Viešojo administravimo magistro baigiamojo darbo tema aktuali kiekvienam dalyvaujančiam savanoriškam pensijų kaupime. Šiuo metu šis klausimas aktualus ypač dėl neramumų finansų rinkose, lėtėjančios ekonomikos pasaulyje, nes neatsakingas pensijų fondų valdymas gali pabloginti dalyvaujančiųjų finansinę padėtį ateityje, t.y. pabloginti Lietuvos socialinę padėtį. Pagrindinė magistro baigiamojo darbo užduotis yra išsiaiškinti, ar fondų valdytojai laikosi teisinių investavimo reikalavimų, ar jų nepažeidinėja siekdami uždirbti didesnę grąžą. Tam patikrinti buvo atliekamas vienos pasirinktos valdymo įmonės pensijų fondų valdymo auditas. Magistro baigiamajame darbe buvo siekiama aptarti audito esmę, apžvelgti jo raidą, išnagrinėti pagrindinius klausimus susijusius su investavimo auditu, apžvelgti Lietuvos pensijų sistemos ypatumus, aptarti ją reglamentuojančius teisės aktus ir atlikti pensijų fondų auditą, iškeliant hipotezę, ar pensijų fondai valdomi skaidriai, patikimai, fondo valdymo sistema aiški bei laikomasi teisės aktų reikalavimų. Darbe buvo naudojami tokie tyrimo metodai, kaip mokslinės literatūros analizavimas ir sisteminimas bei teisės aktų analizė. Visi minėti uždaviniai buvo įgyvendinti, o hipotezės patvirtintos ir padarytos išvados, kad pasirinktos įmonės valdomi pensijų fondai griežtai laikosi visų teisinių reikalavimų ir yra griežtai prižiūrimi vidaus kontrolės. Taip pat padaryta išvada, kad rinkų koregavimosi laikotarpiu buvo pasirinktas efektyvus fondų valdymas... [toliau žr. visą tekstą] / The subject of master‘s work in Public Administration is relevant for everyone lithuanian who participate in the second pillar pension system. At present the question is especially relevant when the market is turbulent, the economy is slowing in the world and negligent management of pensio funds could worsen the financial situation of people who participate in the second pillar pension system in their old age. The main task of master‘s work is to ascertain the fund‘s manager follows the law investment requirements, and they don‘t violate them for the reason to earn larger return. The audit for pension funds‘ management of one investment management company was performed to be sure that the fund‘s managers are in right way every time. There were discussed about the essence of audit and it‘s evolution, there were explored the main points of investing audit, there were reviewed the pension system‘s peculiarities of Lithuania and it‘s law documents and there were performed the audit of pension fund‘s management in this master‘s work. The hypothesis is described as the pension funds are managing clearly and reliably, the fund‘s management system is clear and the law requirements are invulnerable. The analysis methods which are using in study is the systematisation and analysis of nonfiction, analysis of law documents. All definited tasks were implemented at work and the hypothesis were confirmed. The conclusions of master‘s work was proposed: the pension funds of one checked... [to full text]

