This paper discusses on how to set fixed contributions for a given objective of a private pension plan, by using two traditional financial models such as annuities and perpetuities. The private pension plan has two components: (i) the contributions’ plan on a monthly basis (annuity), and (ii) the pension plan on a monthly basis (perpetuity). The document focuses on the relationship between the size to the contribution and the pension fund returns. The document covers the Peruvian case. / Este artículo discute cómo establecer los aportes fijos para un determinado objetivo de un plan de pensiones privado, mediante el uso de dos modelos financieros tradicionales como las anualidades y perpetuidades. El plan de pensiones privado tiene dos componentes: (i) el plan de aportes sobre una base mensual (anualidad), y (ii) el plan de pensiones sobre una base mensual (perpetuidad). El documento se centra en la relación entre el tamaño de la contribución y los rendimientos de los fondos de pensiones. Ello se concentrará específicamente en el caso peruano.

Rürup-Renten-Verträge als Form der privaten Altersvorsorge sollen Verbrauchern als eine zukünftige Einnahmequelle im Rentenalter dienen. Es sind komplizierte langlaufende Verträge. Eine Produktbeschreibung erhält der Verbraucher durch das seit dem 01.01.2017 gesetzlich vorgeschriebene Produktionsformationsblatt. In diesem wird auch zu den Kosten Stellung genommen. Die aufzuführenden Kostenbestandteile sind gesetzlich vorgeschrieben. Die von den Anbietern gewählte Darstellungsart der Kosten ist aber so verklausuliert, dass eine verständnisvolle Kostenübersicht erheblich erschwert wird. Die Gesamtkosten eines Vertrages werden verschleiert. Ein Vergleich mit alternativen Anlageformen wird erschwert. Ein Kostenwettbewerb kann nicht zustande kommen. In unserem Beispiel zehren die Kosten ein Drittel der Sparbeiträge auf. Angesichts der volkswirtschaftlichen Bedeutung der Altersvorsorge sollte der Gesetzgeber korrigieren und ein verständlicheres Informationsblatt vorschreiben. / Rürup pension contracts allow future payments after retirement. For consumers their structure is hard to understand. Since January 1st, 2017, a key information document (“product information sheet”) is required by law. It gives an overview of the product and its characteristics. It contains information about the cost of the contract. Unfortunately, this information is difficult to understand. The sheet only conveys an unclear view of the costs incurred. E.g. no information about the total costs are given. Instead the costs are split into different components which are explained in differing ways. Due to such intransparent information a comparison between alternative plans is hardly possible. In our example one third of all savings are allocated to costs. According to the high economic importance of private pension schemes government should prescribe a key information document with clearer and more honest information.

La thèse cherche à travers des critères économiques, sociaux et financiers à définir pour laFrance un système de retraite optimal. Elle procède à l’analyse critique de l’ensemble desréformes entreprises depuis la parution du Livre Blanc sur les retraites (1991), et engage despistes de mesures complémentaires pour les améliorer. Elle s’articule autour de deux idéesprincipales : d’une part, les principales réformes (Balladur, 1993 et Fillon, 2003) sont d’ordreparamétrique et entendent préserver la logique de solidarité intergénérationnelle ; d’autre part,sous certaines conditions, elles peuvent être améliorées par l’adjonction de mesuresstructurelles sous forme d’introduction d’une dose de capitalisation obligatoire.L’argumentation s’appuie à la fois sur une réflexion théorique, fondée notamment sur lesmodèles à générations imbriquées, la notion de taxe sur la poursuite d’activité aux âgesavancés, et sur une étude empirique internationale mesurant l’impact d’une capitalisationsupplémentaire sur l’épargne nationale. Globalement, l’objectif de la thèse est de montrerl’existence de deux dilemmes auxquels font face les pouvoirs publics dans la recherche desolutions à la crise des retraites: (1) garder le système de retraite actuel qui offre peud’incitations à la poursuite de toute activité professionnelle aux âges avancés ou aller versplus d’individualisation des droits au risque de sacrifier la solidarité intergénérationnelle ; (2)quelle dose, quelle(s) forme(s) et quelle réglementation de la capitalisation qui permettentd’augmenter l’épargne nationale au lieu de la réduire ? / This dissertation tries to define an optimal retirement system for France based on economic,social and financial criteria. It reviews the reforms that have been undertaken since thepublication of the Livre Blanc sur les retraites in 1991, and highlights additional measuresthat could be implemented to enhance these reforms. The dissertation is structured around twomain ideas: on the one hand, the main reforms (Balladur, 1993 and Fillon, 2003) are ofparametric nature and intend to preserve intergenerational solidarity; on the other hand, undercertain conditions, they can be improved by incorporating a funded system. The analysis relyon both a theoretical framework, notably overlapping generations models, and anempirical approach to assess the impact of additional capitalization on national saving.Overall, the dissertation aims to show that the authorities face two main dilemma whendealing with the retirement crisis: (1) keep the current retirement system, which does notencourage the elderly to remain in the workforce, or move toward a funded system at the riskof giving up intergenerational solidarity; (2) what dose, forms and regulations of fundingcould stimulate national savings?

