Thesis advisor: John B. Williamson / This study assesses the influence of old-age pension policy on older adults' life satisfaction, and examines factors that shape this relationship. It theorizes that two distinct dimensions capture variation in the type of pension policy: individualization of risk (as opposed to socialization, or pooling, of risk) and redistribution of resources (that is, poverty prevention through income redistribution mechanisms such as non-contributory pensions). To empirically evaluate the presence of these two dimensions and to assess their influence of life satisfaction among older adults, this study analyzes data for 126,560 adults age 45 and over living in 91 countries over the period 1981-2008. Using principal component factor analysis, it finds support for the two-dimensional model of pension policy. Next, using three-level hierarchical linear regression, this study assesses the effects of pension policy individualization and redistribution on life satisfaction, generating three additional major findings. First, redistribution increases life satisfaction, but individualization--on average--has no significant effect on life satisfaction. Thus, the potential impact of individualization (whether positive or negative), and of the associated increased risk, choice, and opportunities for return, has been clearly overstated in theoretical debates on pension policy privatization. Second, the relationship between pension policy and life satisfaction is contingent on the macro-social context. Specifically, individualization that takes place in more affluent societies has beneficial impact on life satisfaction, while individualization unfolding in contexts of material scarcity has detrimental impact on life satisfaction. Further, the overall beneficial effects of redistribution on life satisfaction are substantially higher in the context of traditional cultures and lower in the context of secular-rational cultures. A third finding is that governmental commitment to social security (i.e., government expenditures on social security as a percentage of total government expenditures) also shapes the relationship between the type of pension policy and life satisfaction: Higher government commitment to social security substantially improves the life satisfaction outcomes of individualization. Findings from this study are used to integrate and advance theory on comparative public policy and the larger macro-social context shaping subjective well-being. Policy implications for pension reform are discussed, highlighting redistribution of resources and alleviation of need as more efficient avenues to increase older adults' life satisfaction than privatization or pooling of risk. / Thesis (PhD) — Boston College, 2009. / Submitted to: Boston College. Graduate School of Arts and Sciences. / Discipline: Sociology.

Este trabalho tem como objetivo analisar os diferenciais existentes na estrutura das aposentadorias entre diversas ocupações. Espera-se mostrar em que grau ocupações relativamente semelhantes possuem tratamentos diferenciados no que se refere à estrutura dos benefícios de aposentadoria, por estarem em regimes diferentes. Serão analisados os diferentes tratamentos aos quais estão sujeitas estas ocupações, levando-se em conta parâmetros como a Dívida Previdenciária Implícita, a Alíquota Necessária e a Taxa de Reposição dos Benefícios. / The main goal of this paper is to analyse the differences in the structure of pension schemes between several occupations. It is expected to show in what degree similar occupations have different treatments regarding their pension structure, depending under wich pension scheme they are. The parameters used in this analysis are the Implicit Pension Debt, the Balanced Payroll Rate and the Reposition Rate of Pensions.

Chan Bun Bun. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 63-67). / Abstracts in English and Chinese. / English Abstract --- p.ii / Chinese Abstract --- p.iii / Acknowledgements --- p.iv / Table of Contents --- p.v / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Hong Kong Social Security System / Chapter 2.1 --- The Needs of Old Age Protection in Hong Kong --- p.3 / Chapter 2.2 --- Current Situation in Hong Kong --- p.4 / Chapter 2.3 --- Review of the Development of Old Age Protection in Hong Kong --- p.7 / Chapter 2.4 --- The MPF System in Hong Kong --- p.9 / Chapter 2.5 --- The Policy Issues of the MPF System --- p.12 / Chapter Chapter 3 --- Singapore Social Security System / Chapter 3.1 --- The Needs Old Age Protection in Singapore --- p.18 / Chapter 3.2 --- The CPF System in Singapore --- p.20 / Chapter Chapter 4 --- The CPF in Singapore and the MPF in Hong Kong / Chapter 4.1 --- Reasons for Comparing the CFP in Singapore with the MPF in Hong Kong --- p.25 / Chapter 4.2 --- Comparing the CPF in Singapore with the MPF in Hong Kong --- p.26 / Chapter 4.3 --- Comparing the Impact of the MPF and the CPF on Aggregate Savings --- p.28 / Chapter Chapter 5 --- Literature Review / Chapter 5.1 --- The Impact of Social Security Wealth on Aggregate Savingsin United States --- p.33 / Chapter 5.2 --- The Impact of Social Security Wealth on Aggregate Savingsin Other Countries --- p.38 / Chapter Chapter 6 --- The Theory --- p.42 / Chapter Chapter 7 --- The Empirical Set Up / Chapter 7.1 --- The Data --- p.49 / Chapter 7.2 --- The Model --- p.50 / Chapter 7.3 --- Method of Estimation --- p.53 / Chapter Chapter 8 --- Results Interpretation --- p.56 / Chapter Chapter 9 --- Conclusion --- p.61 / Bibliography --- p.63 / Data Appendix --- p.75

