This Diploma´s thesis proceses topic Pension for Seniors. The object is situated in Božetěchova street in Brno-Královo Pole. This house is new building, three-floored and partial basemented. Basement is a technical floor. On the first floor are spaces of services and offices. On the second and the third floor are situated twenty-eight flats. Shape of the house is „L“ and its basic dimensions are 39,0 x 38,0 meters. The building is finished with a single layered flat roof. Height of house is 10,715 meters. The base structures is of conrete C16/20. The bearing walls on 1S are of monolithic reinforced concrete. Other Bering construction system is used of Porotherm. The staircase structure consists is of monolithic reinforced concrete.

There are ongoing discussions about a new reform of the mandatory fully funded individual accounts in the Swedish public pension system. Since the initial round in 2000, several funds have been excluded from the platform due to deceptive, and sometimes criminal, behavior towards the consumers. This paper analyzes which individuals that have invested in these funds, examines possible explanations for this, and sheds light on the current structure of the Premium Pension Scheme. By using a rich dataset on 650,000 individuals that consist of both those who have been in six particular dubious funds and a random sample of the rest of the Swedish pension savers, the variables of interest are evaluated in a logistic setting. The results show that individuals who are men, unmarried, divorced, in their older-middle age, have lower-incomes, live in rural areas, and the North of Sweden are more likely to have invested in one of the dubious funds. The results also reveal that some funds have clearer target-groups, while others have targeted more randomly. The study emphasizes the need for improving people’s financial decision-making through improved information.

Retirement is one part of life that everybody will sooner or later come too. It is very important to prepare and plan for it by looking for the best possible alternative(s) to save and invest money in order to get enough capital to live on when it is time to retire. In Sweden like in many other countries women tend to have lower wages than men and the maternity leave is a life event that can affect the income of women during their labour time. This can then result in women having less disposable income during the retirement period. In general, women are living longer than men therefore they should get more money to live on but this is not the case in most of the time. In finance taking high risk can be rewarded by high return. Several researches that have been conducted in different fields came to the same conclusion that women are more risk averse than men. This risk averse can be explained by physiological, psychological, social and intellectual aspects. In this thesis I study the investment behaviour of both genders in Premium Pension Funds managed by the Swedish Pension Authority (PPM). In contrary to what many researches in several fields have come to, I found that men tend to invest less than women when the risk level involved in investing in Premium Pension Funds increases. This observation can be seen as an attempt of the women to increase their pension capital in a shorter of time by investing in riskier pension funds. A further study on this subject will be suitable in order to confirm if the women’s attempt to increase their pension capital by engaging in riskier pension funds is rewarded by a higher return by including annually returns as an additional independent variable / Pensionering är en del av livet som alla förr eller senare kommer också. Det är mycket viktigt att förbereda och planera för det genom att leta efter bästa möjliga alternativ (s) för att spara och investera pengar i för att få tillräckligt med kapital för att leva på när det är dags att gå i pension. I Sverige liksom i många andra länder kvinnor tenderar att ha lägre löner än män och moderskapsledigheten är en händelse i livet som kan påverka inkomster kvinnor under sin arbetstid. Detta kan sedan leda till att kvinnor har mindre disponibel inkomst under pensionstiden. I allmänhet, kvinnor lever längre än män och därför bör de få mer pengar att leva på, men detta är inte fallet i större delen av tiden. I finans ta hög risk kan belönas med hög avkastning. Flera undersökningar som har genomförts inom olika områden kom till samma slutsats att kvinnor är mindre riskbenägna än män. Denna riskaversion kan förklaras av fysiologiska, psykologiska, sociala och intellektuella aspekter. I denna avhandling studerar jag investeringsbeteende båda könen i Premiepensionsfonder som förvaltas av Svenska Pensionsmyndigheten (PPM). I motsats till vad många forskare inom flera områden har kommit till, fann jag att män tenderar att investera mindre än kvinnor när risknivån med att investera i Premiepensionsfonderna ökar. Denna observation kan ses som ett försök av kvinnor att öka sitt pensionskapital i en kortare tid genom att investera i mer riskfyllda pensionsfonder. En påbyggande studie i detta ämne kommer att vara lämplig för att bekräfta om kvinnornas försök att öka sitt pensionskapital genom att delta i riskfyllda pensionsfonder belönas med en högre avkastning genom att inkludera avkastning som en ytterligare oberoende variabel.

