Background: Since 1998 Sweden has individual accounts as a part of both public and occupational schemes (Sundén 2006). Yearly, 2,5% of the pensionable income is set aside to the premium pension (The Swedish Pension Agency 2021) Individuals are able to choose how the premiums should be paid in the system and in what way the money should be invested, either by choosing from the fund market or by refraining from making an active choice and instead let the Swedish pension agency management their money in the passive alternative called AP7 Såfa. The passive alternative AP7 Såfa is a portfolio which adapts to the age of the investor and is built to fit a long-term pension investment.  Purpose: This study will focus on evaluating if the passive alternative AP7 Såfa has an excess risk-adjusted return compared to given portfolios in the premium pension selection system, or if the investor would benefit from managing the portfolio more actively. The study will also search for benefits using the Treynor-Black model to check the optimal allocation between this actively managed portfolio versus the passive alternative AP7 Såfa.  Conclusion: This thesis has shown that there might be superior strategies rather than the index fund to find risk-adjusted excess return in the premium pension system. However, those strategies require professional analysts in order to forecast securities. For households choosing between active management themselves or the passive index fund AP7 Såfa, the most beneficial investment is to be passive and to not actively manage the portfolio. The optimum strategy is found to be the Treynor-Black model with a combined portfolio of the index fund and the active portfolio.

This thesis present an analysis of pension systems in the Czech Republic and the United States of America, according to the status in 2013. The aim is to make comparison of pension schemes based on defined criteria, that are budgetary responsibility, the quality of life for the elderly, social justice, social solidarity, equivalence and financial sustainability of the pension system. Another objective is to compare each pillar of the pension systems and analyze the different elements of the benefits that are provided from mentioned pillars. Theoretical basis include the Welfare State theory, the theory of public finance and the theory of market, state and civic sector and the criterion anchoring of the reform. The research is devoted to the analysis of pension systems ability to provide an adequate income in retirement, what is the real purchasing power of pensioners, whether the pension systems are due to unfavorable demographic development in the future financially sustainable and how the pension system encourages older workers to remain in the labor market.

The much-debated topic of the pension system together with the currently elevated levels of inflation give rise to the question of how well the pension system is equipped to deal with a prolonged period of inflation. The current system was introduced in the 1990s and since then it has been operating in a period of low and stable inflation. The purpose of this project is therefore to study the inflation sensitivity of the Swedish pension system and the purchasing power of Swedish pensioners. Since the Swedish pension system consists of different parts and each part has a different inflation sensitivity, this allows me to study the inflation sensitivity of some typical cases of pensioners who has their own unique mix of pension income. I measure inflation sensitivity through the concept of equality of consumption, where utility from consumption is derived primarily from the discretionary spending that exceeds necessary expenses for survival such as food and shelter. Through this, I analyse economic inequality as measured by the amount of discretionary spending and evaluate how inflation affects these amounts for different typical cases of pensioners. The data in this study is gathered from official sources such as Pensionsmyndigheten and Statistiska Centralbyrån. I find that the nominal inflation protection provided by the Swedish pension system is high for most theoretical cases. However, inflation erodes real purchasing power for Swedish pensioners, especially for those not eligible for the housing supplement and for those who lack an occupational pension. The basic protection adds inflation protection for pensioners with a relatively low income, while occupational pensions add inflation protection for pensioners with a relatively high income. The findings suggest that the median pensioner is more adversely affected by inflation when compared to other income levels, as measured through discretionary spending.

