The goal of the submitted thesis "Analysis of supplementary pension insurance in Czech Republic in comparison with Slovak Republic" is analyze and compare currently functioning supplementary pension system in our country and Slovak Republic. The whole thesis is focused on third pillar of pension system, namely the supplementary pension insurance. The thesis contains difficulties and issues that the pension system faces. There is also analyzed upcoming pension reform and comparison of actual pension scheme with the future one. Part of this thesis is also analysis of pension funds currently operating in the Czech pension insurance market and selection of optimal pension fund.

Prior to the implementation of Labor Retirement Act (hereinafter referred to as New System), the Labor Retirement System is mainly governed by Labor Standard Act (hereinafter referred to as Previous System) . However, since the implementation of Retirement System under Labor Standard Act, it has been under long term controversy. In order to improve the discrepancy of previous system, the Retirement System under Labor Standard Act, Council for Labor Affairs has proposed quite a number of drafts for amendment. After years of endeavor, it was finally reached consensus in improvement and established new labor retirement system, which is based mainly on Personal Account of Pension System and assisted by Income Replacement program. It was passed in Legislative Yuan on June 11, 2004, the Labor Retirement Act (New System) and officially enforced on July 1, 2005. However, it was expected that there will be many problems emerged in the initial stage of implementation. In this paper, we focused on the Labor Retirement New System and explained with other related administrative statutory are used as assistance. Also the basic theory of Administrative Act ¡V Principle of Administration, Administration Organization, Administrative Authorities, Administrative Remedies and Administrative Supervision ¡V the 5 main structure are used as the research methodology to examine the possible problem in new labor retirement system and tried to form possible measures for solutions.

The content of my graduation theses is historical development of pension insurance and plans for the reform in Czech Republic. In historical part I tried to refer to our long-term tradition of legal form of pension insurance and point out the most significant legal enactments of this branch of law. I also tried to answer the question if we can prosper from the experience of history when preparing the new pension reform. In the other part of my work I summarized the deficiency and positive aspects of current pension system in Czech Republic and also I referred to need to pass a new legal form of pension system with regards to financial untenability of the system and demographic development. I tried to describe present political and special endeavors of pension system reform that has been in progress since 1990 and than I pointed out the current discussion about pension reform. The object of my work was not to find out the ideal pension reform, because I think there is no ideal reform, but just to advert to necessity to change the current system. Decision about the pension reform is very serious theme of social, economical, legal and especially of political point of view. This kind of decision must be made in accordance with the whole political spectrum, to achieve the stability of the decision, and of coarse...

The existing system in the Czech Republic is based on the continuous financing combined with the optional additional pension insurance. The pension reform in the Czech Republic is necessary. The basic reason is the developments of the demographic situation. It will be necessary to ensure that the new pension system is financially sustainable.

The main aim of this dissertation is to compare the pension systems of Czech and Slovak Republic. The first part is dealing with the theory of pension systems and places emphasis on main philosophic concepts, from which these come from. The second part describes main attributes of Czech pension system and points out, that its reform is really needed. The third part of this dissertation analyses pension reform, which has been adopted in the Slovak Republic. Its aim is to consider all positives and negatives of this reform as well. The further development of Slovak pension system after adoption of this reform examines the fourth part of this dissertation. The last part compares the Czech and Slovak pension system and tries to evaluate, which conception of pension reform would be the best for the Czech Republic.

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 aim of this diploma thesis Analysis of performance of pension funds is a detailed mapping of the area of pension to highlight the current shortcomings and to familiarize the reader with pension reform which vill come into force in January.The work is divided into five parts. In the first two sections the reader familiar with the operation of pension funds and pension funds, which are regulated by Act 42/1994 Coll. The third chapter is devoted to a comparison of the results of pension funds operating on the Czech market. The fourth part deals with the profitability of pension funds and the fifth chapter summarizes the most important changes in the pension reform awaits III. pillar pension system.

The main addressed question of this thesis is whether international experiences indicate that private pension pillar contributes to the profitability and stability of pension system and economic development. Firstly, global private pension pillar is characterized. Its long term return is estimated from derived virtual portfolio. Following Aaron-Samuelson principle, it is calculated notional return of global public pension pillar. Comparing returns of both pillars, there is slightly higher return of private pension pillar, but considering variability, entailing risk, the public pension pillar becomes favorable. Moreover, combination of both pillar doesn't seem to be effective since both returns are well correlated. Next section of the thesis deals with economic effects of private pension pillar on labor market. Simple correlation doesn't proof a positive linking of private pension pillar's contribution magnitude and labor activity, expressed as an average annual working time of population in productivity age. Subsequent analysis of private pension pillar's outlook in selected countries illustrates unfulfilled expectations of participants in private pension pillars. Reflecting all particular findings, it wasn't confirmed that private pension pillars substantially contribute to profitability and stability of pension system and performance of economy.

- 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...

Prior studies on the impact of the termination of overfunded defined benefit pension plans on shareholders' wealth have produced conflicting findings. The first study on the stock market reaction to pension plan termination was conducted by Alderson and Chen (1986); this study claimed that shareholders realize significant positive abnormal returns around the termination announcement date. A more recent study, by Moore and Pruitt (1990), disclaimed the findings of Alderson and Chen. Reexamination of these two studies with additional evidence and the use of the appropriate announcement date suggests that termination of pension plans is associated with significant wealth gain to shareholders. This study also analyzes samples from periods prior to and after the imposition in 1986 of a 10 percent excise tax on recaptured excess pension assets. The empirical results suggest that shareholders experience significant positive wealth effects for the pre-tax (1980-85) period and no wealth effects for the post-tax (1986-88) period. The primary purpose of this study is to determine the impact of stock market reaction upon shareholders' wealth under the partial anticipation hypothesis. The pre-tax sample is analyzed by isolating the expected terminators using the multiple discriminant analysis model. This study finds significant positive abnormal returns only for firms that are not anticipated by the investors as potential terminators. The results of this study do not lend support to either the "separation" or the "integration" hypothesis as proposed by Alderson and Chen (1986). Instead, the results are consistent with the information hypothesis that the market reacts to unanticipated events that provide new information. Cross-sectional regression analysis of unexpected terminators suggests that the abnormal performance of stocks of pension terminating firms is explained by the firms' debt ratio and the amount of surplus pension assets. It can be inferred that firms may resort to recapturing excess pension assets as a way of financing investments internally when faced with unfavorable credit markets.