Made available in DSpace on 2016-03-15T19:34:28Z (GMT). No. of bitstreams: 1 Fabiano Silva dos Santos.pdf: 1406197 bytes, checksum: 82789068e6510aa77de9d8baceebd07a (MD5) Previous issue date: 2015-12-15 / Universidade Presbiteriana Mackenzie / This study aims to evaluate the State role in investment regulation of the private entities of complementary pension. The control of pension resource investment process has as propose maintain funds liquidity and ensure the future payment of pension contracted by the participants. The pension funds are overseen by National Superintendence of Complementary Pension (PREVIC) and should have enough internal controls and governance to avoid actuarial deficit in the benefit plans that manage, the corporate governance. The private pension system is managed by entities whose purpose is implant and execute the benefit plans, considering the investment policy the main bond of the negotiation process, it s in the policy that becomes stablished the guideline fallowed by everyone included in the investment. The main technical features and procedures commented above have relevant normative regulation, especially Complementary Law n. 109/2001, Resolution CMN n. 3.792/2009 e Resolution CGPC n. 13/2004. Moreover, will be analyzed different segments of investments, included fixed income, variable income, structured investments, real estate and operations with participants, in addition to your legal limitations. The State will act throughout the private pension system, regulating, coordinating and supervising activities, seeking, in this way, a balance between economic and social. / O presente estudo pretende analisar o papel do Estado na regulação dos investimentos das entidades fechadas de previdência complementar. O controle do processo de aplicação dos recursos previdenciários tem como finalidade preservar a liquidez e o pagamento do benefício futuro. Os fundos de pensão são fiscalizados pela Superintendência Nacional de Previdência Complementar (PREVIC) e devem possuir controles internos suficientes para evitar déficit atuarial nos planos de benefício que administram, a partir da governança corporativa. O regime de previdência privada é operado por entidades que têm por objetivo principal instituir e executar os planos de benefícios previdenciários, observando a política de investimentos enquanto linha condutora do processo negocial de investimento, uma vez que é nela que se registram as diretrizes observadas por todos aqueles que participam do processo decisório de investimento. As características e os procedimentos acima descritos possuem regulação normativa relevante, com destaque para a Lei Complementar nº 109/2001, a Resolução CMN nº 3.792/2009 e a Resolução CGPC nº 13/2004. Além disso, serão analisados, ainda, neste trabalho, os diferentes segmentos de investimentos, quais sejam: a renda fixa, a renda variável, as operações com participação, os investimentos imobiliários e os investimentos estruturados, bem como as limitações para suas alocações. O Estado irá atuar em todo o sistema de previdência complementar, disciplinando, coordenando e supervisionando as atividades, a fim de buscar o equilíbrio entre o econômico e o social.

