的「85制」逐年延後至「90制」，並調降公務人員退休所得替代率及提高其繳費比率。 由於退休金制度不僅只是員工基本的權益，亦是組織用來留才、激勵士氣等有效的策略工具，公務人員退休制度自100年1月1日修正實施迄102年4月未滿3年又再度提出改革，於組織中扮演的關鍵角色及重要影響力之高階公務人員，對此次退休年金改革其看法與支持度為何，是否會影響其工作意願，對整體退休政策推動具有關鍵性影響。 本研究採用文獻分析法與深度訪談法，就高階公務人員結構、高階公務人員對年金改革整體性看法、退休年金改革主要核心－退休給付及延後退休年齡之分析與影響，綜合深度訪談之結果，探討年金改革對我國高階公務人員之工作意願可能產生之影響程度，然後提出建議。 / Currently, Taiwan’s civil service pension fund is effected by the population structural imbalances, premature retirement age, lack of funds and generational inequality and other issues, financial pressure is gradually emerging as other countries; therefore, the Examination Yuan on April 11, 2013, proposed a draft of "Civil Service Retirement and Survivor Relief Act " which is about to change the civil servant retirement system from the "rule of 85" to the "rule of 90" and furthermore, reduce the income replacement ratio and increase the contribution rate. Since the pension system is not just the employees' basic rights, is also used by organizations to retention, morale and other effective strategies, therefore, after less than three year of amendments implemented since Jan.1, 2011, that Another public service pension reform has been set out for who in the organization plays a key role or has significant influence of senior civil service from their point of view regarding to the retirement pension reform and support on whether they would affect their willingness to work that have a critical impact on the overall policy to promote retirement. This study has adapted the literature analysis and in-depth interview, according to the structure of senior civil service and senior civil servants with holistic view of pension reform, the reform of the retirement annuity main core - Analysis and impact of postpone retirement age and retirement benefits and impact of the results of a comprehensive in-depth interviews to investigate the impact of pension reform on the work of senior civil service intention may arise, and then make recommendations.

We describe Employees Provident Funds (EPF) Malaysia. We explain about Defined Contribution and Defined Benefit Pension Funds and examine their similarities and differences. We also briefly discuss and compare EPF schemes in four Commonwealth countries. A family of Stochastic Programming Models is developed for the Employees Provident Fund Malaysia. This is a family of ex-ante decision models whose main aim is to manage, that is, balance assets and liabilities. The decision models comprise Expected Value Linear Programming, Two Stage Stochastic Programming with recourse, Chance Constrained Programming and Integrated Chance Constraints Programming. For the last three decision models we use scenario generators which capture the uncertainties of asset returns, salary contributions and lump sum liabilities payments. These scenario generation models for Assets and liabilities were developed and calibrated using historical data. The resulting decisions are evaluated with in-sample analysis using typical risk adjusted performance measures. Out- of- sample testing is also carried out with a larger set of generated scenarios. The benefits of two stage stochastic programming over deterministic approaches on asset allocation as well as the amount of borrowing needed for each pre-specified growth dividend are demonstrated. The contributions of this thesis are i) an insightful overview of EPF ii) construction of scenarios for assets returns and liabilities with different values of growth dividend, that combine the Markov population model with the salary growth model and retirement payments iii) construction and analysis of generic ex-ante decision models taking into consideration uncertain asset returns and uncertain liabilities iv) testing and performance evaluation of these decisions in an ex-post setting.

Bibliographic citation Kahounová, Jana (2012). Czech Pension Reform through the Lens of Behavioral Economics. Prague, 2012. 79 p. Master Thesis (Mgr.) Charles University in Prague, Faculty of Social Sciences, Institute of Economic Studies. Master thesis supervisor PhDr. Michal Bauer, PhD. Abstract The field of behavioral economics can provide original insights into many areas of economic decision-making. In my thesis I use the point of view of behavioral economics to assess the current Czech pension reform plan. I study time discounting as the main determinant of saving behavior and deal with its relationship to the Czech pension reform architecture. The three fundamental features of the Czech pension reform plan that are examined are entry into the private funded scheme that is to be introduced by the Czech pension reform plan, the contribution rate into the private funded scheme and access to deposits in the private funded scheme. In order to obtain data for my research I conducted own survey. The results of statistical analysis confirmed the hypotheses of behavioral economics that people exhibit heterogeneous time discounting which influences their saving behavior and these characteristics can also determine their preference for the pension reform features. It implies a possibility for policy-makers to...

