В работе рассматривается человеческий капитал как результат родительского труда, направленного на формирование и развитие этого вида капитала. Целью магистерской диссертации является разработка инструментов интеграции результатов родительского труда в пенсионную систему России. Изучение результатов родительского труда в аспекте их интеграции в пенсионную систему Российской Федерации открывает перед исследователями значительные перспективы с точки зрения понимания механизмов формирования результатов родительского труда и возможностей их учета в пенсионной системе. / The paper considers human capital as a result of the parental labor, aimed at the formation and development of this type of capital. The purpose of the master's thesis is to develop tools of the parental labor results’ integration into the pension system of Russia. The study of the parental labor results in the aspect of their integration into the pension system of the Russian Federation opens up significant prospects for researchers in terms of understanding the mechanisms of the parental labor results’ formation and theirs accountability in the pension system.

На фоне сохранения тенденции старения населения в Российской Федерации произошли стремительные изменения пенсионного законодательства. Основное изменение направлено на повышение возраста назначения страховой по старости. Данные изменения привели к появлению в российском правовом поле такой категории граждан, как «граждане предпенсионного возраста». Для безболезненного перехода к новому режиму жизни, распределения своих ресурсов и возможностей таких граждан, для них устанавливается новый правовой статус. Подтверждение наличия статуса предпенсионера входит в компетенцию органов Пенсионного фонда Российской Федерации. Поскольку данная государственная услуга функционирует меньше года, она несовершенна и требует регулярных доработок со стороны органов, оказывающих государственные услуги лицам, наделенным данным статусом. В процессе исследований был проанализирован текущий формат оказания государственных услуг предоставляемых Пенсионным фондом Российской Федерации гражданам пожилого возраста; выявлены основные проблемы, связанные с несовершенством оказываемых услуг, установлены причины этих проблем; определены способы совершенствования государственных услуг, предоставляемых лицам предпенсионного возраста. Результатом работы стала разработка ряда рекомендаций и мероприятий для совершенствования механизма оказания государственных услуг, предоставляемых Пенсионным фондом Российской Федерации, с учетом потребностей пожилых граждан. / Against the backdrop of the continuing trend of population aging in the Russian Federation, rapid changes in pension legislation have occurred. The main change is aimed at increasing the age of prescribing old-age insurance. These changes have led to the emergence in the Russian legal field of such a category of citizens as «citizens of pre-retirement age». For a painless transition to a new mode of life, the distribution of their resources and the capabilities of such citizens, a new legal status is established for them. Confirmation of the status of a pre-pensioner is the responsibility of the Pension Fund of the Russian Federation. Since this public service has been functioning for less than a year, it is imperfect and requires regular revisions by the authorities that provide public services to people with this status. In the process of research, the current format for the provision of public services provided by the Pension Fund of the Russian Federation to elderly citizens was analyzed; The main problems associated with the imperfection of the services provided are identified, the causes of these problems are established; ways of improving public services provided to persons of pre-retirement age are identified. The result of the work was the development of a number of recommendations and measures to improve the mechanism for the provision of public services provided by the Pension Fund of the Russian Federation, taking into account the needs of senior citizens.

В магистерской диссертации проведено исследование опыта организации институтов пенсионного обеспечения и практики управления средствами пенсионных фондов в России и за рубежом. Предложен механизм формирования эффективного портфеля ценных бумаг в негосударственных пенсионных фондах. / In the master's thesis, a study of the experience of the organization of pension institutions and the practice of managing pension funds in Russia and abroad was conducted. The mechanism of formation of an effective portfolio of securities in non-state pension funds is proposed.

