The subject of this thesis is application of Notional Defined Contribution system in Czech Republic. In this pension system everybody has his own individual pension account on which he or she saves money. Interest is accredited to this account. When this person retires, the pension is calculated based on pension account balance. Contributions do not really stay in pension system, but they are paid to current pensioners (resemblance to PAYG system). In first chapter I deal with pension systems in general, in second chapter I deal with theoretical NDC system. In third chapter I analyze practical application of NDC system in Sweden. Fourth part of this thesis analyses the possibility of introducing NDC pension system in Czech republic.

Pension reform is nowadays one of the most discuss economic topics among professional public. Almost every OECD country is pressured to make pension reform, because of rapid changes in demographic structure. This article is trying described basic options for pension reform. The main effort is to compare the parameters setting of these options. The first part is describing what optimization model is and how to solve it. The second part describes pension models and shows necessity for pension reform in the Czech Republic. The third part is optimization model for PAYGO system in the Czech Republic. The fourth part describes pension systems in OECD and Latin American countries. It also shows undertaken pension reforms in some of these countries. The fifth part defines theoretical approach to pension reforms by citing and summarizing articles form experts on pension systems. The sixth part is describing proposal for Czech pension reform. It is also comparing the setting of this proposal with previously described systems. It also shows influence of parameters on sustainability of system, revenues of participants and expenses of government. In conclusion, article also discusses the influence of pension reform on family relations. This part of article is mainly based on work of world famous economist Gary S. Becker.

Hardly anyone doubt about the necessity of pension reform nowadays. Opinions how to process the reform differs considerably. The main point of my work is to evaluate preferability of so called opt-out (partial release of financial sources from system based on continuous contribution into fund system) for various income and age groups in order to find out that such measures will not fundamentally threaten stability of pension system in the Czech Republic. Reform changes of pension reform of chosen EU countries are to be characterized in my thesis. I will also evaluate possibilities of aplication of foreign experience in the Czech Republic. The basic methods will be above all the analysis of questionnaire results, mathematical and statistical methods and method of international comparation.

Legal regulation of pension companies and pension funds The Master's thesis concentrates on the main issues of the legal regulation of pension companies, the designated providers of pension savings and supplementary pension savings in the Czech Republic. The thesis evaluates the reform of the pension schemes constituted by Act No. 426/2011 Coll., on Pension Savings, Act No. 427/2011 Coll., on Supplementary Pension Savings, and Act No. 428/2011 Coll., amending Certain Acts in Connection with the Adoption of the Act on Pension Savings and the Act on Supplementary Pension Savings. The thesis is divided into nine chapters. Chapter 1 is an introductory part defining the purpose of the thesis. Chapter 2 describes the pension savings regulation in the Czech Republic prior to the reform's effective date (i.e., 1 January 2013). Chapter 3 describes the pension reform and its justification. Chapter 4 concentrates on the pension companies as the managers of pension funds and supplementary pension funds. The regulation of pension funds is described in Chapter 5 while the regulation of supplementary pension funds is described in Chapter 6. Chapter 7 deals with the regulation of the (supplementary) pension funds' distribution. Chapter 8 suggests certain modifications of the reform package and discusses possible...

Since 1990s, there was increasing evidence that pension systems have been restructured across Europe and in Turkey. This thesis aims to analyse the outcomes of the pension reform in Turkey in the light of the pension reforms, realized in the European countries. Theoretically, the thesis also attempts to reevaluate institutionalist approach that is dominant approach within the study of pension systems. The main argument of the thesis is that pension systems both across Europe and in Turkey have been restructured since 1990s in accordance with the neo-liberal policies. In both contexts, it is underlined that the target of the reform is to privatize and individualize the pension systems. Change from PAYGO to funded scheme, shift towards multi-tiered model, reduction of the scope and coverage of public pension scheme and shifting of risks from public to individuals form the common characteristics of pension reforms across Europe and in Turkey.

