<p>Sammanfattning Introduktion: Sverige har en lång tradition av olika pensions system, så tidigt som 1914 blev det första sy-stemet implementerat. Systemet har blivit förändrat åtskilliga gånger och 1998 infördes Premie Pensions (PPM) systemet. PPM är en blandning av ett distributionsbaserat system och ett fondbaserat system. 16 procent av en individs inkomst är bundet till det distribu-tionsbaserade systemet för att kunna finansiera dagens pensioner. 2,5 procent av en indi-vids inkomst är låst till det fondbaserade systemet och kan investeras av individen i olika fonder. PPM systemet har blivit utsatt för mycket kritik eftersom tidigare studier påvisat att flertalet svenskar inte gör aktiva fondval samt att de har otillräcklig kunskap. Diversifiering förklaras bäst genom talesättet; att inte placera alla ägg i samma korg. Diver-sifiering är ett mått på hur väl en investerare lyckats sprida risken i sin portfölj genom att fördela tillgångarna i olika sorters värdepapper. Syfte: Syftet med denna uppsats är att studera huruvida svenskens pensionsportfölj inom PPM är diversifierad. Detta syfte valdes för att ingen tidigare studie med ett likadant syfte genomförts samt där-för att risken med att inneha en dåligt diversifierad portfölj kan vara stor. Metodval: En kvantitativ ansats har använts i denna uppsats då syftet med den är att dra slutsatser ba-serat på en stor urvalsgrupp. Andrahandsdata emottaget från PPM har uteslutande använts för att genomföra den empiriska studien. För att underlätta studien har en viss begränsning av information gjorts. I studien har ett urval av 100 individer samt 50 fonder använts. En avgränsning är att endast fonddata för de tre senaste åren använts. Trots dessa tillkorta-kommanden hävdar författarna att en hög validitet och reliabilitet har uppnåtts i uppsatsen. Slutsats: Efter att ha jämfört individernas portföljer mot efficient frontier, har åtskilliga resultat uppdagats som påvisar samma slutsats; att svenskens pensionsportfölj inom PPM är dåligt diversifie-rad. Handlingsplan för ansvariga: Att genomföra vidare studier med syfte att få mer kunskap om varför portföljerna är dåligt diversifierade samt implementera dessa resultat av studien i praktiken.</p> / <p>Introduction: Sweden has a long tradition of pension systems, as early as 1914 was the first system implemented. The system has been changed a number of times and in 1998 was the Premium pension authority (PPM) system introduced. PPM is a mixture of a distribution-based system and fund-based system. 16 per cent of an individual’s income is devoted to the distribution-based system for financing today’s pensions. 2.5 per cent of an individual’s income is looked in the fund-based system and can be invested by the individual in different funds. The PPM system has been a target for much criticism since earlier studies has shown that the Swedes do not make an active choice nor have the demanded knowledge. Diversification is best explained through the saying; not to place all your eggs in the same basket. Diversification is a measure of how well an investor has succeeded to spread the risk of the portfolio by allocating assets in different securities. Purpose: The purpose of this thesis is to study whether the Swedish inhabitant’s pension portfolios within the PPM system are diversified. This purpose has been chosen because no studies have been made with an identical aim and also that the risk with holding a poorly diversified portfolio is grave. Methodology: A quantitative approach has been chosen since the aim of the thesis is to draw conclusions based on large sample numbers. Solitary secondary data, received from PPM, has been used to conduct the empirical study. To simplify the study limitations of information have been made; in the study samples of 100 individuals and 50 funds have been used. A Delimitation of the study is that only fund data for the last three years has been used. Despite the scarcities of the thesis the authors claim that the thesis has high validity and reliability. Conclusions: When benchmarking the individual portfolios against the efficient frontier a number of results were revealed and they all ended up in the same conclusion that the Swede’s pension portfolio within the PPM system is insufficient diversified. Implication for management of the PPM system To conduct further studies with the aim to get knowledge; why the investments are poorly diversified and find ways to transform the suggestions of the study into practice.</p>

Thesis (DTech (Public Management))--Cape Peninsula University of Technology, 2009. / Includes bibliographical references (leaves 186-193). Also available online.