The pension system in Sweden today is a very simple system. Taxed incomes generate pension incomes, paid out monthly after retirement. Yet the topic seems riddled with emotions; guilt, shame and anxiety over what you should or should not do. Increasing inflation, population age and climate change are projected to pose big threats to pensions in the coming decades. By 2060, pension incomes are projected to diminish substantially. Yet the future brings hope too; the gender gap in pension incomes is today at 30% and is projected to go down to 4% by 2040 as the changing view on women in the workplace and policy making is evening the (occupational) field. To learn about pension on the personal, professional and societal layers, I conducted conversations with professionals working for the pension agency, banks, savings solutions and researchers at economics and sociology departments at universities, as well as with individuals with pension planning on their minds (or not). The professionals argued that financial literacy teaches how simple the system is while the individuals feel overwhelmed and confused, showing that the system is not complicated but feels complicated. This dissonance became the space for designing. I propose to look at money as an actor we have a relationship with, to scale away guilt, shame or anxiety and leverage the positives. Through the strategic use of reflection, we learn about our ongoing relationship with money; formed in childhood, and shaped by everyday life planning towards the future. Thus, we grow towards a life where money serves us by investing in our values, hopes and dreams. As we change our financial behaviour today, we change our relationship in the future. The value of money does not start with the currency, but with the intention of use, in the hopes and dreams of a person that wants to spend their time with families and hobbies, not with stocks and funds. Looking at financial planning more holistically shows how the established system is biased, rejecting those that do not speak the language. We as designers can be mindful of this and make more inclusive tools to learn this financial language. Insofar the system can be changed is what I examine through speculative futures methods and designs.

I studien undersöks medarbetarnas syn på den interna kommunikationen om tjänstepension inom ett tjänsteproducerande företag. Utgångspunkten i undersökningen var att genom en enkätundersökning undersöka hur medarbetarnas pensionskunskaper såg ut, hur deras intresse var samt om hur de upplevde att organisationen informerar om tjänstepensionen. Enkäten visade att det fanns ett intresse för pension men att kunskapen var låg samt att medarbetarna upplevde att organisationen inte informerade medarbetarna på ett effektivt sätt. Syftet med studien är att undersöka hur den interna kommunikationen om tjänstepension upplevs utifrån ett medarbetarperspektiv. För att undersöka och öka förståelsen av respondenternas upplevelse valdes en hermeneutisk ansats med kvalitativ metod som innefattade fokusgruppsdiskussioner. Ansatsen har hjälpt oss att gå från en förförståelse om att kunskapen är låg till att ge en större förståelse för medarbetarnas upplevelse av effekterna av organisationens kommunikationsprocess i tjänstepensionsfrågor. Undersökningen visade att det fanns förbättringar att göra i hur organisationen väljer att informera om tjänstepension. För att få medarbetarna att förstå värdet av tjänstepensionen behöver organisationen kontinuerligt kommunicera detta till sina medarbetare. De flesta av respondenterna föredrog en personlig information vid löne- eller medarbetarsamtal eller kontinuerlig information om hur mycket organisationen betalar in till tjänstepensionen. Resultatet visade att det skulle skapa ett värde för medarbetarna om de visste vad organisationen betalar in och individens känsla av tillit och att känna sig värdefulla skulle öka. Resultatet visade även att ett samband mellan generationstillhörighet och pensionskunskap inte kunde påvisas. / The study examines the employees' view of the internal communication about occupational pensions within a service-producing company. The starting point of the investigation was through a survey investigate how the employees' pension knowledge looked, what their interest was, and how they felt that the organization provides information about occupational pensions. The survey showed that there was an interest about pension but that the knowledge was low, and that the employees felt that the organization did not inform the employees in an effective way. The aim of the study is to investigate how the internal communication about occupational pensions is experienced from an employee perspective. In order to investigate and increase the understanding of the respondents' experience, a hermeneutic approach was chosen with a qualitative method that included focus group discussions. The approach has helped us move from a pre-understanding that the knowledge is low, to providing a greater understanding of the employees' experience of the effects of the organization's communication process in occupational pension matters. The investigation showed that there were improvements to be made in the way the organization chooses to inform about occupational pensions. In order to make the employees understand the value of the occupational pension, the organization needs to continuously communicate this to its employees. Most of the respondents preferred a personal information during salary- or employee meeting, or continuous information about how much the organization pays into the occupational pension. The result showed that it would create value for the employees if they knew what the organization pays in and the individual's sense of trust and feeling valued would increase. The result also showed that a relationship between generational affiliation and pension knowledge could not be demonstrated.

