The United Kingdom Combined Code is today the most fundamental corporate governance code applicable in United Kingdom. The nation of United Kingdom encourages governance practices by implementing the Directive 2006/46/EC on a voluntary basis before being mandatory. While corporate governance is applicable to many corporations, pension providers may be seen as one of the ideal market sector for governing, since they act as institutional investors representing a major shareholder group. Institutional investors may even improve corporate governance practices as they represent a major part of public sector capital. Owning large amount of shares, their function is to supervise in the firms’ corporate governance activities in order to monitor the transparency and disclosure procedures. To be able to monitor other companies' activities, pension providers must set up an example for enforcing corporate governance practices themselves and follow them respectively.   This descriptive case study observes the corporate governance structures represented in annual reports of five large chosen pension providers during the years 2007 to 2009 capturing the financial crisis occurring in 2008, in United Kingdom. The purpose of the study is to examine if strong corporate governance is incorporated in the following pension providers, Aberdeen Asset Management plc, Aviva plc, Prudential plc, Royal London Mutual Insurance Society Limited and Standard Life plc. The focus is on board composition and established committees. The scope of this study answers the following research question: How do the five pension providers, Aberdeen, Prudential, Royal London, Standard Life and Aviva, comply with or explain deviations found in their respectively annual reports from 2007-2009 in accordance with the Combined Code 2008 and the Annotated Combined Code 2005?   Fundamental for pension providers is to work on a long-term basis with value creation as goal. Still the core focus of corporate governance remains, to create a system offering protection for all stakeholders. As the result shows, all of the five chosen corporations strongly implement national corporate governance practices throughout 2007-2009 on both board composition and established committees. Still, they suffered short-term negative fluctuations from the United Kingdom financial crises in 2008, but recovered shortly afterwards. Even though these fluctuations occurred, all of the corporations have long-term value as one of their main objectives. The long-term value can partly be sustained by strong corporate governance practices as it a main objective in corporate governance.

Bakgrund och problem: IAS 19 genomgår en ny förändring då en av redovisningsmetoderna för aktuariella vinster och förluster avskaffas. Korridormetoden, som fungerar som en utjämningsmekanism är den mest frekvent tillämpade metoden av stora börsnoterade bolag i Sverige. Avskaffningen av metoden väntas få effekter på dessa företags finansiella ställning då företag 2013 kommer tvingas ta fram sina oredovisade aktuariella förluster och redovisa dessa i sin helhet. Syfte: Syftet med uppsatsen är att studera berörda aktörers uppfattning om nya IAS 19 som träder i kraft 2013 samt vilken påverkan den förväntas ha på börsnoterade företag som idag tillämpar korridormetoden. Metod: Genom intervjuer inhämtade vi material av kvalitativ natur. Data av denna karaktär är bäst lämpad för vår studie då vi vill undersöka inställningar till en förändring som ännu inte har trätt i kraft och som kommer beröra företags finansiella rapportering. Resultat och slutsats: Kritiken från två av de tillfrågade gällande korridormetoden rör inte den utjämningsmekanism som finns, utan snarare att metoden inte har genomfört sitt syfte som man upptäckt på senare år.  Detta har i sin tur lett till att företag samlat på sig stora aktuariella förluster i samband med sina pensionsåtaganden. Då IAS 19 har krävt flera omarbetningar och den senaste modifieringen av standarden kan ses som en tillfällig lösning tills att man kommer fram till en metod som speglar skulden på ett mer korrekt sätt. Borttagandet av korridormetoden har enligt respondenterna fler fördelar än nackdelar vilket för pensionsredovisningen vidare i utvecklingen. Dock medger alla respondenter att komplexiteten fortfarande är för bred för att IAS 19 inte ska kräva ännu mera omarbetning. Vi ser ännu inte att problemen med pensionsredovisningen är nära att nå sitt slut. Respondenternas attityder kring problemet är att en förenkling eftersträvas men vägledning som leder till lösning på problemet är ännu mer avlägset. Ingen av våra respondenter har framfört att borttagandet av korridormetoden är självaste lösningen på problemet. Förslag till vidare forskning: Vi skulle tycka det vore intressant om man undersökte efter övergången till en av de andra två metoderna för att mäta de effekter som slopandet av korridormetoden medförde. Hur stora aktuariella förluster fick företag inom Large Cap? / Background to problem: IAS 19, is undergoing a new change when one of the accounting methods to actuarial gains and losses is eliminated. The corridor method, which acts as a clearing mechanism is the most frequently applied method of large listed companies. Abolishment of the method is expected to have an impact on their financial position starting in the year 2013. Companies are forced to report its unrecognized actuarial losses and account these entirely. Purpose: The purpose of this thesis is to study the actors' perception of the new IAS 19 which comes into force in 2013 and the expected impact on the large listed companies applying the corridor method at present. Methodology: We acquired materials of a qualitative nature through interviews. Data of this nature is best suited for our study because we want to examine the settings for a change that has not yet entered into force and is expected to affect the company’s financial reporting. Conclusions: The criticism from two of the surveyed does not concern the meaning of the standard IAS 19 parse, but rather that the method has not fulfilled its purpose as exposed in recent years. This has in turn led to accumulated actuarial losses related to its pension commitments.IAS 19 has required several revisions, and the latest modification of the standard can be viewed as a temporary solution until a method that reflects the debt in a more accurate way is achieved. Removal of the corridor method, according to respondents, has more advantages than disadvantages which leads the pension accounting further in development. However, all respondents admit that the complexity is still too wide for IAS 19, and will require more adjustments. We do not see that the problems with pension accounting are close to reaching its end. Respondents' attitudes to the problem are that the simplification is needed, but guidance that leads to the solution of the problem is even more remote. None of our respondents have said that the removal of the corridor approach is the solution to the major problem of pension accounting. Suggestions for further research: We would find it interesting if a study is made after the transition to one of the other two methods, measuring the impact of the abolition of the corridor approach. How large actuarial losses were companies in the large-cap hit of?