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-08-30T12:55:46Z No. of bitstreams: 1 Danilo Ribeiro Miranda Martins.pdf: 1834897 bytes, checksum: 4388e6d3e7d0907ee497d75c23215eda (MD5) / Made available in DSpace on 2017-08-30T12:55:46Z (GMT). No. of bitstreams: 1 Danilo Ribeiro Miranda Martins.pdf: 1834897 bytes, checksum: 4388e6d3e7d0907ee497d75c23215eda (MD5) Previous issue date: 2017-08-23 / This study aims to identify limits e directives to regulation and supervision of private pension plans in Brazil. For this purpose, we analyze the article 202 of brazilian Constitution, as well as its classification as a social righ and part of the Social Security System. We also evaluated the directives and general rules fixed by Complementary Laws n. 108 and 109, of 2001, wich are guidelines for assessment of legitimacy of rules issued by regulatory bodies. In this analysis, we consider the transformations in Public Administration in recent years, wich led to debates about the new role of the Regulatory State, and its repercussions on the brazilian Social Secutrity System. It was verified, however, that such reforms can not exclude the conclusion that the current Constitution intends to establish a Welfare State in Brazil. Therefore, justice and solidarity should serve as a guide for the action of regulatory and supervisory bodies, even if private pension is subject to a private regime. It was also observed that the main rule that must guide State actions is the protection of the participants, promoting the contractual balance of powers in the private pension relationship. Finally, we conclude that the State many times have departed from the constitutional and legal rules that should serve as a basis for their action, forgetting the various limits and guidelines established for their regulatory and supervisory activities / O presente trabalho tem como objetivo principal identificar limites e diretrizes para a atuação do Estado na atividade de regulação e supervisão do regime de previdência complementar no Brasil. Para tanto, parte-se da análise dos princípios estabelecidos no artigo 202 da Constituição Federal, bem como do enquadramento da previdência complementar como direito social, inserido dentro do Sistema de Seguridade Social. Também são avaliadas as diretrizes e regras gerais fixadas pelas Leis Complementares nº 108 e 109, de 2001, que servem igualmente de norte para a apreciação da legitimidade das normas expedidas pelos órgãos reguladores. Considera-se, nessa análise, as transformações operadas na Administração Pública nos últimos anos, que deram ensejo a debates sobre o novo papel do Estado Regulador, com reflexos sobre o Sistema de Seguridade Social brasileiro. Verificou-se, contudo, que tais reformas não podem afastar a conclusão de que a Constituição em vigor pretende a implantação de um Estado de Bem-Estar Social no Brasil, razão pela qual a justiça e a solidariedade devem servir de guia para a ação dos órgãos reguladores e fiscalizadores, ainda que a previdência complementar esteja sujeita a um regime privado. Ademais, constatou-se que a principal diretriz que deve pautar a ação do Estado é a proteção dos participantes, promovendo o equilíbrio contratual na relação de previdência complementar. Por fim, concluiu-se que os órgãos reguladores várias vezes têm se afastado das normas constitucionais e legais que servem de fundamento para sua atuação, olvidando os diversos limites e diretrizes fixados para sua atividade regulatória

Itinerários da Primeira Previdência Privada no Brasil, de uma iniciativa eclesial (1864) à consolidação de uma entidade aberta de previdência complementar (1993) é uma narrativa histórico-interpretativa da saga previdenciária de uma instituição eclesiástica de confissão luterana oriunda da imigração alemã no Brasil. Desde 1864, pastores alemães enviados ao Brasil, possuidores de cultura previdenciária, inspirados no associativismo que fundamentam o mutualismo, buscaram resolver seus problemas de desamparo previdenciário num ambiente em que sua religião era apenas tolerada pelo Império brasileiro e num contexto em que vigia ainda a escravidão, e onde as soluções previdenciárias oficiais eram patrocinadas e proporcionadas apenas pelos montepios. Sem nenhum apoio estatal, financeiro ou legal, por iniciativa privada e associativa, fundaram discretamente em 1 de março de 1883, no Rio Grande do Sul, o que a história maior deve laurear como a primeira previdência privada no Brasil. Característica desse modelo organizacional e do conceito moderno de previdência complementar é que se tratava de uma organização de pessoas físicas, de capital privado e gestionada pelos próprios associados que visava o pagamento de renda mensal vitalícia a clérigos inválidos, suas viúvas e órfãos, uma verdadeira previdência privada. Ao