STATE PENSION OR PRIVATE PENSION?

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MANGRA MĂDĂLINA GIORGIANA

2015-03-01

Full Text Available The lack of sustainability of the public pension system brings into attention the private pension system, either mandatory (Pillar II or optional (Pillar III. Young employees do not perceive the future in bright colours while seeking solutions to shift from consumption to saving for retirement period. As long as the public pension system is weak, an important milestone for individual savings is represented by the private pension.

PRIORITIES OF PENSION REFORM IN UKRAINE AT THE PRESENT STAGE

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Volodymyr Rudyk

2017-03-01

Full Text Available The issues of reforming the national pension system in modern conditions are considered. Their main elements, level of  their using in the general pension model of the country are analyzed. The financial security of the pension sector, increasing in pension costs, tendencies of increase of  their share relative to GDP for the future were assessed. Comparison of this indicator on the European countries was made. Priorities for pension reform were identified, main directions of reorganization of the solidarity pension system, the necessity of introduction of obligatory accumulative pension insurance were justified, the ways of further development of private pension provision were determined. Special attention was paid to the need to improve the legislative framework, which will be the legal basis for the successful conduction of this stage of the pension reform. Key words: pension reform, pension system, pension system, pension provision, pension system, pension assets, pension programs, financial risks, pension management.

[Problems of reforming pension schemes of the Georgian population].

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Gorgiladze, L Sh; Gerzmava, O Kh

2014-12-01

Decent level of pension provision for older people is one of the indispensable condition of any democratic society. Over time, the objectives pursued by the public pension system, have undergone many changes, but remains a constant problem preventing poverty of older citizens, and later, ensuring adequate standards of living of this, increasing the proportion of citizens. Certainly, the question of the relationship of the working population of premiums and pensions becomes essential economic and political importance. In the countries with transitive economy, which include Georgia, the most vulnerable because limited possibilities of pensioners fit into the new economic development. Georgia has not yet happened formation sufficiently clear approach to the reform of the existing system of social protection, which is characterized by extremely high paternalistic role of the state and very poorly marked public institutions. The system mainly focuses on targeted, efficient solution of problems of the crisis, however, this approach does not provide a long-term effect, because is not aimed at preventing repetition of crises on social protection perspective of each individual and the population as a whole. It is need creating highly focused on society's expectations of a multidisciplinary task of social protection, which should provide a comprehensive multifaceted assistance in solving problems throughout his life. In this context, social protection should be seen as a protection against social risks of loss or limitation of economic independence and social well-being. Forms and methods of organization of social protection of the elderly should be differentiated, affordable, high-grade, fully oriented to the prevention and resolution of the positive ways to separate the individual complex emergencies. Requires special consideration problem with the level of pensions, the solution of which depends not only on the economy but also on the new concept of pensions, which should

FOREIGN EXPERIENCE OF PENSION SYSTEM REFORMING AND POSSIBILITY OF ADAPTATION IN UKRAINE

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Anastasiia Svyrydovska

2016-11-01

Full Text Available The purpose of the paper is to analyze foreign experience of reforming pension systems. Reforming pension systems around the world is due to the need to balance the cost of social support for people who are growing, with the financial capabilities of the country. Ukraine, like other European countries is facing the crisis of public pensions. One reason – the rapid aging of the population. The experience of some countries shows that the increase in the rates of deductions has a negative impact on employment, leads to a significant increase in public debt, and therefore is unacceptable. Some economists believe that a full transition to retirement savings scheme – a solution. However, this would create an additional burden on public financial systems and current generation of taxpayers. Therefore, it is necessary to determine the main directions of the crisis of pensions. With the economic downturn global scale of the efficiency of the pension system of Ukraine, its compliance with the standards of the welfare state is becoming more acute. That is why there is an urgent need for adaptation based on international experience to review previously proposed ways to reform the pension system of Ukraine. Methodology is actual works of scientists and researchers. Results are exploring the features of the international experience of reforming pension systems and proposition of directions of reform of the pension system of Ukraine on the basis of demographic, social, financial, political and cultural characteristics of its development. Value. Background research finding is due to government regulation mechanisms of social insurance in Ukraine. The most developed social protection system with the EU. Consideration of these specific programs of effective systems of social insurance is an important basis for the analysis of international experience. Decisive impact on the social security system in the EU provides current demographic trends (falling birth

Pension reform in the European periphery: the role of EU reform advocacy

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Stepan, M.; Anderson, K.A.

2014-01-01

SUMMARY: This paper analyzes the impact of international reform advocacy on national pension reforms. We analyze European Union (EU) reform advocacy in two EU member states: Greece and Hungary. Although the EU has articulated a fairly coherent template for sustainable pensions, its use of soft

Pension Reforms in Countries with Developed and Transitional Economies

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Sergey Anatolyevich Belozyorov

2015-12-01

Full Text Available The subject matter of the research is as follows: pension reforms conducted by some states define the transformation of pension systems. The choice of countries is stipulated by the fact that each of them has different types of pension systems and preconditions for reforms. The purpose is to develop an approach that allows comparing and evaluating changes in disparate systems. The hypothesis is that the ongoing pension reforms, regardless of initial conditions and their type lead to a similar trajectory of pension systems development in all countries. The methodology rests on the comparative analysis that was carried out on the basis of a single algorithm that allows to determine significant modifiable parameters and the overall direction of reform. The novelty is that the authors research the ongoing pension reform from the viewpoint of pension rights formation and distribution of risks. The results are a single trajectory of reforms implementation for the studied countries, which confirms the authors’ hypothesis. The specific features of the Russian pension system do not affect the reform trajectory, which is similar to all countries. The conclusions are the following: the reducing pressure on pension system requires increasing revenues and limiting the number of potential participants. This is achieved by expanding sources of financing, increasing the dependence of pension on an employee’s contributions, transferring the risks of old age into the individual level, and employment motivation during the retirement period. The principle of the intergenerational solidarity loses its value. The obtained results can be used for the pension reform modification in the Russian Federation, the development of voluntary pension insurance based on the experience of other countries and risks faced by the modern Russian pension system.

Pension-Spiking, Free-Riding, and the Effects of Pension Reform on Teachers’ Earnings*

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Fitzpatrick, Maria D.

2017-01-01

In many states, local school districts are responsible for setting the earnings that determines the size of pensions, but are not required to make contributions to cover the resulting state pension fund liabilities. In this paper, I document evidence that this intergovernmental incentive inherent in public sector defined benefit pension systems distorts the amount and timing of income for public school teachers. I use the introduction of a policy that required experience-rating on earnings increases above a certain limit in a differences-in-differences framework to identify whether districts are willing to pay the full costs of their earnings promises. Because of the design of the policy, overall earnings of teachers near retirement did not change. Instead, districts that previously provided one-time pay increases shifted to smaller increments spread out over several years. In addition, some districts that did not practice pension-spiking prior to the reform appear to begin providing payments up to the new, lower limit, perhaps due to increased salience of the fiscal incentive. Therefore, the policy was ineffective at decreasing pension costs. PMID:28983134

Quantitative Analyses of Transition Pension Liabilities and Solvency Sustainability in China

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Yueqiang Zhao

2017-12-01

Full Text Available In the context of the aging population, the debt risk and solvency situation of China’s pension plan are of major concern for government and individuals. The aim of this paper is to project public pension liabilities and evaluate the solvency sustainability of China’s pension reform during transition periods. By using cohort component and actuarial models, transition debt and solvency sustainability are projected under the existing policy scenario and several sets of hypothetical policy scenarios. We find that the transition liabilities will peak in 2035 and the pension plan will become unsustainable in 2048 under existing policies. In the proposed scenario, postponing retirement age helps to maintain pension plan sustainability until 2083, but this option can’t solve the financial distress in the long run. Further, the transition pension debt will double in the peak moment if the retirement age is postponed for five years, which would pose a risk to the liquidity of the fund. Moreover, an increase to invest return can only improve the baseline solvency in short term. Sustainable options should be designed as composite reform measures, including retirement and investment adjustment.

How Will Teachers Fare in Rhode Island's New Hybrid Pension Plan? Public Pension Project Brief 4

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Johnson, Richard W.; Butrica, Barbara A.; Haaga, Owen; Southgate, Benjamin G.

2014-01-01

Hybrid retirement plans that combine defined benefit pensions with 401(k) type, defined contribution accounts can play important roles in the reform of public-sector pensions. Summarizing results from our longer report ["How Will Rhode Island's New Hybrid Pension Plan Affect Teachers? A Report of the Public Pension Project" (2014)], this…

Pensions, retirement, and the financial position of the elderly

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Been, Jim

2015-01-01

Long-term trends, such as the aging of the population, the increased life-expectancy, and the consequences of the recent financial crisis, have raised concerns about the sustainability of pension systems. Consequently, many OECD countries have proposed and implemented reforms to alleviate the

Legal Limitations on Public Pension Plan Reform. Conference Paper 2009-08

Science.gov (United States)

Monahan, Amy B.

2009-01-01

There is significant interest in reforming retirement plans for public school employees, particularly in light of current market conditions. This paper presents an overview of the various types of state regulation of public pension plans that affect possibilities for reform. Several states have legal protections that effectively prevent a state…

Global pension systems and their reform: Worldwide drivers, trends, and challenges

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Holzmann, Robert

2012-01-01

Across the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment. The ongoing worldwide financial crisis and the adjustment to an uncertain 'new normal' will make future pension systems different from past ones. The objectives of this policy review paper are threefold: (i) to briefly ...

The Impact of Public Pension on Household Consumption: Evidence from China’s Survey Data

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Qing Zhao

2016-09-01

Full Text Available It is of vital importance to examine the relationship between pensions and household consumption/saving because this forms a link between social policy and economic development. Based on theories of absolute income, permanent income, and the life-cycle hypothesis, this paper constructs panel data models to investigate the effect of public pension participation and benefit level on household consumption. Evidence from the China Health and Retirement Longitudinal Study (CHARLS 2011 and 2013 survey data shows that, compared with those not covered by any public pension program, individuals enrolled in the public pension system tend to consume more within respective income-quantile groups. Moreover, for the retired population, we found lower income groups have a higher marginal propensity to consume than higher income groups. In other words, lower income groups are likely to spend a higher proportion of any increase in pension benefit on consumption than higher income groups. To achieve a virtuous cycle between public pension, household consumption, and economic growth and, thus, a social-economically sustainable development, we suggest that China’s pension system should be extended to cover all in the lowest income group, and the benefit level should be increased gradually to secure a stable expectation for the future and motivate current consumption.

PENSION FUNDS AND THE FINANCIAL CRISIS IN THE CEE COUNTRIES

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Milos Laura Raisa

2012-12-01

Full Text Available In this paper, the authors analyze the influence of the international financial crisis on the current architecture of the CEE pension systems and their further reforms. As a consequence of the financial crisis, the very fragile pension reform has been subject of debate in the new member states of European Union, given their deep recession and registered fiscal deficits. In many of the CEE countries, which have adopted/developed later the second pillar, the financial crisis has raised questions in what concerns the benefit of moving to a mixed pension system, in comparison with the former one, which relied exclusively on public pay-as-you-go schemes. The current literature analyses the situation in each of the CEE countries, but does not make an overall analysis of the situation of the CEE countries, member of the European Union. The authors show the short-term negative effects of the financial crisis on the pension reform in these countries, but also the longer run effects, on the continuing deteriorating finances of these pension systems, in the context of the aging of population and unsustainable pension schemes. Alongside reviewing and commenting the national authorities’ responses to the financial crisis, we are proposing also some measures meant to enhance the further pension system reform and to improve the performance of the private pension funds. Pensions have a long-time horizon and it would be very wrong to produce a reversal of the past reforms since the main problems of adequacy and sustainability remain vivid (demographic challenge and population aging. It is also true though that, while shifting from an exclusively public pay-as-you-go system towards a mixed pension system, especially in times of financial crisis, authorities must pay increased attention to the management and supervision of the DC pension plans, to the risk management standards and regulations of the private pension funds, alongside other measures meant to

Pensions at a glance 2011 retirement-income systems in OECD and G20 countries

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Organisation for Economic Cooperation and Development. Paris

2011-01-01

The theme of this fourth edition of Pensions at a Glance is pensions, retirement and life expectancy. Many countries have increased pension ages in the face of population ageing and longer lives. Some have introduced an automatic link between pensions and life expectancy. Improvements to the incentives to work rather than retire are also a common part of recent pension-reform packages. However, ensuring that there are enough jobs for older workers remains a challenge. An in-depth look at these important policy issues is provided by five special chapters on: pension ages, retirement behaviour, pension incentives to retire, the demand for older workers and linking pensions to life expectancy. This edition updates information on the key features of pension provision in OECD countries and provides projections of retirement income for today’s workers. It offers an expanded range of 34 indicators, covering the design of national retirement-income provision, pension entitlements, incomes of older people, the finan...

Assessing the Financial Sustainability of China’s Rural Pension System

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Lijian Wang

2014-05-01

Full Text Available Considering the rapid growth of China’s elderly rural population, establishing both an adequate and a financially sustainable rural pension system is a major challenge. Focusing on financial sustainability, this article defines this concept of financial sustainability before constructing sound actuarial models for China’s rural pension system. Based on these models and statistical data, the analysis finds that the rural pension funding gap should rise from 97.80 billion Yuan in 2014 to 3062.31 billion Yuan in 2049, which represents an annual growth rate of 10.34%. This implies that, as it stands, the rural pension system in China is not financially sustainable. Finally, the article explains how this problem could be fixed through policy recommendations based on recent international experiences.

Reversing Early Retirement in GermanyA Longitudinal Analysis of the Effects of Recent Pension Reforms on the Timing of the Transition to Retirement and on Pension Incomes

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Sandra Buchholz

2013-12-01

Full Text Available This article investigates the effects and risks of recent pension reforms in Germany. While German pension policy systematically supported early retirement for many years in order to relieve the regulated labour market in times of economic stagnation, there has been a substantial change of the pension policy paradigm in the more recent past. Latest reforms expect older people to prolong working life. Using data from the German Socio-Economic Panel (GSOEP and applying micro-level longitudinal research methods, this contribution shows that the recent reversal of early retirement in Germany has been at the price of growing social inequalities in old age.

The cost of homogeneity in life cycle pension funds: An explanation to demand's inelasticity of Mexican pension funds with a performance attribution test

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Oscar V. De la Torre Torres

2018-05-01

Full Text Available In the present paper we study the lack of alpha generation in the main defined contribution pension funds (SIEFORES in Mexico and we compare the performance of each fund against the one of their life-cycle profile peers (SIEFORE type. As we expected, we found underperformance due to management costs and, more specifically, due to a homogeneous performance that we suggest it is induced by the actual investment policy. We also found that the observed betas have values closer to 1, especially in the case of the “all” SIEFORES system benchmark, a result that proves the observed homogeneous performance in all the SIEFORES. With our results we also prove that the return paid by Mexican Public pension funds is due to factors different than portfolio manager skills, supporting the proofs given in the related literature of pension fund demand inelasticity in Mexico, due to a noisy and uninformed pension fund selection. Keywords: Simulation modeling, Alpha generation, Pension funds, Informed decision, Portfolio selection, Competitiveness, Life cycle investment.

A Critique of Pension Reform Act, 2004 In Nigeria

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FRANCIS C. ANYIM

2014-08-01

Full Text Available Pension is benefit paid to an employee after attaining the statutory required age of retirement or if the employee leaves employment for other reasons. The benefit is meant to guarantee comfortable life after active years of service and also assist in the maintenance of living standard previously enjoyed during the beneficiaries’ active productive years. However, previous attempts by successive governments in Nigeria at instituting a hitch-free workable Pension Scheme have been hampered by inadequate and untimely funding, improper records, endemic fraud and corruption leading to avoidable pains and misery for the retirees and beneficiaries. It was on the account of these challenges in pension administration that the government of the Federal Republic of Nigeria, as part of its reform agenda established a new scheme referred to as Pension Reform Act, 2004. The study based on the qualitative research method and employing review of relevant literature takes a critical examination of the Act and concedes that although some inherent defects exist in the operations of the new Pension Scheme, these pitfalls are not fundamental or substantial to compromise or undermine the overall objectives of the Act. The paper therefore calls for an urgent review of some portions of the Pension Act, to check fraud, corruption and abuses currently inherent in the system. To treat these shortcomings with levity the paper contends may be tantamount to the State not playing its dutiful role in taking care of its senior citizens after active and meritorious years of service to the nation and fatherland.

DEDUCTIBILITY OF CONTRIBUTIONS TO VOLUNTARY PRIVATE PENSIONS

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LILIANA MUNTEAN

2011-01-01

Full Text Available The present paper approaches the notion of public and private pension in Romania. Pension can be seen in terms of a replacement income to individuals whose age no longer affords to operate in the labour market. Pension reform in Romania has allowed besides the public pension system, called Pillar I, which is a distributive system based on solidarity between generations also a private pension system that records the contributions of participants in individual accounts, based on capitalization, investment and accumulation of these contributions.

The Nigerian, Swedish and Chilean Pension Systems: A ...

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the concern for the long-term financial viability of existing government operated pension ... Thus, this study comparatively evaluates the Nigerian, Swedish and Chilean pension ... Keywords: Demographic crisis, Pension reform, Public policy .... care which employers owe their employees on retirement or in case of death.

Gender and Public Pensions in China: Do Pensions Reduce the Gender Gap in Compensation?

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Tianhong Chen

2015-01-01

Full Text Available This paper analyzes gender issues with respect to public pensions in China. Because provision of public pensions in China is highly fragmented, with different programs applying to different groups of people, we focus on the largest mandatory public pension program in urban China, the Urban Employees’ Pension Program. The paper uses data from the China Health and Retirement Longitudinal Study (CHARLS for 2011 to empirically analyze the causes of gender differences in benefit levels between men and women. We argue that raising the retirement age for women from its current age for most women of 50 would be a major step toward gender equality in public pension benefits. Women would have higher benefits than currently due to having longer working careers, and they may have higher wages as a result of their longer careers. They would also have higher benefits from the individual accounts pensions due to more years of contributions and investment earnings, and a more generous benefit conversion factor due to the older age when they started receiving benefits. Nonetheless, an important feature of the Chinese public pension system is that the gender gap in benefits is less than the gender gap in earnings. In many countries, the reverse is the situation, in part because women have fewer years of work, as well as lower earnings, than men. We explore reasons why the gender pension gap in China reduces the gender gap in compensation.