Universiẗat der Bundeswehr, Diss--München, 2008. / Literaturverz. S. [373] - 385.

Acknowledging the population aging trend, the urbanization process, and also the old-age security challenges facing rural migrant workers, this study sets out to explore and make theoretical sense of the pension policy process for rural migrant workers, through a case study in Beijing. Applying the stage model of the policymaking process, and an equitable-effective-efficient evaluative framework, an inquiry frame is constructed to formulate research questions theoretically and to facilitate the whole study. Mixed methods integrating quantitative and qualitative research were adopted to achieve the stated purpose. The secondary data yielded by a random sampling survey (N=3,024) were employed to provide a contextual base, and to examine what factors are influencing rural migrant worker choices and participation in pension schemes, through a multivariate Probit regression method. The effect of pension program on consumption smoothing and income redistribution, reflected by pension replacement rates, are explored through actuarial models. Based on the findings of a quantitative study, semi-structured, in-depth interviews were carried out with 22 rural migrant workers, 6 governmental officials, 5 scholars and 5 human resource managers in Beijing. Through prolonged immersion in the research site, qualitative research further addresses the mechanisms and factors functioning within the policymaking process. Merging mixed methods utilizing the stages model of policy process, this study has been able to make discoveries not reported in previous studies. This study is of considerable significance, as it contributes novel insights and concepts into understanding the dynamics of the policy process in the case study of rural migrant worker pension provision in China. First, in response to the inquiry frame, it establishes an analytical framework to uncover the underlying policymaking process, as well as the mechanisms and factors functioning within each stage. In the agenda setting stage, it is the central government which can initiate the agenda setting process for rural migrant workers. At the same time, however, local governments are driven by their own interests and compelled by the central government’s desire to get pension issues on the agenda. It is indicated that decentralization, centralization and incrementalism are functioning together in policy formulation and adoption. From both the micro and macro perspectives, this study identifies what factors are contributing to the gap between policy design and implementation. Guided by a preset three-Es framework, the whole policy process and its (potential) impacts are evaluated. Second, throughout the whole study, an interest is displayed through its analysis in rural migrant workers' situations, needs and opinions. It is found that governments are playing an overwhelmingly decisive role in policy making, that rural migrant workers' voices are largely unheard, and that powers are concentrated in unrepresentative hands. Policy suggestions on moving toward a democratic policy process are then discussed. Finally, this study further proposes a package of concrete policy implications to systematically address these practical policy issues. This package mainly covers the household registration system, the sandwich generation, preservation of pension rights, policy transparency and publicity, policies being moderately mandated, and particular social welfare programs. / published_or_final_version / Social Work and Social Administration / Doctoral / Doctor of Philosophy

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Baigiamajame darbe darbo autorė apžvelgia Lietuvos pensijų fondų raidą. Darbe išskiriami tokie pagrindiniai aspektai: istorinė pensijų fondų atsiradimo apžvalga, pensijų fondų veikla, pensijų fondų klasifikavimas ir veiklos ypatumai, pensijų fondų analizė. Panaudodama Lietuvos Respublikos pensijų kaupimo veiklą reglamentuojančius įstatymus, kitą reikalingą medžiagą ir surinkus duomenis apie pensijų fondus, darbo autorė išanalizavo pensijų fondų atsiradimo eigą, suklasifikavo pensijų fondus į grupes, pagal investicijų į akcijų rinkas dalį. Atlikus dalyvių pasiskirstymą tarp pensijų kaupimo veiklą vykdančių įmonių, darbo autorė išnagrinėjo kokioms bendrovėms Lietuvos gyventojai labiau patiki valdyti savo lėšas. Atlikus dalyvių pasiskirstymą pagal investavimo strategijas, autorė sužinojo kokius pensijų fondus žmonės linkę pasirinkti. / Referring to the laws of the Republic of Lithuania, which regulate the pension accumulation activity, the other necessary material and the collected data about pension funds, the author of the thesis has analyzed the course of founding of pension funds, has classified pension funds according to the groups, according to the investment share in the share market. After having distributed the participants among the enterprises, which execute the pension accumulation activity, the author of the thesis has investigated the item, i.e. the enterprises, which are mostly trusted by the dwellers of Lithuania from the aspect of management of their means. After having distributed the participants according to the investment strategy, the author has ascertained which pensions funds are mostly popular among people. According to the analysis, which has been done by the author of the thesis, founding of the new pension funds of the II-nd and of the III-rd level is observed. Several large-scale enterprises of the country have expanded the offer of their funds by founding the investment funds, attributed to a larger risk, which invest most their assets into the shares. The author of the thesis would like to stress that a larger number of funds means a tough competition regarding the clients. It’s useful as the increased number of funds urges the pension accumulating enterprises to improve the quality of management, to submit a more specified and various information about their activity. An... [to full text]