longo desses 130 anos de história as iniciativas e as soluções, ora foram dadas pelos próprios associados, ora pela Igreja Territorial da Prússia (Alemanha), alternando-se os patrocínios dos modelos, no Brasil e na Alemanha, quando das Primeira e Segunda Guerras Mundiais, até o encaminhamento final a partir de 1952, depois 1974, quando foi possível aos religiosos filiarem-se ao sistema oficial de previdência social no Brasil, para, por fim, consolidar-se como a última entidade aberta de previdência privada, sem fins lucrativos, a ser autorizada a funcionar no Brasil, com o nome de Luterprev, em 1993, atual etapa desse processo histórico previdenciário que se apresenta como cíclico e evolutivo. Essa singular história da previdência privada é representativa não apenas no âmbito da Igreja Evangélica de Confissão Luterana no Brasil, cuja confissão teológica está presente no País desde 1824, como também significativa no bojo da história maior da previdência privada no Brasil, pois inaugura, de forma inédita, a temática na historiografia eclesiástica brasileira, contribuindo igualmente, do específico para o geral, para a historiografia previdenciária no Brasil. Do ponto de vista da ciência administrativa é proposta uma discussão, aplicável a vários tipos de organizações humanas, eixos questionadores às fases históricas estabelecidos como eticização, profissionalização e capitalização, como sendo um diálogo entre a teoria das organizações e a teologia. Na perspectiva histórica, deve-se ainda registrar esse feito como uma nova contribuição da imigração alemã no País quando em 2014 se comemora 190 anos dessa imigração ao Brasil. / Itineraries of the First Private Pension Plan in Brazil, from an ecclesial initiative (1864) to the consolidation of an open entity for complementary pension funds (1993) is an interpretative historical narrative of the pension plan saga of an ecclesiastical institution of Lutheran confession originating with the German immigration in Brazil. As of 1864, German pastors sent to Brazil, having a pension plan culture, inspired in the associativism which gives foundation to mutualism, sought to resolve their problems of the lack of pension support in an environment in which their religion was only tolerated by the Brazilian Empire and in a context in which slavery still existed and where the official pension solutions were sponsored and granted only by the montepios (private social pension associations).Without any state financial or legal support, through a private and associative initiative, they discreetly founded, on March 1st of 1883, in Rio Grande do Sul, what the broader history should honor as the first private pension plan in Brazil. Characteristic of this organizational model and of the modern complementary pension plan, this was an organization of physical persons, with private capital and managed by the members themselves which aimed at paying a life time monthly income to invalid clergy, their widows and orphans, a true private pension plan. Throughout these 130 years of history the initiatives and the solutions were sometimes taken by the members themselves, sometimes by the Territorial Church of Prussia (Germany), the sponsorship of the models alternating between Brazil and Germany, due to the First and Second World Wars, until finally, as of 1952, and later 1974, it was possible for these religious people to join the official social security system in Brazil, and in the end they were able to consolidate the last open private pension plan non-profit entity, to be authorized to work in Brazil with the name of Luterprev, in 1993. This is the current stage of this pension plan historical process which presents itself as ciclical and evolutionary. This unique history of the private pension plan is representative not only in the area of the Evangelical Church of Lutheran Confession in Brazil, the theological confession of which has been present in the country since 1824, but is also significant in the midst of the broader history of private pension systems in Brazil, since it inaugurates, in an unprecedented way, the theme within the Brazilian ecclesiastical historiography, equally contributing, from the specific to the general, to the pension historiography in Brazil. From the administrative science point of view a discussion is proposed, which is applicable to various types of human organizations, about questioning axes related to the established historical phases such as ethicization, professionalization and (financial) capitalization as being a dialog between the theory of organizations and theology. From the historical perspective, this accomplishment should also be registered as a new contribution of the German immigration in the country when in 2014 190 years of this immigration to the country is commemorated.

