Thesis (Ph. D.)--University of Washington, 2000. / Vita. Includes bibliographical references (leaves 265-302).

M.Comm. (Investment Management) / Property investments have always been a major attraction to the private individual and the institutional investor. Pension funds were slow to venture into this market but in South Africa there was increasing activity in the property market by pension funds over the last eight to ten years. The main reason for this development can be attributed to the fact that inflation in South Africa caused salaries and wages to increase substantially and increased salaries and wages resulted in increased contributions to pension funds. Pension Fund Administrators were, and they still are, faced with ever-increasing cash flows which must be invested to meet long term commitments. Venturing into the property market, left pension funds at what could be termed the mercy of developers and Estate Agents. Standardisation of presentation of investment details and commonly used evaluation methods and procedures are lacking. Proper knowledge of legal and contractual requirements are being obtained from legal advisers, but the pension fund movement is not yet self supporting in any of these fields. This study is an effort to identify the legal aspects, contractual requirements, methods of property development and minimum requirements for evaluation purposes. Inherent in the requirements are those aspects worthy of special reference in relation to the decision making process. It may be said that property investment by the private individual is not different from that of the pension fund. This statement is, however, only partly true. The requirements for the decision making process depends on the objectives of the investor. The pension fund, for example, has a long term view and sustained growth in cash flow as well as capital appreciation of the investment over the long term is a major determinant.

No description available.

by Tsui Wing Hoi, Anthony. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaf 37.

Thesis (LLM> (Labour Law)) -- University og Limpopo, 2013 / The South African government has paid compensation in a form of special pension to individuals who have been exposed to certain types of hardship and suffering caused by the governments or their predecessors. This compensation is described as ‘the appreciation or sense of guilty of society towards those people on whom the government has rightfully or wrongfully and at any rate disproportionally inflicted damage’. Government have been prepared to pay compensation to the following persons: former enemies, victims of war, victims of harmful compulsory vaccination measures, persons who had sacrificed their jobs and education in the process of overturning oppressive governments establishing democratic government; and persons whose basic human rights had been violated by governments or their predecessors. These persons have sacrificed their lives either in exile or within South Africa fighting for South Africa to be democratic. These persons must prove that they served their respective political organisations for a period of five years or above or they were banished or restricted in certain area or imprisoned or sentenced.

by Wong Sai Tat, Patrick, Leung Chi Keung, Edmond. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1988. / Bibliography: leaf 87.

Thesis (MDF)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: Pension funds are large institutional investors in South Africa and hold some of the highest levels of investment, relative to gross domestic product, in the world. The South African stock market is also the largest stock market in Africa. Research has shown that pension funds can play an important role in developing stock markets. This assignment investigated the impact that pension fund investment has had on the development of the South African stock market. This question is particularly relevant in the light of the changing domestic pension policy environment and the need to better develop stock markets in Southern Africa and globally to generate economic growth. The Johansen cointegration approach was applied to evaluate the impact of pension funds on the development of the South African stock market. Stock market development was measured by its depth or market capitalisation, liquidity and volatility. The analysis shows that South African pension funds have improved the liquidity and reduced the volatility of the stock market. Pension fund investment in shares increased market capitalisation, while market capitalisation was reduced when the prime lending rate was included as a control variable. Total pension fund investment decreased market capitalisation, probably through the impact of interest rates on interest-bearing assets held in the portfolio.

published_or_final_version / Business Administration / Master / Master of Business Administration

