University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

Background: In 1999 the Swedish pension system was reformed with an aim to create a stable and high return on pension assets. First, Second, Third and Fourth general pension funds, hereby referred to as AP1-AP4, had an important part in the reform. AP1-AP4, also called the buffer funds, was assigned to secure long-term, big parts of the pension capital. The funds objective is by law, to manage the fund's assets in a manner that provides maximum benefit for the state pension. The funds will also invest pension assets with an overall low level of risk while achieving a sustainable high return. Aim: The purpose of this study is to investigate whether the First-Fourth AP-Funds is meeting its objectives regarding risk and return according to Swedish law. The aim is also to see how AP1-AP4 risk-adjusted returns compare to the four Sweden funds risk-adjusted returns according to modern portfolio theory. Theory: Morningstar Rating, Treynor ratio, Sharpe ratio, Jensen's Alpha, Standard Deviation, Beta. Conclusion: The risk-adjusted performance measures used in this study shows that there are clear differences between the two fund groups, where the AP-funds performed worse than the Sweden funds in every measurement. The study shows that the pension funds do not reach their goals over the five-year period, in four of the five time intervals listed in the study. In summary, the study shows that pension funds have a lower risk-adjusted return than the four bank Sweden funds and that the pension funds have not achieved their goals.

Les recherches en relations industrielles portent rarement sur les politiques publiques du marché du travail. Lorsqu’elles existent, ces recherches s’intéressent généralement à l’efficacité de ces politiques. Or, cette thèse illustre l’importance de comprendre comment se forment les lois et les règlements. Afin de mieux comprendre le processus d’élaboration des politiques publiques, une étude de cas a été réalisée dans le domaine des retraites au Québec et au Canada entre 2003 et 2008. Les retraites ont été ciblées en raison des bouleversements socio-économiques que connaissait le Canada à l’époque, notamment le vieillissement de la population et les fluctuations des rendements des fonds de retraite. Ce sujet a également été retenu car il s’agit d’une compétence partagée entre les paliers gouvernementaux fédéral et provinciaux ainsi que partagée entre le secteur public et privé.Afin d’étudier la question, des théories en relations industrielles et en sciences économiques ont été considérées. C’est toutefois la théorie des courants multiples du politologue américain John Kingdon qui a été retenu comme fondement théorique de cette thèse. Cette théorie, qui postulait que les acteurs voulant influencer les politiques publiques devaient attirer l’attention sur des problèmes, contrôler le débat sur les politiques considérées et se faire des appuis, a été confirmée. La contribution majeure de cette thèse a été d’identifier les différents types d’acteurs impliqués dans le processus d’élaboration de politiques publiques de retraite, les stratégies qu’ils ont employées pour y parvenir et les résultats de leurs efforts. / Research in Industrial Relations rarely focuses on labour market policies. When they do exist, these studies generally focus on the effectiveness of these policies. This thesis illustrates the importance of understanding how these public policies come about. A case study was conducted on pension laws and by-laws in Quebec and Canada between 2003 and 2008 to better understand the process of policymaking. Pensions were targeted because of the dramatic socio-economic changes taking place in Canada at the time, the aging population and changes in pension fund returns for example. This issue was also chosen because it is a responsibility shared between the federal and provincial governments and between the public and private sectors. To study the issue, Industrial Relations and Economics theories were considered. However, John Kingdon’s Multiple Stream theory was chosen as the theoretical basis of this thesis. Kingdon is an American political scientist. His theory, which postulates that political entrepreneurs need to attract attention on problems, control the debate on considered policies and gain support for their views if they want to influence public policy. The results of the case study confirm Kingdon’s theory. The major contribution of this thesis was to identify the different types of actors involved in the pension policymaking process, the strategies these actors have used to achieve their goals and the results of their efforts.