Submitted by JORGE LEONARDO MOSQUERA TORRES DE OLIVEIRA (jorge.oliveira@rioprevidencia.rj.gov.br) on 2016-09-01T19:45:24Z No. of bitstreams: 1 Dissertação Mosquera (Versão Secretaria).pdf: 1481167 bytes, checksum: f99859fa5f91a846e1adf437fcc2dd15 (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2016-09-02T12:29:13Z (GMT) No. of bitstreams: 1 Dissertação Mosquera (Versão Secretaria).pdf: 1481167 bytes, checksum: f99859fa5f91a846e1adf437fcc2dd15 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-09-12T12:06:37Z (GMT) No. of bitstreams: 1 Dissertação Mosquera (Versão Secretaria).pdf: 1481167 bytes, checksum: f99859fa5f91a846e1adf437fcc2dd15 (MD5) / Made available in DSpace on 2016-09-12T12:07:05Z (GMT). No. of bitstreams: 1 Dissertação Mosquera (Versão Secretaria).pdf: 1481167 bytes, checksum: f99859fa5f91a846e1adf437fcc2dd15 (MD5) Previous issue date: 2016-07-28 / This study aims to identify the determining reasons that lead the public servant to join the pension funds. The limits of the organizational behavior theory and trust, predominant theoretical framework in this study are analyzed to: map the profile of the public servant enrolled in pension funds, to understand how trust influences the decision to join the pension plan and; to understand the reasons that restrain the adhesion. Alternatively we assess the main incentive policies for join the pension plan could be adopted by the pension funds. We have done ten semi-structured interviews with pension experts. The study results of this research show that a group of servants have a high propensity to join the pension plan and the lack of trust and information are the two main reasons for no adherence. To increase membership there is no single solution, but a combination of factors that can face those problems such as institutional governance mechanisms that give the public servant, some assurance as well as certification of institution and managers. The research also show that a main point to increase the membership to the pension is to change the way of joining the pension funds, from the express to presumed or automatic, contributing thereby, for standard maintenance of life in the advanced age of public servants. / Este estudo objetiva identificar os motivos determinantes que levam o servidor público a aderir à previdência complementar. Os limites da teoria do comportamento organizacional e da confiança, referencial teórico predominante neste estudo, são analisados para: mapear o perfil do servidor público participante da previdência complementar, entender como a confiança influencia na decisão de aderir à previdência complementar e; compreender os motivos que impedem a adesão. Alternativamente são avaliadas as principais políticas de incentivo à adesão à previdência complementar que podem ser adotadas pelos fundos de pensão. Foram realizadas dez entrevistas semiestruturadas com especialistas em previdência complementar. Os resultados do estudo indicam que há um grupo de servidores que possuem uma propensão maior a aderir à previdência complementar e que a falta de confiança e de informação são os dois principais motivos da não adesão. Para aumentar a adesão não há uma solução única, mas uma combinação de fatores que possam combater estes dois problemas: os mecanismos institucionais de governança que conferem ao servidor certa segurança e a certificação da instituição e dos gestores. O estudo demonstrou ainda que um ponto capital para o aumento da adesão à previdência complementar é a mudança da forma de adesão, de expressa para presumida ou automática contribuindo, dessa forma, para a manutenção do padrão de vida na idade avançada do servidor público.

