The target of my thesis is to assess, whether the pension system of the Czech Republic reflect the possibility of accelerated amortization of human capital and human resources, due to excessive mental and physical strain. First of all, we look at the possibility of amortization. While using statistical tests detect whether there is a difference between the professions that focus on physical work and jobs where are needed rather mental abilities. Thanks to the historical view of the development of the pension system in the Czech Republic, we find that sooner were these differences taken into account, but it is different today. The big problem is the ageing of population that causes the extension of the age limit for retirement, which is unfair due to the professions of accelerated amortization. Finally, I suggest several options how this situation could be resolved to the more equitable system.

El principal objetivo de este trabajo es evaluar las diferencias en rentabilidad obtenidas por medio de los Multifondos (Fondo Tipo 1, Fondo Tipo 2 y Fondo Tipo 3) frente a las obtenidas con el Fondo Único (Fondo Tipo 2) desde el año 2007 al 2014 con la finalidad de evaluar el impacto positivo de este nuevo esquema en el sistema pensionario y en la inversión nacional: para llevar a cabo este análisis se utiliza el índice Sharpe para cuantificar el esquema Multifondos en el SPP y la paradoja de Feldstein-Horioka para visualizar el impacto en la inversión. / The main objective of this envestigation is to evaluate the differences in profitability obtained through the Multi-Funds (Fund Type 1, Fund Type 2 and Fund type 3) compared to those obtained with the fund that exixts sice the creation of the system (Fund Type 2) from 2007 to 2014 with the purpose of evaluating the positive impact of this new scheme in the pension system and in the national investment; to carry out this analysis the Sharpe Index is used to quantify the effect of the Multi-Fund scheme in the Private Pension System and the Feldstein-Horioka Paradox to mesure the impact on the domestic investment. / Trabajo de investigación

This dissertation studies the impact and consequences of possible retirement plan reforms on subjects in the Czech Republic. The first part focuses on classification of pension systems and fundamentals of the Czech pension system. Second part summarizes major aspects of the retirement plan reform. Changes in the pension system in the process of ageing of the population are highlighted in this section. Following is the fundamental part of the dissertation that will point out possible consequences of the retirement plan reform for the Czech Republic. The conclusion of the dissertation aims to discuss needs of all parties participating on the retirement plan reform and outline an optimal reform plan. This is the conflict point of the interest of the public and those of the government. However, it is a government's responsibily to act on behalf of the citizens and that is the paramount factor of the reform.

The diploma thesis deals with the pension system of the Czech Republic in the context of the pension reform. It responds to the issues of unfavorable demographic developments. The starting point of the thesis is theoretical description of the classification of the pension systems. The attention paids to the characteristics of the pension system in the Czech Republic. The main part of the thesis analyzes individual pillars and highlights the changes caused by the pension reform. The practical part of the thesis focuses on the evaluation of the profitability of the funds of the third pillar, the calculation of the pensions from the first pillar pensions arising from comparing each of the three pillars of the pension reforms and proposals of the pension reforms. The aim is to analyze certain issues and evaluate how the pension reform was successful.

This master thesis aims to explore the relationship between financial literacy and probability of saving in private pension schemes in the Czech Republic among citizens older than 50 years. While the first part of this master thesis provides overview of pension systems among the OECD countries with emphasis on the Czech Republic, the second part brings the theoretical background for the financial literacy and for the measurements of financial literacy according to international studies. The last part of this master thesis serves as a practical part of this master thesis. In order to examine the relationship between financial literacy and saving for retirement, we performed a logistic regression. We set the probability of saving in a private pension scheme as a dependent variable and independent variables according to the studied literature. The last part of this master thesis also provides the summary of our conclusions about the importance of financial literacy within the decisions about saving for retirement and also the opinion that the lack of financial literacy was one of the main causes for unsuccessful pension reform in the Czech Republic where the second pillar was cancelled recently.

This master thesis is focused on the analysis of the impact from trends of different demographic aspects on the current pension system in the Czech republic and Norway. The old age pension system including its reforms is described and compared within both countries. Furthermore it is investigated how the citizens perceive the development of particular demographic aspects, what they think about the status and reforms regarding the pension system, and how they provide themselves for retirement. In addition to the comparison between the Czech and Norwegian pension systems the thesis also provides suggestions for improvement within demographic aspects, the settings of the pension system, the government and the society itself.