Made available in DSpace on 2009-11-18T19:00:59Z (GMT). No. of bitstreams: 0 Previous issue date: 2001 / o trabalho discute os fatores que condicionaram a migração de planos de beneficios entre os Fundos de Pensão localizados no Estado do Espírito Santo. O mais antigo modelo de plano de beneficios implantado no Brasil, o plano de beneficio definido, tem características bastante vantajosas aos participantes, pois as empresas patrocinadoras assumem os riscos de desequilíbrio do plano, e os beneficios futuros são assegurados aos participantes. O segundo modelo, mais recente no país, tem como característica principal o fato de que o participante assume os riscos do plano, e os beneficios futuros dependem de diversos fatores, como rentabilidade, tempo de participação, entre outros, deixando de existir garantia aos participantes. Apesar disso, os Fundos de Pensão tem implantado processos de migração de planos de beneficio definido para contribuição definida com sucesso. O texto procura identificar as razões e conseqüências da migração, estabelecendo correlações entre os dois modelos, identificando suas diferenças e semelhanças, o papel exercido pelas empresas patrocinadoras e a estratégia de convencimento dos participantes. Pretende-se que as reflexões sobre esse processo possam contribuir para que os Fundos de Pensão e outros pesquisadores interessados possam ter um nível maior de compreensão e fundamentação sobre o assunto. / This dissertation discusses the factors that have created the framework for the migration of the pension plans among the pension funds in the state of Espirito Santo. The first benefit plan model in Brazil, the defined benefit plan, has many advantages for the participant. Their risks are supported by the sponsor of the plan, and future benefits are assured to the participants. The second model, more recently introduced in the country, has its main point in the fact that participants have to bear the risks, and future benefits depend on many factors like the historical performance of the plan and time of participation, and there is no guaranty to the participants. Regardless these facts, pension funds have adopted successful processes for the migration from defined benefits plans to defined contribution plans. This text identifies reasons and consequences of those process of migration, establishing correlations, differences and similarities between the two models, and the role of the sponsors and their strategies in persuading the participants. We intend to raise questions upon this process, in order to contribute for a greater levei of comprehension of the issue.

Text in Afrikaans / Social security is an important instrument of government to reduce the risks of economic insecurity to indivi~uals and the community. Social security usually consists of social insurance (for example pensions, unemployment insurance and workmen's compensation) and social assistance (for example social pensions, disability grants and maintenance grants). In view of South Africa's low economic growth, high and rising unemployment, widespread poverty, skew distribution of income and the disintegration of the family, social security requires urgent attention. This issue is even more pressing during the political transition since most policy measures and institutions are reconsidered, while pressure on government expenditure increases. This study commences with a discussion of basic aspects of social security, such as its definition, the rationale for social security in a market economy, the possible influence on economic behaviour, targeting, the financing of social security through a payroll tax and general taxation and the financing of a national pension fund. One of the sources of information of social security is the experience of other countries in this regard. The second part, which constitutes the core of the study, involves a comparative study of social security. After a general discussion on comparative studies, the origin and development of social security in welfare states (the USA, Britain and the Netherlands) and developing countries (Chile, Mexico, Guatemala, Cuba and Sri Lanka) are studied. African countries and the "miracle" countries of the East also receive brief attention. The main emphasis is on equity and efficiency, and aspects such as affordability, financing, targeting, the extension of coverage, a negative income tax, traditional social security and specific programmes that could be of importance to South Africa. In the last section the origin and development of and the fiscal scope for social security are discussed. Besides social insurance and assistance, programmes such as in-kind transfers, public works programmes and tax expenditure receive attention. Aspects of social security such as poverty alleviation, means testing, take-up rates, administration and corruption are discussed, while recommendations are made on topics such as a "voluntarily" national pension scheme, employment creation programmes and food stamps. / Bestaansbeveiliging is 'n belangrike instrument in die hande van die owerheid om die risiko' s van ekonomiese onsekerheid vir individue en die gemeenskap te verminder. Bestaansbeveiliging bestaan gewoonlik uit maatskaplike versekering (waaronder pensioene, werkloosheidsversekering en ongevalleversekering) en maatskaplike bystand (byvoorbeeld maatskaplike pensioene, ongeskiktheidstoelaes en onderhoudstoelaes). In die lig van Suid-Afrika se lae ekonomiese groei, hoe en stygende werkloosheid, wydverspreide armoede, skewe verdeling van inkome en gesinsverbrokkeling, verg bestaansbeveiliging dringende aandag. Die aangeleentheid is des te dringender gedurende die politieke oorgangsperiode waartydens die meeste beleidsmaatreels en instellings in heroorweging geneem word en daar voortdurend druk op die owerheid is om meer van die land se skaars bronne te gebruik. Ter inleiding word enkele kemaspekte van bestaansbeveiliging bespreek, waaronder die definisie daarvan, die rasionaal vir bestaansbeveiliging in 'n markekonomie, die moontlike invloed van bestaansbeveiliging op ekonomiese gedrag, die rol van teikenstelling, die finansiering van bestaansbeveiliging deur middel van 'n loonstaatbelasting en algemene belastings en die finansiering van 'n nasionale pensioenfonds. Een bron van inligting oar bestaansbeveiliging is die ervaring van ander lande op hierdie terrein. Die tweede gedeelte, wat die kern van die studie is, behels 'n vergelykende studie van bestaansbeveiliging. Na 'n inleidende bespreking oar vergelykende studies in die algemeen, word die ontstaan en ontwikkeling van bestaansbeveiliging in welvaartstate (die VSA, Brittanje en Nederland) en in ontwikkelende lande (Chili, Mexiko, Guatemala, Kuba en Sri Lanka) bestudeer. Afrikalande en die "mirakel-lande" van die Coste kry oorsigtelik aandag. Die nadruk in die gedeelte val veral op billikheid en doeltreffendheid en aspekte soos bekostigbaarheid, finansiering, teikenstelling, uitbreiding van dekking, negatiewe inkomstebelasting, tradisionele bestaansbeveiliging en programme wat vir Suid-Afrika van betekenis kan wees. In die laaste gedeelte word die ontstaan en ontwikkeling van en die fiskale ruimte vir bestaansbeveiliging in Suid-Afrika bespreek. Benewens maatskaplike versekering en bystand, kry programme soos in natura oordragte, openbare werke-programme (werkskeppingsprogramme) en belastinguitgawes aandag. Aspekte van bestaansbeveiliging soos armoedeverligting, die middeletoets, opneemkoerse, administrasie en korrupsie word bespreek en aanbevelings word onder me er gemaak ten opsigte van 'n "vrywillige" nasionale pensioenskema, werkskeppingsprogramme en voedselkoepons. / Sociology / D. Litt. et Phil. (Ekonomie)