Estudos recentes sobre fundos de pensão dos servidores públicos trazem indícios de fatores relacionados ao maior risco assumido nos investimentos. Para a realidade brasileira, existem poucos trabalhos que abordam as aplicações dos Regimes Próprios de Previdência Social (RPPS), apesar da representatividade dos valores detidos e da expectativa de escassez futura para o pagamento das pensões aos servidores públicos. Esta dissertação de mestrado traz a primeira análise com amostra representativa da totalidade, sendo composta por 629 carteiras de investimentos de RPPS durante os exercícios de 2015 e 2016. Os resultados encontrados levam à conclusão de que o risco assumido e o retorno alcançado pelas carteiras estão positivamente relacionados ao tamanho do fundo em volume de recursos, e negativamente relacionados à maturidade do fundo. A análise da performance dos fundos indica a importância do funcionamento de um comitê de investimentos. / Recent studies on the public servants’ pension funds provide evidence of factors regarding the greater risk assumed on the investments. For the Brazilian scenario, there are few works approaching the investments of the Alternative Social Security Systems (RPPS, Regimes Próprios de Previdência Social), despite the representativeness of the amounts withheld and the expected scarcity for the payment of the public servants’ pensions. This dissertation makes the first analysis with a sample representing all the 629 RPPS investment portfolios during the fiscal years of 2015 and 2016. The results allow us to conclude that the risk taken on and the return achieved by the portfolios are positively related to the fund size in terms of volume of resources, and negatively related to the fund maturity. The analysis of the funds’ performance indicates the importance of a having an investment committee in place.

As últimas décadas são marcadas pelo florescimento de uma ampla gama de trabalhos que buscam esclarecer ou melhor dimensionar as mudanças financeiras. Essas pesquisas, mesmo não sendo um bloco e tendo suas diferenciações conceituais e de perspectiva, têm acompanhado as crises financeiras que periodicamente abalam o mundo. O conceito de financeirização, que é muito utilizado, foi marcado pela crise de 2008, sendo amplamente disseminado após esse momento. Como esse trabalho pretende ser enquadrado nessa nova agenda de pesquisa, parte-se de uma discussão conceitual sobre a propagada financeirização das economias para se aproximar dos possíveis impactos na cidade contemporânea. Uma das características marcantes da financeirização é a concentração e centralização de capitais na órbita de grandes agentes financeiros: os investidores institucionais. O trabalho toma como objeto de estudo um deles, o maior fundo de pensão da América Latina: a caixa de previdência dos funcionários do Banco do Brasil (PREVI) A investigação é realizada em duas “frentes” complementares: a relação do fundo diretamente como proprietária de imóveis e as marcas da PREVI como geradora de recursos para o SFI. Os dados foram retirados dos relatórios anuais da instituição, de informações colhidas em depoimento de pessoas ligadas à PREVI durante a CPI (Comissão Parlamentar de Inquérito) dos Fundos de Pensão, de documentos publicados por instituições de controle e fiscalização do segmento, entre outros. Como resultados, ressalta-se a PREVI como um ator com papel relevante na promoção da cidade contemporânea. Os seus mais de 43 imóveis, que vão do resort aos edifícios corporativos de luxo, fornecem indícios de que também no Brasil os investidores institucionais são capazes de afetar a cidade, principalmente as grandes, como São Paulo e Rio de Janeiro, pela sua posição privilegiada no território nacional. Percebe-se, assim, uma instituição que capta recursos em escala nacio / The last decades are marked by the flourishing of a wide range of works that seek to clarify or better scale the financial changes. These researches, while not being a block and having their conceptual and perspective differentiations, have followed the financial crisis that periodically shake the world. The concept of "financialization", which is broadly used, was marked by the crisis of 2008, being widely disseminated after that moment. As this work intends to be included in this new research agenda, it starts from a conceptual discussion about the propagated "financialization" of the economies to approach the possible impacts in the contemporary city. One of the hallmarks of "financialization" is the concentration and centralization of capital in the orbit of large financial agents: institutional investors. The study takes as its object one of them, the largest pension fund in Latin America: the pension fund of Banco do Brasil employees (PREVI) The investigation is carried out in two complementary "fronts": the relationship of the fund directly as property owner and the brands of PREVI as a source of funds for the SFI. The data were taken from the institution's annual reports, information collected from persons linked to PREVI during the CPI (Parliamentary Commission of Inquiry) of the Pension Funds, documents published by institutions of control and supervision of the segment, among others. As a result, PREVI stands out as an actor with a relevant role in promoting the contemporary city. Its more than 43 properties, ranging from the resort to the luxury corporate buildings, provide indications that in Brazil institutional investors are also capable of affecting the city, especially large ones, such as São Paulo and Rio de Janeiro, because of its privileged position in the national territory. Thus, is possible to perceive an institution that attracts resources at a national scale and applies them in privileged points for real estate valuation.

