This thesis studies three asset allocation strategies under a defined-contribution pension plan: Buy-and-hold (BH), constant mix (CM), and time-invariant portfolio protection (TIPP). First in this paper, the actuarial assumptions follow Frees et al (1998), as well as Chang and Lin (1999): the age of the beneficiaries is between 25 to 65 and follows the uniform distribution. As to the investment environment, the portfolio includes a risk-free asset, certificate deposit (CD), and a risky asset--the stock. The interest rate of CD is fixed and the return of stock varies according to 14 scenarios. Then the concept of an open-ended fund is applied to compute the NAV (Net Asset Value) of three strategies for each month and a model of defined-contribution pension funds was developed. Moreover, this thesis also discussed the relationship between the trends of the stock and the changes of stock weights, as well as the terminal wealth of pension fund and the income-replacement ratio under each asset allocation strategy. The characteristics and timing of each strategy can be investigated clearly. Finally, the input parameters derived from the data of historical stock market in Taiwan is used to implement Monte Carlo simulation so that the study of the performance of asset allocation strategies can go more close to reality. The endeavor and results of this thesis will be a useful reference to facilitate both the government and private sector to manage the pension fund.

To establish the pension system is to ensure the life of old men. To compare the other pension systems of main countries, the old-aged economics security should adopt three-pillar system in Taiwan. This thesis puts emphasis on the empirical study of the importance of Taiwan pension fund asset allocation and attempts to develop a proper process of asset allocation decision as the reference of the pension fund sponsors when they are dealing with this task. The process of asset allocation decision could be divided into two parts: forming the efficient frontier and selecting the optimal asset allocation. This research suggests the readers to use quadratic programming techniques, which is introduced by Markowitz in 1956, to calculate the efficient frontier. With the changes in the financial situation and the coming of new information, pension fund sponsors should re-perform the process of asset allocation decision periodically to obtain the updated optimal asset allocation. The result of putting restrictions on the ratio of investment items is that the limited portfolio will reduce the utility and return relatively. As for raising the ratio of current assets, the standard doesn¡¦t increase obviously. To impress that pension fund should be in accordance with its need and object to keep appropriate current assets. Furthermore, pension fund sponsors should raise the weight of stocks and bonds to improve the performance. Pension fund sponsors who entrust risky assets to the professional institutions to manage will enhance the performance of investing, but we can¡¦t obtain the data of risk. In the future, the performance should be measured continually and join the risk to analyze.

This paper aims to explore the impact of portable labor pension system on labor employment in Kaohsiung County after its implementation. Being an important industrial zone and there are numerous labor working here, Kaoshiung County deserves to serve as the target and area for this study. In this study, the in-depth interview approach was adopted, and the subjects of in-depth interviews included four (4) persons from the agencies under Kaohsiung County Government, one (1) person from Kaohsiung County Industrial Association, one (1) person from Confederation of Trade Union of Kaohsiung County, and five (5) persons from different enterprises. Although different opinions were obtained from the interview, we could conclude 10 key points from the study results as follows: 1. The labor mobility did not increase after implementation of the new labor pension system. Labors did not care about things that had not happened yet. What they cared about was whether they were able to continue their jobs or not. 2. The implementation of the new labor pension system did not cause any increase in business closedown. Actually, the contribution to labor pension fund occupied only a few percentage of the personnel cost, and the cost increased due to the new system would be reflected in the prices of products. 3. The implementation of the new labor pension system did not increase layoff of employees. Companies would not lay off their employees due to implementation of the new labor pension system. They would cope with the cost increased due to the new system by improving their equipment and working process and increasing the productivity. 4. The implementation of the new labor pension system did not cause any increase in labor-management disputes. In general, most labor disputes were caused by issues such as overdue wages payment, refusal to join in the labor insurance, application for certificate of involuntary turnover, or payment of severance pay. The dispute on new labor pension system was only a small issue in labor-management disputes. 5. After the implementation of new labor pension system, enterprises may not contribute to the pension fund according to regulations. Big enterprises are most likely to change their salary structure and welfare policies, while small businesses may directly deduct the pension fund from employees¡¦ salary. The costs increased due to the new system were usually deducted from other places. Labors do not have any access to the labor pension fund in substance. 6. The implementation of the new labor pension system did not cause any increase in enterprises¡¦ outsourcing operation. Enterprises would outsource their work for the need of projects or business. The purpose of outsourcing was to save operating cost instead of labor cost. 7. The implementation of the new labor pension system would increase the employment of dispatched workers because in such way enterprises would need not to contribute any money to the labor pension fund. 8. The implementation of the new labor pension system would increase the employment of temporary workers and contracted workers. In order to reduce labor cost, enterprises would tend to employ temporary workers and contracted workers. Labors were also willing to be hired as temporary workers and contracted workers if enterprises agree to contribute to the labor pension monthly for them. 9. The implementation of the new labor pension system did not cause any increase in employment of middle-aged labors. Employers would not hire middle-aged labors just for saving expenses for labor pension fund under the new system. The reason why they did not consider hiring the middle-aged labors was because of their poor physical strength and productivity. 10. The implementation of the new labor pension system did not increase unemployment. Enterprises would not reduce employment if they have to speed up their work. The implementation of the new system did not directly cause an impact of unemployment on labors, but it did influence the enterprises¡¦ willingness in employment of temporary workers and contracted workers. They would rather to hire the dispatched workers and thus indirectly lead to a condition of short-term unemployment.