REVALORIZACIÓN DE LAS PENSIONES ESPAÑOLAS DEL 2012 y 2013: UNA APLICACIÓN IMPLÍCITA DEL FACTOR DE SOSTENIBILIDAD

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Manuela Bosch Príncep

2013-05-01

Full Text Available La reforma del sistema de la Seguridad Social en España, aprobada con la Ley 27/2011, introduce un factor de sostenibilidad, pendiente de aplicación, que complementa una serie de cambios paramétricos en la determinación de las pensiones. El factor de sostenibilidad se vincula a la evolución quinquenal de la variable demográfica esperanza de vida a los 67 años, a partir de un año base de aplicación. Este trabajo pone de manifiesto que, con la revalorización de las pensiones para el año 2012 y 2013 fijada en el Real Decreto-ley 28/2012 y el Real Decreto-ley 29/2012, el Gobierno ha aplicado de forma implícita un factor de sostenibilidad sobre las pensiones ya causadas, basado en variables demográficas y económicas. The reform of Spain's social security system, passed by Law 27/2011, introduces parametric changes and the application of a sustainability factor. The sustainability factor is linked to the five-year evolution of the demographic variable represented by life expectancy at age 67, starting from a base year of application. The objective of this paper is to describe the Spanish Government's silent and covert application to the revaluation of current pensions during 2012 and 2013 of a sustainability factor linked to demographic and economic variables.

Economic and demographic assumptions of the public pension insurance system functioning

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Đukić Gordana

2016-01-01

Full Text Available The demographic transition is characterized by a decline in birth rates and fertility on the one hand, and an intense increase in the number of old people on the other hand. The intensity of demographic ageing is characteristic of certain countries, being more expressed in developed countries. In such a situation, negative economic consequences arise in the context of unemployment, due to a decreased number of young population and lower participation in the labour market, as well as in the domains of savings, capital market, health protection, pension system and institutional development. These consequences can be mitigated by the application of appropriate economic transition and macroeconomic policy. Demographic tendencies have a great impact on changes in the values of the pension system parameters. The dependence rate indicating the relation between the number of employed people and the number of pensioners, and the average replacement rate representing the relation between the average wage and average pension, are directly dependent on demographic changes and they directly affect the sustainability of the public pension insurance system.

ROMANIAN PENSION SYSTEMS AND LABOR SUPPLY OF OLDER WORKERS

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Cristina CIURARU-ANDRICA

2013-11-01

Full Text Available Prolonging working lives, in the context of an ageing population, has been seen as a good way to improve, on the one hand, the financial sustainability of the public pension system and, on the other hand, the adequacy of the pension benefit. As the literature has shown, even when measures for extending working lives have been taken, the characteristics of the national pension system (especially those of public pension system deliberately or inherently affected the labor market exit of older workers. Thus, through an econometric analysis, we estimate the relationship between the participation rate of Romanian older workers and certain characteristics of the Romanian pension systems (but not only, hoping to complement a more general literature on the effects of pension systems on retirement decision.

Pension Reform Act 2004 and its Controversies: Repeating or ...

African Journals Online (AJOL)

Pension Reform Act 2004 and its Controversies: Repeating or Learning from Past Mistakes? ... Journal of Research in National Development ... and discusses how the present pension reform will affect active employees when they retire.

Analyzing the Pension System of the USSR

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Aleksei V. Pudovkin

2015-01-01

Full Text Available The article under the title "ANALYSIS OF THE PENSION SYSTEM OF THE USSR" deals with numerous aspects of development of the pension system of the former USSR. Since the improvement of the Russian pension system is presently high on the agenda, the author believes that analyzing the own historical experience in the first line is essential in order to create a sound and efficient pension system in Russia. The study presented in the article aims to execute an in-depth analysis of legislature on the soviet pension system with the view to recreate the architecture of the pension system of the USSR. In addition, the study also reflects on the official statistics for the said period to make a qualified and fundamental conclusion on the efficiency of the soviet pension system. The evolution of the pension system, based on statistical data evidently proves the efficiently of the soviet pension system. It is highly recommended that the positive aspects of the soviet pension system are taken into consideration when reforming the actual pension system of Russian Federation.

The Diagnostics of the Status of Reforming the Pension Provision in Ukraine

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Slobodyanyuk Natalija O.

2017-12-01

Full Text Available The article is aimed at assessing the current status of pension provision of Ukraine and substantiating further directions of its reforming. The main stages of carrying out pension reforms in Ukraine were systematized, which allowed to approve the parametric changes of the pension system components. The dynamics of changes in the average monthly wage, as well as the average amount of the accrued pension were researched. In order to ascertain performance by the State pension insurance as to the function of payment of part of the cost of labor, dynamics of the substitution coefficient during 2012–01.10.2017 was analyzed. The dynamics of financial indicators of the budget of the Pension fund of Ukraine (PFU was analyzed, determining its deficit for 2012–2017, defining a rapid growth of almost 5,2 times of the deficit of budget of the PFU at the end of the researched period, compared to 2012. The higher-than-anticipated growth of the deficit of the PFU over the GDP growth of the country as a whole has been diagnosed. It has been determined that the status of the pension system and the possibilities of its development are directly dependent on the demographic situation in the country. The dynamics of correlation of number of working persons and pensioners in Ukraine for 2012–2017 was researched and the steady tendency of reduction of number of occupied economically active population of Ukraine was revealed. Further ways of reforming the pension system of Ukraine on the basis of development of voluntary pension insurance as additional collateral to the State pension have been substantiated.

Halting a Runaway Train: Reforming Teacher Pensions for the 21st Century

Science.gov (United States)

Lafferty, Michael B.

2011-01-01

When it comes to public-sector pensions, writes lead author Michael B. Lafferty in this report, "A major public-policy (and public-finance) problem has been defined and measured, debated and deliberated, but not yet solved. Except where it has been." As recounted in "Halting a Runaway Train: Reforming Teacher Pensions for the 21st…

Icelandic Public Pensions: Why time is running out

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Ólafur Ísleifsson

2011-12-01

Full Text Available The aim of this paper is to analyse the Icelandic public sector pension system enjoying a third party guarantee. Defined benefit funds fundamentally differ from defined contribution pension funds without a third party guarantee as is the case with the Icelandic general labour market pension funds. We probe the special nature of the public sector pension funds and make a comparison to the defined contribution pension funds of the general labour market. We explore the financial and economic effects of the third party guarantee of the funds, their investment performance and other relevant factors. We seek an answer to the question why time is running out for the country’s largest pension fund that currently faces the prospect of becoming empty by the year 2022.

The Macroeconomic Framework of the Functioning of Public Compulsory Pension Insurance

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Gordana Đukić

2017-06-01

Full Text Available Unfavorable demographic trends, economic and political crisis created the need to analyze the current situation in the pension system and created the concept of the modern system. Existing public and private poles are the main causes of the crisis, especially the pension system based on intergenerational solidarity that has become unsustainable. The main problem is that the rate of the elderly population increases, the birth rate decrease, and revenues decreasing number of employees is not sufficient to support consumption ie. pension benefits a large number of pensioners. The sustainability of the system is reflected in the fact that the net income of pension funds should be increased to the same extent as net expenses, in order to maintain a constant net power. Maintaining living standards requires expenditure to finance the deficit of pension funds, which is achieved by budget transfers. Maintaining the balance of revenues and expenditures of pension funds, and the three pension pillars and the state budget is a priority to maintain economic stability, because the lack of purchasing power of pensioners causing social insecurity and unfavorable situation in public finances and the financial markets.

Financial Market Implications of India’s Pension Reform

OpenAIRE

Helene Poirson Ward

2007-01-01

India's planned pension reform will set up a proper regulatory framework for the pension industry and open up the sector to private fund managers. Drawing on international experiences, the paper highlights pre-conditions for the reform to kick-start financial development, including: (i) the buildup of critical mass; (ii) sufficiently flexible investment guidelines and regulations, including on investments abroad; and (iii) concurrent reforms in capital markets. Given the limited scale of the ...

From segregation to pensions for all? Chinese elites’ search to establish a nationwide public pension system

NARCIS (Netherlands)

Stepan, M.

2013-01-01

This paper is dealing with the establishment of a public pension system in China that has the potential to extent its coverage to the large majority of the Chinese population and constitutes a break with the legacy of selective, work-unit based pension system that neglected the rural population at

Public Pension Reform and Teacher Turnover: Evidence from Washington State. CEDR Policy Brief. WP #2015-8

Science.gov (United States)

Goldhaber, Dan; Grout, Cyrus; Holden, Kristian

2015-01-01

Traditional defined benefit (DB) pension systems in many states face large funding shortfalls. Movement toward defined contribution (DC) pension structures may reduce the likelihood of future shortfalls, but there is concern that such reforms may have the undesirable effect of increasing employee turnover. In studying patterns of employee turnover…

Actuarial Evaluation of Pension Risks of Russia: from Theory to Practice

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Aleksandr Anatolyevich Kuklin

2017-09-01

Full Text Available The article discusses the origins of the development of pension systems in the world, shows the causes of the emergence of various models of public pension provision. We pay a particular attention to the history of the formation of the Russian pension system, and analyse the stages and causes of modern reform. From the position of modern legislation, we systemise the forms, types of pension provision and pension insurance in the Russian Federation from the point of view of the sources of financing and subjects of pension relations. The authors have defined the concept of “actuarial evaluation” from the point of view of the process and system approach. We have revealed the content of the pension risk category, as well as classified the pension risks by the spheres of origin. The authors have developed the methodology of actuarial estimation of the risks of the pension system classified by different criteria: demographic, economic, financial, labor risks. The proposed methodological approach to the evaluation of pension risks is based on the comprehensive assessment of socio-economic indicators and the identification of dependencies between socio-demographic and economic processes in the pension system and economy of the country. The authors have tested the developed tools on the actuarial estimation of the pension risks of the Russian Federation. The article presents the results of calculations and identifies critical risks for the Russian pension system. We have proved that stagnation processes in the economy and a high share of the shadow economy represent the greatest threat to the Russian pension system in the short term, whereas, the aging of the population and the increase in life expectancy — in the long term.

Next generation of individual account pension reforms in Latin America.

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Kritzer, Barbara E; Kay, Stephen J; Sinha, Tapen

2011-01-01

Latin America led the world in introducing individual retirement accounts intended to complement or replace defined benefit state-sponsored, pay-as-you-go systems. After Chile implemented the first system in 1981, a number of other Latin American countries incorporated privately managed individual accounts as part of their retirement income systems beginning in the 1990s. This article examines the subsequent "reform of the reform" of these pension systems, with a focus on the recent overhaul of the Chilean system and major reforms in Mexico, Peru, and Colombia. The authors analyze key elements of pension reform in the region relating to individual accounts: system coverage, fees, competition, investment, the impact of gender on benefits, financial education, voluntary savings, and payouts.

Disability pension and everyday life: a period of transition and subjective aspects of future occupational life.

Science.gov (United States)

Johansson, Annica E M; Johansson, Ulla

2011-01-01

The purpose was to explore and describe the everyday life experiences among people with a disability pension and their expectations for future occupational life. A purposeful sample of 14 men and women were interviewed. Of these, ten people received full-time disability pension and four people were on partial disability pension while working part time. A content analysis approach revealed three themes: strategies for handling a changed life situation, adaptations to remaining functional capacity, and expectations on future occupational life. Initially, leaving the work market entailed a period of emotional discomfort. To help handle this discomfort, structures for participation and performance came to signify a balanced everyday life. The central conclusion drawn is that the informants with full-time disability pension reconciled themselves to their situation, changing their conception of what life on a disability pension means, while those informants who worked part-time saw their future role as that of worker. Thus, being employed constitutes one factor that promotes a future work career. Another factor related to work capacity is the need for balance between paid work and domestic work reported by disability pensioners working part-time. This area could serve as a point of departure for work rehabilitation.

PREDICTED IMPACTS OF PENSION REFORM ON THE LABOUR MARKET IN POLAND

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Bogusława Urbaniak

2015-07-01

Full Text Available Pension system reforms increasing retirement age and accentuating citizens’ individual responsibility for the amounts of their future pensions have effects on labour markets. This article provides an analysis of factors determining the interest of employees over 50, and even those over 45, in continued employment, as well as of relevant compulsion and risk factors. Some of the discussion deals with the assumptions underlying the Polish pension system reform and its likely effect on longer working lives. A hypothesis is formulated that for older employees to continue employment, working conditions must improve, as the responses of both older employees and their employers reveal insufficient sensitivity to the need to adapt the conditions to the capabilities of an ageing workforce. Yet, even if the necessary measures are taken, occupational stratification leading to the emergence of age-segmented labour market with low-skilled, precarious, and part-time jobs is unavoidable. The article is partly based on the results of a survey that a University of Łódź team conducted for the project Diagnosis of the current situation of women and men aged 50+ on the labour market in Poland, funded by the European Social Fund.

Czech pension reform: how to reconcile equivalence with fiscal discipline

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Potůček Martin

2015-05-01

Full Text Available One of the recent changes in the Czech Republic’s pension system was provoked by a petition to the Constitutional Court. The setting of bend points for determining the amount of pensions depending on the insured person’s previous earnings was contested as discrimination against higher income categories. The Constitutional Court granted the petition. The result was an approval and implementation of an amendment to Act No. 155/1995 Coll., on Pension Insurance, that for the purposes of calculating the level of old-age pensions favoured the highest income decile at the expense of most other insured persons, namely those with middle incomes. Simultaneously, the political criterion of fiscal discipline was applied to ensure the financial sustainability of the pension system. In analysing this case, we critically adopt the theory of actor-centred institutionalism and the theory of the policy cycle. From the nature of the analysed case it follows that we pay attention mainly to the legislative process which resulted in the amendment. Our methodology is dominated by analysis of documents (legal norms, court decisions, political programmes, official publications and political and administrative communication (including debates on legislative drafts in the executive and legislature.

Pension system in a comparative analysis

Directory of Open Access Journals (Sweden)

Bora Angjele

2017-07-01

Full Text Available This article is about the reform of the pension system in Europe and Albania.The social security system in Albania has evolved. The system's initial format was comprehensive, covering third party risks, disabilities, head of household death, short-term illness, and maternity leave, unemployment, and health costs. These benefits were financed through payroll contributions and were assessed by both the employer and the employee, but at different rates for various benefits. However, our country as well as many other transition countries has experienced an increase. Level of labor informality has led to limited income from wage contributions, while facing the burden of supporting older generations, many of whom enjoy full pension rights. Albania has managed to avoid a financial crisis in the social security system. In the current model of the pension system there are major deficiencies. The article introduces systems and reforms and reflections on the elections.

Pension Benefit Insurance and Pension Plan Portfolio Choice

OpenAIRE

Thomas Crossley; Mario Jametti

2008-01-01

Pension benefit guarantee policies have been introduced in several countries to pro- tect private pension plan members from the loss of income that would occur if a plan was underfunded when the sponsoring firm terminates a plan. Most of these public insurance schemes face financial dificulty and consequently policy reforms are being discussed or implemented. Economic theory suggests that such schemes will face moral hazard and adverse selection problems. In this note we test a specific theor...

The future of retirement and the pension system : How the public's expectations vary over time and across socio-economic groups

NARCIS (Netherlands)

Bissonnette, L.; van Soest, A.H.O.

2012-01-01

We analyze expectations of the Dutch population ages 25 and older concerning future generosity of state and occupational pensions, the main pillars of the Dutch pension system. We use rotating panel data with monthly observations from 2006 until 2012 on individuals’ subjective expectations

VALUING THE CHINESE REIMBURSEMENT SYSTEM OF THE RETIREMENT PENSION INSURANCE FOR URBAN EMPLOYEES

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Yue Guo

2017-06-01

Full Text Available This study investigates the funding and implementation of China's reformed pension system, particularly the impact of population aging on the system and the government’s recessive debt on pensions. We performed a literature review of relevant publications on the pension system in China as well as similar systems abroad. We also performed an in-depth analysis of the pension insurance fund in China’s Zhejiang province, based on available data from 2001 through 2014. Using a time series ARIMA forecasting model and a comprehensive prediction model, in conjunction with theories from economics, statistics and sociology, we tried to establish the implicit pension debt (IPD for Zhejiang and determine the pension payment feasibility for the next 15 years. We use our findings to explain the current problems with the pension system in Zhejiang and offer suggestions for improvement.

Employer-sponsored pension plans

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Rakonjac-Antić Tatjana N.

2004-01-01

Full Text Available Apart from pension plans within social insurance, in developed pension systems there are also available to individuals schemes which may to a large extent ensure a significant part of their total pension. Among them are the following: employer-sponsored pension plans or individual pension plans. The most widely used employer-sponsored pension plan in the USA is 401(k, in which both the employer and the employee contribute to the financing of the pension. These contributions as well as the return to their investment have a preferential tax treatment, i.e. do not enter a tax base. The funds are taxed only when drawn from the account in the form of a pension. This paper aims to present the functioning of 401(k pension plan as the most widely used employer sponsored pension plan in the USA, which is likely, in a modified form, to have an important place within our future reformed pension insurance system.

PENSION FUNDS EVOLUTION, REFORMS AND TRENDS IN SOUTHAFRICA

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Nthabiseng Moleko

2017-07-01

Full Text Available This paper presents a graphical and descriptive analysis of the historical trends ofthe South African pension fund sector in order to provide insights andunderstanding ofnon-banking finance. Using a combination of secondary data anda desk review of existing literature, we provide in-depth analysis of the differenttypes and number of pension funds, industry trends, policy reforms and legislativeframeworks enacted by theSouth African government for the development of thesector. The study identified the evolution of the pension fund industry to be in fourphases coinciding with different waves of industry policy reforms, namely: theinfancy phase (1911-1958; institutionalisation phase (1959-1984; separation andcontinued separation phase (1985-1994; and corporatisation and amalgamation(1995-2015 The industry growth analysis indicated that a compounded annualgrowth rate of 14 percent is the highest annual growth overthe past decade and thisgrowth exceeds the global market average of 6.5 percent over the same period. Theindustry trend analysis is indicative of an upward trend in terms of funds’membership with the trendline showing a steep rise to over 15 million membersfrom under 10 million memberships with the space of a decade. However, thenumber of pension funds operating in the industry has declined due to a steadymove towards umbrella funds. Although the South African pension fund industry isnot only movingin the right direction but also considered a beacon of successaround the world, there remains huge potential for growth of the sector. Therefore,maintaining sound regulatory policies and government interventions will continueto ensure that pension fundsare well managed and bad practices discouraged in thesector through the oversight functions of government regulatory institutions such asthe Pension Fund Registrar and Financial Services Board.

A genetic algorithm-based search for parametric reform alternatives for the Turkish pension system : 2005-2060

OpenAIRE

Alparslan, Mustafa Artun

2005-01-01

Ankara : The Department of Economics, Bilkent Univ., 2005. Thesis (Master's) -- Bilkent University, 2005. Includes bibliographical references leaves 54-55. In this thesis, we search for parametric reform alternatives so as to achieve a balance in the long term accumulated difference between pension expenditures and revenues of the SSI, the largest pension fund in Turkey, from 2005 to 2060. The projected worker-retiree composition of the pension system is allowed to change al...