The asset management industry constitutes a vital part of the economy thanks to its financing role. The sector has profoundly changed since its establishment and, nowadays, changes in organization, investors’ behaviour and regulatory framework are deeply reshaping the industry. In this context, also the Italian market, which has traditionally been characterised by some distinguishing features, is being influenced by a series of modifications at both European and national level. The purpose of this paper is to analyse the Italian Asset Management industry’s structure and organisation, understand how it is evolving and grasp the factors that can affect its market to then draw implications influencing the business and operations of an asset servicer. This work divides the Italian Asset Management market into two parts, the Asset Managers segment, including collective management and discretionary mandates, and the Pension Schemes segment. These two composing parts are analysed from an Asset Servicer’s perspective, presenting data over the financial instruments they contain. The paper follows the Case Study approach employing mainly secondary quantitative data. In Italy, the distribution of Asset Management products as well as trading activities remain based on banking networks. In recent years, among collective management products, foreign-law mutual funds are the ones that grew the most. This, along with the fact that the asset servicers’ market is dominate by few specialized players operating on a global scale, puts the spotlight on asset servicers’ cross-border level of integration. Even tough discretionary mandates are struggling to recover and have grown at a slower pace, due to “MiFID II” upcoming rules, financial intermediaries will be encouraged to place these products on the market. Lastly, the Italian pension system is underdeveloped if compared to other European countries and few players own the majority of the complementary pension schemes market. The paper highlights how technology innovations, policies of the ruling governments, interest rates levels and national and communitarian regulation are the factors driving the asset management industry.

The increased penetration of servitization is an ongoing trend within the industrial machinery space. This typically means that industrial machinery manufactures themselves retain ownership of the machinery they manufacture whilst also taking over maintenance operations. Essentially, offering customers a netresult. Servitization has several documented benefits for both customers and manufactures. Forcustomers it offers certainty in terms of operationality and costs. Whilst for manufacturers it generates stability in revenue generation and increasingly ties customers closer to their orbit. On a different note, record low interest levels coupled with developments within asset management such as the endowment model has resulted in that institutional investor such as pension funds have redirected capital towards alternative assets such as non-listed real assets. The shift has been so profound that many are struggling to find attractive real assets and thus institutional capital is looking for new types of real assets. Servitization and institutional investment has largely existed in separate silos. The study has studied an intersection of these two domains and has firstly found that servitized industrial machinery has several core attributes clearly align with infrastructure. These traits include non-cyclical and long-term revenue, long(er) lifetime, quasimonopolistic, and environmental benefits. The study indicates that as servitization becomes more widespread, industrial manufactures realize that servitization will result in more deployed capital. Therefore, companies will need to find new forms of financing for their servitization operations. From a financing point of view, companies prefer debt-based financing such as asset backed securities such that operational control can still be had. The study found that the core attributes of servitization and its closeness to infrastructure is appealing for institutional investors and see it as a possible future real asset investment class however, institutional investors feel unsure how to properly gauge the longevity of specific types of industrial machinery. Institutional investors who participated in the study have almost exclusively invested in real asset through equity. However, in regard to the financing of servitized industrial machinery, investors are also willing to invest via debt, if the expected returns justify the risk taken. The study indicates that there is a clear linkage between servitized industrial machinery and infrastructure