Purpose of this study is to identify and to evaluate the main trends in the development of old-age pensions and sickness benefits schemes (by designing social insurance system models) and to determine the possible ways how to increase the efficiency in consumption smoothing policy and how to increase the financial sustainability of the old-age and sickness insurance schemes. This study searches for answers to the questions: how to maintain the consumption opportunities of beneficiaries, how to maintain a balance between the contributions paid and benefits received (the balance between the price paid and goods received), how to reduce the risk of budget deficit explosion and how to maintain the consumption opportunities of beneficiaries and insured. Consumption smoothing analysis focuses on the identity between the contributions paid and benefits received, on the analysis of replacement rates, on the analysis of pensioners to insured ratio (and on the possibilities of interpretation the analysis provide). The study determined the cycles of Lithuanian social insurance system development, examined and evaluated three different pensions' indexation policies, examined and evaluated the utility and performance of second pillar pension funds and carried out the study of possibilities of raising the efficiency in Lithuanian sickness benefits scheme. This study helps to deeper the understanding of how population aging affects the economy and provides the materials for future... [to full text] / Disertacijos tikslas – sudarant socialinio draudimo sistemos modelius, nustatyti ir išanalizuoti svarbiausias senatvės pensijų ir laikinojo nedarbingumo išmokų raidos tendencijas, atsižvelgiant į jas, pagrįsti efektyvumo ir tvarumo didinimo galimybes senatvės ir laikinojo nedarbingumo socialinio draudimo išmokų programose (srityse). Disertacijoje ieškoma atsakymų į klausimus: kaip palaikyti išmokų gavėjų vartojimo galimybes, kaip išlaikyti pusiausvyrą tarp sumokėtų įmokų ir gautų išmokų (pusiausvyra tarp sumokėtos kainos ir gautos prekių apimties), kaip sumažinti socialinio draudimo biudžeto deficito atsiradimo riziką ir palaikyti dirbančių asmenų ir išmokų gavėjų vartojimo galimybes. Vartojimo galimybių palaikymo efektyvumo įvertinimas apima tapatumo tarp sumokėtų įmokų ir gautų išmokų analizę, pakeitimo normos analizę, išmokų gavėjų ir dirbančių asmenų santykio analizę, šių rodiklių ir sąryšių interpretacijos atskleidžiamas galimybes. Disertacijoje nustatyti Lietuvos socialinio draudimo sistemos raidos ciklai, išnagrinėti ir įvertinti trys išmokų indeksavimo variantai, įvertintos antros pakopos kaupiamųjų pensijų fondų sistemos galimybės ir veiklos rezultatai, atliktas laikinojo nedarbingumo išmokų sistemos efektyvumo didinimo tyrimas. Šis darbas padeda geriau suprasti visuomenės senėjimo padarinius ir numatyti priemones būsimų procesų reguliavimui.