Submitted by FABIANO MACIEL (fabianorm@gmail.com) on 2014-01-06T12:43:41Z No. of bitstreams: 1 Maciel_FR_Controladoria de Gestão_caso PREVI.pdf: 1825597 bytes, checksum: b75879b075a45fb862a5edc5cadd1ca0 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2014-01-07T13:58:54Z (GMT) No. of bitstreams: 1 Maciel_FR_Controladoria de Gestão_caso PREVI.pdf: 1825597 bytes, checksum: b75879b075a45fb862a5edc5cadd1ca0 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2014-01-13T11:51:21Z (GMT) No. of bitstreams: 1 Maciel_FR_Controladoria de Gestão_caso PREVI.pdf: 1825597 bytes, checksum: b75879b075a45fb862a5edc5cadd1ca0 (MD5) / Made available in DSpace on 2014-01-13T11:51:40Z (GMT). No. of bitstreams: 1 Maciel_FR_Controladoria de Gestão_caso PREVI.pdf: 1825597 bytes, checksum: b75879b075a45fb862a5edc5cadd1ca0 (MD5) Previous issue date: 2013-11-29 / O segmento de previdência privada fechada tem 3,2 milhões de participantes e assistidos com mais de 1.000 planos de previdência administrados por 330 fundos de pensão (EFPC). Para que essas entidades cumpram a sua missão é necessário um acompanhamento dos recursos acumulados, do desempenho atingido pelos investimentos e a avaliação de se o montante acumulado permite o complemento de renda esperado, e também se faz necessário que os participantes dos planos de previdência tenham acesso às informações de sua performance. Este trabalho abordará o estudo desses fundos de pensão, com foco naqueles cujo patrocínio é de uma entidade pública regida pela Lei Complementar nº108/2001, que disciplina a relação dessas entidades públicas, enquanto patrocinadoras, com suas respectivas entidades fechadas de previdência privada. Há diferenças significativas entre os fundos de pensão e as demais empresas, porém os fundos de pensão passam por problemas similares nos aspectos de gestão e governança. Este trabalho analisará a governança dos fundos de pensão e o papel e atribuições da área de Controladoria, normalmente a responsável por gerar informações para alta administração das empresas em geral, adaptando-as ao contexto da previdência. Como caso prático, será analisada a PREVI - Fundo de Pensão dos Funcionários do Banco do Brasil e sua área de controladoria. A PREVI é uma entidade fechada de previdência complementar, fundada há 109 anos, maior fundo de pensão de América Latina e o 27o do mundo. Atualmente administra três planos de previdência que totalizam mais de R$ 160 bilhões em ativos. / The private pension fund segment has 3.2 million members and beneficiaries and has over 1,000 pension plans administered by 330 pension funds. In order to fulfill their mission, it is necessary that the funds monitor the accumulated resources and the investments’ performance, and evaluate if the cumulative amount allows the expected additional income. It is also necessary to provide information about the pension plans’ performance to its members. This study will discuss these pension funds, focusing on those whose sponsorship is a public entity governed by the Complementary Law No. 108/2001, which rules the relationship of these public entities, as sponsors, with their respective closed private pension. There are significant differences between the pension funds and other companies, but pension funds have similar problems in terms of management and governance. This paper will examine the governance of pension funds and the role and responsibilities of the Controller's department, usually responsible for generating information to senior management of companies in general, under the perspective of Complementary Pension. As a case study, it will be analyzed the PREVI - Pension Fund for Employees of Banco do Brasil and its Controller´s department. The PREVI, a pension fund, founded 109 years ago, the largest pension fund in Latin America and the 27th in the world. Currently manages three pension plans of about more than R$ 160 billion in assets.

This paper studies the differences and similarities between the discrete annuity divisor of the income pension compared to the continuous annuity divisor of the premium pension in Sweden. First discrete and continuous annuity divisors are compared and found to be equivalent given the same underlying mortality. The income divisor is based on observed mortality in a period setting while the premium divisor which is based on projected mortality in a cohort setting. The expected performance of the two methods is studied by constructing prediction intervals based on Lee-Carter models with either a Binomial or Poisson distribution. Prediction intervals are constructed using either residual bootstrap or parametric bootstrap. The premium annuity divisor is found to outperform the income annuity divisor, there is a large risk that the latter underestimates the future mortality. / Den här uppsatsen studerar skillnader och likheter mellan inkomstpensionens diskreta delningstal och premiepensionens kontinuerliga delningstal i Sverige. Först jämförs diskreta och kontinuerliga delningstal och finns vara likvärdiga när de baseras på samma dödlighet. Inkomstpensionens delningstal är baserad på observerad period-dödlighet medan premiepensionens delningstal är baserad på projekterad kohort-dödlighet. Prediktionsintervall används för att skatta hur bra de två metoderna är. Med hjälp av Lee-Carter-modellen baserad på antingen poissonfördelning eller binomialfördelning konstrueras prediktionsintervall. Bootstrap, antingen parametrisk eller baserad på residualerna, används för att skapa prediktionsintervallen. Premiumpensionens delningstal stämmer väl överens med prediktionsintervallen medan det för inkomstpensionens delningstal finns en stor risk att framtida dödlighet underskattas.

Diplomová práce - Soňa Součková: Simulation of pension reform impact on real estate market Abstract The objective of this thesis is to estimate the impact of pension reform on commercial property market in the Czech Republic during the period of 2013 -2017. Our hypothesis is that a potential pension reform would have a positive significant impact on property investment volumes via institutions constituting the second pillar. In the first step, we provide analysis of pension reforms recently applied in Slovakia, Hungary, Poland, Lithuania, Latvia and Estonia. Given analysis of selected countries and specifics of the proposed Czech pension reform, we estimate that the institutions in the second pillar may face additional yearly cash inflows beginning on EUR 1.23 billion in 2013 and further increasing to EUR 2.59 billion in 2017. Furthermore, we estimate that a likely share allocation by second pillar institutions into real estate would lie in the region of 0 - 14% depending on the discrete decision of the regulators. Using a conservative leverage of 40% for bank financing, we estimate that the expected investment volumes allocated by second pillar institutions into real estate would be EUR 61 - 287 million in year 2013. Given the average investment volumes of EUR 1334 million p.a. allocated into commercial...