whilst also demonstrating a substantial interest from industrial machinery manufacturers and institutional investors to engage with each other for the financing of servitized industrial machinery going forward. / Inom maskintillverkningsindustrin har tjänstefiering (servitization) blivit en allt viktigare del. Tjänstefiering innebär att maskintillverkare behåller ägandeskap av de maskiner de tillverkar samtidigt som de ansvarar för underhållet av dessa. Därmed erbjuder maskintillverkare sina kunder en tjänst dvs kapabiliteten i vad en industriell maskin kan leverera. Tjänstefieringen av industriella maskiner har ett flertal dokumenterade fördelar både för kunder och maskintillverkare. För kunder innebär tjänstefiering en ökad kännedom kring kostnader och en ökad säkerhet för att maskiner skall fungera. För maskintillverkare medför tjänstefieringen ökad stabilitet i försäljning samt ökar betydelsen av dem hos sina kunder. På ett helt annat plan, har rekordlåga räntenivåer tillsammans med utveckling inom fondförvaltning såsom endowment modellen resulterat i att institutionella investerare allokerat en allt större andel av sitt kapital i alternativa tillgångar såsom i icke-noterade reala tillgångar. Detta skifte har resulterat i att många investerare har svårt att hitta tillräckligt attraktiva tillgångar då kampen om dessa reala tillgångar hårdnat vilket har resulterat till att driva upp priset på dessa tillgångar. Tjänstefiering och institutionell investering har till stor del existerat i skilda domäner. Denna studie har undersökt en skärningspunkt mellan dessa två domäner och har bland annat funnit att tjänstefierade industriella maskiner besitter flera likheter med infrastruktur så som icke-cykliska och långsiktiga intäktströmmar, långa tekniska livslängder, kvasi-monopolistisk ställning samt positiva hållbarhetsaspekter. Industriella maskintillverkare som deltagit i studien vittnar om att nya finansieringsformer kommer behövas då tjänstefieringen med all sannolikhet kommer utgöra en väsentlig del av affären framöver och därmed binda mer kapital, allt annat lika. För att finansiera denna affär föredrar företagen skuldfinansiering då det blir enklare att hantera organisatoriskt. Studien finner att attributen av tjänstefierade industriella maskiner och dess likheter med infrastruktur är intressanta för investerare och de ser detta som en framtida realtillgångsklass. Däremot känner sig investerarna osäkra kring hur man skall beakta livslängden kring olika typer av maskiner. Investerare som deltagit i studien har tidigare allokerat ytterst lite av sina realtillgångar via skuldinstrument. Investerare är däremot öppna att investera vi både skuldtillgångar och via eget kapital, såvida den förväntade avkastningen upplevs som fördelaktig i relation till den risk som tas. Studien indikerar att den finns en koppling mellan tjänstefierade industriella maskiner och infrastruktur samt visat att det finns intresse från både investerare och maskintillverkare för att nya former av finansiering för tjänstefierade industriella maskiner i framtiden.

This study aims to investigate if taking individuals' chosen time of withdrawing occupational pension into account can be used to better predict the future mortality intensities which describes the probability of death in a given time interval. The main underlying hypothesis for why there would be a difference lies in the fact that some individuals could receive more pension benefits by choosing a withdrawal time based on his or her own expectation of remaining lifespan. In particular individuals that do not expect to live long after retirement could receive more benefits before death by choosing to withdraw his or her money as fast as possible. To explore if such a relationship exists and is significant enough data provided by Alecta is analyzed. This data provides among others the chosen withdrawal time and recorded deaths. Based on this dataset three models are created each with their own advantages and disadvantages.  The first model is a pure empirical model which simply shows the processed data after calculations have been made, showing the exact data in a more comprehensive form. The second model is a Makeham model which assumes that the mortality intensity is distributed according to the Makeham formula in the studied age range. This model allows random noise to be smoothed out and allows predictions of the mortality intensity in ages not studied. The third model is a Logistic regression model. This model considers two cases, death or no death and based on observed data the model predicts the probability that an individual will die given an age and withdrawal time. The logistic regression model is a robust model which allows stable predictions even where data is scarce. From the results of the three models it was concluded that for men there is a clear difference in mortality intensity between limited withdrawal times where shorter withdrawal times have higher mortality intensity and longer withdrawal times have lower mortality intensity. For women there were signs that the same is also true, however the evidence for this was weak.  