Pension Insurance is one of the main pillars of the Czech social security system. A significant part of this system are also invalidity pension and survivor pension, which serve as financial compensation in case of sudden individual's work ability decrease (invalidity pension), or sudden death (survivors pension). This paper deals with legislation concerning invalidity and survivors pensions and the procedure of calculating those benefits in the Czech Republic. The main analytical part introduces the reader to the amount of expenditures of analyzed pensions, their development in the past and expected future development. This work also introduces the reader to the factors that influence the number of pensions. Attached is the invalidity and survivors pension calculator in MS Excel 2007.

O objetivo principal desta pesquisa é identificar o efeito predominante da participação de conselheiros independentes nos fundos de pensão públicos do Brasil, entre solução para o problema de agência ou reforço da legitimidade organizacional. O estudo tomou como ponto de partida a dissonância entre a proposta do Senado Federal brasileiro e a posição da entidade que representa o segmento no País sobre a introdução de conselheiros independentes no conselho deliberativo dessas fundações. A pesquisa é de natureza descritiva e tem como aporte as teorias da agência e institucional. Uma amostra de 76 fundos de pensão públicos do Brasil foi estudada com o uso da análise de conteúdo de documentos e de dados compilados em tabelas de frequência e gráficos de dispersão. Os resultados sugerem que a introdução do conselheiro independente na estrutura de governança teria efeito predominante no reforço da legitimidade organizacional, abrangendo 40 fundações ou 52,5% dos casos. Para 36 fundos com alto potencial de problemas de agência, dos quais 31 estão conjugados com baixa legitimidade organizacional, a presença de um conselheiro independente especialista teria efeito predominante no reforço do monitoramento da gestão e no aconselhamento estratégico. O exame da composição dos ativos de investimentos e da presença de mecanismos mitigadores de problemas de agência na estrutura de governança evidenciaram, sob vários enfoques, limitações de escala no conjunto de fundos de pensão públicos do Brasil. Para 83% da amostra observou-se baixo isomorfismo normativo e mimético para práticas de governança corporativa voluntárias relacionadas a princípios de prestação de contas e de transparência. Como relevância para a área do conhecimento, esta pesquisa possibilitou a criação de índices para classificação do potencial de problemas de agência e de legitimidade organizacional no âmbito dos fundos de pensão públicos brasileiros / The main objective of this research is to identify the predominant effect of the participation of independent directors in public pension funds in Brazil, between solution to the agency problem or strengthening of organizational legitimacy. The study took as a starting point the dissonance between the proposal of the Brazilian Federal Senate and the position of the entity that represents these organizations in the country on the introduction of independent directors in the deliberative council of these foundations. The research is descriptive in nature and has the support of agency and institutional theories. A sample of 76 public pension funds in Brazil was studied using content analysis of documents and data compiled in frequency tables and scatter plots. The results suggest that the introduction of the independent director into the governance structure would have a predominant effect on strengthening organizational legitimacy, covering 40 foundations or 52.5% of cases. For 36 funds with high potential for agency problems, of which 31 are coupled with low organizational legitimacy, the presence of an independent director and specialist would have a predominant effect on reinforcing management monitoring and strategic advice. The analysis of the composition of investment assets and the presence of mechanisms that mitigate agency problems in the governance structure evidenced, under various approaches, scale limitations in Brazil\'s public pension system. Eighty three percent of the sample revealed low normative and mimetic isomorphism for voluntary corporate governance practices related to principles of accountability and transparency. As theoritical and academic implications, this research allowed the creation of indexes to classify the potential of agency problems and organizational legitimacy within Brazilian public pension funds