Bakgrund: Var dag ställs människor inför val som har högre eller mindre utsträckning påverkan på dess framtid. En av de vanligaste ekonomiska beslutssituationer människor ställs inför är beslut gällande pensionen. Det svenska pensionssystemet är komplext och särskilt inom premiepensionen ställs individen inför en mängd valmöjligheter. Där kan individen välja egna premiepensionsfonder eller välja att inte göra ett aktivt val och därmed ha kvar förvalsalternativet AP7 Såfa. Samtidigt som kraven är höga på individens beslutsfattande visar beteendeekonomisk forskning att individens förmåga att fatta rationella beslut inte är på den nivå som traditionella ekonomiska teorier utgår ifrån. Den stora mängd valmöjligheter som finns inom premiepensionen förefaller skapa problem och leder till att åtskilliga individer väljer att inte göra något aktivt val. Tidigare forskning visar att ett flertal demografiska faktorer samt individens finansiella förmåga och kännedom om finansiella marknaden påverkar individens beslut gällande pensionen, samt att det finns ett behov av vidare forskning på vad som påverkar individer gällande pensionssparandet. Denna studie ämnar bygga vidare på de tidigare studier som gjorts för att kartlägga vilka egenskaper som leder till att en individ fattar aktiva beslut inom premiepensionssparandet samt koppla de beslut de gör till beteendeekonomiska teorier för att få en djupare förståelse för individens agerande gällande premiepensionsvalet. Med studiens resultat hoppas vi kunna bidra med ökad förståelse för vad som påverkar de val som görs gällande premiepensionen. Syfte: Syftet med denna studie är att undersöka samband mellan en individs egenskaper och om denne gör ett aktivt val gällande premiepensionemn, samt undersöka bakomliggande beteendeekonomiska biases gällande individens val inom premiepensionen. Detta med avsikt att genom en kvantitativ metod skapa ökad förståelse kring varför individer fattar de beslut de gör kring premiepensionssparandet. Genomförande: Denna kvantitativa studie antar en iterativ ansats där studien präglas av en tvärsnittsdesign och data har samlats in genom ett snöbollsurval med hjälp av enkäter. Sammantaget ingår 172 individer i denna studie. Slutsats: Resultatet av studien visar att hur länge en individ har befunnit sig i arbetslivet, inkomstnivån samt om individen investerar i aktier på fritiden har en positiv påverkan på sannolikheten att denne har valt egna fonder till premiepensionen. Resultatet skiljer sig mot vad viss tidigare forskning visat. Studien identifierade även ett antal beteendeekonomiska biases som påverkar individen inom premiepensionsvalet. Resultatet tyder på att de individer som har gjort ett aktivt premiepensionsval påverkas av mentala genvägar när det kommer till att välja premiepensionsfonder. Vidare indikerar resultatet på IV att de som inte gör ett aktivt val påverkas av beteendeekonomiska biases som leder till inaktivitet. / Background: Every day people have to make choices that have a greater or lesser impact on their future. One of the most common financial decision-making situations people face is the decision regarding the pension. The Swedish Pension System is complex and, in particular, within the Premium Pension the individual is faced with a variety of choices. There individuals can choose their own Premium Pension funds or choose not to make an active choice and thus retain the AP7 Såfa. While the demands are high on the individual’s decision-making, behavioral finance research shows that the individual’s ability to make rational decisions is not at the level of traditional economic theories. The wide range of options available within the Premium Pension seems to create problems and leads to the fact that several individuals choose not to make any active choice. Previous research shows that a number of demographic factors, as well as the individual's financial literacy and financial market awareness, influence the individual's decision regarding the pension. Previous research also shows that there is a need for further research on what affects individuals in terms of pension savings. This study aims to build on previous studies to map which characteristics affect an individual to make active decisions in the Premium Pension and to link the decisions they make to behavioral finance theories to gain a deeper understanding of the individual's actions regarding the Premium Pension choice. With the result of the study, we hope to contribute with better understanding of what influences the choices made within the Premium Pension. Purpose: The purpose of this study is to investigate the relationship between an individual's characteristics and if they make an active choice regarding premium pension funds, as well as investigate underlying behavioral finance bias that affect an individual’s choice within the Premium Pension. With the intention, through a quantitative method, to create a better understanding of why individuals make the decisions they make regarding the Premium Pension. Completion/methodology: This quantitative study assumes an iterative approach where the study is characterized by a cross-sectional design and the data has been collected through snowball sampling using surveys. Altogether, 172 people are included in this study. Conclusion: The result of the study shows that how long an individual has been working, the income, and if the individual invests in shares has a positive impact on the probability that the individual has chosen own funds for the premium pension. This differs from what some previous research has shown. The study also identified a number of behavioral biases that affect the individual in the Premium Pension Plan. The result indicates that those individuals who have made active Premium Pension choices are affected by shortcuts when it comes to choosing Premium Pension funds. Furthermore, the result indicates that those who do not make an active choice are affected by behavioral biases that lead to inactivity.