The aim of my thesis entitled "The impact of pension reform on public and commercial insurance" is primarily to assess the current state of public insurance, which includes social insurance, as the first pillar of the pension system, the evaluation of the other two pillars and reforms associated with it. I describe to you the functioning of the system of public health insurance and commercial insurance options. Also, as the reader will learn some background information functioning medical facility. As a result, I will summarize the effects of reform and attempt to assess.

This thesis deals with current pension reform and particularly with the new second pillar of the pension system. The current status of the pension system and negative demographic prognoses, which advocate the necessity of change, are described. Further, with a help of a study written by Ondrej Schneider and Jiri Satava (both Idea Cerge -- EI), the thesis analyses the benefits and ill effects of the second pillar of the system for an individual taking part in it. Various assumptions in the study were critically evaluated, especially the rate of profit. The prediction of the number of persons who will participate in the second pillar was accepted. On the basis of this number, the impact on revenues and expenditures of the pension system up to 2050 was modelled, assuming a certain demographic structure of population. Decreasing revenue is participated on revenues caused by opt-out. Expenditure is influenced by pension reduction and by increasing number of pension applicants. The cost of pension corporation which will take part in the second pillar was investigated too.

This thesis expands the level of knowledge of Czech written papers in area of quantitative comparison of pension systems. Methodology of the paper is taken from Melbourne Mercer Global Pension Index (MMGPI) model which comprehensively describes entire topic of pension systems. Distinct feature of the thesis is that it does not focus on describing the system itself however it examines it functioning and performance in areas of adequacy, sustainability and integrity. The goal of the thesis is to apply the same methodology and data sources as the MMGPI in order to incorporate Czech pension system. Analysis proves higher than average performance of Czech system in comparison with 18 countries of MMGPI. Comparison across over 30 indicators highlights pros and cons of Czech pension system. Thesis then recommends which features of Czech system should remain and on the example of best performing countries discuss possible improvements.

En el presente documento tiene como objetivo principal analizar el impacto de los límites regulatorios de inversión sobre el desempeño de la rentabilidad de las Administradoras de Pensiones y cómo la flexibilización de dichos límites puede ayudar a mejorar los rendimientos para los aportantes. El primer y segundo capítulo enmarca el ámbito donde vamos a desarrollar la presente investigación. El primero hace un repaso al Fundamento Teórico de las Administradoras de Fondo de Pensiones para saber cómo se desarrolla este modelo de negocio en Perú y bajo qué reglas se encuentra establecido. En el segundo capítulo se profundiza la teoría correspondiente a la Administración del Riesgo y la Teoría del Portafolio, fundamentos donde se centrará el marco metodológico. Finalmente, uniendo la base teórica, nos introducimos en la comprobación empírica donde podemos demostrar que los límites de inversión efectivamente reducen el espectro de rentabilidad para los portafolios; sin embargo, dada la incertidumbre en la que se desenvuelven los gestores a la hora de toma de decisiones, los límites son necesarios para construir un perfil de riesgo para los diferentes fondos administrados y porque estos ayudan a limitar las pérdidas potenciales de activos altamente volátiles. / The main objective of this document is to analyze the impact of the regulatory investment limits on the performance of the profitability of the Pension Administrators and how the flexibility of these limits can help to improve the returns for contributors. The first and second chapter frames the area where we are going to develop this research. The first one reviews the Theoretical Foundation of the Pension Fund Administrators to know how this business model is developed in Peru and under what rules it is established. In the second chapter, the theory corresponding to Risk Management and Portfolio Theory is deepened, fundamentals where the methodological framework will focus. Finally, by joining the theoretical basis, we enter the empirical test where we can demonstrate that investment limits effectively reduce the spectrum of profitability for portfolios; however, given the uncertainty in which managers develop when making decisions, the limits are necessary to build a risk profile for the different managed funds and because they help limit the potential losses of highly volatile assets. / Trabajo de investigación