The difference in mortality intensity was more pronounced in the first years after retirement and in particular longer withdrawal times had a very low mortality intensity. This was seen for both men and women.  When the mortality intensity was weighed based on the size of individuals' benefits the differences were much more pronounced for both men and women. Indicating that those with larger benefits to a greater extent chose their withdrawal time based on his or her own expectation of remaining lifespan. Almost all results agreed with what would be expected based on the underlying hypothesis with one exception, lifelong withdrawal. For lifelong withdrawal both men and women had a significantly higher mortality intensity that would be expected if individuals aim to maximize their received benefits. This was likely explained by lifelong serving as a default or safe option for many individuals which would lead to the option being dominated by these individuals rather than those aiming to maximize their received benefits. / Syftet med den här studien är att undersöka om vetskapen om individers val av tjänstepensionens utbetalningstid kan användas för att bättre förutsäga en grupps framtida dödlighetsintensitet. Den primära underliggande hypotesen för varför ett sådant samband skulle finnas beror på att det finns individer som skulle kunna få ut mer pengar från sin tjänstepension genom att välja en utbetalningstid baserat på deras egna kännedom om sin förväntade återstående livslängd. Ett tydligt exempel på detta är en individ som har starka skäl att tro att hen inte kommer att leva länge efter att ha gått i pension. Genom att välja en kort utbetalningstid skulle denna individ få större utbetalningar under de åren utbetalningstiden gäller.  För att utröna om ett sådant förhållande finns och är signifikant så analyseras data från Alecta. Denna data innehåller bland annat information om vald utbetalningstid och noterade dödsfall. Baserat på denna underliggande data skapas tre modeller, var och en med styrkor och svagheter.  Den första modellen är en ren empirisk modell som visar behandlad data efter att beräkningar gjorts på denna. Detta innebär att modellen visar den exakta datan i en annan för analysens skull mer användbar form. Den andra modellen är en Makeham modell vilken antar att dödlighetsintensiteten följer Makehams formel under de studerade åldrarna. Denna modell möjliggör utslätning av avvikelser orsakade av slump, dessutom möjliggör det förutsägelser där data saknas. Den tredje modellen är en logistisk regressionsmodell vilken beaktar två fall, dödsfall eller icke dödsfall. Baserat på tillgänglig data förutspår modellen sannolikheten att en individ kommer att dö vid en given ålder med given utbetalningstid. Detta är en robust modell som möjliggör stabila uppskattningar även där mängden data är begränsad. Baserat på de tre modellernas resultat kunde slutsatsen dras att det finns en tydlig skillnad i dödlighetsintensitet mellan olika utbetalningstider för män. Särskilt kunde det ses att kortare utbetalningstider hade högre dödlighetsintensitet och längre utbetalningstider hade lägre dödlighetsintensitet. För kvinnor fanns det tecken på att samma sak gäller, men resultaten hade i detta fall låg tillförlitlighet. När man istället vägde resultatet baserat på storleken av individernas totala tjänstepension blev skillnaden mycket större både för män och kvinnor. Detta indikerar att de individer som har stora förmåner i större utsträckning väljer en tjänstepension baserat på deras egna förväntningar på sin återstående livslängd. Resultaten stämmer i stor utsträckning överens med vad som förväntades baserat på den underliggande hypotesen med ett undantag, livslångt uttag. Av de män och kvinnor som valde livslångt uttag observerades en dödlighetsintensitet som var betydligt högre än förväntat utifrån vad som förväntades utifrån ett antagande om att individer försöker maximera hur mycket de får utbetalt. Sannolikt kan detta resultat förklaras med att många som hade livslångt uttag gjorde det antingen för att det var standard eller för att det är det säkra alternativet. Detta skulle innebära att alternativet domineras av dessa individer snarare än individer som försöker maximera hur mycket tjänstepension de får utbetalt.