FINANCIAL STABILITY OF THE UKRAINE NATIONAL SYSTEM OF PENSION INSURANCE

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A. Khemii

2014-03-01

Full Text Available The system of pension insurance is a combination of created by the state legal, economic and organizational institutions and norms, providing financial support to citizens in the form of pensions. In the article analyzing the demographic situation and the condition of pension payments in the country today. In the terms of economic and social reforms, the level of financial stability the pension system is low. Therefore important is the analysis and exploring new methods to ensure financial stability of the Ukraine national system of pension insurance. The main institution of the national pension insurance is the National Pension Fund of Ukraine.

Life Insurance and Individual Pension System

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İbrahim PAÇACI

2017-12-01

Full Text Available There is no explanation in the source about the insurance and the private pension system, which are not known at the time of the formation of the fiqh and the period of the support. Upon the spread of the insurance, The provision of insurance in the geography of Islam has also begun to be discussed. There are contracts that have the elements and conditions that must be found in itself and that are not contradictory to the basic principles of Islam. In this respect, without accumulating life insurance that protects the person against sudden risks is permissible. The provision of cumulative life insurance and the individual pension system depends on the area where the premiums are deposited and the type of payment. Provided that the premiums are assessed in halal areas; a at the end of the period premiums and interests are paid back in full or on a specific plan, or b all or part of the premiums and interests are left in the company and the income share is paid as salary, these are permissible. However, it is not permissible if all or part of the premiums and duties are left in the company and a fixed salary is attached. It is permissible for the State to contribute to the entry into the private pension system in order to incentivize the savings, and it is permissible for them to receive this contribution.

A Legal Guide to State Pension Reform. Education Sector Policy Briefs

Science.gov (United States)

Herriot-Hatfield, Jennie; Monahan, Amy; Rosenberg, Sarah; Tucker, Bill

2012-01-01

Just 18 minutes before the midnight signing deadline on May 15, 2010, Minnesota state legislators breathed a sigh of relief. Their bipartisan pension reform legislation, which passed both chambers by large margins and aimed to help shore up a potentially failing pension system, had just escaped a veto threat. Under pressure from his Republican…

Pensions at a glance 2009 retirement-income systems in OECD countries

CERN Document Server

Organisation for Economic Cooperation and Development. Paris

2009-01-01

Pension and retirement policies have changed dramatically in recent years, as governments have tried to balance the goals of adequate retirement incomes and the long-term financial sustainability of pension systems in the face of population ageing. Pensions at a Glance 2009 provides a consistent framework for comparing pension policies between countries along with reliable data. This third edition updates information on key features of pension provision in OECD countries and provides projections of retirement income for todays workers. It offers an expanded range of indicators, including measures of assets, investment performance, coverage of private pensions, public pension spending, and the demographic context and outlook. Four special chapters provide an in-depth look at important issues in pension policy today. The first examines the implications of the present financial and economic crisis on pension systems. Which countries and which individuals are most affected? What can governments do to help and whi...

Re-reform of Latin American Private Pensions Systems: Argentinian and Chilean Models and Lessons

OpenAIRE

Carmelo Mesa-Lago

2009-01-01

Between 1981 and 2008, 11 countries in Latin America structurally reformed their defined-benefit, Pay-As-You-Go, public pension systems, partially or totally replacing them with defined contribution, fully funded, privately managed schemes based on individual accounts. Initial failures in design and subsequent performance of the private systems led to partial corrections, but in 2008 two countries implemented far reaching “re-reforms”: Chile maintained and improved its system, whereas Argenti...

Demographic Risks of the Pension Reform in the Russian Federation

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Arkady Konstantinovich Solovyev

2016-03-01

Full Text Available The purpose of the study is to analyze the impact of the demographic crisis in the country’s fiscal system. In the article, the pension system for the first time is considered as a multifactorial model, which during the different historical periods corrects the degree of its dependence on the interdependent complex of macroeconomic and demographic factors. The economically sound and socially correct accounting of the interference of retirement age and the specified development factors of pension system requires a fundamental change in the methodological approaches to the problem of raising the retirement age by using the actuarial methods of forecasting. The actuarial analysis of the problem of retirement age shows that the perception of the linear dependence on demographic parameters of the age when the national pension is awarded cannot be considered as a tool for regulating the efficiency of the pension system. For the science-based solution to the problem of rising the retirement age, along with the dynamics of demographic parameters, it is necessary to take into account the whole range of macroeconomic conditions for the state development as well as the long-term socio-economic consequences. Another significant result of the study are the specific parameters of the actuarial assessments of the impact of demographic and macroeconomic conditions of increasing the retirement age in Russia, conducted using the state statistical data. The practical proposals to mitigate the negative economic consequences are formulated. The key conclusion reached is that the raising of the retirement age should be aimed exclusively at the economic stimulation of the formation of the pension rights of the insured in the long term, rather than to the short-term savings of the state budget. The methodological approaches grounded in the work, and the quantitative results of the actuarial calculations may be applied in the shaping the public pension policy when

Gender and Public Pensions in China: Do Pensions Reduce the Gender Gap in Compensation?

OpenAIRE

Chen, Tianhong; Turner, John

2015-01-01

This paper analyzes gender issues with respect to public pensions in China. Because provision of public pensions in China is highly fragmented, with different programs applying to different groups of people, we focus on the largest mandatory public pension program in urban China, the Urban Employees’ Pension Program. The paper uses data from the China Health and Retirement Longitudinal Study (CHARLS) for 2011 to empirically analyze the causes of gender differences in benefit levels between me...

Pensions and social inclusion in three ex-Yugoslav countries

DEFF Research Database (Denmark)

Guardiancich, Igor

2010-01-01

into the mechanisms of pension system evolution. Second, the study expounds the pros and cons of the three schemes and argues that none can avoid further reforms. Slovenian public pensions are excessively generous and consequently require fiscal cuts, the Croatian funded tier is too small to complement lower public...

Population Growth Rate, Life Expectancy and Pension Program Improvement in China

OpenAIRE

Yang, Zaigui

2008-01-01

Applying an overlapping-generations model with lifetime uncertainty, we examine in this paper China’s partially funded public pension system. The findings show that the individual contribution rate does not affect the capital-labor ratio but the firm contribution rate does. The optimal firm contribution rate depends on the capital share of income, social discount factor, survival probability, and population growth rate. The simulation results indicate that the optimal firm contribution rate r...

PENSION FUNDS EVOLUTION, REFORMS AND TRENDS IN SOUTHAFRICA

OpenAIRE

Nthabiseng Moleko; Sylvanus Ikhide

2017-01-01

This paper presents a graphical and descriptive analysis of the historical trends ofthe South African pension fund sector in order to provide insights andunderstanding ofnon-banking finance. Using a combination of secondary data anda desk review of existing literature, we provide in-depth analysis of the differenttypes and number of pension funds, industry trends, policy reforms and legislativeframeworks enacted by theSouth African government for the development of thesector. The s...

Expanding Canada Pension Plan Retirement Benefits: Assessing Big CPP Proposals

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Jonathan R. Kesselman

2010-10-01

Full Text Available Current and growing deficiencies in many workers’ ability to maintain their accustomed living standards in retirement have evoked varied proposals for reform of Canada’s retirement income system. This study focuses on proposals for expanding the retirement benefits of the Canada Pension Plan (CPP, and undertakes comparative analysis with proposals for reforms affecting workplace pensions and individual savings. It begins by reviewing key policy questions for the retirement income system and describing essential features of several proposals for CPP benefit expansion. It then uses these “Big CPP” proposals as a basis to assess the design issues for expanding CPP benefits and the implications for other components of the retirement income system. The paper assesses each of the major private and public savings vehicles based on multifaceted criteria for a well-performing retirement income system; a mandatory public scheme with defined benefits ranks most highly on almost all criteria other than individual flexibility. Additional behavioural and institutional factors also support the use of mandatory public pensions: myopia in savings, individual investment behaviour, scale economies and costs of fund management, adverse selection and annuitization costs, the Samaritan’s Dilemma, and labour market incentives. The study provides an overview analysis of key design issues for the expansion of CPP retirement benefits. Major issues include the desirable scale of expansion for both the percentage of insurable earnings and the insurable earnings ceiling; mandatory versus voluntary coverage and options; the allocation of investment return risk; and the phasing-in of higher premiums and benefits. The study then assesses the implications of CPP expansion for other components of the retirement income system: Old Age Security and the Guaranteed Income Supplement, workplace pensions, tax provisions for savings, and individual savings. A Big CPP fits

Pension System Methodology For Senior Citizens

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Titel NEGRU

2016-04-01

Full Text Available The need to reform pension systems is one of the key social challenges for policymakers in Europe. The demographic evolutions of the last 26 years, the changes in the Romanian economy and society influenced one particular category - the retired people. As population inactive, retired people represents important year category, their numbers being rather big in comparison with the population employed, the practical pensions contributors are at the bottom with their founds.

Rivalry of Advocacy Coalitions in the Czech Pension Reform

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Potůček Martin

2016-06-01

Full Text Available The Czech Republic, as many other countries of Central and Eastern Europe, faced and is still facing a pension-reform challenge. The diversification of pension pillars led to the massive displacements of participant contributions from the public PAYG pension pillars to the newly constructed private, defined-contribution, fully-funded pillars. In the Czech Republic, the adoption of the relevant law was preceded by serious political conflict between supporters and opponents of this step (both among different political actors and among professionals. In an analysis of the conflict we critically apply the Advocacy Coalition Framework. We work mainly with the analysis of policy documents, public statements of the individual actors and an analysis of voting on the relevant law in both chambers of the Czech Parliament towards the identification of the crystallization process of two clear-cut coalitions between actors from both sides of the spectrum. The Advocacy Coalition Framework in exploring the dynamics of the public-policy process proved to be able to explain situations where there is sharp political conflict. Through the lens of the devil-shift of both camps (advocacy coalitions with different beliefs, each fell into extreme positions within the coalition to affirm the correctness of their arguments and positions.

Social Security and Pensions in Lebanon: A Non-Contributory ...

International Development Research Centre (IDRC) Digital Library (Canada)

UPGRADING LEBANON’ S ECONOMIC ANALYTICAL CAPACITY PROJECT 105541

analysis of the need for pension reform and a public financial perspective on pension reform, and a proposal for ... Elderly people, who are seventy and above today, will not benefit from ..... component of existing Lebanese social security cost.

Public Pension Reform, Demographics, and Inequality

OpenAIRE

von Weizsäcker, Robert K

1994-01-01

Starting from a simple, descriptive model of individual income, an explicit link between the age composition of a population and the personal distribution of incomes is established. Demographic effects on income inequality are derived. Next, a pay-as-you-go financed state pension system is introduced. The resulting government budget constraint entails interrelations between fiscal and demographic variables, causing an additional, indirect demographic impact on the distribution. This is shown ...

26 CFR 513.6 - Pensions and life annuities.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Pensions and life annuities. 513.6 Section 513... UNDER TAX CONVENTIONS IRELAND Withholding of Tax § 513.6 Pensions and life annuities. (a) Pensions... rendered thereto in the discharge of governmental functions, and any life annuity, derived from sources...

26 CFR 521.111 - Pensions and life annuities.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Pensions and life annuities. 521.111 Section... Denmark and of Danish Corporations § 521.111 Pensions and life annuities. Under the provisions of Article X(2) of the convention, private pensions and life annuities derived from sources within the United...

Insights from Swiss Pension Systems

OpenAIRE

Bütler, Monika

2014-01-01

This chapter takes Switzerland's much praised three-pillar system to illustrate some of the challenges pension system reforms face in an aging society. It shows that policymakers are confronted by some individuals with behavioral anomalies, and by others who strategically exploit the system The trade-off between providing incentives and adequate retirement income limits policy options, especially if reformers do not want to impose too many restrictions on individual choice and avoid excessive...

Public Pensions as the Great Equalizer? Decomposition of Old-Age Income Inequality in South Korea, 1998-2010.

Science.gov (United States)

Hwang, Sun-Jae

2016-01-01

This study examines the redistributive effects of public pensions on old-age income inequality, testing whether public pensions function as the "great equalizer." Unlike the well-known alleviating effect of public pensions on old-age poverty, the effects of public pensions on old-age income inequality more generally have been less examined, particularly outside Western countries. Using repeated cross-sectional data of elderly Koreans between 1998 and 2010, we applied Gini coefficient decomposition to measure the impact of various income sources on old-age inequality, particularly focusing on public pensions. Our findings show that, contrary to expectations, public pension benefits have inequality-intensifying effects on old-age income in Korea, even countervailing the alleviating effects of public assistance. This rather surprising result is due to the specific institutional context of the Korean public pension system and suggests that the "structuring" of welfare policies could be as important as their expansion for the elderly, particularly for developing welfare states.

Pension Reform in Russia: A General Equilibrium Approach

OpenAIRE

Kuznetsov Artem; Ordin Oleg

2001-01-01

This paper uses a classic, overlapping generation model to analyze the optimal transition of the Russian economy from a PAYG pension system to a funded pension system. The transition is associated with the accumulation of social capital gained by increased contributions to the pension system. The analysis of the two-period model defines the optimal rule for the choice of the present value of the pension package as a function of aggregate capital stock in the economy. In the numerical simulati...

Pension Systems after the Storm: France and the United Kingdom in a Comparative Analysis

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Christine Lagoutte

2012-08-01

Full Text Available All pension systems have been affected by the financial and economic crisis, although in different ways. This paper analyses the effects of the crisis on pension systems and the resulting responses and changes, and offers a theoretical interpretation of these responses. This interpretation focuses on the relationships between pension systems and broader socioeconomic institutional configurations, and between pension systems and other core, formative economic institutions, in order to explain the effects of the crisis, the nature of the reforms adopted by governments and the future outlook for pension systems. From this perspective, a comparative analysis of two pension systems with different approaches, the French system that relies heavily on social insurance and the primarily market-based British system, appears relevant in the interest of assessing how similar pressures and disruptions can produce different impacts and responses. The analysis shows that these pension systems' responses to the crisis have preserved the main institutional features of each configuration, and even reinforce some of them. Nevertheless, it appears that both systems are converging toward an institutionalization of a twofold social welfare system. The French system attempts to preserve the pension rights of core-workers on a mandatory social insurance basis, while non-standard workers benefit from tax-funded social solidarity measures. In the British system, the State intervenes to both extend secure pension fund enrolment to low income groups and to reinforce safety nets for lower income retirees. Finally, the recent changes have not called into question the fundamental logic of either pension system, although concerns are on the rise in respect of their future adequacy and sustainability

The impact on pension liabilities of Malaysian government pension scheme from remarriage due to removal of pension clause

Science.gov (United States)

Ibrahim, Rose Irnawaty; Siri, Zailan

2014-12-01

In the event of death of any government employee, their monthly pension will be given to their widow and their child. The government will stop paying that pension when the widow died and when the widow chooses to remarry. However, in 1st January 2002, the remarriage clause has been removed from the regulations. This would allow all widows who remarried to receive pension as usual. In view of this, there are possibilities that those widows who are still young might remarried. If many of the widows choose to remarry, it will be a burden to the government as it would increase the pension liabilities. However, we do not know how many of the widow will remarry. In view of this, the purpose of the study is to assess the impact to pension liabilities of government pension schemes on individual life due to removal clause of the remarriage by determining the pension factor and to assess to what extent the pension liabilities of government pension schemes would be affected.

Risk analysis of the proxy life-cycle investments in the second pillar pension scheme in Croatia

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Renata Kovačević

2015-03-01

Full Text Available In this article we analyze the expected risk of pension funds with different risk profiles in the proxy life-cycle model of investments for the 2nd pillar pension scheme in Croatia. The benefits of implementing proxy life-cycle investments, compared to the previous model of mandatory pension funds investments, are clearly visible in the total expected amount of accumulated savings from the risk/return perspective. However, those benefits are partially diminished by the fact that the expected risk of a pension fund with the lowest risk profile is not substantially different from the expected risk of a pension fund with a medium risk profile, due to the lack of diversification. Additionally, we analyze the robustness of the proxy life-cycle model to a sudden and severe market shock, where we determine the presence of risk for those members who choose to switch to a pension fund with a lower risk profile at an unfavorable moment.

20 CFR 228.18 - Reduction for public pension.

Science.gov (United States)

2010-04-01

... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Reduction for public pension. 228.18 Section... COMPUTATION OF SURVIVOR ANNUITIES The Tier I Annuity Component § 228.18 Reduction for public pension. (a) The... receipt of a public pension. (b) When reduction is required. Unless the survivor annuitant meets one of...

20 CFR 226.31 - Reduction for public pension.

Science.gov (United States)

2010-04-01

... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Reduction for public pension. 226.31 Section... § 226.31 Reduction for public pension. (a) The tier I annuity component of a spouse/divorced spouse... in receipt of a public pension. (b) When reduction is required. Unless the spouse or divorced spouse...

RETIREMENT PENSIONS IN LITHUANIA: 25 YEARS AND STILL IN TRANSIT?

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Aldona Skucaite

2015-09-01

Full Text Available Adequate social security system is one of key elements of any modern society. Retirement pensions are usually attributed to the area of social security and – as such – pension system has multiple objectives, for example, to smooth income during lifetime of individual, to address poverty issues and similar. Due to ageing population and other circumstances many countries face difficulties when providing retirement pensions solely as part of social security system. Lithuania is not an exception, so – as in many other European countries – pension reform was implemented during the period of 2003 – 2004. Design of retirement pensions before and after reform is presented in this paper. Impact of reform for estimated amount of pensions and public finances as well as main areas of uncertainty are discussed. Un sistema de seguridad social adecuado es uno de los elementos clave en cualquier sociedad moderna. Las pensiones de jubilación se vinculan normalmente a la esfera de la Seguridad Social y, como tal, el sistema de pensiones tiene múltiples objetivos: la distribución de los ingresos durante la vida de los individuos o hacer frente al riesgo de pobreza, entre otros. A raíz del envejecimiento de la población y de otras circunstancias, algunos países presentan dificultades cuando la prestación de las pensiones de jubilación se plantea únicamente como una parte de la Seguridad Social. Lituania no es una excepción y así –como otros países europeos- implantó una reforma de las pensiones durante el período 2003-2004. En este artículo se presenta el diseño de estas pensiones antes y después de la reforma y se discute su impacto en cuanto al importe estimado de pensiones y las finanzas públicas, así como se refieren las principales áreas de incertidumbre.

