Pension systems and their financial sustainability in the last few decades are frequently discussed topic. Many evaluate existing PAYG systems as financially unsustainable. They come up with pension reforms solutions like introduction of a three-pillar system. This thesis deals with the analysis of pension systems of the Visegrad Group. This group is composed of Czech Republic, Hungary, Poland and Slovakia. Application of Aaron's rule is measured by return on different types of pension schemes. Then, ongoing financial sustainability of pension systems in the V4 countries is evaluated. The final assessment of financial sustainability is directed to the situation in the Czech Republic according to the results of the carried out analyzes of the entire group of Visegrad.

My thesis is concerned to old age pension scheme issue in the Czech republic conditions. There is an analyse of PAYG and funded system from individual point of view. The aim of this work is to construct a model which would be able to inform individuals about the effectiveness of each current pension pillar. Model of comparison defined pension age break-even point, which represent age when the total amount of contributions payd are equal to retired pay received. By using original model, it is possible to find minimum desired value of returns from private pension funds.