Viešojo sektoriaus ekonomikos magistro baigiamojo darbo tema aktuali tuo, jog Lietuvos visuomenė senėja, išlieka dideli emigracijos mastai, o gimstamumo lygis žemas. Todėl valstybei vis sunkiau spręsti pagyvenusių žmonių gerovės klausimą. Be to, cikliniai ekonomikos svyravaimai sukelia nedarbo lygio ir valstybės skolos augimą bei darbo užmokesčio mažėjimą. Nestabilios tampa ir finansų rinkos, todėl pablogėjusi fiskalinė padėtis, savaime suprantama, trikdo pensijų sistemos finansavimą, o investicijų grąžos ir turto vertės sumažėjimas trumpuoju laikotarpiu veikia (has implication – impact) pensijų kaupimo sistemų finansinę grąžą bei mokumą. Iki šiol nei vienai šaliai nepavyko sukurti pensijų sistemos, kuri neturėtų rimtų trūkumų, todėl tęsti studijas ir ieškoti geriausių sprendimų reformuojant pensijų sistemas yra prasminga. Šio darbo tikslas buvo įvertinti Lietuvos pensijų sistemos rezultatyvumą ir jos tvarumą ilgalaikėje perspektyvoje bei nustatyti sistemos tobulinimo kryptis. Siekiant įgyvendinti tikslą buvo identifikuotos esminės socialinės politikos modelių charakteristikos ir jų pritaikymas Lietuvai, aplinkos veiksniai, keliantys pensijų sistemos reformų poreikį,esamos pensijų sistemos spragos ir problemų sprendimo variantai. Išanalizavus problemą teoriniu lygmeniu, analitinėje dalyje empiriškai buvo patikrintos teorinės prielaidų teisingumas bei pateikdos rekomendacijos Lietuvos pensijų sistemai tobulinti. Išanalizavus teorinius pensijų sistemos rezultatyvumo aspektus... [toliau žr. visą tekstą] / The theme of Master‘s Work in Public Sector Economics deals with topical issues concerning ageing, emigration, low birthrate problems in Lithuania. Because of these factors the assurance of citizens social welfare is a complicating task for a State. Moreover, cyclical economics fluctuations cause the rise in public debt and unemployment level, also the fall in wages. Consequently financial markets become unstable and the worsen fiscal situation disturbs the sponsorship of pensions system. Moreover, the fall in investments change and value of assets in short run has impact on financial change of pensions funds and its paying capacity. Until now all of the states failed to create pensions system without serious drawbacks, so the extension of studies in search of best solutions for pensions system is still meaningful and even essential. The goal of this paper work was to evaluate the effectiveness of Lithuania‘s pensions system, its stability in the long run, and to sattle the improvement directions. In order to implement the goal the main characteristics of social policy models and its adaptability to Lithuania‘s pension system have been identified, the external factors causing the need of pensions systems reforms have been characterized, the drawbacks of present pensions system have been pionted out and the recommendations to eliminate it have been proposed. After making analysis of theoretical aspects of pensions systems effectiveness and later testing it empirically, the... [to full text]

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Roughly 40 million American active and retired workers are covered by local, state or federal pension systems. The most recent financial crises has caused many of these pension systems to go up in flames, leaving politicians and economists puzzled as to where the money to pay off their future pension liabilities will come from. To add to the nightmare situation, we can expect the retirement of the baby-boomers over the next decade to exacerbate the conflagration. With less contributions coming in from the reduced number of active public employees, and more to pay out to retirees, many localities and states find themselves in the middle of the fire. This issue finds itself at the crossroads of politics, labor economics, accounting, and finance, and it will take a full-fledged effort from parties within all these fields to correct the mistakes of the past. The aim of this paper is to zero-in on the origins of this dilemma, diagnose the situation we find ourselves in today, and prescribe a solution or number of solutions to implement in the near future. To accomplish this, I will examine accounting standards, legislation, public policies, and labor demographics and attempt to provide insight as to how all of these affect the state of public pension plans. To this date we have already seen the effects pensions can have on governmental entities and it is important that people act now to prevent this issue from growing more widespread.