Submitted by Tatiana Regiani (tatiana.regiani@terra.com.br) on 2018-06-14T18:00:32Z No. of bitstreams: 1 TA_Tatiana_Regiani_CulturaEticaEFPC_Rev.40_pos banca_2018.06.12.pdf: 1345265 bytes, checksum: a91b0ba9293ebc4aa5364e8e66fbcd96 (MD5) / Rejected by Simone de Andrade Lopes Pires (simone.lopes@fgv.br), reason: Prezada Tatiana, Recebemos a postagem do seu trabalho na biblioteca digital e para ser aprovado serão necessários alguns ajustes: 1º Pagina da Ficha catalográfica: precisa ser centralizado no lado inferior da folha. 2º RESUMO: a palavra RESUMO deve ser “MAIUSCULA” e centralizado. E se possível aplicar o espaçamento de 1,5. Lembrando que o resumo após os agradecimentos e antes da lista de graficos. Por favor, faça as alterações necessárias e post o trabalho na biblioteca. Atenciosamente, Atenciosamente, Simone de Andrade Lopes Pires SRA. on 2018-06-15T16:41:32Z (GMT) / Submitted by Tatiana Regiani (tatiana.regiani@terra.com.br) on 2018-06-15T18:24:22Z No. of bitstreams: 1 TA_Tatiana_Regiani_CulturaEticaEFPC_Rev.41_pos banca_2018.06.15.pdf: 1894427 bytes, checksum: 812278ac888a28743dbc8c8f53406cf2 (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-06-16T00:45:17Z (GMT) No. of bitstreams: 1 TA_Tatiana_Regiani_CulturaEticaEFPC_Rev.41_pos banca_2018.06.15.pdf: 1894427 bytes, checksum: 812278ac888a28743dbc8c8f53406cf2 (MD5) / Approved for entry into archive by Isabele Garcia (isabele.garcia@fgv.br) on 2018-06-18T13:37:00Z (GMT) No. of bitstreams: 1 TA_Tatiana_Regiani_CulturaEticaEFPC_Rev.41_pos banca_2018.06.15.pdf: 1894427 bytes, checksum: 812278ac888a28743dbc8c8f53406cf2 (MD5) / Made available in DSpace on 2018-06-18T13:37:00Z (GMT). No. of bitstreams: 1 TA_Tatiana_Regiani_CulturaEticaEFPC_Rev.41_pos banca_2018.06.15.pdf: 1894427 bytes, checksum: 812278ac888a28743dbc8c8f53406cf2 (MD5) Previous issue date: 2018-05-21 / A credibilidade das entidades fechadas de previdência complementar (EFPC), no Brasil também conhecidas como fundos de pensão, tem sido questionada pelos stakeholders e pela sociedade em geral, já que são muito altos os valores envolvidos nos casos de corrupção com a participação das maiores fundações do país. Os impactos são conjunturais, tanto econômicos e políticos quanto sociais, envolvendo diretamente funcionários e participantes (pensionistas, aposentados e beneficiários), os quais confiaram uma vida inteira de contribuições com a esperança de ter uma vida segurada financeiramente por meio da gestão desses fundos. O custo e as consequências da corrupção no ambiente da previdência complementar trazem impactos negativos ao setor, tais como: despesas com investigação, defesa em litígios, reputação negativa, perda de confiança dos participantes, perda de possíveis novos participantes, entre outros prejuízos. A Lei Anticorrupção (12.846/2013) prevê severas punições às empresas que praticarem atos de corrupção. Sua regulamentação, por meio do Decreto nº 8.420/2015, tornou indispensável a implementação de normas e práticas para prevenção, identificação e punição de tais condutas, em especial o Programa de Integridade. Diante desse contexto, esta pesquisa teve como objetivo identificar se, do ponto de vista dos funcionários das EFPC, considerando a percepção dos três níveis hierárquicos — diretores, gerentes e analistas —, havia uma cultura de ética e se ocorreu alguma mudança após adequação normativa dessas entidades. A hipótese inicial era que a mera implementação de práticas oriundas de obrigação legal não garante a existência nem a manutenção de uma cultura de ética. A fim de confirmá-la, foram entrevistados colaboradores de 10 dos 50 maiores fundos de pensão do Brasil, que juntos representam mais de R$ 400 bilhões em investimentos — 51% do total de ativos sob gestão de todo o setor. Encontraram-se distintos mecanismos e processos envolvendo um sistema de ética e de denúncias entre os fundos de pensão, mas o elemento comum identificado foi que a inexistência de um processo transparente e justo de investigação e punição de condutas ilícitas (especialmente quando estas são praticadas por ocupantes de cargos dos níveis hierárquicos mais altos) aponta que a cultura de ética ainda é muito falha, impactando diretamente a percepção dos funcionários sobre as respectivas instituições e, consequentemente, a reputação das EFPC. Com este trabalho espera-se contribuir para que haja uma melhor compreensão da complexidade dessa temática e dos fatores diretamente relacionados à dimensão humana dos programas de integridade e seu impacto numa cultura de ética efetiva. Com esse entendimento, será possível elaborar ações que conduzam a uma efetiva cultura de ética e minimizem os desvios de conduta nessas entidades. / The credibility of closed private pension entities (EFPC) in Brazil, also known as pension funds, has been questioned by stakeholders and by society in general, since the amounts tangled in corruption cases involving the largest foundations in the country are very high. The impacts are conjectural economically, politically and socially, with the direct involvement of employees and members (pensioners, retirees and beneficiaries) who have entrusted a lifetime of payments