The present thesis focuses on the analysis of the Czech pension system reform. In order to understand the respective consequences, the analysis is put into the context of the development of the Czech pension system after 1989. In addition to the value aspect, attention is paid to the demographic, legislative, political, economic, social, institutional and international aspects of the pension system, its arrangement, financing and financial sustainability. The comparison of the pension reform implemented by the coalition government of Prime Minister Petr Nečas with the concept of pension reform of the opposition Czech Social Democratic Party by the criteria of budgetary responsibility, quality of life of pensioners, solidarity, social justice, equivalence and resilience of pension reform in time is also emphasised. Theoretical bases include the theory of path dependency, the theory of institutionalism, the welfare state theory, the theory of corporatism and the criterion anchoring of the reform. The present thesis applies the method of analysis of secondary data and the method of comparative analysis. To obtain secondary data, methods of document and data record searching are utilised.

The diploma thesis generally focuses on pension systems, specifically on the institution of retirement age. This institution is very important for the old-age pension system and its stability. Retirement age is an important determinant of every pension system. Demographic and economic state of society depends, among other things, on age at which citizens can retire, it's associated with standard of living of state residents. It also affects job opportunities. Since its inception the retirement age in the Czech Republic has gone through many modifications. Based on the theory of actor-centered institutionalism, the diploma thesis addresses the determinants that influenced the development of retirement age institute, including its institutional framework and actors involved in its changes. It also deals with its developmental stages. Comparison with the development in Slovakia (in some parts of diploma thesis only) will be enriched the conceptual, empirical as well as methodological realm of the thesis. Czech and Slovak Republics have shared history but the pension systems of both countries have considerably diverged. In conclusion the diploma thesis specifies the wider context of the retirement age as a part of the overall pension system. Powered by TCPDF (www.tcpdf.org)

[pt] Os fundos de previdência complementar fechados, também conhecidos como fundos de pensão, através da geração de poupança interna e na ampliação do investimento produtivo desempenham uma participação importante no desenvolvimento da economia. O presente trabalho teve como objetivo verificar o desempenho dos fundos de pensão, no período de 2010 a 2014. No total foram analisadas as rentabilidades anuais de 60 fundos, sendo que 30 de patrocinadores privados e 30 de patrocinadores públicos. Esta pesquisa procura analisar o desempenho destes fundos e verificar se estes possuem uma rentabilidade satisfatória, avaliar se existe diferença de gestão entre fundos com patrocinadores de empresas públicas e privadas e posteriormente para determinar os fatores de risco das carteiras dos fundos seria utilizado o modelo proposto por Sharpe, conhecido como analise de estilo baseado em retorno. A avaliação dos desempenhos dos fundos foi realizada por modelos quantitativos clássicos como índice Sharpe, índice de Modigliani e índice de Treynor. A pesquisa de fundos de previdência complementar fechada se justifica, pelos poucos estudos publicados, pelo crescimento continuo das discussões sobre análise de desempenho e estilo de gestão nestes fundos. / [en] Closed pension funds, also known as pension funds, through domestic savings generation and expansion of productive investment play an important role in developing the economy. This study aimed to verify the performance of pension funds in the period 2010 to 2014. In total the annual returns of 60 funds were analyzed, of which 30 private sponsors and 30 public sponsors. This research seeks to analyze the performance of these funds and to determine whether they have a satisfactory profitability, assess whether there are differences in management between funds with sponsors of public and private companies and subsequently to determine the risk factors of the portfolios of the funds would be used the model proposed by Sharpe, known as return-based style analysis. The evaluation of the performance of the funds was performed by classical quantitative models as Sharpe ratio, Modigliani index and Treynor index. The survey closed pension funds is justified by the few published studies, the continued growth of discussions on analysis of performance and style of management in these funds.

