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Financial unsustainability of pension systems in developed economies looms large on the horizon due to increasing life expectancy and continuous drop in fertility. In spite of a broad discussion, there has been but a little consensus on appropriate remedy. Besides, the theoretical arguments supporting funded pension systems often build upon the unrealistic assumption of stable financial markets and fair transformation of saved funds into retirement benefits. This work provides an insight into performance of various pension systems in real- world conditions using large-scale simulations of an overlapping generations model based on existing pension schemes in the Czech Republic, Sweden, and Chile. Specifically, my model assumes adverse demographics, individual un- certainty, volatile financial markets' returns, and administrative costs to affect social security systems and estimates magnitude of the effects. According to the results, each pension system seems to be partially advantageous - in pro- motion of economic growth, level of retirement benefits, or protection against market risks - but no scheme is dominant or dominated overall. JEL Classification E27, C68, H55 Keywords pension, OLG, simulation Author's e-mail Stepanek.Martin@hotmail.com Supervisor's e-mail Jaromir.Baxa@centrum.cz

Alterations of pension system dynamics are nowadays in a focal point of political discussion. The aging population demographics in the EU countries forces local governments to adjust their social security systems to avoid tax overburdening of the economically productive population. On the flip side, governments need to ensure sufficiently high retirement payments for pensioners are in place to cover life expenses and assure a certain standard quality of life. This thesis examines the characteristics of pension systems in select EU countries, namely Austria, Germany, and Slovakia, together with a contrast and comparison of these systems to the one currently in use in the Czech Republic. Specifically, this thesis elaborates on comparing the demographic and economic factors in the aforementioned countries as well as the influence of these factors on the level of the retirement income (factors include, e.g., average monthly wages, average monthly pension, average housing and utilities costs, etc.). The subsequent comparative analysis is an amalgamation of select study materials and statistical calculations based on the results of the questionnaire survey conducted as part of this thesis work.

In diploma thesis titled Age financed by benefits from pension pillars, is a reader first of all informed about a classification of various pension systems. In the following text is described pension system of the Czech Republic in many details, which forms two pillars in present time. According to the description of the Czech pension system, is also explained demographic situation from historical and future context. Very important is also considered explanation and description of pension systems in other countries, which is based on OECD report from 2015. In practical part is a used methodic of Melbourne Mercer Global Pension index. The evaluation of pension systems is very detailed in selected countries except Czech Republic. The index methodology is applied on Czechs pension system in last part of the diploma thesis. Final index evaluation is used for the proposal improvement of pension system.

Financial unsustainability of pension systems in developed economies looms large on the horizon due to increasing life expectancy and continuous drop in fertility. In spite of a broad discussion, there has been but a little consensus on appropriate remedy. One aspect partially neglected in the literature is vulnerability of pension systems to market imperfections and economic shocks. I present three basic types of pension schemes adopted across all developed countries - pure PAYG, fully-funded, and mixed (multipillar) scheme - and examine effects of various risks -- particularly market risk, interest rate risk, investment risk, and longevity risk -- on their functioning. The analysis shows that while no pension scheme is immune to external influences, the multipillar scheme provides the best results thanks to appropriate risk diversification.

The diploma thesis in the first part deals with an overview of basic pension schemes, their typology and distribution. Further, this section deals with the reasons for the reform of the pension system and demographic developments and general trends in pension protection system. The second part deals with analyse the so-called "small" and "large" pension reform, then analysis of the current pension system in Czech Republic for each column of the pension system in particular. At the end thesis represents a model calculation of the expected cash income at retirement age from three columns of the pension system based on specified parameters adaptable to a wide range of subjects which can be calculated for each pillar in particular. Thesis concludes that participation in second column of pension system is advantageous for those, who have salary above average or for people, who have restricted access to save on retirement.

Main goal of the Master thesis is comparsion of present pension systems in Germany, Austria, Poland, Hungary, Czech Republic and Slovakia. It compares not only compulsory pay as you go pillars but even structural reforms of past twenty years, implementation of the 2nd funded pillar in post-communist countries and motivational schemes of the 3rd pillar. The Master thesis briefly touches history and development of pension systems in the region of Central Europe. Using the metod of on-line survey it discovers base kowledge bound with pensions, demographical issues and future problems of the system. Analyse of the written and on-line sources and results of the survey followed by synthese closes the Thesis with set of recommendations how to upgrade all three pillars of conterporary pension system in Czech Republic.

This deals with the pension system reform in the Czech Republic with a focus on the second pension pillar. The aim of the thesis is to evaluate the already canceled second pillar, to identify the causes of the failure and to outline in which aspects it could be learned from the experiences of other countries. The thesis describes the development of the reform, its main parameters and the attitudes of individual actors. The main cause of the fall was the low interest of citizens in participation in the second pillar, which was caused mainly by political factors, inappropriate settings and poor citizens' awareness. For future reforms, it would be advisable to take lessons from reforms implemented by other states. This paper describes the reforms in Hungary, the Netherlands and Sweden.

The aim of this thesis is to determine the motivation for further work life of people, who receive a pension. The Diploma Thesis is divided into three parts - the theoretical part, which deals with concepts related to old age and changes that occur with aging; methodological part, which describes methods of obtaining data and a practical part, which presents the results of a written questionnaire survey among seniors who are working in retirement and semi-standardized interviews. For older and younger readers as well this thesis reveals motives for further labor participation of older people in retirement as well as their view of contemporary society and the labor market. The conclusion summarizes the recommendations for seniors who are still looking for a job suitable for seniors in retirement or will be looking for another job in the future.

This diploma thesis is analyzes a nontraditional concept of pension system called "Children pay as you go", which is reflecting the connection between the number of raised children and entitlement to retirement pension. It focuses especially on particular proposals by individual scholars as to how the system could work and be put into practise. It also analyses the positives and negatives of such theoretical concepts. The analytic part of this essay focuses mainly on the calculation of children education costs, as well as the calculation of contribution of individual to the system. The calculations serve as the basis of a proposal how parents could be at least partly compensated for the costs they had to cover from their family budgets in the sence of raising and sustenance of their children.