with the hope of having a financially secure retirement through the management of these funds. The cost and consequences of corruption in the pension environment bring negative impacts to the industry, such as: research expenses, defense in litigation, negative reputation, participants´ loss of confidence, loss of new participant leads, among other losses. The Anti-Corruption Act (12,846/2013) provides companies that practice acts of corruption severe punishments. Its regulations, by means of Decree No. 8,420/2015, became essential to the implementation of standards and practices for the prevention, identification and punishment of misconduct, particularly regarding the Integrity Program. In this context, this research aims to identify whether from the point of view of EFPC officials, considering the perceptions of three hierarchical levels — directors, managers and analysts, there was a culture of ethics and if there have been any changes after regulatory bodies adequacy. The initial hypothesis was that the mere implementation of practices from legal obligation does not warrant the existence nor the maintenance of a culture of ethics. In order to confirm that, 10 employees from the 50 largest pension funds in Brazil were interviewed, they together account for more than BRL400 billion in investments — 51% of total assets under management of the entire sector. There are different mechanisms and processes to the ethics of pension funds, but the common element identified was the lack of a transparent and fair process for investigating and punishing illicit conducts (especially when these are practiced by occupants of higher hierarchical levels offices) which indicates a frail culture of ethics thus directly impacting the perception of employees about their institutions and, consequently, the EFPC reputation. This paper is expected to contribute to a better understanding of this complex subject and the factors directly related to the human dimension in integrity programs as well as their impact on a culture of effective ethics. This understanding will enable the development of actions that lead to an effective culture of ethics consequently minimizing misconduct in these entities.

Efter det svenska pensionssystemets reform 1998 har ett missnöje väckts hos många pensionssparare. Den allmänna pensionen tillsammans med tjänstepensionen räcker inte alltid till och därför finns det möjlighet till ett eget avdragsgillt privat pensionssparande. Det har dock visat sig att det avdragsgilltiga privata pensionssparandet är en ekonomisk förlustaffär för 76 procent av pensionsspararna. Då ett privat pensionssparande inte alltid är lönsamt, finns det frågeställningar angående om hur spararna bör agera. Syftet med studien är att undersöka vilka långsiktiga sparalternativ som finns för ett privat pensionssparande, utifrån en sparares perspektiv. Vidare ska vi belysa vilka faktorer som påverkar en individs val mellan de långsiktiga sparalternativ som finns. Slutligen ska vi förklara hur ett långsiktigt sparande skiljer sig åt beroende på vilken beskattningsbar förvärvsinkomst individen har. Studien har använt sig av metodtriangulering, genom att först genomföra en kvalitativ undersökning med bankaktörer, för att sedan genomföra en kvantitativ webbenkät. Analysen ledde fram konklusionen att det finns många långsiktiga sparformer att välja mellan, dock är valet av sparform högst individuellt. Vad gäller ett privat pensionssparande är denna sparform lönsammast för höginkomsttagare, på grund av skattesystemets utformning. Enligt denna uppsats empiriska resultat, har ett privat pensionssparande vissa fördelar jämfört med ett alternativt sparande. Detta indikerar att ett privat pensionssparande aldrig bör bytas ut, utan bör ses som ett komplement till ett alternativt långsiktigt sparande. / The aim with this paper is to examine which long-term saving alternatives there are for a private pension saving, from a savers perspective. Furthermore, we shall illuminate which factors that influence an individual’s choice between the long-term saving options that exists. Finally, we are going to explain how a long-term saving deviate due to which taxable income the individual have. In the frame of reference we introduce how the saving looks like in Sweden. Furthermore, former research and theories are introduced, which aims to illuminate the factors that influence the saver’s decision about saving alternative. The paper uses method triangulation, by first implementing a qualitative interview study with bank participants, followed by a quantitative questionnaire study online. The analysis leads to the conclusion that there are many saving forms to choose amongst, but the choice of saving form are very individual. In terms of a private pension saving this saving form are most profitable for high income earners, due to how the tax system is designed. According to the empirical results of this paper, a private pension saving have certain advantages compared with an alternative saving. This indicates that a private pension saving should not be replaced, but rather should be seen as a compliment to an alternative long-term saving.