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1982. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH. / Bibliography: leaves 155-164. / by Anita Emily Landecker. / M.C.P.

[pt] Os fundos de pensão são mundialmente conhecidos pelos efeitos sociais que provocam ao pagar aposentadorias dignas e também ao investir a poupança previdenciária que acumulam. Afinal, benefícios previdenciários justos evitam a exclusão do inativo, tanto do convívio social como do mercado consumidor. Paralelamente, o investimento dos recursos na economia eleva o nível de produção; é fonte estável de financiamento das atividades produtivas; faz crescer o nível de emprego e aumenta a arrecadação de tributos. Portanto, é fundamental que os fundos de pensão busquem cada vez mais a implementação de técnicas modernas e eficientes para a administração de seus ativos e passivos, ajustando as suas políticas de investimentos de recursos aos tempos atuais e futuros. Este trabalho tem como objetivo contribuir para a criação de um sistema racional e adequado de gestão de investimentos, através da análise das principais diretrizes pertinentes à aplicação de recursos que são adotadas por essas entidades. Tem como objeto de estudo as políticas de investimentos de 55 fundos de pensão brasileiros. Os dados foram analisados à luz da legislação de investimentos do setor e do referencial teórico construído. Os resultados da pesquisa evidenciam a necessidade de reformulação da legislação de investimentos do setor, assim como de criação de um modelo mais eficiente, com mecanismos mais rígidos e competentes de fiscalização e acompanhamento dessa indústria. / [en] The pension funds are widely known by their social effects when paying worthy retirements and also when investing the savings they accumulate. After all, fair benefits not only keep the retired people away from social exclusion, but also active in the consuming market. Simultaneously, the investment of the resources in the economy raises the production level; is a stable source of the productive financing activities; raises the employment level and also increases the income taxes collection. Therefore, it is essencial that the pension funds look forward to implementing modern and efficient techniques for the management of its asset and liabilities, by adjusting its resources investiments policies for current and future times. This work aims to contribute for the creation of a rational and adequated system of investments management, through the analysis of the main directions to the application of resources that are adopted by these entities. This study is based on the investment policies of 55 Brazilian pension funds. The data was analyzed based on the sector legislation investments and on the theoretical referential elaborated in this study. The research results make evident the necessity of a reformularization in the investments legislation of the sector, as well as the creation of a more efficient model, with more severe mechanisms of fiscalization and supervision of this industry.

