Submitted by Marcia Silva (marcia@latec.uff.br) on 2016-03-14T18:01:27Z No. of bitstreams: 1 Dissert Evandro Neves da Cunha Filho.pdf: 2297295 bytes, checksum: b1be43502183b28d03f958a385da90e1 (MD5) / Made available in DSpace on 2016-03-14T18:01:27Z (GMT). No. of bitstreams: 1 Dissert Evandro Neves da Cunha Filho.pdf: 2297295 bytes, checksum: b1be43502183b28d03f958a385da90e1 (MD5) Previous issue date: 2015-05-05 / Este trabalho tem por objetivo analisar o sistema de previdência complementar para o poder de compra e para qualidade de vida das pessoas no futuro. Antigamente a adesão à previdência complementar era muito restrita, pois quase não existia divulgação nesse sentido, além disso a previdência complementar fechada se restringia a empresas de grande porte ou alguns órgãos públicos e a previdência complementar aberta era produto de luxo, apenas para pessoas de alto poder aquisitivo e/ou boa instrução. Hoje em dia, as previdências fechadas já são oferecidas em empresas de médio porte, grupo de empresas, associação de classe e nos órgãos públicos em quase a sua totalidade e na previdência aberta já se acentuou o número de adeptos. A previdência complementar vem demonstrando ser uma solução para evitar a perda de qualidade de vida das pessoas no momento da aposentadoria e de grande relevância para a economia. O estudo investiga o problema através de um método exploratório, qualitativo e documental por meio de um acervo em livros, artigos e sites com informações sobre o assunto. O aumento dos investimentos em Previdência Complementar tem sido um aspecto bem relevante já que grande parte dos ativos são em títulos públicos, renda fixa e renda variável, negociados no mercado financeiro. Os ativos dos fundos de pensão de alguns países são responsáveis por grande parte do PIB. / This work aims to analyze the pension system for the purchasing power and quality of life in the future. Previously joining the pension was very restricted because hardly existed disclosure in this sense also the closed pension was restricted to large companies and some government agencies and the open pension was luxury product, only to top people purchasing power and / or good education. Nowadays, closed social securities are already offered in medium-sized companies, group of companies, trade association and government agencies almost full and open pension already emphasized the number of supporters. The pension has proven to be a solution to prevent the loss of quality of life at retirement and of great importance to the economy. The study investigates the problem through an exploratory, qualitative and documentary method through a collection of books, articles and websites with information on the subject. The increased investment in Pension Funds has been a very important aspect since most of the assets are in government bonds, fixed income and equities traded on the financial market. The assets of some countries pension funds are responsible for much of the GDP.