This dissertation studies underfunding in defined benefit (DB) pension plans and firms' contribution behavior, 401(k) plan participant investments in lifecycle funds under plan sponsors' initiative, and fund commonalities within mutual fund families. Responding to the recent decline in DB pension funding, firms have increased pension contributions to their underfunded plans. In the first essay I empirically examine firms' contribution behavior to underfunded DB plans and funding choice for pension contributions. I find that firms reveal different sensitivities of pension contributions to underfunding across aggregate funding levels. Furthermore, at a lower funding level firms have the greater sensitivity of pension contributions to underfunding and significantly utilize the tax deductibility of pension contributions. As for a funding choice to fund pension deficits, firms use debt financing at a low funding level, but utilize internal funding by decreasing capital expenditures at a lower funding level. Firms that use the debt financing are likely to have investment-grade credit ratings or high debt leverage, while firms that use the internal funding are likely to be high-levered ones. Recently lifecycle funds have rapidly grown in self-directed retirement plans. Despite the increasing popularity among plan sponsors and participants, there are few empirical studies on lifecycle funds. In the second essay, I examine the recent lifecycle fund adoption behavior of 401(k) plan participants from 2004 to 2006. I find that the likelihood of participants changing an investment strategy to adopt lifecycle funds is not significantly affected by participant demographic characteristics, but by participant account and plan design features. This study extends our understanding of 401(k) plan participants' investment behavior by finding (1) that the substitution of lifecycle funds for balanced funds, as well as the designation of lifecycle funds as a plan default, strongly affect participants' investments in lifecycle funds and (2) that balanced fund holdings of participants are negatively associated with their lifecycle fund investments. Mutual funds account for a significant portion of household financial assets and retirement assets. An understanding of characteristics of mutual funds is crucial to fund investors--especially those whose retirement nest eggs are in mutual funds. In the final essay, I examine the impacts of fund commonalities within mutual fund families on fund characteristics in terms of return residual correlations and fund operating expenses. As fund commonalities within a fund family, I focus on common stock holdings and common management of funds. I find that common stock holdings and an existence of a common manager of funds are positively related to return residual correlations, but negatively related to fund operating expenses. This finding suggests that when investors select low-cost equity funds within a family, they should be aware that there exists an investment risk that the fund commonalities that lower fund operating expenses may additionally increase return correlations of the funds. / Business Administration

El Sistema de Pensiones Privado (SPP) del Perú es operado por cuatro Administradoras de Fondos de Pensiones (AFP): Habitat, Prima, Integra y Profuturo, quienes administran los aportes mensuales de los trabajadores afiliados. El presente trabajo de investigación tuvo como objetivo determinar la eficiencia técnica de cada una de las Administradoras de Fondos de Pensiones del Perú, 2015 – 2021, para así establecer si la asignación de sus recursos se mantiene eficiente a pesar de los cambios dados en los últimos años al SPP. La metodología utilizada para el desarrollo de la investigación fue de tipo aplicada con nivel explicativo con análisis estadísticos descriptivos. El nivel de eficiencia fue obtenido a través del modelo de Análisis Envolvente de Datos (DEA), el cuál mide la eficiencia de las empresas por medio de su capacidad individual para maximizar sus recursos con un cierto nivel de entrada. Para ello, se seleccionaron como variables de entrada a los gastos de personal y a la inversión en activos fijos y como variable de salida a los ingresos operacionales, con data obtenida en la Superintendencia de Banca, Seguros y AFP (SBS). Se obtuvo como resultado que las cuatro administradoras de fondos existentes son eficientes técnicamente puesto que se encuentran en el rango establecido para considerarse eficientes técnicamente [0.5-1], resaltando la fluctuación obtenida para la AFP Integra dentro de dicho rango para los años de estudio. Con ello, se concluye que las AFP en el Perú emplean adecuadamente sus recursos siendo eficientes técnicamente durante los años de estudio. / The Private Pension System (SPP) of Peru is operated by four Pension Fund Administrators (AFP): Habitat, Prima, Integra and Profuturo, who manage the monthly contributions of affiliated workers. The objective of this research work was to determine the technical efficiency of each of the Pension Fund Administrators of Peru, 2015 - 2021, in order to establish if the allocation of their resources remains efficient despite the changes in recent years. years to SPP. The methodology used for the development of the research was applied with an explanatory level with descriptive statistical analysis. The level of efficiency was obtained through the Data Envelopment Analysis (DEA) model, which measures the efficiency of companies through their individual capacity to maximize their resources with a certain input level. For this, personnel expenses and investment in fixed assets were selected as input variables and operating income as output variable, with data obtained from the Superintendency of Banking, Insurance and AFP (SBS). It was obtained as a result that the four existing fund managers are technically efficient since they are in the range established to be considered technically efficient [0.5-1], highlighting the fluctuation obtained for AFP Integra within said range for the years of study. With this, it is concluded that the AFPs in Peru adequately use their resources, being technically efficient during the years of study.

