The aim the thesis is to describe the legislation of old age pension in the Czech Republic which is currently being in a process of significant change due to unfavourable demographical development in our country - birth-rate is decreasing, average life expectancy is increasing as well as the average age of a population. The result of ageing of the Czech population is an inability to maintain the current system, because of its financial demands. Old age pension is the most common benefit of a social insurance and its costs represent the highest expenses of the social insurance. Old age pension is supposed to substitute the loss or restriction of a salary which are caused by the age as well as by social occurrence. The thesis is composed of five chapters. The most important terminology related to old age pension is defined in the first part, followed by the description of its historic development, which has had an impact on the Czech legislation used nowadays. The paper also focuses on the conditions of an old age pension legitimate claim and describes the process that is used in terms of social insurance procedure. The Czech old age pension scheme was compared to the one used in the United States of America and Slovakia and also the current old age pension reform was explained. The third chapter is the most...

Trust law has hindered beneficiaries from exerting their voice in the administration of their funds. Yet, individuals do have opinions on how they want their funds to be invested and wish to direct the investments to align with their values. For a majority of individuals, this influence is mainly through their retirement fund investments. However, trust law means that the ultimate power to decide on the investment process rests in the hands of trustees to act on behalf of all beneficiaries. And trustees also further delegate most investment decisions to the investment managers. The findings of this research, as other researchers have also found, suggests that individuals who have some knowledge of SRI show a greater willingness to invest in sustainable funds. It also suggests that after choosing the type of funds that they wish to invest in, individuals place a lot of trust in their trustees to act in their best interests by investing responsibly. The research explores the various dynamics that are at play that explain individual behaviour and attitudes towards financial planning with regards to their retirement investments. The implications of my findings may have relevance in understanding what drives individuals to become active in the investment arena and may serve as a harbinger to changes in fiduciary relationships as we know them. Further research can be done in this area that will assist policy makers to consider regulation changes that could lead to the greater inclusion of final beneficiaries in the investment management process.

The thesis is focus on problems of increasing ratio of mandatory spending and total spending of state budget when I apply my mind to statutory mandatory spending which contains social transfers (especially benefits of pension insurance). I apply my mind to development of mandatory spending, retirement system and prepared retirement reform in individual parts of the thesis. Within retirement reform I am concerned with approved changes, basic parameters of retirement reform and I characterize newly established second pillar of retirement system. I focus on II. pillar in detail and I analyze how many people (especially employees) are going to probably join the II. pillar. When I practice the analysis I respect basic facts and conditons of joining the II. pillar and I take into account various recommendations of that. In closing I also calculate which impact the joining the II. pillar have on revenue part of state budget.