Submitted by Marcia Silva (marcia@latec.uff.br) on 2016-10-07T18:38:11Z No. of bitstreams: 1 Dissert Fabrício Ramos Penedo.pdf: 3044069 bytes, checksum: da5fa76ccdda1fd0095c309bf0212a35 (MD5) / Approved for entry into archive by Biblioteca da Escola de Engenharia (bee@ndc.uff.br) on 2017-01-26T13:34:24Z (GMT) No. of bitstreams: 1 Dissert Fabrício Ramos Penedo.pdf: 3044069 bytes, checksum: da5fa76ccdda1fd0095c309bf0212a35 (MD5) / Made available in DSpace on 2017-01-26T13:34:24Z (GMT). No. of bitstreams: 1 Dissert Fabrício Ramos Penedo.pdf: 3044069 bytes, checksum: da5fa76ccdda1fd0095c309bf0212a35 (MD5) Previous issue date: 2016-07-30 / Os Regimes Próprios de Previdência Social – RPPS da baixada fluminense são de grande importância para o Estado do Rio de Janeiro e para o Brasil, tanto pelo ponto de vista econômico por sua contribuição ao PIB e por suas aplicações em investimentos, como pela importância social-securitária para os trabalhadores aderidos a este regime. Apesar do momento atual de desaceleração econômica do país, esses sistemas de previdência têm buscado métodos para aperfeiçoar sua gestão, o que inclui adoção de gerenciamento mais moderno, redução de despesas para enfrentar desafios como o aumento do déficit previdenciário, e reformas para adequar sua viabilidade econômica a longo prazo em decorrência do aumento de longevidade de seus segurados. O objetivo desta pesquisa é propor diretrizes para a promoção dessa boa governança pública nos institutos de previdência municipais, diretrizes essas que possam ser adotadas pelas autarquias previdenciárias da Baixada Fluminense do Estado do Rio de Janeiro. Este estudo fez uso de pesquisa com uma fase de abordagem qualitativa seguida de uma fase de abordagem quantitativa. Na fase qualitativa, utilizou-se artigos, dissertações, legislações e manuais para subsidiar a análise dos conteúdos nas bases Scopus e SciELO de 2013 a março de 2016. Identificaram-se 70 documentos, incluídos na revisão da literatura, que formaram a base da construção do instrumento de coleta de dados para a fase quantitativa. Na fase quantitativa, a amostra não probabilística foi obtida de 10 profissionais envolvidos com os RPPS fluminenses, entrevistados entre março e abril de 2016, obtendo-se em torno de 100 respostas. Os dados da fase quantitativa foram analisados utilizando-se o Diagrama de Pareto, o qual possibilita a priorização dos problemas apresentados. Os resultados desta dissertação mostraram que ‘Controle’, ‘Conhecimento’ e ‘Transparência’ foram os termos mais utilizados pelos respondentes para apresentar soluções às questões propostas. Apesar das contribuições trazidas por este trabalho, existem limitações na pesquisa, basicamente relacionadas às palavras-chave utilizadas nas frases de pesquisa, à escolha das bases científicas pesquisadas e ao perfil dos respondentes da pesquisa. As implicações práticas deste trabalho residem na sua importância estratégica, a qual contribui para que regimes próprios de previdência possam adotar uma boa governança pública como forma de aumentar a sua eficiência no setor público municipal, e por extensão também nas esferas estadual e federal. Este trabalho é de utilidade para pesquisadores, que podem explorar diversas linhas de pesquisa a partir dos resultados encontrados e desenvolver novos trabalhos científicos. A originalidade deste estudo está na sua visão setorial e prospectiva, com a proposta de um modelo para a adoção e implementação de boas práticas de governança pública amparadas em ferramentas e técnicas que contribuam para a viabilidade e perenidade dos RPPS. / Brazilian Independent Programs of Social Security are of great importance to the State of Rio de Janeiro, Brazil, both from the economic point of view of its contribution to GDP due to its investments and also for its social role performed on the life of every State of Rio de Janeiro’s employee. Due to current times of present Brazil's economic slowdown, these programs have sought methods to improve their management reducing expenses to overcome challenges such as reforms to adapt its long-term economic viability to face the increased longevity of its policyholders. The objective of this essay is to promote good public governance in municipal social security programs of the densely populated lowlands surrounding the City of Rio de Janeiro, and for that it presents state-of-art managerial skills to their local administrators and controllers. This study’a research was both qualitative and quantitative. The qualitative phase studied articles, dissertations, regulations and manuals to support the analysis of Scopus and SciELO database contents from 2013 to 2016. 70 documents were identified to compose the core of data collection for the qualitative phase. At the quantitative phase, a non-probabilistic sample was obtained from 10 professionals involved within municipal social security entities. They were interviewed between March and April, 2016, and it resulted in about 100 significant responses. Data from the quantitative phase were analyzed using Pareto’s diagram, which enables the prioritization of the presented problems. Results of this diagram showed that 'Control', 'Knowledge' and 'Transparency' were the terms most used by respondents as solutions to the posed questions. There are limitations in this work as those related to the keywords used in search phrases, to surveyed scientific basis and finally to profile of survey respondents. Practical repercussions of this work will lie on its strategic importance enduring municipal social security systems to adopt good public governance as a way to increase their efficiency at Municipal public sphere, and extensively, up to State and Federal levels. This work is also useful for researchers who can explore several lines of research from the results found and develop new scientific papers. The originality of this study lies on its sectoral and forward-looking vision supported by a proposed model for the adoption and implementation of tools and techniques for good public governance practices that may contribute to the viability and sustainability of independent social security entities.