The impact of pension systems on financial development: An empirical study

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Shouji Sun

2014-10-01

Full Text Available The impact of pension assets on financial development is both quantitatively and qualitatively. On quantitatively, pension funds increase capital supply to financial market. On qualitatively, pension funds as institutional investors could promote corporate governance, information disclosure and transaction efficiency. Based on regression results of 55 countries and regions, we find that different pension systems formed different size of pension fund; every 1% increase of the pension funds’ assets could bring about 0.15%-0.23% increase of the market value, which could explain cross-countries difference of financial development. Based on panel data analysis, we find that the impact of pension fund on financial development is very significant especially in civil law and underdeveloped countries. By using co-integration analysis and vector auto regression model (VAR with time series data of Chile, we find positive relationship between pension funds and financial development again. The empirical results indicate that legal origin, endowment and pension fund views are not exclusive but compatible. A country cannot change its legal origin and endowment, but it can change pension policies and reform social security system. A funded pension system with accumulates pension assets could promote a country’s financial development and economic growth

Functional Analysis of Pension Scheme Reforms in Nigeria from ...

African Journals Online (AJOL)

It was argued that the public sector organization at both the federal, state, and ... the knowledge of what the pensioner‟s economic life will look like after work. ... the use of a uniform pension scheme for both the public and the private sectors, ...

Crisis and pension system design in the EU : International spillover effects via factor mobility and trade

NARCIS (Netherlands)

Fedotenkov, I.; Meijdam, A.C.

2013-01-01

Many European Union states have adjusted pension benefits or reformed the pension system in reaction to the recent economic crisis, while other member states have postponed this type of adjustments. In this paper we study to what extent countries that responded quickly to the crisis are harmed by

Teacher Pension Incentives, Retirement Behavior, and Potential for Reform in Arkansas

Science.gov (United States)

Costrell, Robert M.; McGee, Josh B.

2010-01-01

The authors analyze the Arkansas teacher pension plan and empirically gauge the behavioral response to incentives embedded in that plan and to possible reforms. The pattern of pension wealth accrual creates sharp incentives to work until eligible for early or normal retirement, often in one's early fifties, and to separate shortly thereafter. We…

INNOVATIONS – PREREQUISITE FOR PENSION SYSTEMS ADEQUACY

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Ivanka Daneva

2017-09-01

Full Text Available The paper examines the views of Bulgarian and foreign researchers on the essential characteristics of the pension system adequacy and its modern characteristics. Adequacy is highlighted by financial security and equivalence in pension insurance. A definition of adequate income in the form of a pension is proposed. The main exogenous factors characterizing the need for modern innovations in the pension system have been characterized. The main directions in which the changes in the pension insurance models are taking place are defined. It is argued that in every modern state the generosity of the social security system is predetermined by the relative effectiveness of the alternative to the pay-as-you-go system.

How to Find Optimal National Model of Pension System: the Projection on Russia (Book Review: Barr, N. Pension reform: A short guide [Text] / N. Barr, P. Diamond. – Oxford : Oxford University Press, 2010. – 261 p.

Directory of Open Access Journals (Sweden)

Karen Avakovich Tumanyants

2015-12-01

Full Text Available How to Find Optimal National Model of Pension System: the Projection on Russia (Book Review: Barr, N. Pension reform: A short guide [Text] / N. Barr, P. Diamond. – Oxford : Oxford University Press, 2010. – 261 p.

26 CFR 509.114 - Private pensions and life annuities.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Private pensions and life annuities. 509.114...) REGULATIONS UNDER TAX CONVENTIONS SWITZERLAND General Income Tax § 509.114 Private pensions and life annuities. (a) General. Private pensions and life annuities derived from sources within the United States and...

Open Pension Funds in Poland: The Efects of the Pension Privatization Process

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Oręziak Leokadia

2014-10-01

Full Text Available Since their establishment in 1999, the Open Pension Funds (OPFs have comprised a mandatory capital pillar in the pension system of Poland. The paper`s objective is to analyze the principles under which the OPFs function and assess their past and anticipated future impact on the state of the country's public fnances, particularly on the public debt. The analysis also considers the past and potential effects of the OPFs existence from the point of view of future levels of old-age pension. The studies are targeted at determining the threats connected with further maintenance of the OPFs from the point of view of both public fnance stability and pension system security.

OFFERS FOR INDEXATION MECHANISM OF INSURANCE PENSION IN MANDATORY PENSION INSURANCE SYSTEM

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A. Sil'chuk

2016-01-01

Full Text Available The main problem of mandatory pension insurance system is lack of monetary resources on payment of pensions. One of the key mechanisms of ensuring of financial stability of the system is indexation insurance pensions, so long as through indexation it is possible to regulate the stream of monetary resources of both budget of pension fund and federal budget's transfer payments.Objectives. The aim of this work is to form a suggestion upon settlement of indexation of insurance pension for ensuring of financial stability of the pension system.Methodology. Writing the article applied methods used in economic studies: analysis, analytical, comparative, induction.Results. The author finds the basic problems of existent mechanism of indexation of pensions and gives suggestions about development of indexation mechanism.Conclusions and Relevance. New approach can be easily applicable in any macroeconomic and demographic terms and allow to manage federal budget expenditures inclusive of its resource possibilities.

26 CFR 514.6 - Private pensions and life annuities.

Science.gov (United States)

2010-04-01

... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Private pensions and life annuities. 514.6...) REGULATIONS UNDER TAX CONVENTIONS FRANCE Withholding of Tax § 514.6 Private pensions and life annuities. (a) Exemption from tax. Private pensions and life annuities as defined in paragraph (d) of this section, derived...

The effects of a Danish legal reform on divorce probabilities and pension savings

DEFF Research Database (Denmark)

Amilon, Anna

2012-01-01

This paper investigates how a recent Danish legal reform that changed how pension savings are shared upon divorce influenced divorce probabilities and pension savings. A simple theoretical model predicts that the reform should cause couples to either get divorced or sign postnuptial agreements...... for the couples in the sample was less than 1 %, the relative increase in divorce probabilities caused by the reform was between 12 and 40 %. The effects are largest when the wife is the one gaining from getting divorced. Moreover, the reform influenced wives', but not husbands', pension savings and caused....... Using a large panel of Danish register data, I find that the probability of getting divorced increased by between 0.1 and 0.3 % for couples that were affected by the reform, compared to couples that were not. Although these increases might appear small, given that the average divorce rates...

Essays on collective funded pension schemes

NARCIS (Netherlands)

Chen, D.H.J.

2016-01-01

Many pension systems worldwide have welfare enhancing properties, but seem unsustainable due to ageing problems, low interest rates and the recent financial crisis. Revisions of pension systems are required to improve sustainability, even in some cases this might reduce the generosity of pension

DETERMINANT EROSION FACTORS FOR PENSION ROMANIAN SYSTEM - A STATISTICAL APPROACH

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Ana-Gabriela BABUCEA

2010-09-01

Full Text Available The demographical evolutions of the last 20 years, the changes in the Romanian economy and society influenced one special category which is the retired people. As inactive population, retired people represents an important category, their numbers being rather big in comparison with the employed population, practical the contributors at the pensions fund. In 2010, the stat has serious problems with paying pensions. The evolution of this category of people is the subject of this paper. We try to identify the factors that had negative influence upon the pension Romanian system. The reference years that we considered are 1990-2009.

Pensions and Consumption Decisions: : Evidence From the Lab

NARCIS (Netherlands)

van der Heijden, E.C.M.; Koç, E.; Ligthart, J.E.; Meijdam, A.C.

2015-01-01

Pensioners have increasingly more control over their income streams as a result of pension reforms, which gives them more freedom to save for their old age. We devise an experiment where subjects face a life-cycle optimization task with lifetime uncertainty and a given lifetime income. The aims are

[Demographic aging and social security. The insufficiency of old age pensions].

Science.gov (United States)

Ham Chande, R

1993-01-01

The demographic transition is leading to demographic aging in Mexico, as lower fertility and greater life expectancy combine to produce absolute and percentage increases in the elderly population. Concern is growing about satisfying the material needs of the elderly population. Only a few developed countries are able to furnish adequate pensions to their retired workers through social security systems. In Mexico, class inequity is a greater determinant of the level of pension coverage than is generational solidarity. Mexico's 1990 census showed that the population of 81,250,000 was comprised of 24,517,000 economically active and 56,733,000 inactive persons. Of the 24,517,000 economically active, 7,282,000 mostly lower level employees and laborers were affiliated only with the Mexican Institute of Social Security (IMSS). 2,308,000 were covered by the IMSS and one of the complementary pension systems sponsored by the largest and most organized private companies. 2,629,000 were entitled to pensions through public sector employment and 584,000 through quasipublic employment. The remaining 11,571,000 had no rights to a pension. In other words, 47% of the labor force was not covered by any retirement pension system. 375,000 of the 5,007,000 persons over age 60 in the economically inactive population had some sort of pension from the IMSS. In 1990, 92% received the minimum pension, equivalent to 70% of the minimum salary. 229,000 had an IMSS pension and a complementary private pension. 196,000 pensioners in the public sector received an average pension of 1.5 times the minimum salary. 66,000 retired workers in quasipublic enterprises received pensions with automatic adjustments for inflation that frequently equaled 20 times the minimum salary. The total number of recipients of pensions of all types was 888,000,leaving 4,119,000 persons over 60 with no pension. Because of the deficiencies of the social security system, families must continue to be the institution that aids

DOS MODELOS DE SOSTENIBILIDAD EN EL SISTEMA DE REPARTO DE LAS PENSIONES DE JUBILACIÓN DE PRESTACIÓN DEFINIDA

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Luis María Sáez de Jáuregui Sanz

2013-05-01

Full Text Available En este trabajo se formulan dos modelos de sostenibilidad de las pensiones de jubilación de prestación definida en el marco de un sistema público de pensiones. El primer modelo permite analizar aisladamente el efecto de la evolución de la esperanza de vida, cuantificando el impacto que el envejecimiento de la población tiene sobre las pensiones. En el segundo modelo se formulan y se hallan los parámetros de productividad en el sistema de reparto, para el caso español y para el periodo 1975-2048, en un contexto de sostenibilidad. In this paper there are two models of sustainability of the defined benefits old-age pensions in the framework of a public pension system. The first model allows us to analyze the effect of the evolution of the life expectancy, quantifying the impact that the aging of the population has on the old-age pensions. In the second model, we find out the parameters of productivity in the defined benefit pay-as-you-go (DB PAYG scheme with retirement benefits for the Spanish case for the period 1975-2048 in a context of sustainability.

Research of Factors Affecting Pension Funds Efficiency

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Virgilijus Sakalauskas

2011-12-01

Full Text Available Currently Lithuania has an old-age pension system of three pillars.Unfortunately, when making an investment decision, too few factors are used that affect strategy effectiveness. It is necessary to develop tools to better assess the risks and more accurately simulate the potential long-term investment scenarios.The article deals with the investment strategy to the second and third pillar pension funds in order to maximize investment returns and reduce risks. A smart software tool allows you to simulate an accrual depending on the rate of return, the accumulation period, the level of contributions, the fund’s profitability and other factors.The study shows that using the Social Insurance Fund contributions, personal contributions and the state provided additives can accumulate significantly greater amounts of money than collecting only the second pillar pension funds contributions. For implementation of the proposed methodology it is necessary to ensure a minimum level of personal pension scheme members fundraising to the third pillar pension funds. On the other hand, the study revealed that in some cases investment to private pension funds can be useless.Private pension funds have become popular between unprofessional investors who don’t have sufficient knowledge. Research shows that financial institutions do not always provide the optimal proposals. Advanced software tools can help make better investment decisions. Commercial tools usually show potential profits of investment, but not always pay sufficient attention to potential risks. This article analyzes both good and bad investment scenarios.

Research of Factors Affecting Pension Funds Efficiency

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Marius Liutvinavičius

2013-08-01

Full Text Available Currently Lithuania has an old-age pension system of three pillars. Unfortunately, when making an investment decision, too few factors are used that affect strategy effectiveness. It is necessary to develop tools to better assess the risks and more accurately simulate the potential long-term investment scenarios. The article deals with the investment strategy to the second and third pillar pension funds in order to maximize investment returns and reduce risks. A smart software tool allows you to simulate an accrual depending on the rate of return, the accumulation period, the level of contributions, the fund’s profitability and other factors. The study shows that using the Social Insurance Fund contributions, personal contributions and the state provided additives can accumulate significantly greater amounts of money than collecting only the second pillar pension funds contributions. For implementation of the proposed methodology it is necessary to ensure a minimum level of personal pension scheme members fundraising to the third pillar pension funds. On the other hand, the study revealed that in some cases investment to private pension funds can be useless. Private pension funds have become popular between unprofessional investors who don’t have sufficient knowledge. Research shows that financial institutions do not always provide the optimal proposals. Advanced software tools can help make better investment decisions. Commercial tools usually show potential profits of investment, but not always pay sufficient  attention to potential risks. This article analyzes both good and bad investment scenarios.

Public pensions, family allowances and endogenous demographic change.

Science.gov (United States)

Peters, W

1995-05-01

"A tax-transfer system deals with redistribution a PAYGmong generations and corrective taxation a PAYGt the same time. Since such a policy is a government's task, we take a normative approach and pose the question: Which tax-transfer system should a government apply to maximize social welfare? The framework we consider allows for endogenous demographic aspects...: first, fertility has a great impact on a PAYG [pay-as-you-go] financed pension insurance; and second, through education human capital is accumulated.... We analyzed the optimal extent of a public pension scheme in the presence of external effects of fertility and education on the net domestic product." Pension schemes in Germany and the United States are compared. excerpt

Trends Regarding the Evolution of the Romanian Pension System

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Balteș Nicolae

2018-03-01

Full Text Available The pension system, together with the social assistance services form the social security system is recognized worldwide throughout the adoption of the Universal Declaration of Human Rights for the purpose of insured person compensation for damages regarding some inherent risks as: permanent or temporary inability of work, old age or unemployment. The main objectives of a pension system are decreasing poverty regarding the lower income persons throughout the conditions of limitation of the working capacity which are financially vulnerable. In this article we provide a qualitative and quantitative overview regarding the Romanian pension system structure and mechanism. The conclusions of this article highlight the need for a more comprehensive reform of this system in order to strengthen it for the new challenges still to come in the near future.

38 CFR 3.714 - Improved pension elections-public assistance beneficiaries.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Improved pension elections-public assistance beneficiaries. 3.714 Section 3.714 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation...

Review of pension schemes of Ukraine and Argentina in ...

African Journals Online (AJOL)

The effectiveness of a pension plan or scheme is a function of its contents, structure and management. Over the years, the non-contributory pension scheme in Nigeria was confronted with daunting challenges. As alternative to these challenges, the 2004 Pension Reform Act came into force. The 2004 Pension Reform Act ...

Persistent social inequality in life expectancy and disability-free life expectancy: Outlook for a differential pension age in Denmark?

Science.gov (United States)

Brønnum-Hansen, Henrik; Eriksen, Mette Lindholm; Andersen-Ranberg, Karen; Jeune, Bernard

2017-06-01

The state old-age pension in Denmark increases to keep pace with the projected increase in average life expectancy (LE) without any regard to the social gap in LE and expected lifetime in good health. The purpose of this study was to compare changes in LE and disability-free life expectancy (DFLE) between groups of Danes with high, medium and low levels of education. Nationwide register data on education and mortality were combined with data from the Surveys of Health, Ageing and Retirement in Europe (SHARE) surveys in 2006-2007, 2010-2011 and 2013-2014 and the DFLE by educational level was estimated by Sullivan's method for each of these three time points. Between 2006-2007 and 2013-2014, LE among 65-year-old men and women with a low educational level increased by 1.3 and 1.0 years, respectively, and by 1.4 and 1.3 years for highly educated men and women. The gap in LE between people with high and low levels of education remained more than 2 years. In 2006-2007, 65-year-old men with a high level of education could expect 3.2 more years without disability than men of the same age with a low level of education. In 2013-2014, the difference was 2.9 years. For women, the results were 3.7 and 3.4 years, respectively. With the persistent social inequality in LE of more than 2 years and the continuous gap between high and low educational groups in DFLE of about 3 years, a differential pension age is recommended.

The risk-return profile of Lithuanian private pension funds

Czech Academy of Sciences Publication Activity Database

Kabašinskas, A.; Šutienė, K.; Kopa, Miloš; Valakevičius, E.

2017-01-01

Roč. 30, č. 1 (2017), s. 1611-1630 ISSN 1331-677X R&D Projects: GA ČR GA13-25911S Institutional support: RVO:67985556 Keywords : Pension system reform * private pension funds * performance ratios * risk– return measuring * clustering Subject RIV: AH - Economics OBOR OECD: Finance Impact factor: 0.742, year: 2016 http://library.utia.cas.cz/separaty/2017/E/kopa-0483752.pdf

Una propuesta de reforma del sistema de pensiones español basada en un modelo de contribución definida nocional || A Proposal for Reforming the Spanish Pension System Based on a Notional Defined Contribution Model

Directory of Open Access Journals (Sweden)

García, Jaime

2011-06-01

Full Text Available Los sistemas occidentales de pensiones, y especialmente el español, se van a ver notablemente afectados por el proceso de envejecimiento poblacional que se está produciendo. Este artículo propone un modelo de pensiones para España que implica profundas reformas estructurales que garanticen el cumplimiento de los objetivos que un sistema de Seguridad Social persigue. La propuesta implica una combinación de vías para abordar esa reforma integral, que conduce básicamente al establecimiento de una pensión básica de carácter general financiada con impuestos, una pensión contributiva obtenida de la aplicación de un modelo de contribución definida nocional (CDN y una tercera pensión derivada de un sistema complementario ocupacional de afiliación automática, al que hemos llamado sistema nacional de ahorro (SNA. Han sido realizadas proyecciones hasta el año 2039 y los resultados se presentan tanto en términos de pensión de jubilación (indicador de adecuación del modelo como de gasto referido al PIB (indicador de viabilidad. El artículo analiza las magnitudes de equilibrio del sistema actual de Seguridad Social en España, pone de manifiesto su inviabilidad financiera en los términos actuales a medio y largo plazo y sugiere que, matemáticamente, un modelo como el propuesto es financieramente sostenible y a través del establecimiento de un período de transición, en el que los recursos actuales del Fondo de Reserva serían utilizados, puede adecuarse a las necesidades de la población. || The western pension systems and especially the Spanish one will noticeably be affected by an aging of the population that is currently underway. This work proposes a pension model for Spain which would mean deep structural reforms that would guarantee meeting the objectives established by a Social Security system. Our proposal considers a reform that leads to the establishment of a general basic pension fund financed through taxes; a contributory

The Anatomy of Pension Fraud in Nigeria: Its Motives, the Management and Future of the Nigerian Pension Scheme

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Amaka E. Agbata

2017-12-01

Full Text Available The study determined how the administration of the Pension Scheme could be perked up in Nigeria through effective management that would reduce fraudulent practices apparent in the scheme. By following the precept of library research via the survey design, a 5-point Likert Scale questionnaire was designed to educe primary information about pension matters from a sample of 435 knowledgeable respondents. The collected data were presented and analyzed. Three hypotheses were formulated and tested based on Multiple Regression Analysis models with the aid of Minitab version 17. The findings show that, despite the provisions of the Act (the Pension Reform Act - PRA, intents for committing Pension Fraud have not reduced to a significant extent. Also, the accumulated assets of pension funds have not been adequately diversified into profitable investment alternatives. Therefore, we recommend that, among other things, amendments should concertedly be made to the PRA to at least discourage acts of pension frauds by instituting severe punitive measures for culprits, while simultaneously inculcating moral ethics among public servants in Nigeria.