Evaluation of private pension funds in Lithuania Final work of University Postgraduate Studies, 84 pages, 22 figures, 11 tables, 85 references, 14 appendix, Lithuanian language. KEY WORDS: pensions, social security, pension reform, private pension funds. Research object – Private pension funds in Lithuania Research aim – to evaluate private pension funs in Lithuania. Objectives: 1)specify the concept of private pension funds. 2)perform theoretic the analysis of social insurance models and estimate their potential use in the practice of private pension funds. 3)estimate potential ways of sponsorship and administration of pension funds. 4)frame the methodology of evaluation of private pension funds. 5)evaluate private pension funs in Lithuania according to the prepared methodology. Research methods: the analysis and synthesis of scientific literature, logical analysis and synthesis, comparable analysis, structural comparative analysis, the analysis and synthesis of statistical information, graphic methods of modeling, method of rating.

Pensija – tai senatvės pajamos, skirtos kasdieniam senų žmonių vartojimui finansuoti. Šiandien beveik visi Lietuvos pensininkai, kaip ir daugelyje Europos šalių, pensijas gauna iš valstybės, t. y. valstybė turi finansuoti beveik visą pensininko vartojimą. Dėl ilgėjančio senų žmonių amžiaus ir mažėjančio gimstamumo didėja valstybės išlaidos senatvės pensijoms. Vienas iš siūlomų valstybės išlaidų mažinimo būdų – padidinti asmeninių santaupų vaidmenį senatvės pajamose. Manoma, kad ateityje daugelis pensinio amžiaus žmonių beveik visą savo vartojimą turės finansuoti iš asmeninių santaupų. Vadinasi, pensijų sistemos reforma padidins asmeninių santaupų svarbą. Asmeninių santaupų struktūra – esminis pensijų reformos klausimas. Lietuvos gyventojai, galėdami laisvai pasirinkti investicijų formas (vyriausybės taupymo lakštai, banko indėliai ir pan.) ir investicijų horizontą, dažniausiai savo santaupas laiko trumpalaikių banko indėlių forma. LR Vyriausybė įvedė privalomąjį kaupimą pensijų fonduose, dalį socialinių draudimo įmokų perduoti į privačius pensijų fondus. Šie fondai pradėjo veikti 2004 metų pradžioje. Pensijų fondų finansavimo šaltinis – privalomos darbuotojų įmokos. Privalomojo kaupimo pensijų įmoka yra atimama iš valstybinio socialinio pensijų draudimo įmokos. / According to the currently effective system in Lithuania funds collected from currently employed persons are immediately paid out to the existing pensioners (the solidarity principle of generations). Pensions currently paid are too low to maintain a “normal” living standard. The practices of well-developed Western countries suggest that an old age pension should make at least 70 per cent of the average wages previously earned by the person in order to maintain a similar living standard (now it represents about 40 per cent of average wages). In the future pensions are likely even to decrease in relative terms as life expectancy is getting longer and employed persons will have to maintain more and more pensioners. In order to ensure a higher living standard for future pensioners the pension reform has been launched recently. It may help to take care of one’s future and have a possibility to receive higher income when retired. Participation in private pension funds provides a possibility to accumulate pension funds in one’s personal account. Pension funds invest contributions paid by employed persons in shares, bonds and bank deposits. By investing part of income of individuals in the pension funds the Government is changing the structure of personal savings, and that influences the importance of certain segments of the financial sector (banks, capital market, insurance, etc.) in the Lithuanian economy.

年金制度是歐美國家社會安全體系最重要的ㄧ環，由於人口結構轉變與勞動市場變遷造成年金財務問題日趨嚴重，使得各國年金體系既有之制度已無法延續。年金改革成為各國家必須面臨之問題。本研究選取德國、英國及日本為探討對象，透過研究比較三個國家勞工的年金制度與年金改革的發展趨勢。 德國的年金體系以俾斯麥模式為代表，英國則基於貝佛里奇模式的理念，兩個國家的年金體系為兩種截然不同之模式；日本則是綜合兩種制度之年金體系，以社會保險方式建構基礎年金，形成全民皆年金之體系。上述國家之年金制度已邁入成熟期，在人口老化、經濟發展停滯的雙重壓力下，年金的財務補助成為政府沉重負擔，為維持年金制度的永續經營，已歷經多次年金改革。 本研究的目的，即在了解三個國家的年金制度體系、歷次年金改革內容與年金制度實施狀況，藉由研究比較了解各國年金制度的內容和實務的運作，再與我國勞工的年金制度做比較，並以年金制度工作者的實務經驗，檢視我國年金制度施行現況，以及對我國102年的勞保年金改革方案提出分析，並對未來年金的改革方向提出建議。