We investigate the activity and performance of 64 Swedish registered mutual equity funds available in the Swedish Premium Pension System from October 2002 to December 2011. Fund activity is measured by applying the holdings based analysis Active Share combined with Tracking Error Volatility (TEV). Active Share is a relatively new measure that compares a fund’s holdings with its benchmark index constituents (Cremers & Petajisto, 2009; Petajisto, 2013). This is used as a proxy for the fund’s stock selection strategy. As a complement, TEV is used as a proxy for the factor timing strategy. Performance are measured by using Jensen’s (1968) model, Fama and French’s (1993) model and Carhart’s (1997) model. We document that Swedish funds in the Premium Pension System are relatively passive in term of Active Share compared to US funds. We attribute this finding to the relative number of stocks held by a fund compared to the market. Swedish equity funds hold a relatively larger share of the number of stocks in the Swedish market while US funds hold a relatively smaller share of the stocks in the US market. We run a panel regression analysis to test the relation between Active Share and various variables. We find that funds with higher TER fees and fewer stocks on average have higher Active Share. There are also indications that TEV is positively related to Active Share. However, the overall explanatory power of the variables is low. We attribute this as evidence that Active Share is an independent measure of fund activity. Overall, we find neutral performance for an equally weighted portfolio of all funds in the PPS. To examine the performance differences between different levels of activity, we sort funds into five portfolios based on Active Share and TEV. The results show that, given a medium-to-low TEV, funds with high Active Share significantly outperform funds with low Active Share. Furthermore, it appears that the fee rebate in the Premium Pension System is important especially for the passive funds. Without the rebate, the passive funds underperform significantly. We run a panel regression analysis on the future fund performance to test the predictive abilities of Active Share and TEV. The results indicate that Active Share does not explain future performance differences. Conversely, TEV is negatively related to future performance which can be explained by fund managers being overconfident

The main aim of this diploma thesis is to give a complex view of the Czech pension system to the reader. In recent years pensions and their associated problems have been the main theme of many discussions. We often hear politicians and experts speaking about the financial problems of the Czech pension system and its unavoidable reform. The preamble of this thesis deals with different situations in the Czech pension system, the rules under which it operates and its history. The body of this work is focused on the analysis of fundamental problems and their effects on the contemporary pension system in the Czech Republic. The emphases in the thesis are on demographic trends; the ageing process; receipts and expenditures of the Czech pension system; the political situation and public opinion in the Czech Republic. The conclusion of this thesis describes various reforms for the Czech pension system and mentions basic information about the Slovak pension system.

En Perú, a diferencia de Chile, la reforma previsional que creó el sistema de capitalización individual no eliminó el sistema de reparto, en la actualidad, ambos sistemas operan en competencia. Esta dualidad genera grandes inequidades inter e intra-generacionales para los ciudadanos expuestos a diferentes niveles de pensión y riesgos, dependiendo del sistema elegido, decisión que sucede en un contexto de poca información financiera. En vista de que existen pocos estudios que analicen la elección de afiliación del individuo a un determinado sistema de pensiones, y teniendo en cuenta que anteriormente no se ha estudiado el efecto de variables relacionadas al conocimiento financiero sobre esta elección, el presente trabajo de investigación pretende conocer cuál es el efecto de la alfabetización financiera en la probabilidad de afiliación al Sistema Privado de Pensiones (SPP) o al Sistema Nacional de Pensiones (SNP). Para ello, se trabaja con el último panel de datos disponible de la Encuesta Nacional de Hogares (ENAHO), y el periodo de análisis es 2016-2019. A través del modelo de probabilidad no lineal, Logit binomial, se encuentra que la alfabetización financiera es relevante en la afiliación al SPP o al SNP. Sin embargo, existe un efecto negativo en la probabilidad de afiliarse al SPP, y un efecto positivo en la probabilidad de afiliarse al SNP, lo cual puede deberse a que los individuos que cuentan con alfabetización financiera saben que, de afiliarse al sistema de reparto, sus futuras pensiones estarán siempre respaldadas, según Palomino (2015), por el presupuesto público. / In Peru, unlike Chile, the pension reform that created the individually funded system did not eliminate the pay-as-you-go system; currently, both systems operate in competition. This duality generates great inter- and intra-generational inequities for citizens exposed to different pension levels and risks, depending on the system chosen, a decision that takes place in a context of little financial information. In view of the fact that there are few studies that analyze the individual's choice of affiliation to a given pension system, and considering that the effect of variables related to financial knowledge on this choice has not been studied before, this research aims to determine the effect of financial literacy on the probability of affiliation to the Private Pension System (SPP) or to the National Pension System (SNP). For this purpose, we work with the latest panel of data available from the National Household Survey (ENAHO), and the period of analysis is 2016-2019. Through the non-linear probability model, binomial Logit, it is found that financial literacy is relevant in the affiliation to the SPP or the SNP. However, there is a negative effect on the probability of joining the SPP, and a positive effect on the probability of joining the SNP, which may be due to the fact that individuals with financial literacy know that, if they join the PAYG system, their future pensions will always be supported, according to Palomino (2015), by the public budget. / Trabajo de investigación