『勞工退休金條例』於民國94年7月1日施行後，我國的勞工退休金經營管理模式有了根本上的變化。原來舊的制度下，退休金是以確定給付的方式經營，而在新制下則是以確定提撥的模式營運。新制由於不必考慮負債面，其資產配置的自由度相對來說大幅提高。然而，為了滿足法規『投資報酬率不得低於兩年期定存利率』之限制、以及達成高所得替代率的理想，退休基金的管理者將面臨追求短期穩定、以及長期高報酬兩項互為抵換目標的困難抉擇。 如何用一套較為實務上可行的方法，為新制下的退休基金擬定一套合乎其投資目標的長期策略性資產配置，是本研究所關心的課題。本文採用的方法是以多元蒙地卡羅模擬法（Monte Carlo Simulation），依據實際的資本市場假設來模擬整個投資組合期望報酬率的機率分配，並根據結果分析各種配置的優劣、提供決策者做參考。 本研究建議新制下退休基金的理想資產配置區間為：美國股票30%~40%、國際股票20%~30%、固定收益證券20%~30%、不動產5%~15%、以及私募股權0%~10%。其中，由於退休基金在成立前期的流動性需求較低，可以配置較高的比重於股票和不動產；後期則為了定期支付退休金、可以提高固定收益證券的比重。然而，本研究發現：『提高固定收益證券比重所帶來的短期穩定之加分、將不如其所犧牲的長期高報酬之減分』，因此不建議退休基金的管理人太早提高固定收益證券的投資比重。 此外，透過情境分析與敏感性分析，本研究認為長期而言，不動產是最為穩定、且又能同時達成長期高報酬目標的最佳投資標的。至於在戰略性配置上，如果基金管理者預期未來市場可能會出現長期動盪，則應該降低私募股權的比重。