Tjänstepensionen utgör en viktig del av en individs pension och prognoser visar att den kommerutgöra en allt större del av den totala pensionen. Trots den ökande betydelsen är kunskapsenkring tjänstepensionen låg. Varje tjänstepensionsavtal har ett ickevals-alternativ som spararesom inte gör ett eget val, soffliggarna, hamnar i. Denna uppsats undersöker vilka skillnader som finns mellan ickevals-alternativen i de fyra största tjänstepensionsavtalen: ITP, PA 16, AKAP-KL/KAP-KL och SAF-LO. Skillnaderna som studeras är värdeökning till följd av den årliga avkastningen under perioden 2008-2018,risk i form av standardavvikelse och känslighet för förändringar på marknaden (Beta),Sharpekvoten och Jensens alfa. Resultatet visar att det finns ekonomiskt sigfnikanta skillnader i alla av de prestationsmått som undersöks. Några statistiska skillnader i differensen i den genomsnittliga avkastningen eller differensen i Jensens alfa när beta är kontrollerat för finnes ej. / Occupational pension is an important part of an individual’s pension and projections showthat it will make up an increasingly larger part of the total pension. Despite its increasingimportance, the knowledge regarding occupational pension is low. Each occupational pensionagreement has a default alternative where the savings of the people who do not make a choiceof their own, the idlers, end up in. This thesis examines if and what differences exist between default alternatives in the four largest occupational pension agreements: ITP, PA 16, AKAP-KL/KAP-KL and SAF-LO. The examined differences are the yearly returns and the value increase it results in during theperiod 2008-2019, risk in terms of standard deviation and sensitivity to changes in the market(Beta), Sharpe ratio and Jensen’s alpha. The result shows that there is significant economical differences in all of the performance measures that are examined. Any statistical significant differences in the average return and differences in Jensen’s alpha when beta is controlled for was not found.

Planos de previdência que dependem de uma postura ativa dos indivíduos para solicitar a adesão acabam tendo uma baixa participação (Benartzi & Thaler, 2007). Por outro lado, resultados mostram que os indivíduos decidem poupar a partir de determinadas \"regras de bolso\", tais como a escolha de um percentual máximo de contribuição que receba uma contrapartida do empregador (se a percentagem máxima que receberá contrapartida do patrocinador de um plano for 8%, então o indivíduo decidirá contribuir com esta percentagem). Assim, estratégias podem ser inseridas nos planos de aposentadoria, de forma que determinados comportamentos sejam \"incentivados\" e outros sejam \"coibidos\", fundamentalmente, em situações manifestas de inconsistência temporal por parte dos indivíduos. Esta pesquisa objetivou identificar, a partir de evidências empíricas, quais arranjos de planos previdenciários do tipo \'contribuição definida\' minimizam o efeito da miopia intertemporal sobre as decisões de poupança para a aposentadoria. Os fundamentos teóricos que nortearam a presente tese foram a Racionalidade Limitada, proposta por Simon (1979), a Teoria dos Prospectos, e as hipóteses do ciclo de vida comportamental (Behavioral Life-Cicle hypothesis), desenvolvidas por Benartzi e Thaler (2007). Utilizou-se um levantamento para identificar as características demográficas dos participantes e, paralelamente, um experimento com base em cenários para identificar as escolhas relacionadas aos planos de previdência complementar do tipo \'contribuição definida\'. O levantamento e o experimento foram formulados com o auxílio da plataforma online Questionpro© e disponibilizados por meio da internet aos participantes. Foram definidos cenários para o grupo de controle (sem manipulação de variáveis) e para dois grupos experimentais (com manipulação de variáveis), para identificar de que forma o desenho dos planos de previdência afeta as decisões de alocação de recursos a eles, e de que forma tais decisões se relacionam com as variáveis demográficas dos segurados. Os testes de hipóteses foram realizados por meio do teste não paramétrico de Wilcoxon para diferença de médias, e por meio da estimação de regressão linear por mínimos quadrados ordinários. Os achados sugerem que os respondentes parecem ter adotado um comportamento mais impaciente, quando o intervalo é deslocado para o futuro, do que quando se compara uma recompensa imediata e uma recompensa tardia em um mesmo intervalo de espera, contrariando a literatura sobre desconto hiperbólico, inconsistência temporal e comportamento impaciente. No que se refere ao efeito dos arranjos institucionais sobre as decisões de poupança para a aposentadoria, observou-se que o desenho deum plano de previdência em que haja inscrição automática compulsória, com a presença de um plano livre de risco, faz com que haja uma maior permanência dos indivíduos neste tipo de plano. Este resultado, aliado às estatísticas descritivas que apontam uma maior aposentadoria nos planos com inscrição automática compulsória e contrapartida do patrocinador (experimentador), em comparação com o plano sem tais características, nos leva a afirmar que tais desenhos permitem uma maior poupança para a aposentadoria por parte dos segurados. Portanto, a inserção de desenhos desta natureza em eventuais políticas públicas pode servir de \"empurrão\" para que as pessoas tomem decisões que vão de encontro à inconsistência temporal. / Pension plans that rely on an active attitude of individuals to apply for membership end up having a low participation (Benartzi & Thaler, 2007). On the other hand, there are findings that individuals decide to save using certain \"rules of thumb\", such as the choice of a maximum contribution percentage receiving a counterpart of the employer (if the maximum percentage that will receive compensation from the sponsor of a plan is 8%, then the individual will decide to contribute to this figure). Thus, strategies can be incorporated into retirement plans in order to contribute to certain behaviors are \"encouraged\" and others are \"restrained\" fundamentally manifest in situations of time inconsistency by individuals. This research aimed to identify, from empirical evidence, which arrangements of pension plans, type defined contribution, minimize the effect of intertemporal myopia on saving decisions for retirement. The theoretical foundations that guided this thesis were Bounded Rationality, proposed by Simon (1979), the Prospect Theory and Behavioral Life-Cicle hypothesis, developed by Benartzi and Thaler (2007). We used a survey to identify the demographic characteristics of the participants and, in parallel, an experiment based on scenarios to identify the choices related to the pension plans, type defined contribution. The survey and the experiment were formulated with the help of the online platform QuestionPro© and made available through the internet to participants. Scenarios were defined for the control group (without manipulation of variables) and two experimental groups (with manipulation of variables) to identify how the design of pension plans affect the resource allocation decisions to plans and how they relate to the demographic variables of the insured. Hypothesis tests were performed using the nonparametric Wilcoxon test for difference of means and through linear regression estimation by OLS. The findings suggest that respondents seem to have adopted a more impatient behavior when the range is shifted to the future than when comparing immediate reward and a delayed reward in a equivalent delay interval, contrary to the literature on hyperbolic discount, time inconsistency and impatient behavior. With regard to the effect of institutional arrangements on savings decisions for retirement it is noted that the pension plan design where there is compulsory automatic enrollment with the presence of a risk-free plan may improve permanence of individuals this type of plan. This result, combined with descriptive statistics that show a higher retirement plans with mandatory automatic enrollment and return the sponsor (experimenter), as compared to the plan without such features, allow us to state that such designs allow greater savings for retirement. Therefore, the inclusion of this type of design in public policy can serve as a \"nudge\" for people to make decisions that go against the time inconsistency.

Made available in DSpace on 2016-04-26T20:24:07Z (GMT). No. of bitstreams: 1 Marcelo Morelatti Valenca.pdf: 1731939 bytes, checksum: 7262e318ccfba1e8f24d8bfc0738c7eb (MD5) Previous issue date: 2015-12-22 / This study aims to analyze the welfare effects of criminal conviction-dependent killing the insured for the perception of death pension. Society imposes repression of incompatible conduct with the social peace. Thus, one who intentionally kills the insured and claims the pension benefit, hiding this fact, acting in bad faith. With regard to theoretical and methodological studies were conducted collection, study articles, doctrines and court decisions. The results achieved with the thesis in the report concluded that the death pension granted to dependent who intentionally killed the insured must be annulled after the final judgment of the criminal sentence and consequent start of administrative proceedings for cancellation of benefit, ensuring the contradictory and legal defense to run. However, the penal sentence and the consequent responsibility of the murderer dependent can no longer be rediscussed in the administrative process. The bad faith never disappear and should be discarded the theory of consumed fact. Also confirmed that currently there is no mechanism to ensure the communication of the welfare of the criminal sentence, which abruptly affront the principle of administrative efficiency. Therefore, including the suggestion of compulsory communication of social security in the Criminal Procedure Code as soon as the final judgment certification of the criminal sentence is imposed. Also ensuring the administrative efficiency, therefore, the common good, is the suggestion of creating a National Register of Criminal Judgments final sentencing and unappealable, the State Law and Federal, common and specialized / O presente estudo tem por finalidade analisar os efeitos previdenciários da condenação criminal