I och med pensionsreformen vid sekelskiftet lades ett större ansvar på den individuelle pensionsspararen då man nu själv ska besluta hur en del av den allmänna pensionen ska placeras. Syftet med denna uppsats är att analysera huruvida det hade varit möjligt för en pensionssparare att uppnå en högre riskjusterad avkastning för sin premiepension genom att göra ett aktivt val i form av en egen sammansatt portfölj, än att låta staten förvalta pensionen i förvalsalternativet AP7 Såfa. Analysen är baserad på Harry Markowitz etablerade moderna portföljteori där han uppmärksammade hur sparare genom diversifiering kan reducera risken i sin placering genom att välja tillgångar som inte fullt samvarierar. Genom användning av tillgänglig data för tidsperioden 2000 – 2014 över de fonder som finns valbara i PPM-systemet har vi beräknat de optimala portföljer med samma risknivå som förvalsalternativet. Därefter har dessa jämförts med försvarsalternativet med avseende på risk och avkastning. Dessutom har tre teoretiska portföljer satts samman över en period på tio år, som placerats som dessa optimala portföljer och omallokerats efter Markowitz rekommendation att se över sitt sparande en gång om året. Analysen visar att det har gått att uppnå en högre riskjusterad avkastning genom att själv göra ett aktivt val av portfölj i sitt sparande. Problemet ligger i att det är svårt att identifiera dessa portföljer i förtid. De tre teoretiska portföljerna har samtliga presterat väsentligt mycket sämre än vad förvalsalternativet har gjort under samma tidsperiod. Resultatet visar att förvalsalternativet inte är fullt riskjusterat, man har alltså inte fullt fått betalt för den risk man tagit i sitt sparande. Vi drar ändå slutsatsen att förvalsalternativet är ett fullgott alternativ. / The Swedish premium pension reform at the turn of the century resulted in a greater responsibility for the individual saver. The decision concerning how the premium pension should be invested now lies with the investor. The purpose of this thesis is to analyze whether it had been profitable for a saver to achieve a higher risk-adjusted return for its premium pension money contributions by making an active choice by a self-composed portfolio, rather than to allow the State to invest the capital in the Seventh AP Fund (AP7 Såfa) which is the default option. The analysis is based on Harry Markowitz’s established Modern Portfolio Theory by which he drew attention to how investors through diversification can reduce risk in its investment by choosing assets that are not fully correlated. By using the available data of the funds that were selectable in the Swedish Premium Pension system by the time period 2000 – 2014, we have calculated the optimized portfolios with the same risk level as the default option. Subsequently, a comparison of these optimized portfolios and the default option are made in terms of risk and return. Furthermore, three theoretical portfolios are put together over a period of ten years and are invested as these optimized portfolios and reallocated after Markowitz's recommendation to review their savings once a year. The analysis shows that it has been possible to achieve higher risk-adjusted returns by making an active choice of portfolio. The problem though is that it is difficult to identify these portfolios in advance. The three theoretical portfolios have all generated a lower return than the default option did during the same period. The result shows that the default option is not fully risk-adjusted. Nonetheless, we conclude that the default fund is a good alternative.