REFORMA Y SOSTENIBILIDAD DEL SISTEMA DE PENSIONES: UNA VALORACION CRÍTICA

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Ignacio Zubiri Oria

2012-07-01

Full Text Available Este artículo analiza la reforma del sistema de pensiones que se ha hecho en España y la necesidad de reformas adicionales. Se señala que la reforma es injusta, engañosa, extemporánea y, quizá más importante, insuficiente para garantizar la solvencia del sistema de pensiones. Dado esto, el trabajo propone una serie de medidas que habría que tomar en el medio plazo para eliminar algunos elementos injustos de esta reforma y garantizar la solvencia a largo plazo del sistema. Se argumenta que como en esta primera reforma los trabajadores ya han soportado una parte considerable del coste, en la segunda reforma el énfasis esencial (aunque no exclusivo debería estar en la búsqueda de recursos adicionales para el sistema. También se señala que las pensiones privadas no deben jugar ningún papel sustantivo en el futuro sistema de pensiones. This paper analyzes the recent pension reform in Spain and the need for additional reforms. It is argued that the reform is unfair, misleading, untimely and, perhaps more importantly, insufficient to ensure the solvency of the pension system. Given that, the paper analyzes the measures that should be taken to eliminate some the unfairness of the reform and to guarantee the solvency of the system in the long run. It is argued that since in this first reform workers have already borne a sizable part of the cost, in the second reform the basic (though not exclusive emphasis should be in the search of additional resources for the system. It is also argued that private pensions do not have any role to play in the future system of pensions.

Return Smoothing Mechanisms in Life and Pension Insurance

DEFF Research Database (Denmark)

Montserrat, Guillén; Jørgensen, Peter Løchte; Nielsen, Jens Perch

2006-01-01

pricing theory. We explore the properties of this pension scheme in detail and find that in terms of market value, smoothing is an illusion, but also that the return smoothing mechanism implies a dynamic asset allocation strategy which corresponds with traditional pension saving advice......Traditional with-profits pension saving schemes have been criticized for their opacity, plagued by embedded options and guarantees, and have recently created enormous problems for the solvency of the life insurance and pension industry. This has fueled creativity in the industry's product...... development departments, and this paper analyzes a representative member of a family of new pension schemes that have been introduced in the new millennium to alleviate these problems. The complete transparency of the new scheme's smoothing mechanism means that it can be analyzed using contingent claims...

EUROPEAN PENSION SYSTEMS - THE REAL CHALLENGE OF THE 21ST CENTURY

Directory of Open Access Journals (Sweden)

Maria Augusztinovics

2003-07-01

Full Text Available It will be argued that the present focus of the pension reform debate - public, pay-as-you-go versus private, funded - is misplaced and somewhat outdated. Pay-as-you-go versus funding or pre-funding is a more-or-less technical issue. The public versus private choice should be seen as a cost-benefit, efficiency problem. These two dichotomies represent important, but secondary problems. (They cannot even be expected to help solving the certainly serious - although not that catastrophic as often painted - problems caused by the foreseeable demographic changes, the so-called ageing of the population. The major distinctive attribute of existing European pension schemes is not the mode of financing or management. It is the Bismarckian heritage, the close link to employment, based on the typically 20th century-type, continuous working career. A presently emerging trend, however, is the transformation of the labour market. The so-called "atypical" forms of employment (part-time work, outsourcing, work at home, fixed-length contracts, etc. are spreading and the traditional employer-employee link is weakening, if not - at least partially - disappearing. Activity ratios (poorly represented by the unemployment rate are declining. This trend will probably be accentuated by the deepening of globalization and European integration, the growing importance of migration, including temporary migration (i.e. working in one country for a few years, then in another one, then maybe returning home for retirement. The questions thus arise: how, when, where will people, who are economically "inactive" or wandering around during a large faction of their earning span, acquire pension eligibility, sufficient for income security in old age? Will the present forms of pension insurance (including social security as well as country-based private funds be able to live up to this 21st century-type of challenge? If not, what are the adequate models for the future and what are the

General principles of institutional risks influence on pension systems

Science.gov (United States)

Nepp, A. N.; Shilkov, A. A.; Sheveleva, A. Y.; Mamedbakov, M. R.

2016-12-01

This paper examines the tools used to study the influence of institutional factors on investment returns. The research object are the tools used in the evaluation of institutional risks in the pension system, in particular, the correlation model of factors impacting on the `anti-director' index, econometric estimates combining the different determinants of savings, the model of endogenous institutional change, etc. Research work focusing on issues of institutional factors affecting pension systems (authored by La Porta, Guiso, Gianetti, El-Mekkaouide Freitas, Neyapti B., and others) is reviewed. The model is examined in terms of the impact of institutional risks on pension systems, especially with regard to the funded part. The study identified the following factors that affect financial institutions, including pension institutions: management quality, regulation quality, rule of law, political stability, and corruption control.

The Nigerian, Swedish and Chilean Pension Systems: A ...

African Journals Online (AJOL)

The Nigerian, Swedish and Chilean Pension Systems: A Comparative Analysis of Schemes and Reforms. ... Ethiopian Journal of Economics ... While Chile and Nigeria completely moved from a defined benefit system to a defined contribution system, Sweden chose a “hybrid”, a model which has received wide acclaim by ...

Aging and the Necessity of a Radical Reform of the Canadian Pension System

Directory of Open Access Journals (Sweden)

Jacques Henripin

2009-12-01

Full Text Available Compared to the 29 other members of OECD, Canadian workers must satisfy themselves with a rather timorous public pension system, particularly those who earn a middle or higher income. This weakness is somewhat corrected by private pension organizations, but only a third of employees are covered by them. The author proposes that all workers have access to such programs and even that they are mandatory. There would be many of them; they would function on the basis of capitalization; they would be public or private. The choice of the capitalization financial principle is almost essential, due to future population aging. The author displays his convictions about these proposals, as well as practical ways to implement such a program.

Pension Choices and the Savings Patterns of Public School Teachers

Science.gov (United States)

Goldhaber, Dan; Grout, Cyrus

2016-01-01

This paper examines the savings behavior of public school teachers who are enrolled in a hybrid pension plan that includes a defined contribution (DC) component. Few states have incorporated DC features into teacher pension systems and little is known about how providing teachers with greater control over deferred compensation might affect their…

Impact of demographic ageing on sustainability of public finance in Serbia

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Zdravković Aleksandar

2012-01-01

Full Text Available Population ageing is a global phenomenon without precedent in the history of humanity having implications in all facets of life. From an economic point of view, population ageing is certainly one of the biggest challenges of modern time. A consequence of these global demographic tendencies reflected in growing number of pensioners which negatively affects sustainability of public pension systems financed by the principle of intergenerational solidarity (Pay-As-You-Go - widely represented in public pension schemes of European countries. In this paper, impact of demographic ageing on pension systems is analyzed in the context of sustainability of public finance in Serbia in the period 2010-2050. Although the comparative analysis of the pension expenditure share in gross domestic product (GDP does not point to significant differences between Serbia and the countries in the neighborhood and the European Union, the growth trend of subsidizing the Pension Fund from the government budget endangers medium-term sustainability of the public pension system in Serbia, bearing in mind that the implementation of measures proposed in pension reforms can be valorized only in the long run. The main objective of the analysis is projecting long-term pension expenditure as a share of GDP. The projections were formed indirectly by modeling the average pension expenditure, because this variable incorporates both growth in the total pension expenditure and growth in the number of pensioners as a result of demographic trends, and better reflects the actual growth of pension expenditure. For the purposes of the analysis, in addition to the projection of real GDP growth, size of the inactive population aged 65 and over, as the main contingent of the pension system users and the total number of pensioners, was projected by means of stochastic cohort component methodology. Based on these projections and assumptions about the growth rate of average pension expenditure

Stochastic programming framework for Lithuanian pension payout modelling

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Audrius Kabašinskas

2014-12-01

Full Text Available The paper provides a scientific approach to the problem of selecting a pension fund by taking into account some specific characteristics of the Lithuanian Republic (LR pension accumulation system. The decision making model, which can be used to plan a long-term pension accrual of the Lithuanian Republic (LR citizens, in an optimal way is presented. This model focuses on factors that influence the sustainability of the pension system selection under macroeconomic, social and demographic uncertainty. The model is formalized as a single stage stochastic optimization problem where the long-term optimal strategy can be obtained based on the possible scenarios generated for a particular participant. Stochastic programming methods allow including the pension fund rebalancing moment and direction of investment, and taking into account possible changes of personal income, changes of society and the global financial market. The collection of methods used to generate scenario trees was found useful to solve strategic planning problems.

Structural Disadvantage: Evidence of Gender Disparities in the Norwegian Pension System

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Erika K. Palmer

2017-02-01

Full Text Available Norway is a world leader in gender equality according to sustainable development performance indicators. This study goes beyond these indicators to investigate systemic economic disadvantages for women, focusing specifically on the Norwegian pension system. System dynamics modeling is used to understand how gender disparity is built into social systems. A significant contributor to the gender inequality in pensions is the difference in lifetime working hours due to childbearing/rearing. There are childcare policies in place to equalize lifetime working hours between the genders; however, these policies require women to conform to the pension system structure and outsource their childcare. The system dynamics modeling illustrates how social investment strategy requires women to conform to a masculine pension system if they want equivalent financial security when they reach retirement.

EL FACTOR DE SOSTENIBILIDAD DEL SISTEMA PÚBLICO DE PENSIONES Y SU ENTRADA EN VIGOR. EL FACTOR DE EQUIDAD INTERGENERACIONAL “AJUSTADO A LA EDAD DE ACCESO A LA JUBILACIÓN”

Directory of Open Access Journals (Sweden)

Augusto Hoyo Lao

2014-05-01

pension system of social security and the election of the application base year, they constitute decisions of great significance because of its lowering effects (cumulative in the initial pension calculation and revaluation of all pensions. The implementation of intergenerational equity factor (IEF, there would be a reduction of the initial pension, which would coincide with parametric reforms citing the Law. This research analyzes the effects of overlap, which would be produced by application of the adjustments (cuts of Law 27/2011 and the IEF, estimating a reduction of 26% in the pensions in 2027.The anticipation of the implementation of the IEF to the transition period of the reform in 2011, it is a redundancy of measures aimed at the same goal, which is to compensate the increasing in the number of years of perceived pension due to the progressive increase in life expectancy at retirement age. In addition, technically, the IEF is an effective factor for this purpose when the access conditions and calculation of the retirement pension are similar. It is not the case of the transitional period of the Law 27/2011 during which these conditions are hindered by new cohorts who reach the legal retirement age from 2014 to 2027. It is suggested the application of a IEF adjusted retirement age, which is also less sensitive to the base year which is chosen to change (reduce the initial pension with life expectancy of the following cohorts. Several proposals are included to adjust the parameters of the retirement pension after 2027.

Pension Systems in Europe. Case of Sweden

Directory of Open Access Journals (Sweden)

Jarosław Poteraj

2008-04-01

Full Text Available The author's goal was to present both past and present solutions employed by the Swedishs pension system, in search for ideas worth consideration in international comparisons. Author analysis Swedish pension system evolution and presents strengths and weaknesses of present Swedish pension system.

Pension saving responses to anticipated tax changes

DEFF Research Database (Denmark)

Kreiner, Claus Thustrup; Leth-Petersen, Søren; Skov, Peer

2017-01-01

A Danish tax reform, passed in May 2009 and taking effect from the beginning of 2010, lowered the marginal tax rate on top bracket taxable income from 63% to 56%. Because contributions to pension accounts are tax deductible, the reform provided an incentive to increase pension contributions before...

Pension tax for the financial optimization of the Pensional System in Colombia

OpenAIRE

Pérez de La Rosa, Saúl Eduardo

2017-01-01

At present, the Colombian Pension System is in a financial deficit because, only for the year 2017 alone, it took 33.2 billion pesos for pensions from the Expenditure Budget, from an estimated 224.4 billion for the General Budget of the Nation (Law 1815 and 1837 of 2017). That is, almost 15% of the PGN invested in the pension scheme. The Organization for Economic Co-operation and Development (OECD) has reported in its economic assessment to Colombia that, despite advances in the macroeconomic...

Transition to an aging Japan: public pension, savings, and capital taxation.

Science.gov (United States)

Kato, R

1998-09-01

This study examined options for compensating for the shortages of money for public pensions due to population aging in Japan: increases in pension contributions, consumption pension taxes, interest income pension taxes, and inheritance pension taxes. The analysis relied on simulation in an expanded life cycle growth model. Data were obtained from 1992 estimations of population by the Institute of Population Problems of the Ministry of Health and Welfare. This study is unique in its use of real population data for the simulations and in its use of transition states. The analysis begins with a description of the altered Overlapping Generations Model by Auerback and Kotlikoff (1983). The model accounts for the inaccuracy of lifetime and liquidity constraints and ordinary budget constraints and reproduces the consumption-savings profiles of older people and incorporates wage income taxation and other forms of taxation. Income includes wage and interest income. The analysis includes a description of the method of simulation, assumptions, and evaluation of the effects of population aging. It is assumed that narrower government sector spending on general expenditures per worker will increase by 1% every year. It is concluded that national saving rates will probably decrease due to population aging. The lowest levels of capital stock and savings will result from higher pension contributions. The highest level of capital stock will result from higher consumption pension taxes during 1990-2015. Preferred policies should focus on increasing interest income rates.

Pension Fund Asset Allocation and Liability Discount Rates

NARCIS (Netherlands)

Andonov, Aleksandar; Bauer, Rob; Cremers, Martijn

2017-01-01

The unique regulation of U.S. public pension funds links their liability discount rate to the expected return on assets, which gives them incentives to invest more in risky assets in order to report a better funding status. Comparing public and private pension funds in the United States, Canada, and

Urgent Problems of the Pension Fund of Ukraine

Directory of Open Access Journals (Sweden)

Tulai Oksana I.

2016-02-01

Full Text Available The current state and problems of the Pension Fund of Ukraine have been highlighted. The formation of the budget of this financial institution has been analyzed. It is emphasized that the effective functioning of the Pension Fund of Ukraine is an important condition for sustainable human development, and in view of this factors influencing the process of its improvement have been identified. Firstly, this is a decrease in the number of the working population against the increase in the number of pension recipients, which directly affects the system of mandatory pension insurance. It is found that the effectiveness of the latter can be guaranteed by two conditions: excess of the working population over the number of persons of retirement age and fair payment of insurance premiums. Secondly, it is the population age structure. In this context it is noted that for our state it is economically advantageous to have a lot of working pensioners because they themselves form the pension they receive. Thirdly, it is the level of remuneration. A serious aspect of the problem is the shadowing of incomes and shifting of personal responsibility for the own well-being to the state. Therefore, it is proposed at the legislative level to develop a procedure of a gradual increase of wages and raising the share of the latter in the cost of goods or services. Fourthly, it is a low level of income among the majority of people of retirement age. Therefore, as an alternative source of rising funds for making pension payments there determined an accumulation system of mandatory pension insurance. Fifth, it is the differentiation of the rate of pension payments. It is claimed that the rate of pension should be the same for the people who paid equal premiums. It is important to take into account interests of all participants in the pension system — payers of insurance premiums, recipients of pension and social aid, as well as the state with the Pension Fund of Ukraine

Improving pension product design

DEFF Research Database (Denmark)

Konicz, Agnieszka Karolina; Mulvey, John M.

2013-01-01

The paper develops a pension product that can be oered in a dened contribution pension scheme as a deferred or immediate life annuity. The product is characterized by linking an individual's savings directly to market returns and differs from the products available in the market by being adjusted...... to individual needs. We argue that the asset allocation, the payout prole and the insured sum should not only depend on the plan member's age (or time left to retirement), nor only on her risk preferences, but should capture personal and economical characteristics. Among other factors, we include current wealth...... are optimal under the expected utility function of retirement benets given the individual's characteristics. The problem is solved via a model that combines two optimization approaches: stochastic optimal control and multistage stochastic programming. The rst method is common in nancial and actuarial...

Pension Fund award

CERN Multimedia

Antonella Del Rosso

2013-01-01

The CERN Pension Fund won the Investments & Pensions Europe (IPE) 2013 Gold Award in the Medium Real-Estate Investor category. IPE is the leading European publication on the subject of pensions. The awards were judged by a panel of 22 members, which included leading European investment consultants and pension fund executives.     Théodore Economou (left), the CERN Pension Fund’s Chief Executive Officer, receives the IPE 2013 Gold Award.   The award recognised the “fresh thinking” behind the CERN Pension Fund’s updated real-estate strategy, which has brought it “focus” on “high-quality assets and diversification.” The jury also noted the Fund’s “streamlined and cost-efficient” management, and noted that CERN is “running a tight ship”. While the awards are given by a European institution, they have a worldwide scope, and winners in ot...

Ethnicity and Occupational Pension Membership in the UK

Science.gov (United States)

2015-01-01

Abstract Reflecting a relatively low‐value Basic State Pension, occupational pensions have historically been a key aspect of pension protection within Britain. Existing research shows that minority ethnic groups are less likely to benefit from such pensions and are more likely to face poverty in later life, as a result of the interaction of their labour market participation and pension membership patterns. However, the lack of adequate data on ethnic minorities has so far prevented the direct comparison of different ethnic groups, as well as their comparison to the White British group. Using data from the UK Household Longitudinal Study, this article explores patterns of employment and the odds ratios of membership in an employer's pension scheme among working‐age individuals from minority ethnic groups and the White British population, taking into account factors not used by previous research, such as one's migration history and sector of employment (public/private). The analysis provides new empirical evidence confirming that ethnicity remains a strong determinant of one's pension protection prospects through being in paid work, being an employee and working for an employer who offers a pension scheme. However, once an individual is working for an employer offering a pension scheme, the effect of ethnicity on that person's odds of being a member of that scheme reduces, except among Pakistani and Bangladeshi individuals for whom the differentials remain. The article also provides evidence on the pension protection of Polish individuals, a relatively ‘new’ minority group in the UK. PMID:27563161

Did the Pension Protection Act (PPA) of 2006 Resolve the Pension Crisis in Corporate America?