ESG (Environmental, social, and governance) investing is an investment philosophy to inform holistic and sound decision-making of investors for the purposes of both, nourishing a stable economy with acceptable rates of return while at the same time addressing stakeholders' non-financial concerns to preserve an inhabitable planet. Some scholars in finance argue that institutions subject to norms, i.e. responsible investors pay a financial cost from engaging in ESG activities. Moreover, they see ESG investing as distracting, inappropriate, risky and legally challenging. In response, several studies have emerged to show that ESG investing is a growing interest with investors, helps to mitigate financial risks, and does not need to represent a financial cost. Despite convincing evidence in a growing body of academic literature, many questions are still open to debate. Therefore, the principal objective of this thesis is to explore three dimensions of ESG investing, namely corporate environmental responsibility, renewable energy, and ESG disclosure quality. The research questions address issues relating to pension funds' investment decisions and legal obstacles resulting from utilising ESG information, financial return and risk implications of investing in renewable energy, substitutability of renewable energy for fossil fuel investments, and the effects of ESG disclosure quality on the expected cost of capital. To answer these questions, the thesis employs several standard and alternative empirical methods from the asset pricing and risk literatures. The thesis concludes the following. First, the integration of environmental responsibility into pension fund investment decision-making processes does not impede the financial and risk performance of pension funds. This means that pension funds should be allowed to consider such information in their investment decision making processes as the information does not reduce the overall financial return of the tested portfolios and does not violate trust law, i.e. the Employee Retirement Income Security Act (ERISA). Pension fund trustees have been prohibited to consider any non-financial criteria such as environmental, social, or governance criteria in their investment processes under trust law such as ERISA, when they could harm the finanical performance of the portfolio. To be more specific, a pension fund trustee breaches his fiduciary duties (the duty of loyalty and the duty of prudence), if he sacrifices the financial well-being of the pension fund for pursuing any other social goal (Langbein and Posner, 1980). In particular, the duty of loyalty is "... forbidding the trustee to invest for any object other than the highest return consistent with the preferred level of portfolio risk" (Langbein and Posner, 1980:98). Second, the thesis finds no evidence for sustained renewable energy equity premia. Furthermore, investments in renewable energy equity are considerably riskier than in fossil fuel energy equity, meaning that renewable energy firms are undergoing a period of high uncertainties related to their business model, low carbon prices, and lacking public and private infrastructure investment (Bohl et al., 2013; Kumar et al., 2012; Sadorsky, 2012b ). Finally, my thesis shows that companies with high ESG disclosure quality experience lower expected cost of equity and cost of debt financing, everything else equal.

Throughout South Africa, people are faced with various decisions with regard to planning for their future, but more so in planning for their retirement. It happens quite often that these investment decisions are postponed until only a few years before retirement, whether it is because of personal circumstances (cash flow restrictions) or changing employment. A number of people simply forget to plan for their retirement. Investment for retirement has become increasingly complex because of the great number of investment choices available and therefore this research attempts to identify and evaluate the most commonly used retirement investment opportunities in the market with their respective advantages and disadvantages. The research focuses on investment opportunities from a savings point of view and also evaluates each option from a South African income tax point of view which includes the cash inflows and outflows at the different stages (during the investment period as well as the maturity/retirement period). A number of investing options might seem very attractive at the initial phase, but may be less attractive at retirement or maturity date (especially looking at the tax benefits). This study focuses on both the current and newly proposed legislation as presented during the recent budget speech by the current Minister of Finance, Pravin Gordhan. AFRIKAANS : Regoor Suid-Afrika word mense gekonfronteer met besluite ingevolge die beplanning vir hul toekoms asook die beplanning vir hul aftrede. Dit gebeur gereeld dat hierdie beleggingsbesluite uitgestel word as gevolg van persoonlike omstandighede (wat kontantvloeibeperkings insluit) asook as gevolg van verandering van werkgewers. Party mense laat eenvoudig na om vir aftrede te beplan. Om te belệ vir aftrede word toenemend moeiliker as gevolg van die hoeveelheid beleggingsopsies beskikbaar. Hierdie navorsing poog dus om die mees algemene beleggingsopsies wat beskikbaar is, te identifiseer tesame met elkeen se individuele voordele en nadele. Die navorsing fokus op beleggingsgeleenthede vanuit „n besparingsoogpunt asook die Suid-Afrikaanse inkomstebelasting gevolge van elk van die opsies. Die Suid-Afrikaanse inkomstebelasting gevolge sluit in die kontantinvloeie en -uitvloeie tydens die duur van die beleggings asook by aftrede. Baie beleggingsopsies lyk aantreklik op die beleggingsdatum maar kan nadelig wees by aftrede. Die belastingontleding fokus op beide die huidige wetgewing asook die voorgestelde verandering in die wetgewing soos voorgestel tydens die begrotingsrede deur die huidige Minister van Finansies, Pravin Gordhan. Copyright 2011, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. Please cite as follows: Kokott, J 2011, The evaluation of different retirement investment options as savings and tax planning tools, MCom dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-03262012-124429 / > F12/4/182/gm / Dissertation (MCom)--University of Pretoria, 2012. / Taxation / unrestricted

The object of my diploma is focused in the pension system of The Czech Republic and the perspective of it in the future. At present there is still no problem in the financial balance of the pay-as-you-go pillar but due to the ageing of population the Czech dominant pillar will certain face to serious problems in case of no modifications. This conclusion arises from the first part of the analysis which also consists of the possible parameter modifications that could keep the system in balanced in long term. The next part is the analysis of the savings in the pension funds as the main alternative to the PAYGs. Each approach has its advantages and disadvantages which are main objects of both analyses in this diploma. Beside of the ability to keep the system stabled in financial terms I examine also the equivalence of contributions to the level of pensions that is important for the motivation of people to be responsible for their financial security in their old-age. The last part deals with the experiences of the pension systems in Chile, Slovak Republic and Sweden from where we could gain the real results of the reformed systems in different way in each country. From the results of these analyses I also give some possible recommendations for the elementary modifications in Czech system in the final part.

