The diploma thesis examines the implicit pension debt in the fifteen EU countries. The Holzmann et al. (2011) methodology is applied to show the impact of population ageing on the pension systems in the EU. The implicit pension debts demonstrate the considerable hidden debt burden in the all fifteen countries. The implicit pension debts range in the interval from 47 % of GDP for the Czech Republic to 906 % for Greece. Nine of the analyzed countries record the implicit pension debts in the interval 100 - 300 % of GDP. The sensitivity analysis and the comparison with other studies confirm our findings. The thesis points out sizeable imbalances among the particular countries, genders and age cohorts.

In diploma thesis titled Age financed by benefits from pension pillars, is a reader first of all informed about a classification of various pension systems. In the following text is described pension system of the Czech Republic in many details, which forms two pillars in present time. According to the description of the Czech pension system, is also explained demographic situation from historical and future context. Very important is also considered explanation and description of pension systems in other countries, which is based on OECD report from 2015. In practical part is a used methodic of Melbourne Mercer Global Pension index. The evaluation of pension systems is very detailed in selected countries except Czech Republic. The index methodology is applied on Czechs pension system in last part of the diploma thesis. Final index evaluation is used for the proposal improvement of pension system.

This diploma thesis deals with two state interventions within the labour market. The first intervention focuses on minimum wage. Most economists purport that the high ratio of minimum wage to average wage leads to a higher rate of unemployment amongst younger people (15 -- 24). This thesis analyses this issue in countries that are involved in the Organisation for Economic Co-operation and Development ("OECD countries"). The results differ between countries; however, it can generally be said that the high ratio of minimum wage to average wage leads to a higher rate of employment amongst younger people than between members of other analysed age groups. The second intervention focuses on the "pay as you go" pension system ("PAYG") as compared with a fully funded plan. This thesis compares the two major pension systems with the aim of determining which plan is more profitable. In the Czech Republic, between the years of 1995 and 2012, the fully funded plan was more profitable in eight of the nine pension funds analysed. Future estimations are dependent on population fluctuations and technological progress within the Czech Republic.

The Czech pension system will change substantially in the coming decades. Demographic changes will cause its financial instability while keeping its current parameters. Financial stability of the pension system can be reached through expenditure reduction and increase in revenues of the pension system. We can expect a real decline of the average pensions paid on the level of dozens of percentages in the coming decades. The decision between pay as you go and fund pension scheme is not affected by the demographic situation. The individuals should decrease their expenditures and ensure additional revenue in retirement to secure their standard of living. The family solidary can provide certain social security in retirement. The preservation of minimal level of population reproduction is vital for both pay as you go and fund pension schemes.

This thesis explores the ever-current topic of pensions, which are devoted to three different chapters . The first part descriptes history development of old-age pensions, focusing on developments in the last more than 200 years. Emphasis is placed on the development of the territory of the present Czech Republic and for each period are also enclosed a historici fact that not only the development of the pension system determined . Another chapter is devoted to an over view of different types of pension system. Together with a description of each pillar by the World Bank definition are also accompanied by examples of systems from different European countries. The last and most extensive part of the work is to point out the existing demographic development of the czech population, finding appropriate indicators applicable to the issue of pensions, to find the possible future evolution of these indicators using statistical and demographic methods and last but not least the program provides potential candidates for the calculation of future retirement or the age at which a person is able to retire . The work will provide readers with comprehensive information not only on the current state pension insurance in the Czech Republic and in Europe but also can learn about the reasons that led to the establishment of what is possible developments, together with suggestions.

The diploma thesis deals with the privatization of the pay-as-you-go pension systems, and it aims to theoretically and empirically disconfirm the widely spread imaginary benefits of the transfer to the fully funded social security system. These so-called social security myths are inherently connected with the transformation of the implicit pension debt to the explicit debt which, as confirmed by the designed multiple regression model, has a negative influence on rating and therefore on financing expenses of certain states. The thesis also focuses on legislative modifications of pension funds in the Czech Republic which fundamentally add to almost zero real annual yield. After subtraction of deferred expenses and revaluation reserve held in equity of particular pension funds, the average real annual yield in recent fifteen years is actually negative.

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.

This thesis is focused on the analysis of pension additional insurance and related pension funds in the Czech Republic. Pension additional insurance and pension funds are part of the pension system, and specifically the third pillar. Characterize the pension system in the Czech Republic, including news of pension reform and compare with selected foreign pension systems. The main task of pension additional insurance is get together funds in the participant's for retirement age. These funds are collected by pension funds, which in turn invest in financial instruments in the financial markets. Generally, pension funds are regulated, which has an impact on their performance. The work is also focused on the confrontation with foreign pension funds, which includes comaprison of performance of pension funds in selected countries, including inter alia through the Sharpe index. Last but not least the thesis is focused on the future and the development of pension funds in upcoming years

臺閔地區65歲以上的老年人口於民國82年底占總人口之7.1%，達到聯合國所界定之「高齡化」水準，至民國94年底老年人口大幅增加為占總人口之9.74%，人口老化的趨勢使得退休後的生活保障更顯重要;年長者生活保障的主要來源是退休金，而我國已於民國94年7月1日由確定給付制轉變為確定提撥制(DC制)。基於醫學的快速成長，以及生活環境水準亦顯著提昇，採用現有的生命表預測未來死亡率可能會有極大的誤差，故本文參考許鳴遠(2006)的Reduction Factor模型，預測台灣未來的高齡人口死亡率，進而推計未來的各年齡人口數，再將改善的死亡率應用在確定提撥制的退休基金，並參考MacDonald and Cairns (2007)，假設退休基金投資在五種不同的投資標的，分別考慮20歲的個人與不同時間點20~55歲的各年齡人口，在不同限制函數下找尋確定提撥制退休基金的最適投資策略，並比較不同限制函數對依賴比造成的影響。

Master Thesis Analysis of Old-age Pension Schemes provides comparison of pay-as-you-go system and funding pensions from the theoretical point of view. Comparison is made assuming constant population and population under demographic crisis as well. Next issue is a demographic development of the Czech republic. The thesis answers the question whether demographic crisis in the Czech republic occurs. The last part of the thesis analyses the current pension system of the Czech republic assuming analysed development of population growth.