Thesis (M.B.A.)--Naval Postgraduate School, June 2004. / Thesis advisor(s): Richard Doyle, Ira Lewis. Includes bibliographical references (p. 77-82). Also available online.

What factors explain pension reform decisions in countries with generous public pension systems and an ageing population? To answer this question I analyze four countries with some similar characteristics: (1) a well expanded and fragmented public pension system that follows the traditional Bismarckian structure of different funds for specific occupational categories; (2) a public pension system with high degrees of coverage and based on the pay-as-you-go (PAYG) principle in which current workers pay for current retirees; (3) increasing public pension spending levels that towards the 1990s made the public pension system unsustainable. The four selected countries differ along one significant dimension. Two of them are newly industrialized countries and in Latin America: Argentina and Uruguay. The other two countries are industrialized economies of the European Union: Italy and Spain.I hypothesize that while international and domestic factors matter in explaining pension reform, the former will play an indirect role by stressing the need to make the pension system more sustainable to put public finances in order. Thus, I contend that domestic economic and political factors will determine the reform outcome.I find support for my theory in the analysis of the four countries. International and supranational organizations played a role in supporting policymakers' reform efforts and highlighting the necessity to reduce pension liabilities in the long run to put public finances in order. However, these organizations did not determine the reform outcome. Instead, I find that domestic economic and political factors explain the final reform decision. On the economic side, the maturity of the pension system - represented by the magnitude of pension promises to future retirees - and the state of public finances, determined policymakers' first choice for reform; which ranged from proposals to change the parameters of the public pillar to that pillar's structural reform together with the introduction of a private pillar of individual accounts. Once this choice was made, the reform was negotiated with those with a special interest in the pension system: pensioners and labor. Thus, these actors' organizational strength and preferences explains the type of specific pension reform finally adopted in each country.

A study on a Turkish Pension Company to find out customers' perception about services quality regarding to five dimensions in Rater model (reliablitity, assurance, tangibility, sympathy and responsiveness); from result of this study, the company can improve its services quality.

Companies and indeed governments all over the world have tried to secure the future of their employees by setting up pension schemes (Wallace 2002). However, pension contributions might become a huge unbearable expenditure for some organizations, as this presentation will show. While initially most companies willing to set up a pension scheme would almost always regard the Defined Benefit (DB) Pension Scheme as the scheme of first choice, the trend has since changed (Ross and Wills 2002) over the years. Possible causes responsible for this shift in focus are many (Twinney 1995). The shift could have contributed to some companies sponsoring Defined Benefit schemes to have a rethink on which type of pension scheme to operate. Zambezi River Authority is a quasi-government entity operating in both Zambia and Zimbabwe. It set up a DB pension scheme for its employees in 1987 and has not been spared from this pressure to re-examine its pension fund. In recent years the Zambezi River Authority Pension Scheme has recorded huge shortfalls (Zambezi River Authority Pension Scheme Accounts 1999 to 2004). This has resulted in the employer struggling to pay up his pension obligations. Sooner or later, if nothing is done, the pension scheme will probably not be able to meet the objectives for which it was set up. The purpose of this study is to investigate and discuss the problems being faced by the Zambezi River Authority Pension Scheme. The paper outlines the different types of pension funds and compares them with the type of fund the Zambezi River Authority operates. The results of this study show that while the benefit structure of the Zambezi River Authority Pension Fund could have been relevant at the time the fund was set up, circumstances have substantially changed from what they were then. It is argued in the study that if no action is taken, the Zambezi River Authority Pension Scheme is likely to collapse. It is recommended in the study that the Zambezi River Authority Pension Scheme should be changed from a Defined Benefit Scheme to a Defined Contribution Scheme. It is also recommended that the management of the scheme should be changed and that the scheme should invest in portfolios that bring positive returns. Above all, it is recommended that members should take a more active role in the affairs of their pension scheme. / Thesis (MBA)-University of KwaZulu Natal, 2006.

Thesis (LL. M.)--University of Toronto, 2004. / Adviser: A. Douglas Harris.

Thesis (DBA) - Swinburne University of Technology, 2006. / Submitted to the partial fulfilment of the requirements for the degree of Doctor of Business Administration, Australasian Graduate School of Management, Swinburne University of Technology, 2006. Typescript. Includes bibliographical references (p. 89-92).

Diss. (Sammanfattning) Göteborg : Göteborgs universitet, 2008. / Härtill 4 uppsatser.