This thesis focuses on the pension funds in the Czech Republic and in France. The main goal is to analyze and compare the differences on these two financial markets. The first theoretical part focuses on the pension additional insurance in the Czech Republic and in France, the system of the pension funds in both countries and the view of the pension funds in the Czech Republic. The second part analyses the pension funds in the Czech Republic and in France. These pension funds are evaluated on the basis of economic criteria including their investments, their net profit and rate of profit. The pension funds in the Czech Republic are analysed by the using of calculations such as the return on average assets and return on average equity. At the end of this thesis the comparison of the pension funds in the Czech Republic and in France is placed. This chapter consists of the reform of the pension system in the Czech Republic as well as the evaluation of the pension systems in the Czech Republic and in France.

The diploma work is oriented on the additional pension insurance (superannuation scheme) and on it{\crq}s value as a reserve for the retirement age. In the theoretical part there is described the history of the additional pension insurance, main terms and definition and next there are in detail described the particular pension funds and their rentability. The theoretical part finishes with the integral part of the additional pension insurance, which is the tax prefference. In the introduction of the practical part there I am concerned with the pension reform, because the additional pension insurance is an instrument used for saving for the pension age. The pension reform has three phases. The first phase already has been confirmed by the government and it{\crq}s main consequence are the rules for the retirement. Next two phases are being discussed. No matter how the discussion about the reform ends I consider as reasonable to care of securing myself in the future by using the additional pension insurance. This is demonstrated on four independent examples, where I show that it is advantageous to start saving money by additional pension insurance. In the final phase of the practical part there is the general conclusion of the diploma work and my own opinion about the importance of the additional pension insurance.

The subject of this thesis is to assess the status of the supplementary pension scheme in the Czech Republic. The work deals with issues of return pension schemes. Examines aspects that affect profitability, in particular the taxation of pension schemes and the investment of pension funds. On the basis of the knowledge generated through analysis of the comparison is made of benefits to be paid at the end of the period -- annuities and lump sum compensation. The analysis performed provides information about which of these benefits is for the client to the pension fund more profitable option. The first part of the work deals with the characteristics of the supplementary pension scheme in the Czech Republic, describes its emergence, evolution, status in the pensions system. In the second chapter are discussed the main aspects that affect its profitability, taxation, and return on pension funds. The third chapter contains the comparsion annuities and lump sum compensation.

This thesis analyses problems of old age pension scheme in the Czech republic from view of the employees of company INOTECH ČR, spol. s r. o.. It contains the proposal of solving to create reserves for old age pension scheme by using products offered in Czech republic like life insurance and pension aditional insurance.

Questions of additional pension insurance with a state contribution are the topic of this diploma thesis. It contains an outline of demographic situation and condition of pension account of the Czech Republic‘s state budget. Mainly the thesis focuses on analysis of pension funds, their comparison and recommendation of the most suitable pension fund for the management of SMALL, spol. s r.o. (limited liability company) and their employees.