Cette thèse porte sur les réformes des systèmes de retraite dans les pays en développement et s’articule autour de deux axes : l’efficacité des systèmes en place pour assurer aux affiliés un niveau de revenu suffisant à la retraite ; et l’extension de la couverture aux travailleurs informels et aux personnes âgées non couvertes. Nous faisons d’abord une étude de 7 cas de pays d’Amérique latine ayant mené des réformes de passage de la répartition à la capitalisation. Elle montre que les effets observés s’écartent de l’impact escompté en ce qui concerne le niveau des retraites obtenu et la formalisation de l’emploi. Nous considérons ensuite le cas du Maroc et le processus de réforme en cours. En nous appuyant sur les données démographiques et financières des régimes, nous analysons la capacité actuelle et future du système à garantir aux retraités un niveau de revenu proche de celui des actifs. Nous montrons notamment que la réforme actuellement envisagée est insuffisante. Nous effectuons enfin, à partir de données microéconomiques marocaines, deux études empiriques sur la question de l’extension de la couverture retraite. La première vise à mesurer l’emploi informel et à identifier ses caractéristiques et ses déterminants. Les résultats indiquent que les trois quarts des travailleurs hors secteur agricole ne sont pas affiliés au système de sécurité sociale et que cet emploi informel est largement subi et non le résultat d’un comportement d’évasion. La deuxième étudie la question de la pauvreté des personnes âgées et l’opportunité de créer une pension de solidarité. Les résultats montrent que les ménages où vivent les personnes âgées sont plus pauvres que les autres, que la cohabitation intergénérationnelle est forte et que la création d’une pension minimale permettrait de sortir un grand nombre de ménages de la pauvreté pour un coût inférieur à 0,5% du PIB. / This thesis investigates pension reforms in developing countries, their ability to provide retirees with a decent income, and the issue of extending their coverage to the entire population, including informal workers. The first two chapters assess the transition from pay-as-you-go to fully funded or multipillar schemes. A case study based on macro-data and pension funds data from 7 Latin American countries show that such reforms had very low effect on coverage rates and labour formalization and did not succeed in protecting people from old-age poverty. The third chapter describes the Moroccan pension system and shows that the reform currently in discussion is not sufficient either to achieve this goal. The last two chapters are empirical studies based on Moroccan labour force survey and household survey data. The first one draws a complete panorama of the non-contributing share of the population and estimates the probability of informal employment depending on both individual and professional characteristics. The second one studies the economic lives of the elderly. Overall results confirm that the informal labour market is heterogeneous and that most informal jobs are involuntary, not a choice made by workers to avoid paying taxes and social security contributions. It also appears that households that include aged members are poorer, the intergenerational cohabitation is high and therefore, creating a solidarity pension will help alleviate poverty at a cost not exceeding 0.5% of GDP.

The theme of my thesis is the analysis of the factors influencing the market of pension funds in the Czech Republic. The aim of this work is to analyze the factors affecting the pension market in the last ten years. The theoretical part is focused on the overview of a given issue, the definition of legislative terms and basic concepts. There is described the basic characteristics of the pension funds and the legal framework. A separate chapter is devoted to the management of pension funds and state supervision of pension funds. There is also an overview of the development of the pension fund in the Czech Republic and other terms associated with it. In the practical part there is monitored an impact of individual factors (the gross domestic product, unemployment, inflation and wage developments) on indicators of the pension market, with evaluation by using regression and correlation analysis. The aim is to determine whether there is a relationship of macroeconomic variables on the characteristics of the pension market, or how to tight the binding between them. In the second part of the practical work was monitored the performance of each pension fund.