依憲法第81條規定，法官為終身職，非受刑事或懲戒處分或禁治產之宣告，不得免職。非依法律，不得停職、轉任或減俸。復依司法人員人事條例第41條規定，實任司法官合於公務人員退休法退休規定，而自願退休時，除退休金外，並另加退養金；其辦法由司法院會同考試院、行政院以命令定之。又依司法官退養金給與辦法規定略以，未滿60歲者，給與5%。60歲以上未滿65歲者，給與10%。但身體衰弱，致不能勝任職務，經公立醫院證明者，給與60%。65歲以上未滿70歲者，給與140%。70歲以上者，給與5%。 目前於「司法人員人事條例」及「司法官退養金給與辦法」規定，司法官滿70歲應停止辦案，若在65歲至70歲間自願退休，可加領140%退養金；逾70歲未退休，等到退休時，只能加領5%退養金，亦即實任法官合於公務人員退休法規定，自願退休時，除依規定發給退休金外，另依司法官退養金給與辦法規定，按一次退休金總額或月退休金數額，發給一次退養金或月退養金，最高加發上開金額140%。現行司法官退養金給與比例係按司法官退休時之年齡作區分，並未考量司法官任職年資，恐有違平等原則。突顯我國司法官退養制度上出現三個問題，第一為我國司法官退養制度之公平合理性；第二為依年齡區分，做得愈久，加發退養金卻領得愈少；第三為停止辦案之司法官，仍領有司法官之給與，有違公平正義原則。並以羅爾斯的正義論觀點來看司法官退養制度是否符合公平正義原則。 藉由上述研究動機及問題，本論文以文獻分析法和德菲法為研究方法，通過專家一致性意見，探討「我國司法官退養制度」之合理性議題進行問卷。經由三輪德菲法問卷結果的反覆修正，最終司法官身職定義、優遇制度、退養制度、公平正義等四個面向，探討我國司法官退養制度之合理性。最後，本論文在我國司法官退養制度之實務不合理方面，提出建議修法，以期能提供政府規劃人事制度之參考與借鑒。 關鍵詞：退養金制度、司法官、正義論 / According to article 81 of ROC Constitutional Law, Judge shall hold office for life, no judge shall be removed from office unless he has been guilty of a criminal offense or subjected to disciplinary action, or declared to be under interdiction. No judge shall, except in accordance with law, be suspended from office, transferred, or liable to salary cuts. Further according to article 41 of The Statute For Judiciary Personnel, while substantive judge is conform to Civil Service Retirement Act and retire voluntarily, in addition to pension, also added retirement pension; such regulation may be issued by an order of Judicial Yuan jointly with Examination Yuan and Executive Yuan. Again, according to Regulations For Judge Retirement Pension, 5% for those who under 60-year-old. 10% for those who above 60-year-old and under 65-year-old. However, those who have a failure in health, therefore, are not qualified for this position, 60% for those who have obtained the public hospital certificate.140% for those who above 65-year-old and under 70-year-old. 5% for those who above 70%. According to The Statue For Judiciary Personnel and Regulations of Pension for Judges, judges should cease to handle cases after he or she arrives 70 years old. Judges who apply for retirement between 60 and 70 years old are eligible to have 140% pension scheme. 5% pension scheme is issued to those who choose to retire after 70. Meanwhile, based on the rules of Civil Service Retirement Act, officers volunteer to retire will be issued an amount of pension either once and for all or on a monthly basis. Apart from this, it is ruled by Regulations of Pension of Judges, pension scheme should be issued once and for all or on a monthly basis, plus 140% pension scheme, whenever possible. However, currently pension schemes for judges are different from retirement ages, instead of seniority since it might fail to meet constitutional requirements such as the principle of equality.also highlighted three questions appeared in our judge retirement system, first is the equity and reason of judge retirement system; the second is distinguishing from age, the longer of the employment is, the less of retirement pension get; the third is judge suspending case, still have judge payment, against the principle of equity and justice. And at the point of Theory of Justice of John Rawls, whether Judge Retirement system is conform to justice and reason principle. By way of the abovementioned research motive and question, the research method of this thesis is based on documentary analysis method and Delphi Technique, through unity opinion of expert, probe into the reasonable topic of “judge retirement system of our country” and to proceed questionnaire. After repeatedly amendment of three run Delphi method questionnaire result, finally, four directions of definition of judge holding office for life、system of treating with preference、retirement system、reason and justice, etc., to probe into the reason of judge retirement system of our country. Finally, this thesis raises law amendment suggestion at the aspect of unreasonable practice of judge retirement system of our country, and expect may provide reference and example to government regarding planning personnel system. Key words: Retirement Pension System、Judge、Theory of Justice