In der Bundesrepublik hat sich die Überzeugung durchgesetzt, angesichts des bevorstehenden demographischen Wandels sei eine Stärkung kapitalgedeckter Elemente in der Altersvorsorge notwendig. Die Riestersche Rentenreform des Jahres 2001 stellt einen Schritt in diese Richtung dar. Zunächst wird dargelegt, dass die demographisch induzierten Schwierigkeiten der gesetzlichen Rentenversicherung (GRV) wahrscheinlich ebenso überschätzt werden wie das Problemlösungspotential einer verstärkten privaten Vorsorge. Daher wird anschließend untersucht, wie sich die Gewissheit von der Notwendigkeit kapitalgedeckter Vorsorge politisch durchsetzen konnte. Hierbei wird auf theoretische Ansätze einer Wissenssoziologie der Politik zurückgegriffen. Anhand ausgewählter rentenpolitischer Bundestagsdebatten der Jahre 1957 bis 2001 werden die Deutungen politischer Akteure hinsichtlich der Probleme der GRV, der Problemlösungen und der dabei vorgesehenen Rolle kapitalgedeckter Elemente untersucht. Gezeigt werden soll, dass die Rentenreform 2001 nicht einfach auf Grund demographischer oder ökonomischer Zwänge verstanden werden kann. Entscheidend sind vielmehr die politischen Deutungen solcher Sachverhalte und deren langfristiger Wandel. Erst aus der Verknüpfung von spezifischen Deutungen der langfristigen demographischen Entwicklung, der kurzfristigen Wirkung der Lohnnebenkosten auf die Arbeitslosigkeit und der Funktionsgrundlagen der GRV ergibt sich im politischen Prozess die „Notwendigkeit“ einer zusätzlichen privaten kapitalgedeckten Altersvorsorge.:Einleitung; Alterssicherung – demographische Alterung und Finanzierungsverfahren; Die Akteursebene – wissenssoziologische Grundlagen; Die Konstruktion eines demographischen Problems der GRV in Konkurrenz mit anderen Problemen; Die Bearbeitung des demographischen Problems bis zum RRG 1999; Die Rolle kapitalgedeckter Altersvorsorge; Resümee

Ce mémoire analyse l’impact du vieillissement de la population, des rendements réels des placements des fonds de pension et du poids de capitalisation, ainsi que celui du type de régime de retraite (bismarckien et beveridgien) sur les taux d’intérêt des obligations gouvernementales. L’analyse s’appuie dans un premier temps sur un modèle théorique à générations imbriquées inspiré de Diamond (1965). Les conclusions de ce modèle sont ensuite vérifiées à l’aide d’une régression linéaire utilisant des données de pays de l’OCDE. Il ressort de cette analyse empirique que seuls les rendements réels des placements des fonds de pension et le vieillissement de la population influencent de façon significative le taux d’intérêt des obligations gouvernementales. L’objectif de notre étude est de vérifier empiriquement l’hypothèse théorique selon laquelle la performance des systèmes de retraite aurait un impact sur les variations des taux d’intérêt des obligations gouvernementales au sein de l’OCDE. Pour ce faire, nous avons mesuré la performance des systèmes de retraite à l’aide de trois instruments. Le premier instrument est le vieillissement de la population. Le deuxième instrument est, les rendements réels des placements des fonds de pension. Enfin, le troisième instrument est le poids de capitalisation. Ce dernier mesure l’importance de la privatisation des systèmes de retraite au niveau de chaque pays de l’OCDE. Nos résultats empiriques suggèrent que seuls les instruments de mesure de la performance des systèmes de retraite « rendements réels des fonds de pension » et « vieillissement de la population » ont un pouvoir explicatif sur les taux d’intérêt des obligations gouvernementales au sein de l’OCDE. Il existe donc un lien significatif entre la performance des systèmes de retraite et les taux d’intérêt des obligations gouvernementales. Ce résultat vient confirmer l'hypothèse théorique défendue dans ce mémoire. En somme, nos résultats empiriques montrent que le problème de vieillissement de la population, mis en avant par certains gouvernements et organisations internationales (Union Européenne, Banque Mondiale) comme source d’instabilité financière des retraites publiques pour favoriser la privatisation des systèmes de retraite, semble être fondé. Cependant, il est difficile de prétendre que l’avenir des retraites privées basé sur la performance des rendements réels des fonds de pension sur le marché boursier améliore la sécurité sociale. La crise financière de 2007 en est un exemple. Nos résultats empiriques aussi confortent cet argument. Les effets dévastateurs de la crise financière de 2007 sur les prestations versées par les systèmes de retraite privés nous ont amené à la fin de nos travaux de recherche à formuler, une recommandation en faveur de l’instauration ou de la restauration de régimes de retraite contrôlés et gérés publiquement.

