N/A / Thesis / Bachelor of Arts (BA)

An aging Swedish population is putting an increased pressure on the Swedish pension system. To address this, the Swedish pension system was reformed in the late 1990s. This reformation resulted in an increased individual responsibility for pension investments among the Swedish population. The individual responsibility has shown to be challenging for many since they feel a great uncertainty in this area. Adding to the notion that the Swedish population is aging; young Swedes are also entering the working life later than before, without planning to retire later than the current seniors. This will implicate that a smaller part of the retirement payments will come from the national public pension, making the individual's pension planning more important. This means that the role of occupational pension and private savings has and will grow in importance years to come.Even so, private pension savings among young people is decreasing. Young people born between 1980 and 2000, often denoted Millennials (also called Generation Y) in literature, are an interesting cohort to research, since they will be the first generation to experience the full impact of the new Swedish pension system. Recent studies indicate that this generation has low interest for pension planning and that they find information about pensions hard to understand. The study will, therefore, investigate how Swedish Millennials could become better informed, engaged and active in their pension planning.The study was conducted through interviews with five representatives from the Swedish pension industry and a survey with 146 Swedish Millennials.Findings indicated that the Millennials’ current attitudes towards pension have a negative impact on their pension planning behaviour. It has been concluded that Millennials engagement to pension planning can be strengthened by improving four factors: Relevance, Content, Channels and Motivation

本研究中以隨機模擬的方法應用於退休金最佳控制理論中，並將下跌風險(Downside Risks)加入二次最佳化函數中作為最適化準則，再以英國與美加地區不同提撥率模型做為研究對象，觀察不同情境下之結果。Haberman(1994)首先提出以最適化方法應用於固定給付制退休金基金上，並具體建立二次最適化準則，以提撥與資產的變異作為控制因子。Chang(2003)以下跌風險的觀念，指出退休金基金經營時管理人常較注意提撥過多與資產不足風險，若經營時考慮下跌風險，則會產生與原來考量不同之結果。本文以Chang(2003)之研究為基礎，將其建議之最佳化函數做為考量下跌風險之依據，並提出改良英國與美加地區之提撥率模型，採模擬的方式進行最佳化，探討其對不同提撥率模型之影響。研究結果發現若以隨機模擬作為最佳控制方法，在不同人口假設及精算模型下，會產生相同之結果，且發現下跌風險對於不同提撥率模型有不同之影響，其中建議的英式模型有效降低風險，而美式提撥率模型對於提撥率比例與資產負債比例在最佳化下有較理想之結果。最重要的，退休金基金管理人可利用隨機模擬的方式進行最佳化控制，以提供決策之參考依據。