The subject of this thesis is to assess the status of the supplementary pension scheme in the Czech Republic. The work deals with issues of return pension schemes. Examines aspects that affect profitability, in particular the taxation of pension schemes and the investment of pension funds. On the basis of the knowledge generated through analysis of the comparison is made of benefits to be paid at the end of the period -- annuities and lump sum compensation. The analysis performed provides information about which of these benefits is for the client to the pension fund more profitable option. The first part of the work deals with the characteristics of the supplementary pension scheme in the Czech Republic, describes its emergence, evolution, status in the pensions system. In the second chapter are discussed the main aspects that affect its profitability, taxation, and return on pension funds. The third chapter contains the comparsion annuities and lump sum compensation.

The aim of this thesis is to compare and evaluate pension system of the Czech Republic and Switzerland and the pension funds operating at the level of II. and III. pillar. In many aspects Switzerland is claimed to have the right and healthy pension system. This thesis tries to answer if it is true and in what way could be Switzerland inspiring for the Czech Republic. At first, the study focuses on present pension systems in both countries, characterizes them and after it describes their economic environment. Using method of quantitative analysis the paper compares pension funds in the Czech Republic and Switzerland according chosen factors. As the conclusion the paper is devoted to final comparison of pension systems of both countries and evaluates them.

This dissertation work focuses on evaluation of the performance and credibility of domestic pension funds. It includes information about pension systems in six selected countries in the world, specifically Chile, Hungary, Switzerland, Poland, Sweden and Slovakia, and culminates with a proposal for pension reform in the Czech Republic. The evaluation of the performance of pension funds is based on experience with measuring performance in twenty-three countries of the world processed for the OECD and cites original basis materials for proposals for the regulation of pension funds in the Czech Republic. Setting of indicators is preceded by an analysis of measurements of performance by the Association of Pension Funds in the Czech Republic and the Research Institute of Labour and Social Affairs. The most important proposed indicators include the actual result in relation to the participants' funds, which captures the influence of changes in the market values of financial assets, and the indicator of competence covers obligations, reflecting the influence of changes in costs during subsequent periods, which include yet undistributed commission for mediators of pension insurance. For a comparison of benefits and risks, mutual funds denominated in CZK were selected, which were verified as a suitable alternative to long-term saving. The method of evaluation of pension funds itself is based on explanation, evaluation and selection of favourable indicators for determining the rating of domestic pension funds, which clients of pension funds could use as a method for evaluating the credibility and benefits of a specific domestic pension fund for the purpose of securing it in retirement age.

The main aim of the thesis is to give comprehensive overview on the issue of pension reform in order to clarify, with political-economic and socio-economic context, the position and role of the private sector in pension system of Czech Republic and evaluate whether it is sufficient form of security for old age. The thesis analyzed trends, with specific meaning and influence of the social situation in the EU. There was made the description of pension system of Chile, Poland, Slovakia, Hungary, Lithuania, USA, France and Germany. The thesis also analyzed the pre-reform and after-reform pension system in Czech Republic. The last chapter was dedicated to a case study focusing on the simulation with respect of different age and income of various persons. The conclusion showed partial opt-out preference for younger people with long term savings, or older people with income at least above 40.000,-CZK. It also proved benefits of additional savings, especially with state aid, tax relief and employer contribution. The thesis proved the fact that private sector is able to provide the security for old age people only with sufficiently high income, sufficiently long period of savings and also only with personal responsibility of every person alone. In all other cases the savings in private sector must be comprehend as an additional saving and not as an adequate substitute for state pension.

There are ongoing discussions about a new reform of the mandatory fully funded individual accounts in the Swedish public pension system. Since the initial round in 2000, several funds have been excluded from the platform due to deceptive, and sometimes criminal, behavior towards the consumers. This paper analyzes which individuals that have invested in these funds, examines possible explanations for this, and sheds light on the current structure of the Premium Pension Scheme. By using a rich dataset on 650,000 individuals that consist of both those who have been in six particular dubious funds and a random sample of the rest of the Swedish pension savers, the variables of interest are evaluated in a logistic setting. The results show that individuals who are men, unmarried, divorced, in their older-middle age, have lower-incomes, live in rural areas, and the North of Sweden are more likely to have invested in one of the dubious funds. The results also reveal that some funds have clearer target-groups, while others have targeted more randomly. The study emphasizes the need for improving people’s financial decision-making through improved information.