In October 2012, the United Kingdom adopted nation-wide automatic enrolment into workplace pension schemes. Automatic enrolment on the current scale is a major undertaking but it is also an untested policy and it is important that we understand how individuals are adapting to these radical changes in pension provision. There is currently a lack of research into the dynamic decision-making processes that lie behind some individuals' deviation from workplace pension scheme default settings. This exploratory study investigates the importance of financial planning, social relations, and the role of the employer to default adherence and deviation. The embedded case study comprises qualitative interviews with 25 middle-income employees of a large UK utility company. Participants were selected on the basis of socio-economic similarity but had variable behavioural responses to the default settings of their workplace pension scheme. The study uncovered different motives underpinning individuals' reaction to membership defaults, contribution defaults, and investment fund defaults. Continued membership following automatic enrolment was driven by social pressures. Subsequent to enrolment, individuals tried to achieve a balance between current expenditure and saving for retirement. Property ownership and mortgage debt redemption were prioritised over additional pension scheme investment. The life-stage of the individual influenced how they reacted to the contribution default settings - default adherence appeared to be linked to unsettled personal lives and career insecurity. Motives for increasing contributions were household formation, parental ageing, and relationship breakdown. Saving strategies were influenced by parental accumulation of retirement assets and parental financial literacy. Employer-matching contributions were implicated in participants' willingness to increase pension contributions beyond the minimum default; investment in share option schemes was offered as justification for limiting contributions to the maximum match. Employer endorsement effects, driven by trust in the employer's intentions, were strongly implicated in fund default adherence and in investment diversification strategies: participants pointed to the employer's promotion of the pension scheme and employer-provided financial seminars. Advice from older colleagues was also cited as influential in directing retirement savings behaviour. The research concludes that the employment context is crucial to understanding how middle-income employees react to the default settings in their workplace pension scheme.

Thesis (LLM. (Labour Law)) -- University of Limpopo, 2014 / This mini-dissertation deals with the adjudication and conciliation of the pension fund complaints as regulated by the Pension Funds, Act, 24 of 1956 (the Act). Section 30E of the Act gives the Pension Funds Adjudicator powers to investigate any complaint that has been lodged within the period of 3 years as prescribed by the law. This mini-dissertation further discusses the powers of the Adjudicator and the way the Office of the Pension Funds Adjudicator was established. The research further discusses the determinations issued by the Adjudicator which are ground-breaking which interpret the Act.

台灣地區人口老化已是不爭的事實，而整體社會在人口結構、家庭結構、經濟結構、社會結構及價值觀念的變遷下，導致了諸多的老人問題，其中以健康醫療及經濟所得的需求最為迫切。全民健保已於今年（八十四年）三月一日開始實施，而完整的退休養老體系尚未建立，得以提供國民退休後應有的生活保障。本文以台北市18歲以上國民為研究對象，調查國人對國民年金、企業退休金、個人儲蓄及商業年金的認識和需求。 　　根據本研究調查顯示，受測者預期老年退休生活由子女奉養的比例很低，而退休後以平時儲蓄或工作所得退休金為其經濟主要來源者，具有很高的比例。若政府舉辦國民年金時，大部份受測者願意負擔部份費用，其中約五成受測者認為富者應多提撥，貧者少提撥。就國民年金累積提撥年數而言，約有三成七受測者認為當國民年金累積提撥達「二十年」，即可領取全額之國民年金，約有二成五受測者認為累積提撥年限為「五年」，約有一成受測者認為應累積「三十年」，僅有少數受測者認為應該為「四十年」。大部份受測民眾認為國民年金起領年齡訂為六十或六十五歲（二者合計約有七成），可能係受我國法定退休年齡的影響。另一方面，如果僅有政府推行國民年金制度，仍有極高比例之受測民眾（約六成）須要依賴企業年金之推行，以降低退休後生活的經濟不安全性。就公司（單位）員工退休計劃採行方式而言，軍公教人員傾向於選擇「公司退休金計劃，應由政府統籌規劃，並強制實施」，而民營企業員工則傾向於「政府毋需強制實施公司退休金制度，而經由改變稅法，以鼓勵公司主動建立退休金計劃」。另一方面，仍有三成受測者儲蓄額低於收入5%，若無安排其他退休計劃時，未來退休養老時，極可能產生經濟上不安全的問題。在保險公司推出商業年金保險時，約有六成受測者將有興趣購買商業年金保險，其主要動機為「養老退休金」。本文並根據這些研究發現，提出建議。