Background to problem: Pensions play a big role in people's lives when life expectancy continues to increase. Companies can choose different ways of reporting their pension plans, and within the defined benefit pension plan poses the actuarial gains and losses that can be reported based on three different methods. Only one method will exist from 2013, how will the companies that use the other two handle the new situation? Purpose: Investigate why different companies have chosen to report its actuarial gains and losses along the corridor approach, directly against income or directly in equity. How will the companies that use the corridor method manage the situation when it will only be allowed to report in other comprehensive income as of 2013 and how will this affect them. Methodology: Data was collected through qualitative questionnaires sent to companies listed on Nasdaq OMX Nordic Stockholm, Large Cap and Mid Cap, and a qualitative interview. We felt that the best way to getting the desired information was to use qualitative questionnaires and an interview. Conclusions: The corridor method is chosen mainly because the actuarial gains and losses do not affect the company as much as when using the other two methods. To report directly to equity is preferred as the result of the company is not affected. The change from the corridor method to recognize in other comprehensive income as of 2013 will mean that the pension liability and equity is adversely affected. Suggestions for further research: Study how companies were affected by the implementation of the revised IAS 19. What was the impact on businesses in the method transition? / Bakgrund och problem: Pensionen spelar en stor roll i människors liv då livslängden fortsätter att öka. Företag kan välja olika sätt att redovisa sina pensionsplaner, och inom den förmånsbestämda pensionsplanen uppkommer det aktuariella vinster och förluster som kan redovisas med tre olika metoder. Från 2013 kommer endast en metod att finnas kvar, hur kommer då företagen som använder sig utav de andra metoderna att hantera situationen? Syfte: Undersöka varför olika företag har valt att redovisa sina aktuariella vinster och förluster utefter korridormetoden, direkt mot resultatet eller direkt mot eget kapital. Hur kommer de företag som använder korridormetoden hantera situationen när det endast kommer vara tillåtet att redovisa i övrigt totalresultat från 2013 och hur kommer det här påverka dem. Metod: Data samlades in genom en kvalitativ intervju samt enkäter som skickades till börsnoterade företag. Att använda oss av enkäter samt en intervju ansåg vi var det bästa sättet för att få fram önskad information. Slutsats: Korridormetoden väljs främst för att de aktuariella vinsterna och förlusterna inte påverkar företaget i samma utsträckning som vid användning av de andra två metoderna. Att redovisa direkt mot eget kapital föredras eftersom resultatet i företaget inte påverkas. Bytet från korridormetoden till att redovisa i övrigt totalresultat från 2013 kommer innebära att pensionsskulden ökar och eget kapital påverkas negativt. Förslag på vidare forskning: Studera hur företagen påverkats av implementeringen av den omarbetade IAS 19. Vad blev det för konsekvenser för företagen vid metodbytet?

Pensijų reforma Lietuvoje. Magistro darbo problema yra galima socialinė, ekonominė reformuotos pensijų sistemos, apimančios valstybinę pensijų sistemą ir privačius pensijų fondus, rizika. Pensijų sistemos rizikos veiksnių minimizavimas turi būti numatytas teisės aktuose, pačioje pensijų sistemos struktūroje, jos valdyme. Būtina ��vertinti pensijų sistemą, jos struktūrą, reformos eigą, teisinę bazę ir nustatyti būdus, kuriais galima minimizuoti pensijų sistemos reformos riziką ir užtikrinti efektyvią socialinę apsaugą visuomenei. Šis procesas turi būti tęstinis. Magistro darbo tikslas buvo išnagrinėti pensijų reformos riziką ir pasiūlyti jos minimizavimo būdus gerinant socialinę apsaugą Lietuvoje. Siekiant šio tikslo, įgyvendinti šie Magistro darbo uždaviniai: išnagrinėta pensijų reforma socialinės gerovės vystymo sąlygomis ir teoriniai pensijų sistemos rizikos veiksniai; išanalizuota pensijų reformos eiga Lietuvoje; išskirti ir išnagrinėti pensijų reformos rizikos veiksniai Lietuvoje; atlikti empiriniai tyrimai, įvertinta pensijų reformos rizika; pasiūlyti būdai pensijų reformos rizikai minimizuoti. Padaryta išvada, jog pagrindiniai būdai pensijų reformos ir sistemos rizikai minimizuoti, tai teisinės bazės tobulinimas, pensijų sistemos kontrolės ir administravimo struktūros gerinimas, visuomenės tinkamas informavimas apie pensijų sistemą, jos rezultatus ir riziką. Taip pat turi būti įdiegta privačių pensijų fondų administratorių atsakomybė. Valstybinė pensijų... [toliau žr. visą tekstą] / The pension reform in Lithuania. The problem of the research of Master’s work was the possible social, and economic risk of newly reformed pension system, including state social security system and private pension funds. The pension system risks must be managed through the laws, the management of the system and the control of the pension system. It is important to analyze the possible risk and to forecast them in order to improve its management. This process should be continuous. The main goal of the Master’s work was to analyze the risk of pension system and to identify the ways to minimize the risk. In order to research this goal, the following questions were analyzed: the theoretical aspects of pension system organization in order to seek for the social benefits in the society; the pension reform process in Lithuania; the factors causing possible risk of pension system in Lithuania. The empirical research (questioner of 100 respondents) was made in order to identify how the citizens evaluate the pension system and its risks. Finally the ways to minimize the possible pension system risk were proposed. The main ways to minimize the person risk are to improve the laws, the pension system control and administration structure, to inform the society properly about the system, its results and risk. The legal responsibility of private pension funds administrators should be implemented as well. The state social security system will be possibly meeting the risk factors too. In... [to full text]