臺灣公務人員退休撫卹基金（退撫基金）自1995年成立，由退撫基金管理委員會統一管理，按政府別、身分別，分戶設帳，分別以收支平衡為原則，但依據2003年退撫基金第2次精算結果(美世顧問公司)，軍職人員自2013年、教育人員2032年及公務人員2035年起，將陸續產生累積虧損（破產），主要原因為退休制度本身結構問題、提撥率不足所致，其次為經營績效無法大幅提升，原因為管理組織屬性欠彈性、專業人才不足、管理法令束縛及資產配置較保守，對於現有制度與管理之缺失，如何檢討改善，以提高收益，確保基金之永續發展，為本研究之重點。 本研究採用制度分析比較，藉由退撫基金與先進國家退休金計畫與管理制度加以比較，瞭解臺灣與其他國家退休管理制度上之差異，並探討未來世界退休制度管理趨勢。並蒐集勞工保險基金、勞工退休基金及公教保險準備金等基金相關資料，再與退撫基金作管理運用之比較研究，另外，與退撫基金同質型國外退休基金管理模式之相關研究文獻，作分析比較研究，依投資組合模型計算出最適資產配置，以瞭解退撫基金經營管理之效率性。 / 茲據研究結果發現，退撫基金管理係屬行政機構，管理較無彈性，另外退休撫卹制度設計而產生龐大潛藏負債，以及管理法令限制而影響營運績效。最後，針對研究結果提出對退撫基金管理之建議。就管理機構建議改為行政法人或提高委外比例。對退撫制度之潛藏負債問題建議為：逐步修改退撫制度，先實施退休所得合理化、展期年金，對於新進公務人員採用個人帳戶制，並依個人風險偏好，選擇不同的管理模式。對於管理制度建議為增加國外投資、資本利得比例、擴大投資範圍及建立資訊公開制度。 / The Public Service Pension Fund (PSPF) of Republic of China was established in 1995. On the principle of collection/payment balance, the Management Board of Public Service Pension Fund (MBPSPF) is in charge of management of the PSPF by setting up different independent accounts in accordance with the capacities and governmental levels. The outcome of actuarial evaluation conducted in the year 2003 forecasted the accumulated net loss (insolvency) will respectively happen to the military personnel in the beginning year of 2013, the educational workers in the beginning year of 2032 and the public servants in the beginning year of 3035. The factors will result in the accumulated net loss (insolvency) mainly include incomplete framework of the public service pension system and insufficient contribution rate. Due to inelastic organization and framework, shortage of professional personnel, constraint of the laws and regulations and conservative strategies of assets allocation, overall performance can not be improved substantially is also the minor factor that will result in the accumulated net loss. The key point of this study will focus on eliminating the defects of the present system and administration and making improvement to increase overall earnings, thus continuing operation of the PSPF can be ensured. / This study adopts a measure of system analysis and comparison. In comparing with pension project and administration system of mainly advanced countries, the difference between Taiwan and other advanced countries cab be realized. Thus we can further discuss and explore the future global trend of pension administration. Besides mention above, the related information of Labor Insurance Fund, Labor Pension Fund, and the insurance reserve of public servants and education workers was collected, studied, and compared with the PSPF. Furthermore, the PSPF was compared with abroad pension funds which have same attributes of PSPF by analyzing the related studies of administration or operation. And accordingly, an optimal model of assets allocation was designed for further testing and understanding the efficiency of administration of the PSPF. From this research, the followings were discovered: 1. An administrative institution such as the PSPF with no corporation register, make administration inelastic. 2. The designed system of the “Contributory Pension Fund” will result in potential enormous debts. 3. The constraint of laws and regulations will result in ineffective overall performance. Finally, regarding to the inelastic administration (as of description 1), an ideal proposal is to register the PSPF as a corporation or increase proportion of overseas discretionary management. As to the potential enormous debts (as of description 2), the proposals are to improve the system of “Contributory Pension Fund” step by step, adopt a fair and reasonable retirement income, extend the time limit of annuity, adopt an individual account for a new public servant and manage the account in accordance with his or her risk attitude. As to the ineffective overall performance (as of description 3), the proposals are to increase the proportion of overseas investment and capital gains, extend the range of investment and establish system of information disclosure.