The subject of diploma thesis is the pension system in the Czech Republic. We warn about the deficit increase in the future and suggest taking the number of children raised into consideration in the pension system construction. Pension system in the Czech Republic is described in detail. The first "pay-as-you-go" pillar represents the main part of the system. It could bring financial problems (if the retirement pension and pension income tax will stay at the same level as now) considering the expected trends in demography. Population projection was calculated using cohort component method (including migration). The threshold for the projection is year 2011, projection is calculated with 100-year horizon. There were also calculated revenues and expenses of the pension system for each projected year. If the expected parameters of the projection will be realized, the deficit of pension system in the hundred year period will reach 9.5 billion Kč (prices 2011). It represents the deficit 95.3 milliard Kč each year in the average. To reduce the deficit it is possible to increase the pension tax paid by productive people. But it could also bring the decline of fertility, because lower income could make people decide to reduce number of children. It would deepen the problems in the pay-as-you-go system. The financial problem of pension system could be solved by taking the number of children raised into consideration of the pension system construction. It would eliminate the situation that it is economically more favourable to be childless during the life. It could also bring the fertility increase. In the diploma thesis the value of the deficit is simulated for the various parameters of pension system and for the various demographic development in the future.

- 1 - Material security of the elderly - old age pension and pension reform Abstract The topic of this diploma thesis is the material security of the elderly - old age pension and pension reform. Its aim is to present the issue of old-age pensions in detail, to point out the shortcomings of the Czech pension system and offer the possibility of comparing it with the pension systems of Chile, Great Britain and Sweden. The first part defines the legal regulation of old-age pensions and their purpose. The conditions of entitlement to a pension are also described, namely the retirement age and the condition for obtaining the required period of pension insurance. The calculation and amount of old-age pensions are outlined and individual types of this pension are illustrated by using model example. Moreover, the issue of working pensioners is discussed. The second part of the thesis deals with the organization and management of the material security of the elderly. Specifically, the competence of social security authorities in this area is determined and then the individual phases of proceedings before these authorities are described. The proceedings have the nature of administrative proceedings and require a high level of expertise of the Czech Social Security Administration officials. In addition, the chapter is...

This paper aims to introduce the reader to the premium setting of annuities within life insurance. This is done using a hypothetical annuity contract offered to 36-year-olds in Sweden. The contract provides an annual pension from age 65 until either the individual's death or age 90, after which payouts cease. The analysis employs life tables using real-life data to estimate mortality, discounting to decide present values, and calculates fair and risk-adjusted premia for lump sum and annual payment options using theory and simulations. Ultimately, we found that the method used was insufficient given the data. This is due to the last decades' rise in life expectancy, requiring us to use other methods to acquire accurate premia. / <p>Detta arbete omfattar 3,0 hp och är en del av kursen Matematisk kommunikation (MM7020), 7,5 hp.</p>

Yes / The redesign of defined benefit pension schemes usually results in a substantial redistribution of wealth between age cohorts of members, pensioners, and the sponsor. This is the first study to quantify the redistributive effects of a rule change by a real world scheme (the Universities Superannuation Scheme, USS) where the sponsor underwrites the pension promise. In October 2011 USS closed its final salary scheme to new members, opened a career average revalued earnings (CARE) section, and moved to ‘cap and share’ contribution rates. We find that the pre-October 2011 scheme was not viable in the long run, while the post-October 2011 scheme is probably viable in the long run, but faces medium term problems. In October 2011 future members of USS lost 65% of their pension wealth (or roughly £100,000 per head), equivalent to a reduction of roughly 11% in their total compensation, while those aged over 57 years lost almost nothing. The riskiness of the pension wealth of future members increased by a third, while the riskiness of the present value of the sponsor’s future contributions reduced by 10%. Finally, the sponsor’s wealth increased by about £32.5 billion, equivalent to a reduction of 26% in their pension costs. / The full text will be available at the end of the publisher's embargo; Oct 16 2017

Ph.D. thesis called "Holders of economical politics on the regional level, their role and possibilities in the optimal adjustment of old age pensions scheme" deals with the possibilities of a general solution for pension insurance in the scope of the region. The possibilities of the regional pension insurance system in the real conditions of the Czech Republic are described and analyzed, as it is difficult to transfer pension insurance systems from one country to another as a whole. Possible roles and possibilities of the region when dealing with the problem of old age pension insurance were defined on the basis of performed analyses. A specific outcome of this project represents the definition of conditions which must be satisfied if the public fund of Regional old age pension system should function. Its operation in the framework of second pillar of pension system seems like the optimal solution. The specific solution contains also the mathematical model of functioning of the regional pension scheme under defined conditions, which simulates possible development of the fund and the amount of old age pension received by the contributor provided he satisfies the defined requirements for entitlement to old age pension.

Hardly anyone doubt about the necessity of pension reform nowadays. Opinions how to process the reform differs considerably. The main point of my work is to evaluate preferability of so called opt-out (partial release of financial sources from system based on continuous contribution into fund system) for various income and age groups in order to find out that such measures will not fundamentally threaten stability of pension system in the Czech Republic. Reform changes of pension reform of chosen EU countries are to be characterized in my thesis. I will also evaluate possibilities of aplication of foreign experience in the Czech Republic. The basic methods will be above all the analysis of questionnaire results, mathematical and statistical methods and method of international comparation.