<p>The present mini-thesis seeks to explore and investigate the mathematical theory and concepts that underpins the valuation of derivative securities, particularly European plainvanilla options. The main argument that we emphasise is that novel models of option pricing, as is suggested by Hull and White (1987) [1] and others, must account for the discrepancy observed on the implied volatility &ldquo / smile&rdquo / curve. To achieve this we also propose that market volatility be modeled as random or stochastic as opposed to certain standard option pricing models such as Black-Scholes, in which volatility is assumed to be constant.</p>

<p>This thesis will examine the effects of divorce on the benefit payable to a member of a retirement fund, where divorce has occurred before the member has reached retirement age. In&nbsp / particular, parametric (that is, piecemeal) amendments to the relevant legislation will be analysed in order to outline the development of the legislation relating to divorce and the consequent distribution of&nbsp / assets (including retirement savings). The previous and current legal position in South Africa relating to divorce and retirement savings will be set out and critically analysed to determine whether the current position can be regarded as an improvement upon the previous legal position, or whether other and/or new problems in this area have been created. Parametric amendments to&nbsp / relevant legislation have thus far been the subject of many cases in our courts and adjudicative tribunals. A systemic overhaul of a particular area of law is a useful tool in providing legal certainty&nbsp / and clarifying the laws applicable to that area. This thesis will therefore argue in favour of a systemic overhaul of the legislation applicable to the allocation of retirement benefits at divorce, as opposed to the ineffectual parametric (i.e. piecemeal) amendments that have been implemented thus far. An essential aspect of this study is a comparative study of South African legal principles&nbsp / relating to retirement benefits and divorce with the legal principles of this subject in the United Kingdom (UK).</p>

This thesis consists of four independent papers covering macroeconomic topics such as unemployment insurance, retirement, business cycles and disability insurance. The unifying theme connecting all papers is the importance of health when addressing these issues. The first paper derives the optimal insurance against unemployment and disability in a setting where individuals can determine the probability of becoming disabled by exerting prevention effort. The second paper develops a life cycle model of labor supply and retirement to study the interactions between health and the labor supply behavior of older workers, in particular disability insurance and retirement. The third paper looks at the role of health in a business cycle framework. Here, health is treated as an asset that generates time and utility. The last paper derives a theoretical model of the application decision for disability benefits and proposes an empirical strategy for measuring screening stringency in the disability insurance program. / <p>Diss. Stockholm :  Stockholm School of Economics, 2012. Introduction together with 4 papers</p>