Efter det svenska pensionssystemets reform 1998 har ett missnöje väckts hos många pensionssparare. Den allmänna pensionen tillsammans med tjänstepensionen räcker inte alltid till och därför finns det möjlighet till ett eget avdragsgillt privat pensionssparande. Det har dock visat sig att det avdragsgilltiga privata pensionssparandet är en ekonomisk förlustaffär för 76 procent av pensionsspararna. Då ett privat pensionssparande inte alltid är lönsamt, finns det frågeställningar angående om hur spararna bör agera. Syftet med studien är att undersöka vilka långsiktiga sparalternativ som finns för ett privat pensionssparande, utifrån en sparares perspektiv. Vidare ska vi belysa vilka faktorer som påverkar en individs val mellan de långsiktiga sparalternativ som finns. Slutligen ska vi förklara hur ett långsiktigt sparande skiljer sig åt beroende på vilken beskattningsbar förvärvsinkomst individen har. Studien har använt sig av metodtriangulering, genom att först genomföra en kvalitativ undersökning med bankaktörer, för att sedan genomföra en kvantitativ webbenkät. Analysen ledde fram konklusionen att det finns många långsiktiga sparformer att välja mellan, dock är valet av sparform högst individuellt. Vad gäller ett privat pensionssparande är denna sparform lönsammast för höginkomsttagare, på grund av skattesystemets utformning. Enligt denna uppsats empiriska resultat, har ett privat pensionssparande vissa fördelar jämfört med ett alternativt sparande. Detta indikerar att ett privat pensionssparande aldrig bör bytas ut, utan bör ses som ett komplement till ett alternativt långsiktigt sparande. / The aim with this paper is to examine which long-term saving alternatives there are for a private pension saving, from a savers perspective. Furthermore, we shall illuminate which factors that influence an individual’s choice between the long-term saving options that exists. Finally, we are going to explain how a long-term saving deviate due to which taxable income the individual have. In the frame of reference we introduce how the saving looks like in Sweden. Furthermore, former research and theories are introduced, which aims to illuminate the factors that influence the saver’s decision about saving alternative. The paper uses method triangulation, by first implementing a qualitative interview study with bank participants, followed by a quantitative questionnaire study online. The analysis leads to the conclusion that there are many saving forms to choose amongst, but the choice of saving form are very individual. In terms of a private pension saving this saving form are most profitable for high income earners, due to how the tax system is designed. According to the empirical results of this paper, a private pension saving have certain advantages compared with an alternative saving. This indicates that a private pension saving should not be replaced, but rather should be seen as a compliment to an alternative long-term saving.

The thesis analyses legal environment of the financial services market in relation with business practice of retail financial products distribution in Czech republic. It describes current legislation and instruments of regulation of the distributional activities both on national and supra-national (european) level. Furthermore, it introduces the development of regulation in light of identified weaknesses of legislation, leading to specific recommendations and measures ensuring vast consumer protection and fixing the level-playing-field in distribution throughout various sectors of financial markets and their layovers. The conclusions are based on author´s theoretical studies of economic and legal context and private business practice.

The main aim of this diploma thesis is to give a complex view of the Czech pension system to the reader. In recent years pensions and their associated problems have been the main theme of many discussions. We often hear politicians and experts speaking about the financial problems of the Czech pension system and its unavoidable reform. The preamble of this thesis deals with different situations in the Czech pension system, the rules under which it operates and its history. The body of this work is focused on the analysis of fundamental problems and their effects on the contemporary pension system in the Czech Republic. The emphases in the thesis are on demographic trends; the ageing process; receipts and expenditures of the Czech pension system; the political situation and public opinion in the Czech Republic. The conclusion of this thesis describes various reforms for the Czech pension system and mentions basic information about the Slovak pension system.