Made available in DSpace on 2015-12-04T11:45:12Z (GMT). No. of bitstreams: 1 Regina_Galhardi_de_Camargo.pdf: 603725 bytes, checksum: c70c2b715bbf9202b54c36c60a7cfded (MD5) Previous issue date: 2005-08-30 / Due to difficulties faced by the Brazilian official social security, the government has been supporting the expansion of the private social security. Through regulatory and legal agencies, the Brazilian official social security has been being given more transparency, security and flexibility. As part of the situation, the pension funds, also named EFPC, have the basic function of providing social security complementary benefits to the employees of an enterprise (or sponsor). As a way of guaranteeing the future payment of offered benefits to participants, the complementary pension entities manage investments which arise from sponsors and employees?? contributions. Those investments are associated in portfolios, and their arrangement limits and diversification established by SPC. According to ABRAPP data, on February 2005, Brazilian pension funds invested eighty one billion reais in the application of resources in a variable income segment, 31% of their total investments. The aim of this work is to propose a model for the investments portfolio in variable income of the pension funds, whose building was made possible through a bibliographical research. This research had the objective to provide a theoretical and specific review of risk, value, valuation and opportunity cost. The contribution of this work is the transition from the theoretical model to the practical application The model was applied to enterprises connected to Previ??s investments portfolio of variable income, and the conclusion is: through the use of such a model, managers of pension funds can sustain their acquisition, maintenance and investments write off decisions, parts of that entities??variable income portfolio. / Diante das dificuldades enfrentadas no Brasil pela previd??ncia oficial, o Governo tem incentivado a expans??o do sistema previdenci??rio privado, conferindo-lhe, por meio dos ??rg??os normativos e legais, maior transpar??ncia, seguran??a e flexibilidade. Nesse cen??rio, inserem-se os fundos de pens??o, tamb??m chamados de entidades fechadas de previd??ncia complementar - EFPC, que t??m a fun????o b??sica de propiciar benef??cios previdenci??rios complementares aos empregados de uma empresa, chamada de patrocinadora. Para garantir o pagamento futuro dos benef??cios oferecidos aos participantes, as entidades de previd??ncia complementar gerenciam os investimentos decorrentes do patrim??nio formado pelas contribui????es dos patrocinadores e empregados. Esses investimentos s??o agregados em carteiras, cujos limites de composi????o e diversifica????o s??o estabelecidos pela SPC - Secretaria da Previd??ncia Complementar. Conforme dados da ABRAPP - Associa????o Brasileira das Entidades Fechadas de Previd??ncia Complementar, em fevereiro de 2005, os fundos de pens??o brasileiros possu??am cerca de R$ 81 bilh??es de recursos alocados no segmento de renda vari??vel, o que significava 31% da totalidade de seus investimentos. Este trabalho prop??e um modelo para a carteira de investimentos em renda vari??vel dos fundos de pens??o, cuja constru????o deu-se a partir de uma pesquisa bibliogr??fica, objetivando uma revis??o te??rica e espec??fica sobre os temas: risco, valor, avalia????o de empresas e custo de oportunidade. O modelo foi aplicado para empresas que fazem parte da carteira de investimentos de renda vari??vel da Previ - Caixa de Previd??ncia dos Funcion??rios do Banco do Brasil, e ?? a conclus??o do trabalho. Ou seja, por meio da ado????o do modelo constru??do, ?? poss??vel aos gestores dos fundos de pens??o modelar as decis??es de aquisi????o, manuten????o ou baixa de investimentos que comp??em a carteira renda vari??vel dessas entidades.

The aim of this thesis is to investigate how members of Australian superannuation funds can manage risks arising from uncertain security returns and unpredictable mortality so as to ensure a steady income stream during retirement. In chapter 2 we note that the proportion of superannuation assets invested in foreign assets has increased over the past two decades, exposing investors to currency risk. Surveys of superannuation funds verify that most international bond holdings, but not equity holdings, have been hedged for currency risk. We test the mean-variance efficiency of this practice against two alternative hedging strategies: a conventional forward hedge and a selective hedge conditioned on the domestic-foreign interest differential. Implementing optimal hedging results in portfolios whose returns stochastically dominate portfolios constructed under restricted equity hedging, according to our new adaptation of Barrett-Donald (2003) tests. Selective hedging works best for equities and conventional hedging for bonds. Chapter 3 applies a discrete-time Merton (1971) model to questions of optimal decumulation and asset allocation for self-funded retirees drawing down lump-sum retirement benefits. Risk management is taken to revolve around protecting a pre-specified minimum consumption stream. Risk tolerances and lifetimes are allowed to span a range of possibilities. In the case of an agent living to age 90, ideal investment in equity-type assets increases gradually from 27-43 % over remaining life. This is much lower than the 55-60% observed among retirees. Conservative investment strategies are needed to meet consumption goals over long lifetimes. Milevsky and Young (2002, 2003) attribute the reluctance to voluntarily annuitise to a valuable real option to delay annuitisation (RODA). Chapter 4 extends the RODA analysis to the case of HARA preferences. A formula for the optimal timing of annuitisation is derived from the solution to a dynamic stochastic consumption and investment problem with uncertain lifetime. The effect of introducing a consumption floor is to reduce the delay before annuity purchase. As in the CRRA case, delayed annuitisation is associated with optimistic predictions of the Sharpe ratio and divergence between annuity purchaser and provider predictions of mortality.