Magistro baigiamajame darbe išanalizuoti ir įvertinti Lietuvos II pakopos pensijų fondų investicijų grąžos pokyčiai verslo cikluose, iškelta fondo pasirinkimo problema bei pateikti siūlymai kaip šią problemą spręsti pensijų fondų dalyviams. Pirmoje darbo dalyje teoriniu aspektu analizuojama Lietuvos pensijų sistema, pateikiami teigiami ir neigiami kaupiamųjų fondų aspektai ir pateikiama verslo ciklų samprata. Antroje dalyje atliekama II pakopos pensijų fondų metinėse ataskaitose skelbiamų rodiklių analizė, nagrinėjami dažniausiai mokslinėje literatūroje sutinkami pensijų fondų vertinimo metodai bei pateikiamas darbo tyrimo modelis ir apibrėžiama darbo eiga. Trečioje dalyje pateikiama trumpa 2013 metų pabaigoje veiklą vykdžiusių II pakopos pensijų fondų apžvalga ir panaudojant Šarpo metodiką bei kitus pagrindinius fondų vertinimo kriterijus yra atrenkami efektyviausiai valdomi skirtingų strategijų pensijų fondai. Identifikavus verslo ciklus Lietuvoje, atliekama efektyviausiai valdomų skirtingų strategijų pensijų fondų investicijų grąžos analizė kiekvienoje verslo ciklo fazėje. Atliekama techninė analizė ir sudaromos tiesinės daugianarės regresijos lygtys, naudojamos prognozuoti investicijų grąžos pokyčius remiantis faktiniais fondų apskaitos vienetų vertės pokyčiais ir makroekonominiais rodikliais. / Master's Work analyzed and evaluated Lithuanian pillar II pension funds return on investment changes in business cycles, a series of suggestions is given for pension funds participants how to solve the problem of pension fund selection. The first part examines theoretical aspect of Lithuanian pension system, an overview of its positive and negative aspects and defined concept of business cycles. In second section analyzed indicators provided in the annual reports of pillar II pension funds, mostly encountered pension fund valuation methods in the scientific literature and workflow is defined. The third part present short review of Lithuanian pillar II pension funds which operated in 2013 and using Sharpe methodology and other most important valuation methods are selected efficiently managed by different strategies of pension funds. After identification of the business cycles in Lithuania, carried out in most effectively managed, by different strategies of pension funds, the return on investment analysis for each phase of the business cycle Technical analysis and the straight multiple regression equations used to predict changes in investment return based on the actual value of the fund units of accounting changes and macroeconomic indicators.

This dissertation studies poverty and the economics of child-headed and grandmother-headed households in Sebokeng. The study takes interest in five main areas, namely, poverty, unemployment, child and grandmother-headed households, the state of poverty and unemployment in Sebokeng as well as the living conditions of child and grandmother-headed households in Sebokeng. The approach in this dissertation was to define and measure poverty and unemployment and to determine the poor population of Sebokeng. This was done by making use of household level indicators. Poverty was measured by employing the following indicators: the Household Subsistence level (HSL) as poverty line, the head count index, the poverty gap and the dependency ratio. A comparison was done between Sebokeng and Bophelong. Sebokeng has a higher level of poverty (85%) than that of Bophelong (67%) while the unemployment rates (27%) is lower than that of Bophelong (31%). Most indicators (level of education, income, expenditure) prove that Bophelong is better off compared to Sebokeng. This dissertation takes further interest in comparing child and grandmother-headed households to “normal” households in Sebokeng. The study found that the main source of income for child-headed households is foster and child support grants (54%) while pension grants serve as the main source of income for both grandmother-headed households and “normal” households (65%).The study therefore proves that child-headed households are worse off financially and otherwise in comparison to grandmother-headed and “normal” households. If more social worker assistance was available to these orphans in the form of assistance with the application for identity documents and birth certificates at the Department of Home Affairs, these orphans would not be as worse-off as was found in this study. The dissertation concludes that the depth of poverty in child-headed households is thus greater than that of grandmother-headed and “normal” households, and it recommends that government should take further steps to reduce the unemployment rate by paying attention to the preferred skills of the population of Poverty and the economics of child and grandmother-headed households in Sebokeng. Sebokeng by offering training to enhance those skills. Food gardening projects should be organised so that the poor can sustain themselves and earn an income in the process. The dissertation also recommends that government should take more interest in improving the lives of these orphans by encouraging them to go to school and in obtaining identity documents. This can be possible through the assistance of social workers as these two elements can open many doors to a better life for these orphans. / Thesis (M.Com. (Economics))--North-West University, Vaal Triangle Campus, 2011