Science.gov (United States)

Luca, John J.

2009-01-01

On August 17, 2006, President George W. Bush signed into law the Pension Protection Act (PL 109-280). The 907-page federal law has been referred to as the most comprehensive reform of the nation's pension law since the enactment of the Employee Retirement Income Security Act (ERISA) of 1974 (Lucas, 2008). This paper will examine the major…

The Mexican Social Security counterreform: pensions for profit.

Science.gov (United States)

Laurell, A C

1999-01-01

The social security counterreform, initiated in 1997, forms part of the neoliberal reorganization of Mexican society. The reform implies a profound change in the guiding principles of social security, as the public model based on integrality, solidarity, and redistribution is replaced by a model based on private administration of funds and services, individualization of entitlement, and reduction of rights. Its economic purpose is to move social services and benefits into the direct sphere of private capital accumulation. Although these changes will involve the whole social security system--old-age and disability pensions, health care, child care, and workers' compensation--they are most immediately evident in the pension scheme. The pay-as-you-go scheme is being replaced by privately managed individual retirement accounts which especially favor the big financial groups. These groups are gaining control over huge amounts of capital, are authorized to charge a high commission, and run no financial risks. The privatization of the system requires decisive state intervention with a legal change and a sizable state subsidy (1 to 1.5 percent of GNP) over five decades. The supposed positive impact on economic growth and employment is uncertain. A review of the new law and of the estimates of future annuities reveals shrinking pension coverage and inadequate incomes from pensions.

Longevity expectations in the pension fund, insurance, and employee benefits industries.

Science.gov (United States)

Zhavoronkov, Alex

2015-01-01

Considerable progress has been made in many areas of biomedical science since the 1960s, suggesting likely increases in life expectancy and decreases in morbidity and mortality in the adult population. These changes may pose substantial risks to the pensions and benefits industries. While there is no significant statistical evidence demonstrating rapid decreases in mortality rates, there are conflicting opinions among demographers and biogerontologists on the biological limits of the human lifespan and trends in life expectancy. We administered a survey of the International Employee Benefits Association (IEBA), a large, international industry group. Industry professionals employed by consulting (35%), insurance (24%), pension (14%), and other (27%) companies responded to 32 questions. Respondents showed reasonably conservative views on the future of longevity and retirement, including that for women. The respondents formed their personal longevity expectations based on their family history and, to a lesser degree, on the actuarial life tables. Most of the sample expressed no desire to life past age 100 years, even if the enabling technologies required to maintain a healthy youthful state were available, and only a few respondents in the sample expressed a desire to live for the maximum period (at least) offered by the survey question. The majority of the respondents would not undergo any invasive procedures, and only 56% of the respondents would opt for noninvasive therapies to extend their healthy lifespans to 150 years of age if these were available.

A look into the United States' Underfunded Pension System

OpenAIRE

Lin, Jason; Sung, Jane

2017-01-01

The public pension crisis has come under increasing scrutiny over the past decade as shifting demographic trends, harsh economic conditions and the very nature of pension funds have changed, and not for the better. Pension funds create valuable saving and investment tools for an individual's retirement. They make what seems like the impossible daunting task of saving sufficient funds for retirement completely feasible. All indications lead to these trends continuing, therefore pension plans n...

Investigation of factors determining risk-taking strategies in Pension fund investment of Defined Benefit schemes in the UK corporate pension system

OpenAIRE

Hu, Chunan

2014-01-01

This paper investigates various incentives determining risk taking strategies of the corporate pension fund investment from the perspective of sponsors. In the United Kingdom, occupational pension plans especially defined benefit (DB) pension schemes play important roles in the financial market. Comparing with the conventional framework managing pension risk as a contained part of the whole firm risk, recent studies start to focus on pension risk especially investment risk as an individual to...

Frontiers in Pension Finance

NARCIS (Netherlands)

Broeders, D.W.G.A.; Eijffinger, S.C.W.; Houben, A.

2008-01-01

How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines

Trends in pension insurance

Directory of Open Access Journals (Sweden)

D. Shterev

2017-12-01

Full Text Available This article deals with a topical for our country problem which is related to the State Social Insurance. It provides a review of the factors having an adverse effect onto the financial state of the Bulgarian pension system. Discussed are the basic parameters related to the economic incentives in connection with the optimal functioning of the pension system

Do Employer Pension Contributions Reflect Employee Preferences? Evidence from a Retirement Savings Reform in Denmark

DEFF Research Database (Denmark)

Fadlon, Itzik; Laird, Jessica; Nielsen, Torben Heien

2016-01-01

This paper studies how firms set contributions to employer provided 401(k)-type pension plans. Using a reform that decreased the subsidy to contributions to capital pension accounts for Danish workers in the top income tax bracket, we provide strong evidence that employers' contributions are based...... on their employees' savings preferences. We find an immediate decrease in employer contributions to capital accounts, whose magnitude increased in the share of employees directly affected by the reform. This response was large relative to average employee responses within private IRA-type plans and was accompanied...... by a similar magnitude shift of employer contributions to annuity accounts....

Pension Systems in Europe. Case of Portugal

Directory of Open Access Journals (Sweden)

Jarosław Poteraj

2009-03-01

Full Text Available The article presents an insight into the old age pension system in Portugal. The author’s goal was to present both past and present solutions employed by the Portuguese’s pension system, in search for ideas worth consideration in international comparisons. In the summary, the author highlights as a particular Portuguese approach, on the background of other countries, the fact of using in Portugal definite part of VAT income for pension system financing.

Career histories as determinants of gendered retirement timing in the Danish and Swedish pension systems.

Science.gov (United States)

König, Stefanie

2017-12-01

After reforms in pension systems had taken place in most European countries within the last two decades, the concern was raised that women may be disadvantaged by these reforms. It is suggested that they are faced with a higher financial need to work longer. Retrospective data from SHARELIFE are used to run an event history analysis on the timing of the final employment exit, separately for gender, country and exit cohort. This study aims to disentangle the influence of gendered labour markets and pension regulations on retirement timing by investigating conditions in Denmark and Sweden. Some evidence was found that women compensate for lower labour market attachment due to long part-time periods by working longer, especially in younger cohorts. This seems to depend on the pension system. In countries with broad basic pensions, high replacement rates for low-income groups and fewer penalties for early retirement, the compensation is suggested to be less frequent. This study indicates the growing importance of the "compensation hypothesis" compared to the "status maintenance hypothesis" of previous careers in relation with retirement timing.

A revision of the revaluation index of Spanish pensions

OpenAIRE

Roch, Oriol; Bosch Príncep, Manuela; Morillo, Isabel; Vilalta de Miguel, Daniel

2017-01-01

This article reviews the methodological aspects of the revaluation index of Spanish pensions developed following Law 23/2013 which regulates the sustainability factor and revaluation index of the Social Security pension system. From a gradual breakdown of the elements that make up the revaluation index, an exposition is given of the formal and implementation problems it involves. Finally, an alternative model based on dynamic optimization techniques is proposed and its use is illustrated with...

Pensions and ageing in a globalizing world. International spillover effects via trade and factor mobility

NARCIS (Netherlands)

Fedotenkov, I.

2012-01-01

The main conclusions of the thesis are that pension reform can be welfare improving if losses and benefits are redistributed by the central government. The possibility of welfare improving social security reform comes from a more efficient use of an immobile production factor, such as land.

Reforming China’s Pension Scheme for Urban Workers: Liquidity Gap and Policies’ Effects Forecasting

Directory of Open Access Journals (Sweden)

Xiaoxing Liu

2015-08-01

Full Text Available This study forecasts the liquidity gap in China’s pension scheme for urban workers in the context of an ageing population and the possible effects of recent governmental policies by constructing a basic pension model, including “old people”, “middle people” and “new people” and a simulation method. We find, firstly, that China’s liquidity gap of pension will reach its peak of approximately 13.11 trillion yuan in 2038. Subsequently, this gap will gradually decrease with growth in the mortality rate. Secondly, reasonable intervals for the replacement and contribution rates should be set at [0.417, 0.604] and [0.189, 0.262], respectively, to sustain China’s pension system. Thirdly, compared to increasing fiscal subsidies, an income doubling plan, raising the contribution rate, lowering the replacement rate and delaying the retirement age can significantly reduce the liquidity gap, although the policy costs are relatively high. A policy permitting families to have two children will increase the rate of reduction of the liquidity gap, but it cannot effectively narrow the gap at the peak moment.

Determinants of disability pensions in Croatia: the role of institutions

Directory of Open Access Journals (Sweden)

Marijana Badun

2017-03-01

Full Text Available The goal of this paper is to investigate why Croatia has a large number of disability pension beneficiaries. Approximately one quarter of Croatia’s retired population is receiving a pension based on disability. After a presentation of the most important facts and figures, the following possible determinants of disability pensions in Croatia are considered: health status, conditions of work, socioeconomic status, war, and institutions. Simple before-after comparisons suggest that institutional reforms had a strong impact on the number of disability pension beneficiaries. Furthermore, the granting of disability pensions has been plagued by corruption, which shows the importance of informal institutions as well. Future research should focus on micro-data in order to find specific social and health care policy measures to alleviate the effect of socioeconomic and health factors on the incidence of disability.

Pensions at a glance 2015 OECD and G20 indicators

CERN Document Server

2016-01-01

The 10-year anniversary edition of Pensions at a Glance highlights the pension reforms undertaken by OECD and G20 countries over the last two years. Two special chapters provide deeper analysis of first-tier pension schemes and of the impact of short or interrupted careers, due to late entry into employment, childcare or unemployment, on pension entitlements. Another chapter analyses the sensitivity of long-term pension replacement rates on various parameters. A range of indicators for comparing pension policies and their outcomes between OECD and G20 countries is also provided.

Do you look forward to retirement? Motivational biases in pension decisions

Directory of Open Access Journals (Sweden)

Tehila Kogut

2012-05-01

Full Text Available This research examines the relationship between positive and negative perceptions of pensions and motivation to engage in the decision process of choosing a private pension plan, as well as satisfaction from the chosen pension plan, among trained economists. A sample of 134 economists completed a self-report survey examining the decision process of different decision contexts in life, including pension decisions. Overall, participants showed low motivation to engage in the process of choosing a private pension plan, compared to their motivation to engage in other decision tasks. However, economists invested more in the decision process and showed greater satisfaction from their decision regarding their pension plan when they had a more positive perception of pensions. This perception is represented by higher subjective likelihood of receiving pension allowances for a long period, and by a profitable view of the balance between current payments and expected incomes from pension saving. Key words: Pension decisions, subjective perceptions, motivational biases.

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The 2007 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 20 June 2008, is now available from the Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact Emilie Clerc (Tel. + 41 22 767 87 98), building 5-5/017. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/

PENSION FUNDS AND THE FINANCIAL CRISIS IN THE CEE COUNTRIES

OpenAIRE

Milos Marius Cristian; Milos Laura Raisa

2012-01-01

In this paper, the authors analyze the influence of the international financial crisis on the current architecture of the CEE pension systems and their further reforms. As a consequence of the financial crisis, the very fragile pension reform has been subject of debate in the new member states of European Union, given their deep recession and registered fiscal deficits. In many of the CEE countries, which have adopted/developed later the second pillar, the financial crisis has raised question...

FACTORS AFFECTING FINANCIAL CONSUMERS’ PRIVATE PENSION PLAN DECISIONS: A LITERATURE REVIEW AND A CONCEPTUAL FRAMEWORK PROPOSAL

Directory of Open Access Journals (Sweden)

Aslı Elif Aydın

2016-08-01

Full Text Available The objective of this study is to propose a framework related to financial consumers’ private pension plan decisions. Specifically, we review the factors affecting consumers’ participation, contribution and asset allocation decisions regarding private pensions. The factors discussed include situational and dispositional factors, personality, motivation, financial literacy, and external influences. Based on this survey of literature, we develop a number of propositions, which are expected to benefit individual retirement planners and pension institutions in gaining a better understanding of retirement saving decisions.

The Return-risk Performance of Selected Pension Fund in OECD with Focus on the Czech Pension System

Directory of Open Access Journals (Sweden)

Petr Kupčík

2016-01-01

Full Text Available This paper focuses on the measuring and comparing investment performance of pension funds in selected European countries. Comparison of the investment performance of pension funds is determined by means of the Sharpe ratio and the Sortino ratio. We used data of nominal appreciation of pension funds from the Czech Republic, Slovakia, Poland, Sweden, Switzerland and the Netherlands in the period 2005−2013. These countries were selected because they have many common features but Sweden, Switzerland and the Netherlands were added to the analysis because we wanted to show the differences between a developed and less developed fully funded system. The last part of this article presents the main causes of the differences in investment performance of pension funds. Conclusions of the paper are focused on a comparison of the results of the Sharpe ratio and the Sortino ratio of pension funds from selected countries and recommendations for the Czech pension system. The article proposes a mechanism for determining the order of the negative Sharpe ratio and the Sortino ratio.

Pension system in Romania. Long term imbalances and inconsistent policies

Directory of Open Access Journals (Sweden)

Ph. D. Associate Professor Razvan Papuc

2012-05-01

Full Text Available Public policies on retirement, both in Romania and in other EU countries, have been and still are conditioned by numerous short-term budgetary constaints and by long term major sustainability problems. Alongside objective, demographic developments known in all European countries , support systems for the elderly are facing numerous constraints, both due to government policies marked by fiscal indiscipline and lack of consistency of decisions and, hence, credibility phenomena caused by the phenomenon "the captive politician of a redistributive policy model". Modeling support institutions for pensioners by political actors was most of the times the expression of elections marked by Weberian instrumental rationality and not by wertrationalitat, using the axiom- guide for the behaviour of decision markers to "meet social interests in order to come to power" and not by the concern for a more long term efficient trans-redistributive approach. This paper aims to pursue the most important imbalances that chartacterize the public pension system in Romania, expression of decisions determined by aggregating in group individual preferences and noy by both rational and ethical analysis without redistribution centres.

Pension Fund

CERN Multimedia

2006-01-01

As announced in the Bulletin during the summer, the Pension Fund has published a complete new version of the Fund's Rules and Regulations incorporating all amendments up to 1 November 2006, following the decisions of the CERN Council. This new version of the Rules and Regulations can be downloaded in A4 format (pdf document) directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm for the Rules and http://pensions.web.cern.ch/Pensions/règlements___regulations.htm for the Regulations) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

Pension Fund

CERN Multimedia

HR Department

2007-01-01

The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

Pension Fund

CERN Multimedia

HR Department

2007-01-01

The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030), or by e-mail (Sophia.Revol@cern.ch).

Automatics adjusment on private pension fund for Asian Mathematics Conferences

Science.gov (United States)

Purwadi, J.

2017-10-01

This paper discussed about how the automatic adjustment mechanism in the pension fund with defined benefits in case conditions beyond assumptions - assumptions that have been determined. Automatic adjustment referred to in this experiment is intended to anticipate changes in economic and demographic conditions. The method discuss in this paper are indexing life expectancy. In this paper discussed about how the methods on private pension fund and how’s the impact of the change of life expectancy on benefit.

Evaluating Retirement Income Security for Illinois Public School Teachers. Public Pension Project Report

Science.gov (United States)

Johnson, Richard W.; Southgate, Benjamin G.

2014-01-01

The financial problems afflicting the Illinois teacher pension plan have grabbed headlines. An equally important problem, though underappreciated, is that relatively few teachers benefit much from the plan. This report evaluates the pension benefits provided to Illinois public school teachers. The researchers project annual and lifetime pension…

Devil in disguise: Does drinking lead to a disability pension?

Science.gov (United States)

Böckerman, Petri; Hyytinen, Ari; Maczulskij, Terhi

2016-05-01

To examine whether alcohol consumption in adulthood is related to the incidence of receiving a disability pension later in life. Twin data for Finnish men and women born before 1958 were matched to register-based individual information on disability pensions. Twin differences were used to eliminate both shared environmental and genetic factors. The quantity of alcohol consumption was measured as the weekly average consumption using self-reported data from three surveys (1975, 1981 and 1990). The disability pension data were evaluated from 1990-2004. The models that account for shared environmental and genetic factors reveal that heavy drinkers are significantly more likely to receive a disability pension than moderate drinkers or constant abstainers. Heavy drinking that leads to passing out is also positively related to receiving a disability pension. The results were robust to the use of potential confounders that twins do not share, such as education years, the number of chronic diseases, physical activity at work and leisure, and stressful life events. Drinking profiles in early adulthood are an important predictor of receiving a disability pension later in life. Copyright © 2015 Elsevier Inc. All rights reserved.

PENSION FUND

CERN Multimedia

Administration of the Fund

2001-01-01

The Administration of the Fund has just signed a contract with the 'La Suisse' insurance company, making life insurance available to persons leaving CERN under very similar conditions to those offered to the members of the CERN personnel. From now on, persons retiring from the Organization will be able to take out this new insurance at the moment of retirement, provided that they have been members of CERN's collective life insurance scheme for the last five years of service. Exceptionally, until the end of 2001, 'La Suisse' has agreed to allow persons who are already retired to take out this insurance, subject to their state of health (health questionnaire to be completed) and with a maximum insured amount set at 150,000 CHF. We therefore invite any retired persons interested in this insurance to consult the detailed terms and conditions, either on the Pension Fund's Web site (http://pensions.web.cern.ch/pensions) or by writing to the Administration of the Fund. For those wishing to apply, the documents to be...

PENSION FUND

CERN Multimedia

Administration of the Fund

2001-01-01

The Administration of the Fund has just signed a contract with the 'La Suisse' insurance company, making life insurance available to persons leaving CERN under very similar conditions to those offered to the members of the CERN personnel. From now on, persons retiring from the Organization will be able to take out this new insurance at the moment of retirement, provided that they have been members of CERN's collective life insurance scheme for the last five years of service. Exceptionally, until the end of 2001, 'La Suisse' has agreed to allow persons who are already retired to take out this insurance, provided that they are less than 70 years old and subject to their state of health (health questionnaire to be completed) and with a maximum insured amount set at 150,000 CHF. We therefore invite any retired persons interested in this insurance to consult the detailed terms and conditions, either on the Pension Fund's Web site (http://pensions.web.cern.ch/pensions) or contacting to the Administration of the Fun...

INVESTMENT PORTFOLIO MANAGEMENT PECULIARITIES OF NON-STATE PENSION FUNDS

Directory of Open Access Journals (Sweden)

Ivan LUCHIAN

2015-07-01

Full Text Available Non-state pension fund is a institution of social security, the primary purpose of which is the payment of pensions to members of the system of private pension provision. The insurance and pension funds in Republic of Moldova is just beginning. In this regard, a study was conducted in different countries on experience with non-state pension insurance. The results, being generalized, can be used in Republic of Moldova. Non-state pension fund has a multiple core: financial institution, fund, social institution, insurer and institutional investor. Non-governmental pension funds were highly integrated in public policy in most countries around the world aimed at expanding the supplementary pension insurance. Therefore, it becomes very important to solve the issue of formation and investment portfolio management in these financial institutions.