The object of my diploma is focused in the pension system of The Czech Republic and the perspective of it in the future. At present there is still no problem in the financial balance of the pay-as-you-go pillar but due to the ageing of population the Czech dominant pillar will certain face to serious problems in case of no modifications. This conclusion arises from the first part of the analysis which also consists of the possible parameter modifications that could keep the system in balanced in long term. The next part is the analysis of the savings in the pension funds as the main alternative to the PAYGs. Each approach has its advantages and disadvantages which are main objects of both analyses in this diploma. Beside of the ability to keep the system stabled in financial terms I examine also the equivalence of contributions to the level of pensions that is important for the motivation of people to be responsible for their financial security in their old-age. The last part deals with the experiences of the pension systems in Chile, Slovak Republic and Sweden from where we could gain the real results of the reformed systems in different way in each country. From the results of these analyses I also give some possible recommendations for the elementary modifications in Czech system in the final part.

The work aims to explain the character and success/failure of pension reforms with help of political explanatory variables. The constitution of given political system is considered, as well as the actual political alignment and the role of electorate, in explaining the processes underlying the pension scheme reforms - a major topic of today's aging societies. The case study approach is used, utilising the recent experience of Great Britain and Sweden in reforming the pensions. The findings are compared with the results and conclusions suggested by a dynamic economic model of pension scheme switch, demonstrating eventually what factors and conditions are favorable for pension reforms, both from the political and the economic point of view.

The aim of this thesis is to compare and evaluate pension system of the Czech Republic and Switzerland and the pension funds operating at the level of II. and III. pillar. In many aspects Switzerland is claimed to have the right and healthy pension system. This thesis tries to answer if it is true and in what way could be Switzerland inspiring for the Czech Republic. At first, the study focuses on present pension systems in both countries, characterizes them and after it describes their economic environment. Using method of quantitative analysis the paper compares pension funds in the Czech Republic and Switzerland according chosen factors. As the conclusion the paper is devoted to final comparison of pension systems of both countries and evaluates them.

This dissertation work focuses on evaluation of the performance and credibility of domestic pension funds. It includes information about pension systems in six selected countries in the world, specifically Chile, Hungary, Switzerland, Poland, Sweden and Slovakia, and culminates with a proposal for pension reform in the Czech Republic. The evaluation of the performance of pension funds is based on experience with measuring performance in twenty-three countries of the world processed for the OECD and cites original basis materials for proposals for the regulation of pension funds in the Czech Republic. Setting of indicators is preceded by an analysis of measurements of performance by the Association of Pension Funds in the Czech Republic and the Research Institute of Labour and Social Affairs. The most important proposed indicators include the actual result in relation to the participants' funds, which captures the influence of changes in the market values of financial assets, and the indicator of competence covers obligations, reflecting the influence of changes in costs during subsequent periods, which include yet undistributed commission for mediators of pension insurance. For a comparison of benefits and risks, mutual funds denominated in CZK were selected, which were verified as a suitable alternative to long-term saving. The method of evaluation of pension funds itself is based on explanation, evaluation and selection of favourable indicators for determining the rating of domestic pension funds, which clients of pension funds could use as a method for evaluating the credibility and benefits of a specific domestic pension fund for the purpose of securing it in retirement age.

This Master´s thesis covers the subject of supplementary pension insurance and life insurance contributions as new benefits for employees of the DISTEP a.s. company. Master´s thesis comprises a complex project for integration of supplementary pension and life insurance into the current employee benefit system in the company, analysis of benefits currently provided and advancement recommendations.

This thesis aims at using marketing research to determine customer satisfaction of university students with the third pillar of the pension system. The first section describes the objectives of the work, including the necessary methods. The following theoretical part deals with basic concepts of marketing, marketing research, as well as defining the customer and his satisfaction, including methods by which satisfaction is measured. In addition, there is a description of the general operation of pension systems and individual pillars. The practical part includes marketing research, evaluation of the collected data and own suggestions for improving this product.