[pt] Em sistemas de pensão de contribuição definida (CD),o agente regulador em geral impõe restrições de alocação (mínimo e máximos por classe de ativo,como renda fixa, ações, empréstimos, etc.) como objetivo de criar fundos com diferentes perfis de risco-retorno. Neste trabalho, desafiamos essa abordagem e mostramos que tais fundos apresentam perfis de risco-retorno erráticos que desviam significativamente do design desejado. Nós propomos a substituição de todas as restrições de limites máximo se mínimos por uma medida única que controla o risco financeiro diretamente. Dessa forma,fundos com diferentes perfis de risco retorno podem ser estabelecidos imediatamente ao variarmos tal medida. Nós demonstramos a eficácia dessa abordagem com dados do sistema de pensão chileno. Mais especificamente, mostramos que nossa metodologia resulta em fundos cujos perfis de risco-retorno estão consistentemente ordenados de acordo com o design desejado e exibem performance superior em comparação com os fundos criados com o uso de restrições delimites de alocação. / [en] In defined contribution (DC) pension schemes, the regulator usually imposes asset allocation constraints (minimum and maximum limits by asset class, e.g. equities, bonds, realestate, loans, etc.) in order to create funds with different risk-return profiles. In thiswork we challenge this approach and show that such funds exhibit erratic risk-return profiles that deviate significantly from the intended design. We propose toreplace all minimum and maximum asset allocation constraints by a single risk metric (or measure) that controls risk directly. Thus, funds with different risk- return profiles can be immediately created by adjusting the risk tolerance parameter accordingly. We demonstrate the effectiveness of this approach with data from the Chilean DC pension system. Specifically, we show that our approach generates funds whose risk-return profiles are consistently ordered according to the intended design and out perform funds created by means of asset allocation limits.

Mémoire numérisé par la Direction des bibliothèques de l'Université de Montréal. / In Canada taxpayers have an opportunity to save on their taxes through a program entitled the Registered Retirement Saving Plan, one of the most important tax deferred savings vehicles offered. RRSPs were first introduced in Canada in 1957. The contribution limits were increased substantially in the early 1970s, and RRSPs were widely promoted. Since then, they have become a prominent form of Canadian saving. RRSP contributions now exceed the total of employee and employer contributions to employer-provided pension plans (Revenue Canada, Tax Statistics on Individuals, Edition 1998). The RRSP option is especially attractive considering that the Canada Pension Plan, historically responsible for providing retirement benefits to all Canadians over age 65 when they retire, is in a precarious situation due to demographic changes. These factors would have us believe that a large number of Canadians take advantage of the RRSP program to save on their taxes, as well as to assure their old ages with a sufficient level of wealth. In fact, only one-third of Canadian families ^A4^o had access to the RRSP option contributed to such a plan in 1997 (Globe and Mail, March 1998, Calculations using data from Statistics Canada). u This paper describes a model for predicting the outcome of the RRSP decision making process for households. In this paper, we will explore a two-equation model for estimating households' behavior toward the decision to contribute in a RRSP and the amount of contribution. Our approach will integrate two groups of characteristics of households : one being demographic with age, gender, family size, location, education, and marital status and the other being financial with income, pension, debt and non liquid assets. We expect our empirical results to be consistent with previous researches based on the Individual Retirement Account (IRA), the American alter ego of the Canadian Registered Retirement Saving Plan (RRSP). 0 The main purpose of this paper is to develop a model that demonstrates a framework of Canadian households' behavior regarding their decisions to contribute to their own retirement wealth. It is still very early to draw conclusions about the households decisions and behaviors because the government is stilt very present as a source of retirement income. However, it is helpful to observe contemporary trends in order to determine the means of improving the information given to the general population regarding RRSPs.