Forecasting differences in life expectancy by education

NARCIS (Netherlands)

P.H.M. Van Baal (Pieter); F. Peters (Frederik); J.P. Mackenbach (Johan); W.J. Nusselder (Wilma)

2016-01-01

textabstractForecasts of life expectancy (LE) have fuelled debates about the sustainability and dependability of pension and healthcare systems. Of relevance to these debates are inequalities in LE by education. In this paper, we present a method of forecasting LE for different educational groups

Reforming pension fund governance in the Netherlands: finding a collective voice

NARCIS (Netherlands)

van der Zwan, N.

2013-01-01

As in other European countries, the introduction of more freedom of choice in the pension system has been hotly debated in the Netherlands. Much of the debate has focused on the contents of pension plans, such as flexibility in retirement age, benefits levels and investment options. A second

Policy risk in action: pension reforms and social security wealth in Hungary, Czech Republic, and Slovakia

Czech Academy of Sciences Publication Activity Database

Dušek, Libor; Kopecsni, J.

2008-01-01

Roč. 58, 7-8 (2008), s. 329-358 ISSN 0015-1920 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : pension reforms * social security * policy risk Subject RIV: AH - Economics Impact factor: 0.275, year: 2008 http://journal.fsv.cuni.cz/storage/1137_dusek-kopecsni_-_329-358-opravené.pdf

Pension Systems in Europe. Case of Greece

Directory of Open Access Journals (Sweden)

Jarosław Poteraj

2007-09-01

Full Text Available The article presents an insight into the old age pension system in Greece. The introduction is followed by four topic paragraphs: 1. the general information about the country, 2. the historical development of its pension system, 3. the present situation, and 4. challenges and foreseen changes. There, the authorís goal was to present both past and present solutions employed by the Greeceís pension system, in search for ideas worth consideration in international comparisons. In the summary, the author highlights as a particular Greek approach, on the background of other countries, the fact of existing in the Greek reality The National Actuary.

Pension risk management in a developing economy:lessons from the nigerian capital market

Directory of Open Access Journals (Sweden)

Onafalujo Akin k.

2010-12-01

Full Text Available The killer risk in any pension scheme is the failure of pension asset sufficiency to meet the promised benefits to retirees. A Pension Risk Management aims at ex ante arrangement to protect retirees’ standard of living. Nigeria introduced pension reforms in 2004 fatefully at the same time when extensive reforms were made in the banking sector. Prior to the Act being passed, there was a major proposition that pension funds should not be invested in Nigerian capital market. This paper reviews pension risks of the new DCS (Defined Contributory Scheme and the implications of investing pension fund in the capital market of a developing economy. A trend analysis was performed on market index and capitalization and a simulated pension asset was subjected to pension risks. Despite the asset allocation guideline on investments by the Pension Commission, there is certainly uncertainty concerning guaranteeing pension payments in future due to unmanaged pension risks. This paper suggests investment policy should accompany a DCS based on the risk appetite of workers, minimum guarantee of returns on investment of pension assets and a range of interest rates for actuarially determined annuities. Further studies may examine wither PFAs should operate as closed end or open end mutual funds.

Teacher Pension Incentives, Retirement Behavior, and Potential for Reform in Arkansas. Conference Paper 2009-10

Science.gov (United States)

Costrell, Robert M.; McGee, Josh B.

2009-01-01

In this paper, we present an analysis of the Arkansas Teacher Retirement System (ATRS) pension plan and an empirical investigation of the behavioral response to that plan, as well as to a possible reform plan. We begin by describing the plan parameters and discussing the incentives these parameters create. We then estimate the effect of pension…

Simulating Pension Income Scenarios with penCalc : An Illustration for India's National Pension System

OpenAIRE

Sane, Renuka; Price, William J.

2018-01-01

This paper sets out initial results from a new modeling exercise for Defined Contribution (DC) pensions. It develops a package called penCalc based on the open source software language R, which is popular in the academic and modeling communities. All the coding is made freely available. The tool is illustrated for India's DC National Pension System. The aim is not to present the perfect mo...

Return to Work After Temporary Disability Pension in Finland.

Science.gov (United States)

Laaksonen, Mikko; Gould, Raija

2015-09-01

When it is possible that the employee's work ability can be restored through treatment or rehabilitation, disability pension in Finland is granted for a fixed period. We examined which factors are associated with return to work (RTW) after such temporary disability pension. The study included all Finnish residents whose temporary disability pension from the earnings-related pension system started in 2008 (N = 10,269). Competing risks regression analysis was applied to examine register-based determinants for RTW after temporary disability pension due to mental disorders, musculoskeletal diseases, other diseases, and injury over a 4-year follow-up period. The overall cumulative incidence of RTW was 25%. RTW was more probable after temporary disability pension due to injury and musculoskeletal diseases and less probable after temporary disability pension due to mental disorders. Younger age and higher education increased RTW but differences between genders, private and public sector employees, and occupational classes were relatively small. The probability of RTW was higher among those who were employed before their temporary disability pension (subhazard ratio in multivariate analysis 2.41 (95% CI 2.13-2.72) and among the 9% who participated in vocational rehabilitation during their pension [SHR 2.10 (95% CI 1.90-2.31)]. With some exceptions, the results were fairly similar for all diagnostic causes of temporary disability pension. Return to work after temporary disability pension was relatively uncommon. Nevertheless, in all diagnostic groups RTW continued for the whole follow-up period. The low educated and those not employed before temporary disability pension need more support in their RTW. The strong association between vocational rehabilitation and RTW suggests that increasing rehabilitation among those with impaired work ability may promote RTW.

Pension systems, intergenerational risk sharing and inflation

NARCIS (Netherlands)

Beetsma, R.M.W.J.; Bovenberg, A.L.

2006-01-01

We investigate intergenerational risk sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar. We consider shocks in productivity, depreciation of capital and inflation. The funded pension pillar can be either defined contribution or defined benefit, with benefits

Optimization of the Actuarial Model of Defined Contribution Pension Plan

Directory of Open Access Journals (Sweden)

Yan Li

2014-01-01

Full Text Available The paper focuses on the actuarial models of defined contribution pension plan. Through assumptions and calculations, the expected replacement ratios of three different defined contribution pension plans are compared. Specially, more significant considerable factors are put forward in the further cost and risk analyses. In order to get an assessment of current status, the paper finds a relationship between the replacement ratio and the pension investment rate using econometrics method. Based on an appropriate investment rate of 6%, an expected replacement ratio of 20% is reached.

EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA

Directory of Open Access Journals (Sweden)

Dražen Novaković

2015-07-01

Full Text Available The aim of this paper is to evaluate the financial performance of pension funds in Croatia. Although there are other factors which are important in the pension funds overall performance, this paper focuses on investment accomplishments. The purpose of measuring portfolio performance is to determine whether portfolio managers add value compared to passive investment strategies. The traditional approach to pension funds’ performance evaluation underlines standard measures of financial performance (e.g. ratios such as Sharpe’s, Sortino’s, Treynor’s, etc. which quantify the ability of pension fund managers to deliver an active management risk premium, with respect to benchmarks. In this paper, the previously mentioned traditional measures of risk-adjusted performance are applied to Croatian pension funds. Due to recent changes in pension systems in other Eastern European countries once again emphasis is put on this issue in Croatia. The analysis furthermore includes evaluation of pension funds’ asset allocation. The period of analysis covers twelve years, from the establishment of pension funds in Croatia in 2002 until 2013. The main hypothesis of the paper states that Croatian pension funds underperform with respect to benchmark comparisons, set as return on the combined CROBEX/CROBIS portfolio. Results show that the main hypothesis does not hold. The financial performance of pension funds directly influences their competitiveness, derived from the possibility of measuring their success in active portfolio management. In addition, pension funds are expected to support the national economy. By investing their accumulating assets, they can protect jobs and enhance economic growth. However, they can achieve that only if they are competitive in means of financial performance.

Who Benefits from Pension Enhancements?

Science.gov (United States)

Koedel, Cory; Ni, Shawn; Podgursky, Michael

2014-01-01

During the late 1990s public pension funds across the United States accrued large actuarial surpluses. The seemingly flush conditions of the pension funds led legislators in most states to substantially improve retirement benefits for public workers, including teachers. In this study we examine the benefit enhancements to the teacher pension…

A new award for the CERN Pension Fund

CERN Multimedia

CERN Bulletin

2013-01-01

Recently, the CERN Pension Fund was awarded the 2013 Investment and Pensions Europe (IPE) Award for “Best Use of Equities”. IPE is the leading European Pension Fund industry publication.   The award recognized CERN’s implementation of capital preservation principles in equities, referring in particular to CERN’s innovation with the development of “asymmetric” equity strategies. The awards were judged by a panel of 65 European pension fund executives, experts and consultants. In addition, CERN was selected by the judges as a finalist for “Best Public Pension Fund” in Europe.  This award was won by the UK government’s Pension Protection Fund.

Corporate Governance and Pension Fund Performance

Directory of Open Access Journals (Sweden)

Oskar Kowalewski

2012-03-01

Full Text Available This study provides new evidence on the impact of governance on the performance of privately defined contribution pension plans. Using a hand collected data set on governance factors, the study shows that the external and internal governance mechanisms in pension plans are weak. One explanation for this weakness is the potential conflict between the pension beneficiaries and the fund’s owner, which depends on who bears the investment risk in the pension plan. Hence, different governance factors are found to be important for pension fund return on invested assets and also for its economic performance. Consequently, the overall policy conclusion is that more focus should be put on the governance of the pension funds, taking into account the different interests of the beneficiaries and owners as it may determine their performance.

Demographic Risks of the Pension Reform in the Russian Federation

OpenAIRE

Arkady Konstantinovich Solovyev

2016-01-01

The purpose of the study is to analyze the impact of the demographic crisis in the country’s fiscal system. In the article, the pension system for the first time is considered as a multifactorial model, which during the different historical periods corrects the degree of its dependence on the interdependent complex of macroeconomic and demographic factors. The economically sound and socially correct accounting of the interference of retirement age and the specified development factor...

ELECTIONS PENSION FUND

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working Group on Pensions mandated by the CERN Council. This commitment led to my becoming a member of the Governing Board of the Pension Fund in 1983, since when I have taken an active part in various commissions and working groups (Real Estate Asset Management Committee, Working Group on Actuarial Matters etc.); in so doing I have gained a thorough knowledge of different areas of the Pension Fund. Since ...

Pension Fund

CERN Multimedia

HR Department

2009-01-01

In line with the decisions concerning the new governance of the Pension Fund taken by the Council in June and September 2007, amendments to Section 2 "Structure and Functions" of the Rules of the Fund (Article I 2.08 – Composition of the Investment Committee and Article I 2.08b – Chairman of the Investment Committee) entered into force on 1st January 2009. These articles replace the provisions of the existing Regulations of the Investment Committee of the Pension Fund relating to the composition and chairman of the Investment Committee. Amendment No. 27 (PDF document) may be downloaded directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 7672742, mailto:Barbara.Bordjah@cern.ch).

48 CFR 1837.170 - Pension portability.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Pension portability. 1837... ADMINISTRATION SPECIAL CATEGORIES OF CONTRACTING SERVICE CONTRACTING Service Contracts-General 1837.170 Pension portability. (a) It is NASA's policy not to require pension portability in service contracts. However, pension...

Golden Years or Retirement Fears? Private Pension Inequality Among Canada's Immigrants.

Science.gov (United States)

Curtis, Josh; Lightman, Naomi

2017-06-01

Currently, many immigrants are disqualified from Canada's public pension scheme because of residency requirements. In addition, decades of low income and labour market exclusion prohibit many Canadian immigrants from building adequate private pension savings throughout their working life. Together, these factors present serious concerns for immigrant seniors' economic well-being. Using Canadian census data spanning a twenty-year period (1991-2011), we find that income from personal savings plans and investments has declined sharply for both native-born and immigrant Canadians, with recent immigrant cohorts faring worst. However, since 1991, native-born and immigrant men living in Canada for 40-plus years had major gains in private employer pensions (Registered Pension Plans; [RPPs]). Yet RPP income for all other immigrant cohorts remained stable or declined during these decades. Thus, the data demonstrate a worrisome growing private savings gap between native-born men and all others in Canada, with newer immigrants and women faring worst.

Stochastic Assessments of Urban Employees’ Pension Plan of China

Directory of Open Access Journals (Sweden)

Yueqiang Zhao

2018-03-01

Full Text Available In the uncertain environment of population and economy; the pension plan for urban employees in China is under threat from various types of financial risk. This paper mainly builds a comprehensive risk assessment system to evaluate the solvency sustainability of the urban employees’ pension plan of China. Specifically, we forecast annual accumulative net asset; actuarial balance; and potential support ratio for the next seventy years. To account for the impact of demographic uncertainty on long-term finances, stochastic simulations are used to estimate the probability distribution of relative risk indicators. Moreover, we integrate the Lee–Carter model into the population projection. According to the median projection, the public pension fund will have a gap in about 35 years; and the cash flow will be negative about 25 years later. Furthermore, under the existing policy, the burden of insured employees will increase rapidly. Delayed retirement could relieve the coming solvency risk, but it does not fundamentally resolve the solvency problem in the long run.

Who Benefits-Or Does not-From South Africa's Old Age Pension? : evidence from Characteristics of Rural Pensioners and Non-Pensioners

OpenAIRE

Ralston, Margaret; Schatz, Enid; Menken, Jane; Gomez-Olive, Francesc Xavier; Tollman, Stephen

2016-01-01

Social protection grants play a critical role in survival and livelihoods of elderly individuals in South Africa. Rarely is it possible to assess how well a social program reaches its target population. Using a 2010 survey and Agincourt Health Demographic Surveillance System census data we conduct multivariate logistic regression to predict pension receipt in rural South Africa. We find only 80% of age-eligible individuals report pension receipt. Pension non-recipients tend to be male, have p...

ELECTIONS PENSION FUND CANDIDATE NR 5

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate :  Name : Sonnemann  First Name : Florian Since my arrival at CERN in 1997 I have worked in the accelerator and administrative sectors. I have recently been elected as member of the Staff Council and of the Executive Committee of the Staff Association in which I am actively following matters concerning the Pension Fund. My candidature for the Governing Board of the CERN Pension Fund is mainly motivated to add my part in ensuring a solid financial situation of the Pension Fund. The Pension Fund is our only social security system. I wish to play a role in ensuring that the pensions will remain a secure revenue for all staff membe...

ELECTIONS PENSION FUND 5th candidate

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate :  Name : Sonnemann  First Name : Florian Since my arrival at CERN in 1997 I have worked in the accelerator and administrative sectors. I have recently been elected as member of the Staff Council and of the Executive Committee of the Staff Association in which I am actively following matters concerning the Pension Fund. My candidature for the Governing Board of the CERN Pension Fund is mainly motivated to add my part in ensuring a solid financial situation of the Pension Fund. The Pension Fund is our only social security system. I wish to play a role in ensuring that the pensions will remain a secure revenue for all staff membe...

Pension Fund

CERN Multimedia

Pension Fund

2006-01-01

Amendment No. 22 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force following the CERN Council's decisions of 16 December 2005, includes the following new articles: Art. II 5.08 : Non-entitlement to Pension for Surviving Spouse Art. II 5.09 : Procurement of an entitlement to Pension for Surviving Spouse Art. II 6.09 : Non-entitlement to Pension for Orphans Art. II 7.01 c) : Entitlement to Allowances Art. III 1.07 : Extension of the contract beyond the age limit of 65 as well as the following amended articles : Article II 1.07 - Contributions Annex B - Fixed sums and allowances

Working while on a disability pension in Finland: Association of diagnosis and financial factors to employment.

Science.gov (United States)

Polvinen, Anu; Laaksonen, Mikko; Rantala, Juha; Hietaniemi, Marjukka; Kannisto, Jari; Kuivalainen, Susan

2018-02-01

The aim of this study was to find out whether health and financial factors are associated with engagement in paid work during a disability pension. The data included a 10 per cent sample of Finns aged 20-62 years who were drawing earnings-related full or partial disability pension in 2012 ( n = 14,418). Logistic regression analysis was used to estimate odds ratios for working while on a full or partial disability pension. Fourteen per cent of full disability pensioners and 76 per cent of partial disability pensioners were engaged in paid work. Full disability pensioners due to mental disorders were working less often than full disability pensioners due to other diseases. Partial disability pensioners due to cardiovascular diseases were working more than partial disability pensioners due to other diseases. More recent timing of disability pension was associated with working for both partial and full disability pensioners. Working while on disability pension was more common among those with higher education. Partial disability pensioners with average pension worked more often than those with high pension. By knowing the factors associated with working while on a disability pension, policies could be more efficiently allocated to encourage disability pensioners to take up work. One way would be to support disability pensioners with low education to work more. Another way to increase work among disability pensioners is to support the recently retired in working longer.

The Establishment of China’s New Type Rural Social Insurance Pension: A Process Perspective

Directory of Open Access Journals (Sweden)

Matthias Stepan

2016-01-01

Full Text Available This study explores the processes and outcomes of the public policy reforms from 2002 to 2014, targeting income security among the elderly for a segment of the Chinese population that was increasingly marginalised throughout the 1990s: the rural population. The authors reconstruct the policy process from 2002 until 2014 that led to the establishment of the New Type Rural Social Insurance Pension and assess its impact on providing adequate and sustainable old-age income. One particular focus is the study of the influence of international actors. Yet, as key to the success of the initiative, the authors identify the decisive support of the central level leadership, which facilitated the process by announcing a new development model and providing earmarked transfers from the central government. Despite the improvements in the income security of elderly rural Chinese, questions remain about the Chinese pension system’s long-term sustainability and the influence of the system’s fragmentation on social mobility and equality.

Policy transfer and lesson drawing. The case of the pension system reform in Mexico

Directory of Open Access Journals (Sweden)

JORGE ENRIQUE CULEBRO MORENO

2012-01-01

Full Text Available El objetivo del artículo consiste en estudiar la reforma en el sistema de pensiones en México, en particular, el desarrollo y evolución de la reforma de dos principales organismos, por un lado la agencia reguladora y por el otro de la administradora de fondos de pensiones diseñada como una asociación público-privada PPP. Los resultados son, la existencia de un grado de especialización horizontal y una potencial falta de rendición de cuentas y transparencia en las organizaciones encargadas de regular el sistema de pensiones, así como la presencia de valores de que pueden entrar en competencia en los funcionarios públicos en el desarrollo de sus funciones afectando el desarrollo de un nuevos sistema de pensiones y el desempeño del organismo regulador.