Lietuvos Respublikoje nuo 2004 metų veikia nauja socialinio draudimo pensijų sistema. Ji suteikia Lietuvos Respublikos gyventojams teisę kaupti papildomai pensijos daliai pensijų fonduose. II ir III pakopos pensijų fondų veiklos priežiūrą atlieka Lietuvos Respublikos Vertybinių popierių komisija. Pensijos yra tam tikra taupymo forma, kuri leidžia sulyginti pajamas per visą gyvenimo laikotarpį. Kiekvienas dirbantis žmogus gali taupyti tam tikrą einamųjų pajamų dalį, taip užtikrindamas sau išmokas iš÷jus į pensiją. Todėl išsivysčiusiose šalyse pensijos ir pensijų fondai vystėsi jau nuo senų laikų – jų užuomazgų galima rasti jau XVII amžiuje. Pirmosios valstybinės pensijos įvestos, generolo Oto fon Bismarko dėka, Vokietijoje 1889 metais. Daugumoje Europos Sąjungos valstybių praktikoje išryškėjo tendencija II pensijų sistemos pakopą daryti kaip privalomąją. Lietuvos Respublikos privalomąjį pobūdį išlaikė tik pirmoji pakopa, tuo tarpu antroji ir trečioji yra savanoriškos. Nuo 2004 m. sausio m÷n. 1 d. Lietuvos Respublikos gyventojai dalį įmokų “Sodrai” turi teisę pervesti į pensijų fondus, o taip pat gali savanoriškai kaupti papildomai pensijos daliai pensijų fonduose ar gyvybės draudimo įmonėse, mokėdami tam tikro dydžio įmokas. Teisę tapti pensijų fondo dalyviu turi asmenys, privalomai draudžiami valstybiniu socialiniu pensijų draudimu pagrindinei ir papildomai pensijos daliai gauti, išskyrus asmenis, kurie jau yra sukakę senatvės pensijos amžių. Pensijų įmokos dydis 2006 metais... [to full text] / Lithuanians, since 01/01/04, a part of their payments to “Sodra” can remit in pension funds. All pension accumulation enterprises are strictly controlled and supervised by the Stock Commission. Pension is a particular way on saving, which allows dispensing lifetime income. Every working person can put aside a certain part of his income, thus guaranteeing allowance when the person retires. In wealthy countries pensions and pension funds have existed for a long time, their origins dating as far back as the 17th. First retirement was instituted by Otto von Bismarck in Germany 1889. There is a tendency that in most of European Union states II level’s of the pension system are compulsory. In Lithuania only I level is compulsory, while II and III are voluntary. Lithuanians, since 01/01/04, a part of their payments to “Sodra” can remit in pension funds, also they can accumulate voluntary for subsidiary part of the pension in pension funds or insurance enterprises, by making certain payments. To become a participant of the pension fund may a person, who is compulsory insured with the social retirement insurance, to get main or subsidiary part of pension. Person, who is already turned the retirement age, have no right to participate in the second level. In 2006 the pension payment is 4.5 percent, since 2007 – 5.5 percent of participant’s income, from which the national social security payments are countable. Payments are remitted from VSDF (National Social Insurance Fund) budget to... [to full text]

The topic of this thesis is the issue of pension systems, which are an integral part of every advanced society. The aim of this thesis is to provide an insight into the basics of the issue, analyze selected pension systems and to assess the possibility of introduction similar pension systems in other countries. In the theoretical part of the thesis first presents basic aspects of the development of approach to finance consumption in old age, possible forms of pension systems, the risks that are associated with them, as well as several models of pension system that are currently enforced. In the analytical part pension systems of Australia, Denmark, Canada, Netherlands, Sweden and Switzerland are first specified separately and subsequently, on the basis of criteria coverage rate, financial sustainability and adequacy of pensions, subjected to comparative analysis. The result of the analysis is the determination of the Dutch pension system as a system that has, although not in all analyzed areas, the relatively best results of functioning. However, the widespread introduction of this system definitely not recommended, due to given economic differences in various countries, which are described in the conclusion of this thesis. Nevertheless of each pension system we can choose a positive approaches to solving problems on which we can build in the future.

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The current trend of demographic aging can be alleviated by extending the working activity of older workers and seniors. In this thesis the attention is focused on the relationship between the employment of older people and setting of the pension scheme, since both affect the behaviour of older workers and seniors. The aim of this thesis was to find out the level of employment support of older workers and seniors, and to describe not only the view of seniors, who continue with work after their claim on old-aged pension but also attitudes of the potential employers on this group of workers. Secondary data analysis with emphasis on foreign experience and qualitative interviews supplemented by quantitative research were used as research methods. The research has shown that the pension system does not motivate older people to delay retirement, the level of education in old age is undersized and the awareness of current trends and opportunities in the field of seniors employment is missing.