在快速發展的人口老化下，延後退休年齡並鼓勵高齡就業成為年金制度應對高齡化的主要手段。然而，台灣於此同時卻伴隨著相當低的勞動參與率，在高齡就業上一直成效不彰。也因此，在法制上如何改善退休者就業與年金給付之關係，即有必要從先進國家之經驗予以觀察。本文以日本處理退休者就業與年金給付法制為研究對象，特別著重在就業與年金銜接之問題，以及處理同時存在就業與年金給付的部分年金制度，期待能替台灣帶來可行之政策建議。本文研究架構如下： 第一章為緒論，介紹本研究之研究目的與動機、研究範圍及文獻回顧。 第二章則敘明日本高齡化之人口變遷現象，與近年日本高齡者勞動參與率之變化，以作為本論文之背景說明。 第三章則探討日本高齡者就業法制。此部分從政策的歷史變遷開始，從雇用率制度到延長企業內退休年齡，並特別著重於引介近年來利用繼續雇用政策為核心手段，藉以銜接企業內退休年齡，與年金請領年齡間之落差問題，並以此作為台灣將來處理就業與年金問題之借鑑。 第四章為日本部分年金法制之介紹。所謂部分年金，為一處理退休後同時有就業與年金給付之制度，其雖常見於先進國家的年金制度之中，但對台灣卻極為陌生。故先從簡介日本年金制度開始，特別是厚生年金保險，與其面對人口高齡化的挑戰。然後引介日本部分年金的歷史發展與現制，並以同時具有部分年金的瑞典、德國與法國之制度，相較於日本為比較觀察，以凸顯日本制度之來由與特色。 第五章為結論，總結本文研究心得。針對我國在將來就業與年金的接續，以及可能的部分年金制度提供政策建議。

Between 1980-2006, thousands of South African pension funds converted members from defined benefit to defined contribution structures. This research set out to answer the questions of why this phenomenon occurred and whether peculiar environmental circumstances influenced the outcome. The research framework identified various stakeholders in the retirement fund industry - government; regulator; pension fund adjudicator; ombudsman for long term insurance; trade unions; members; trustees; business; employers and service providers - and isolated the elements to be considered in the research. Industry experts were interviewed to obtain a macro view of the phenomenon and specific manifestations of the phenomenon were also considered in case studies. The purpose of the research was to develop a model for managers to assist them in dealing with environmental change. Qualitative research methodology was utilised and feedback from semi-structured interviews was categorised into several emergent themes. Within-case and cross-case analyses were conducted. Research results indicate that the conversion phenomenon occurred in two waves - one initiated in the 1980s and driven by the trade unions and a second in the 1990s, driven by employers, often at the advice of their consultants. Evidence of the start of a third wave also emerged. Results indicate that an environmental shock exerted a substantial influence on the course of events. Under these:  Various factors combined to drive organisational evolution (i.e. adaptation to the environment).  Adaptation speed was inappropriate and exceeded that which was required for sufficient thought.  Uncertainty and vacuum circumstances arose leading to consequences that require redress.  The power of the relative stakeholders changed and influenced the strategic outcome.  An imbalance in stakeholder interests arose and ethical factors became consequential.  Business acted to restore certainty for itself. Existing literature explained organisational behaviour in environments of competitive shock and high turbulence, but not in circumstances of environmental shock. A model emerged to assist managers to deal with environmental change, which was applied to an analysis of pension fund reform. It was also applied to the pension fund perspective on Broad-Based Black Economic Empowerment. This model may also be applied in analysis of land redistribution, sanctions and constitutional development. / Business Management / DBL