Analysis of pension insurance products under the influence of demographic change Abstract The main objective of this study is to analyze pension insurance products, which are from the long term point of view the basis of the financial preparation for the pension period (the period of economic inactivity). In the first part are presented demographic changes of the Czech population in the period from 1991 till 2011 and their long term subsequences. Demographic changes are essential determinants of the need to secure another source of income in addition to the pension provided by the state. In the second part are discussed selected pension insurance products, namely building savings, pension insurance with state contribution and life insurance. The goal is to show possible amount of money saved by people during the saving period and subsequently possible amount of pension payable from different pension products in the relationship with the demographic changes.

Denna studie handlar om pension och pensionskunskap med inriktning tjänstepension i ett svenskt tjänsteproducerande företag. Undersökningen visar på att en komplexitet samt en kunskapsosäkerhet råder på det svenska pensionsområdet samt att intresset för ämnet överlag är lågt. Den här studien riktar in sig på att identifiera bakomliggande orsaksfaktorer till detta på undersökningsföretaget samt att även analysera ämnet utifrån ett HR-perspektiv. I studien används både en kvantitativ och kvalitativ metod i form av webbaserade enkäter samt fokusgruppsintervju för ökad trovärdighet och tillförlitlighet. Den teoretiska referensramen i undersökningen baseras på en sammanställd nulägesanalys av pensionsområdet i Sverige, definition av tjänstepension och faktorer som kan påverka pensionen, sedda bland annat ur perspektiv på mångfald och jämställdhet. Dessa faktorer ställs sedan mot det empiriska materialet för att sedan analyseras och diskuteras i förhållande mot de teoretiska utgångspunkterna i referensramen. HR-funktionens roll gentemot pensionskunskapen undersöks i denna studie samt även frågeställningen om att det finns ett samband mellan pensionsavgång vid viss pensionsålder och individens pensionskunskap. Detta diskuteras senare i studiens diskussionsdel både i förhållande till det erhållna resultatet och den ovannämnda teoretiska bakgrunden. Studien avslutas med en slutsats om HR-s roll som pensionsinformatör samt förslag till vidare forskning på pensionsområdet med bland annat fokus på ett bredare HR-fält. Även ett proaktivt förbättringsförslag presenteras för undersökningsföretagets räkning med fokus på att främja och sprida pensionskunskapen inom organisationen. / This study contains an analysis on pensions and pension knowledge with alignment on occupational pension in a Swedish service producing company. The survey shows that a complexity and knowledge insecurity takes place on the Swedish retirement area and the interest for the subject is low. This study aims to identify the terms that have an affection on that area and analyzes the subject from a HR-perspective in the research company. Both qualitative and quantitative methods are used in this study shaped as web-based survey and focus group interview for higher reliability and validity. The theoretical referred framework in this survey is based on summon situation analysis of the Swedish pension area, definition of the occupational pension and the terms which can affect the pension, for instance the diversity and equality in working life. These terms are later compared to the empirical data for analysis and discussion to the theoretical aspects in the referred framework. HR–s departmental role in relationship to pension knowledge is examined in this survey and so is the question about connection between the retirement during a certain retirement age and the individual pension knowledge. This is later discussed in the discussion section of this survey in a relationship to the empirical result and the theoretical referred background of this study. This survey ends with a conclusion about HR–s role as a pension–communicator and a suggestion to future investigations on the pension area including focus on a broader HR–field. A proactive improvement proposal is presented for the research company with focus on promoting and spreading the pension knowledge in the organization.