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

Bakgrund: De yngre generationerna, individer födda efter år 1990, står inför stora utmaningar och riskerar att erhålla sämre pensioner än dagens pensionärer, vilket ställer höga krav på att inkludera ett privat pensionssparande. Trots att det privata pensionssparandet i dagsläget är mer aktuellt än någonsin är det fortfarande ovanligt förekommande bland de yngre generationerna. Att individen kringgår ett aktivt beslutsfattande gällande sin pensionssituation innebär att agerandet avviker från den rationella teorin och livscykelhypotesen. För att komma närmare verkligheten och göra de underliggande resonemangen mer beteendemässigt realistiska bör teorin anpassas efter praktiken och större hänsyn tas till beteendepsykologiska bias.  Syfte: Studiens syfte är att skapa en ökad förståelse för de yngre generationernas inställning till och agerande för deras privata pensionssparande med utgångspunkt i en analys av de beteendepsykologiska biasen kort- och långsiktigt fokus, självdisciplin, övermod och social interaktion.  Metod: För att säkerställa att studiens insamlade empiri kunde uppfylla studiens syfte med stöd av den teoretiska referensramen genomfördes åtta kvalitativa, semistrukturerade intervjuer med individer från de yngre generationerna. Under djupintervjuerna med respondenterna uppmanades de att reflektera över sin upplevda verklighet för att på så sätt möjliggöra ett sammanförande av teori och praktik och därmed göra förståelsen för pensionssparbeslut mer verklighetsförankrad.  Slutsats: Den goda inställningen och den därmed uppkomna sparviljan bland respondenterna återspeglas inte i ett gynnsamt agerande då ingen av de tillfrågade i denna studie ännu har inkluderat ett sparande specifikt till den privata pensionen. Det kan konstateras att de faller offer för beteendepsykologiska fallgropar. Studien påvisar att lusten av att leva här och nu i kombination med att det kortsiktiga tänket är mycket starkare än det långsiktiga, motarbetar ett pensionssparande. För vissa är detta en konsekvens av deras självupplevda bristande självdisciplin och för andra är det en influens av övermod som motarbetar. Vad gäller social interaktion ger respondenterna tecken på att den både kan anses vara främjande eller motarbetande beroende på förmedlarens framställning och egna agerande. / Background: The younger generations, individuals born after 1990, face major challenges and risk receiving worse pensions than today's pensioners, which places high demands on including private pension savings. Even though private pension savings are currently more relevant than ever, it is still uncommon among the younger generations. The fact that the individual circumvents active decision- making regarding their pension situation means that the action deviates from the rational theory and life cycle hypothesis. In order to get closer to reality and make the underlying reasoning more behaviorally realistic, the theory should be adapted to practice, and greater consideration must be given to behavioral psychological bias.  Purpose: The purpose of the study is to create an increased understanding of the younger generations' attitudes and actions regarding their private pension savings based on an analysis of the behavioral psychological bias of short- and long-term focus, self-control, overconfidence, and social interaction.  Method: To ensure that the empirical data collected by the study could fulfill the purpose of the study with the support of the theoretical frame of reference, eight qualitative, semi-structured interviews were conducted with individuals from the younger generations. During the in-depth interviews with the respondents, they were asked to reflect on their perceived reality in order to enable a merge of theory and practice and thus make the understanding of pension savings decisions more reality based.  Conclusion: The good attitudes and the willingness to save among the respondents is not reflected in a favorable action as none of the respondents in this study have yet included any savings specific for the private pension. It can be stated that they fall in these behavioral psychological pitfalls. The study shows that the desire to live here and now in combination with the fact that short-term thinking is much stronger than long-term thinking counteracts pension savings. For some it is a consequence of their self-perceived lack of self-control and for others it is an influence of overconfidence that counteracts. Regarding social interaction, the respondents give signs that it can be considered both promoting or counteracting depending on the mediator's framing and own actions.