de dependente que mata o segurado para percepção de pensão por morte. A sociedade impõe repressão à conduta incompatível com a paz social. Assim, aquele que mata dolosamente o segurado e pleiteia o benefício previdenciário, ocultando esse fato, age de má-fé. Com relação aos estudos teórico-metodológicos, foram realizados coleta, estudo de artigos, doutrinas e decisões jurisprudenciais. Os resultados alcançados com a tese nos reportam à conclusão de que a pensão por morte deferida ao dependente que matou dolosamente o segurado deve ser anulada após o trânsito em julgado da sentença penal condenatória e consequente instauração de processo administrativo para anulação de benefício, garantindo o contraditório e ampla defesa ao administrado. Todavia, a sentença penal condenatória e a consequente responsabilidade do dependente homicida não mais poderá ser novamente discutida no processo administrativo. A má-fé nunca convalesce devendo ser afastada a teoria do fato consumado. Também restou comprovado que, atualmente, não há nenhum mecanismo que garanta a comunicação da previdência social da sentença penal condenatória, o que afronta abruptamente o princípio da eficiência administrativa. Logo, a sugestão de inserção da obrigatoriedade de comunicação da previdência social no Código de Processo Penal tão logo ocorra a certificação do trânsito em julgado da sentença penal condenatória é medida que se impõe. Também zelando pela eficiência administrativa, portanto, bem comum, é a sugestão de criação de um Cadastro Nacional de Sentenças Penais Condenatórias com trânsito em julgado, da Justiça Estadual e Federal, comum e especializada

A população mundial, em 2050, será formada por 9,3 bilhões de habitantes, número 33% superior ao atual, de 7,0 bilhões de pessoas. Essa expansão se refletirá, em grande parte, na população com mais de 65 anos. A ONU estima que, em países como Brasil e Chile, 26% dos habitantes estarão nessa faixa etária na metade deste século, um crescimento relevante em comparação com as médias atuais, de 11%. Além de serem em maior número, os idosos também contarão com maiores expectativas de vida. Atualmente, vivem, em média, 74 anos. Até 2050, estima a ONU, chegarão a 80 anos. Frente a esse panorama, garantir a aposentadoria à população é um desafio crescente para as economias, que já se movimentam no sentido de viabilizar, aos fundos de pensão e de previdência, mecanismos que maximizem os retornos de seus portfólios. Os investimentos em ações de companhias abertas, nesse contexto, ganham um espaço cada vez maior nas estratégias dos gestores dos fundos, mudança que acontece ao mesmo tempo em que a governança corporativa passa a ser vista como um instrumento para a valorização das companhias abertas e, consequentemente, para o desenvolvimento dos mercados de capitais. Considerando esse contexto, esta dissertação se propõe a analisar como a governança corporativa influencia a tomada de decisão de investimento dos gestores de fundos de pensão e de previdência do Brasil, do Chile e do México. O estudo será feito a partir da observação do marco regulatório sobre o tema nesses três países, e se embasará nas respostas dadas, pelos gestores, a questionário sobre as boas práticas de governança corporativa, adotadas pelas companhias abertas, que são observadas e valorizadas na escolha dos investimentos. / In 2050, 9.3 billion inhabitants, a 33% rise in comparison to the current figure of 7.0 billion people, will form the world population. In most part, this expansion will be reflected in the population older than 65 years. The UN estimates that in countries such as Brazil and Chile, 26% of the inhabitants will be in this age group in the half of this century, a relevant growth in comparison with todays average of 11%. In addition to the increase in figures, the elderly people will also count on a longer life expectancy. Currently they live, in average, 74 years. Until 2050, the UN estimates that they will reach 80 years of age. Given this scenario, to guarantee retirement for the whole population is a growing challenge for the economies, which are already seeking mechanisms to maximize returns to pension and social security funds. In this context, investment in equity is gaining more and more emphasis from funds portfolio managers. This change takes place at the same time that corporate governance starts to be seen as an instrument for the appreciation of public companies and, consequently, for the development of stock markets. In this sense, this paper aims at reviewing how corporate governance influences the decision-making process for pension plans and social security portfolio managers in Brazil, Chile and Mexico. The study will be based on the observation of the legal framework around the theme in the three countries and on answers given by managers in a questionnaire on corporate governance best practices, adopted by public companies and that are considered and taken into account in the choice of investments.