Intergovernmental (Dis)incentives, Free-Riding, Teacher Salaries and Teacher Pensions

OpenAIRE

Maria D. Fitzpatrick

2014-01-01

In this paper, I document evidence that intergovernmental incentives inherent in public sector defined benefit pension systems distort the amount and timing of income for public school teachers. This intergovernmental incentive stems from the fact that, in many states, local school districts are responsible for setting the compensation that determines the size of pensions, but are not required to make contributions to cover the resulting pension fund liabilities. I use the introduction of a p...

IBRD AND ITS INVOLVEMENT IN MODERNISING AND IMPROVING THE FUNCTIONALITY OF PENSION SYSTEMS

Directory of Open Access Journals (Sweden)

Cristina Rosu

2014-12-01

Full Text Available In our research we review the International Bank for Reconstruction and Development’s (IBRD most important contributions to the functionality of the pension systems around the world. The pension systems design constitutes an important premise for the adequate functioning of these systems. In international practice, there is a wide variety of principles and mechanisms which can constitute the foundation of pension systems, the most common being materialized in the multi-pillar pension system, promoted by the IBRD. Its involvement in modernizing and improving the functionality of pension systems has reached also many other aspects such as evaluation of the national pension systems’ performance, financial assistance to governments with the aim of meeting the objectives corresponding to pension systems, scientific, technical and informational support. We conclude that IBRD’s involvement in modernizing and improving the functionality of pension systems has determined a significant transformation of the national pension systems, especially in Latin America and Eastern and Central Europe. However, its well-known multi-pillar model is not free of criticism as a result of the various analytical errors.

Pension Fund

CERN Multimedia

HR Department

2009-01-01

In line with the decisions taken by the Council in June and September 2007 concerning the new governance of the Pension Fund, amendments to Section 2 «Structure and Functions» of the Rules of the Fund entered into force on 1st January 2009 (Article I 2.08 – Composition of the Investment Committee and Article I 2.08bis – Chairman of the Investment Committee). Amendment n°27 may be downloaded (PDF document) directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 767 2742, mailto:Barbara.Bordjah@cern.ch).

Rehabilitation time before disability pension.

Science.gov (United States)

Støver, Morten; Pape, Kristine; Johnsen, Roar; Fleten, Nils; Sund, Erik R; Claussen, Bjørgulf; Ose, Solveig Osborg; Bjørngaard, Johan Håkon

2012-10-30

The decision to grant a disability pension is usually the end of a long process of medical examinations, treatment and rehabilitation attempts. This study investigates to what extent the time spent on rehabilitation time prior to disability pension is associated with characteristics of the individual or the local employment and welfare office, measured as municipality variance. A study of 2,533 40 to 42 year olds who received disability pension over a period of 18 years. The logarithm of the rehabilitation time before granting a disability pension was analysed with multilevel regression. The rehabilitation time before a disability pension was granted ranged from 30 to 5,508 days. Baseline health characteristics were only moderately associated with rehabilitation time. Younger people and people with unemployment periods had longer rehabilitation time before a disability pension was granted. There were only minor differences in rehabilitation time between men and women and between different levels of education. Approximately 2% of the total variance in rehabilitation time could be attributed to the municipality of residence. There is a higher threshold for granting a disability pension to younger persons and those who are expecting periods of unemployment, which is reflected in the extended rehabilitation requirements for these groups. The longer rehabilitation period for persons with psychiatric disorders might reflect a lack of common knowledge on the working capacity of and the fitted rehabilitation programs for people with psychiatric disorders.

Rehabilitation time before disability pension

Directory of Open Access Journals (Sweden)

Støver Morten

2012-10-01

Full Text Available Abstract Background The decision to grant a disability pension is usually the end of a long process of medical examinations, treatment and rehabilitation attempts. This study investigates to what extent the time spent on rehabilitation time prior to disability pension is associated with characteristics of the individual or the local employment and welfare office, measured as municipality variance. Methods A study of 2,533 40 to 42 year olds who received disability pension over a period of 18 years. The logarithm of the rehabilitation time before granting a disability pension was analysed with multilevel regression. Results The rehabilitation time before a disability pension was granted ranged from 30 to 5,508 days. Baseline health characteristics were only moderately associated with rehabilitation time. Younger people and people with unemployment periods had longer rehabilitation time before a disability pension was granted. There were only minor differences in rehabilitation time between men and women and between different levels of education. Approximately 2% of the total variance in rehabilitation time could be attributed to the municipality of residence. Conclusions There is a higher threshold for granting a disability pension to younger persons and those who are expecting periods of unemployment, which is reflected in the extended rehabilitation requirements for these groups. The longer rehabilitation period for persons with psychiatric disorders might reflect a lack of common knowledge on the working capacity of and the fitted rehabilitation programs for people with psychiatric disorders.

Pension Systems in Europe. Case of Germany

Directory of Open Access Journals (Sweden)

Jarosław Poteraj

2008-01-01

Full Text Available The article presents an insight into the old age pensionsystem in Germany. The authors goal was to present both, past and present solutions employed by the Germans pension system, in search for ideas worth consideration in international comparisons. In the summary, the author highlights as a particular German approach, on the background of other countries, the fact of implementing in the German reality the special smart card system for pensioners.

Pension fund

CERN Multimedia

Staff Association

2014-01-01

Letter sent on Monday 8 December 2014 to the delegates of the Member States to CERN Council An item on the agenda of the CERN Council of Thursday 11 December concerned the CERN Pension Fund, namely a discussion of a document that proposes how to respond to the many questions concerning pensions that had been submitted by thirteen Member State delegations. That document lists all these questions and proposes, as a first step, to consider the legal feasibility and the actuarial cost to transform our current defined-benefit pension scheme into a defined-contribution scheme. Once again, several delegates show their determination to worsen our pension conditions. The Staff Association’s Pension Commission, in a special meeting on Thursday, 4 December, has decided to send an open letter to the delegates of the CERN Council. In this letter (shown below) the Staff Association and CERN-ESO Pensions’ Association express their opposition to these intentions. We underline, once more, that the 2010...

Pension Fund Investment Policy

OpenAIRE

Zvi Bodie

1988-01-01

The purpose of this paper is to survey what is known about the investment policy of pension funds. Pension fund investment policy depends critically on the type of plan: defined contribution versus defined benefit. For defined contribution plans investment policy is not much different than it is for an individual deciding how to invest the money in an Individual Retirement Account (IRA). The guiding principle is efficient diversification, that is, achieving the maximum expected return for any...

Who Benefits—Or Does not—From South Africa’s Old Age Pension? Evidence from Characteristics of Rural Pensioners and Non-Pensioners

Directory of Open Access Journals (Sweden)

Margaret Ralston

2015-12-01

Full Text Available Social protection grants play a critical role in survival and livelihoods of elderly individuals in South Africa. Rarely is it possible to assess how well a social program reaches its target population. Using a 2010 survey and Agincourt Health Demographic Surveillance System census data we conduct multivariate logistic regression to predict pension receipt in rural South Africa. We find only 80% of age-eligible individuals report pension receipt. Pension non-recipients tend to be male, have poor socio-economic status, live in smaller households, be of Mozambican origin, and have poorer physical function; while older persons living in households receiving other grants are more likely to report pension receipt. We conclude that a reservoir of older persons exists who meet eligibility criteria but who are not yet receiving pensions. Ensuring that they and their households are properly linked to all available social services—whether for child or old-age social grants—is likely to have beneficial and synergistic effects.

Who Benefits—Or Does not—From South Africa’s Old Age Pension? Evidence from Characteristics of Rural Pensioners and Non-Pensioners

Science.gov (United States)

Ralston, Margaret; Schatz, Enid; Menken, Jane; Gómez-Olivé, Francesc Xavier; Tollman, Stephen

2015-01-01

Social protection grants play a critical role in survival and livelihoods of elderly individuals in South Africa. Rarely is it possible to assess how well a social program reaches its target population. Using a 2010 survey and Agincourt Health Demographic Surveillance System census data we conduct multivariate logistic regression to predict pension receipt in rural South Africa. We find only 80% of age-eligible individuals report pension receipt. Pension non-recipients tend to be male, have poor socio-economic status, live in smaller households, be of Mozambican origin, and have poorer physical function; while older persons living in households receiving other grants are more likely to report pension receipt. We conclude that a reservoir of older persons exists who meet eligibility criteria but who are not yet receiving pensions. Ensuring that they and their households are properly linked to all available social services—whether for child or old-age social grants—is likely to have beneficial and synergistic effects. PMID:26712777

Gender and Extended Actuarial Functions in Pension Insurance

Directory of Open Access Journals (Sweden)

Jana Špirková

2012-12-01

Full Text Available This paper brings analysis of the impact of a ban on the use of gender in insurance, with special stress on pension annuity, according to the requirements of the European Court of Justice. The paper brings a state-of-theart overview of known and extended actuarial functions which relate to modeling of a premium of endowment, term life insurance and pension annuity. Moreover, the amounts of the pension annuities payable thly per year in a model of the third pillar pension are modeled and analyzed for different interest rates using life tables for both genders and unisex.

Pension funds' herding

NARCIS (Netherlands)

Broeders, D.; Chen, D.; Minderhoud, P.; Schudel, W.

2016-01-01

This paper uses unique and detailed transaction data to analyse herding behavior among pension funds. We distinguish between weak, semi strong and strong herding behaviour. Weak herding occurs if pension funds have similar rebalancing strategies. Semi strong herding arises when pension funds react

THE ECONOMIC CONSEQUENCES OF CHANGES IN THE FUNCTIONING OF OPEN PENSION FUNDS

Directory of Open Access Journals (Sweden)

Jacek Rodzinka

2015-05-01

Full Text Available The size of the public debt is now one of the main areas of interest of the entire society. As the size of the debt increases with time, one should consider possible ways of reducing it. Decision makers focus both on ways to reduce the increase in public debt and on ways to reduce its size. State expenditure connected with retirement pensions for citizens is one of the most important expenditure problems in the public sector. Retirement security of citizens is the constitutional duty of the state whereas the security of pension systems and protection of the insured are the most important tasks of the government. Thus, one of the most important factors determining the condition of public finances is the efficiency of solutions in the area of pension funds. This article presents the economic consequences of changes in the functioning of pension funds. It was based on the literature and available data on the website of the Ministry of Finance and the website of the Polish Social Insurance Institution.

Underfunded Teacher Pension Plans: It's Worse than You Think. Research Brief

Science.gov (United States)

Foundation for Educational Choice, 2010

2010-01-01

The Foundation for Educational Choice and the Manhattan Institute recently commissioned a new study to examine the emerging crisis of underfunding public teacher pension plans in the states. The implications for public policy will likely be severe in the coming years. Public funding for K-12 education, and the potential for new reforms hang in the…

日本养老保险制度的特征和面临的问题①%Characteristics and Issues on Japanese Pension Insurance System

Institute of Scientific and Technical Information of China (English)

2013-01-01

Japanese pension insurance, consisting of two parts including the national pension insurance and welfare pension insurance, is a public mechanism under direct government operation and management. Just like that in other developed countries in the world, Japanese pension insurance adopted mechanisms of social insurance, price changes, lifetime pensions, taxes, etc., which plays an important role in in-come security for the retired elderly people in Japan. Due to the increasing low birthrate and aging in Japan, Japanese government is en-gaged in continual reforms to establish a national stable and sustainable development system trusted by the public.%　　日本的养老保险由所有国民参保的国民养老保险和福利养老保险两部分组成，是政府直接运营管理的一种公共机制。与世界上其他发达国家的养老保险一样，采用社会保险方式、物价变动、终身养老金、赋税方式等机制。它对日本高龄者老后的收入保障起到重要作用。但是由于日本少子老龄化程度不断加剧，政府致力于为建立一种国民信赖的、稳定的、可持续发展的制度而不断改革。

ELECTIONS - Pension Fund

CERN Multimedia

2006-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staf...

ELECTIONS - Pension Fund

CERN Multimedia

2006-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staff...

ELECTIONS - Pension Fund

CERN Multimedia

2006-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact ...

Preferences and design in insurance and pensions

DEFF Research Database (Denmark)

Bruhn, Kenneth

is on the relation between household preferences and the related optimal product design. Optimal decisions of a household are considered in continuous-time stochastic control theory models. Within a standard expected utility framework we investigate the eects of dierences between household members as well as tax......Life insurance and pension decisions are of the more important fnancial settlements to be decided in a household. In this thesis we investigate dfferent aspects of relevance for decision making within a household, especially focusing on life insurance and pension decisions. The focus......-effects. The focus is on the consumption, investment and life insurance demands. In another modeling framework, we modify the utility measurement and propose a combination of forward and backward looking preferences. At last, a model with very explicit preferences for stability in consumption is investigated and we...

How Well-Informed Are Pension Scheme Members on Their Future Pension Benefits? Evidence from Ireland.

Science.gov (United States)

Barrett, Alan; Mosca, Irene; Whelan, Brendan

2015-01-01

One part of the policy response in many countries to increasing pension coverage will be greater private provision on the part of individuals. This requires that individuals are well informed about pensions. In this article, we assess levels of knowledge of pensions using a representative sample of older Irish adults. We find that two-thirds of individuals enrolled in pension schemes do not know what amount will be paid out on retirement and/or whether the payments will be in the form of lump sums, monthly payments, or both. One policy implication is the need for increased information to be directed at certain groups, in particular, women and less educated people. More fundamentally, the results suggest that the mandatory elements in pension systems should be extended.

Market-Consistent Valuation of Pension Liabilities

NARCIS (Netherlands)

Pelsser, Antoon; Salahnejhad, Ahmad; van den Akker, Ramon

2016-01-01

Pension funds and life insurance companies have liabilities on their books with extremely long-dated maturities that are exposed to non-hedgeable actuarial risks and also to market risks. In this paper, we show that it is computationally feasible to price pensions contracts in an incomplete market

76 FR 50283 - Finding Regarding Foreign Social Insurance or Pension System-Bulgaria

Science.gov (United States)

2011-08-12

... Insurance or Pension System-- Bulgaria AGENCY: Social Security Administration (SSA). ACTION: Notice of finding regarding foreign social insurance or pension system--Bulgaria. Finding: Section 202(t)(1) of the... has in effect a social insurance or pension system which is of general application in such country and...

Real pension rights as a control mechanism for pension fund solvency

NARCIS (Netherlands)

Bikker, J.A.; Knaap, T.; Romp, W.E.

2011-01-01

This paper models policy responses to changes in solvency by Dutch occupational pension funds using a unique panel dataset containing the balance sheets of all registered pension funds in the Netherlands over a period of 15 years (1993-2007). The model describes how nominal pension rights are

Real Pension Rights as a Control Mechanism for Pension Fund Solvency

NARCIS (Netherlands)

Bikker, J.A.; Knaap, T.; Romp, W.E.

2011-01-01

This paper models policy responses to changes in solvency by Dutch occupational pension funds using a unique panel dataset containing the balance sheets of all registered pension funds in the Netherlands over a period of 15 years (1993–2007). The model describes how nominal pension rights are

78 FR 2709 - Finding Regarding Foreign Social Insurance or Pension System-Romania

Science.gov (United States)

2013-01-14

... Insurance or Pension System-- Romania AGENCY: Social Security Administration (SSA) ACTION: Notice of Finding Regarding Foreign Social Insurance or Pension System--Romania. FINDING: Section 202(t)(1) of the Social... has in effect a social insurance or pension system which is of general application in such country and...

78 FR 28698 - Finding Regarding Foreign Social Insurance or Pension System-Kosovo

Science.gov (United States)

2013-05-15

... Insurance or Pension System-- Kosovo AGENCY: Social Security Administration (SSA). ACTION: Notice of Finding Regarding Foreign Social Insurance or Pension System--Kosovo. Finding: Section 202(t)(1) of the Social... has in effect a social insurance or pension system which is of general application in such country and...

Pension Fund

CERN Multimedia

2005-01-01

Amendment No 21 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 17.03.2005, concerns Article I 2.05 (Composition of the Governing Board) and Article I 2.06 (Chairman and Vice-Chairmen of the Governing Board) of the Rules of the Pension Fund.

48 CFR 1852.237-71 - Pension portability.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Pension portability. 1852... 1852.237-71 Pension portability. As prescribed at 1837.110-70(b), insert the following clause: Pension Portability (JAN 1997) (a) In order for pension costs attributable to employees assigned to this contract to...

Behavioral economics perspectives on public sector pension plans.

Science.gov (United States)

Beshears, John; Choi, James J; Laibson, David; Madrian, Brigitte C

2011-04-01

We describe the pension plan features of the states and the largest cities and counties in the U.S. Unlike in the private sector, defined benefit (DB) pensions are still the norm in the public sector. However, a few jurisdictions have shifted toward defined contribution (DC) plans as their primary savings plan, and fiscal pressures are likely to generate more movement in this direction. Holding fixed a public employee's work and salary history, we show that DB retirement income replacement ratios vary greatly across jurisdictions. This creates large variation in workers' need to save for retirement in other accounts. There is also substantial heterogeneity across jurisdictions in the savings generated in primary DC plans because of differences in the level of mandatory employer and employee contributions. One notable difference between public and private sector DC plans is that public sector primary DC plans are characterized by required employee or employer contributions (or both), whereas private sector plans largely feature voluntary employee contributions that are supplemented by an employer match. We conclude by applying lessons from savings behavior in private sector savings plans to the design of public sector plans.

The making and breaking of trust in pension providers : An empirical study of pension participants

NARCIS (Netherlands)

van Dalen, Harry; Henkens, Kene

2018-01-01

Trust in pension institutions is pivotal in making pension decisions, like saving or enrolling in pension programs. But which traits of pension institutions matter in making or breaking trust in providers like pension funds, banks or insurance companies? This paper presents an empirical analysis of

The real risk in pension forecasting

DEFF Research Database (Denmark)

Slipsager, Søren Kærgaard

2018-01-01

This paper sheds light on some of the flaws in the forecasting approach undertaken by the pension industry. Specifically, it considers the treatment of inflation and shows that the current modeling framework is too simplistic. I identify the flaws of the existing regulatory framework and provide ...... scheme gives rise to a more heavy-tailed distribution implying a misestimation of downside risk and upside potential. Finally, it is shown in a realistic case study that the pension saver’s expected retirement payout profile is heavily affected....... of the pension saver’s investment portfolio at retirement is highly dependent on the inflation scheme. As the deterministic scheme does not take state variable correlations into account it overestimates the expected portfolio value in real terms compared to the stochastic scheme. Moreover, the deterministic...

CONSIDERATIONS ON THE EXISTENCE OF DISCRIMINATION IN GRANTING THE STATE PENSIONS

Directory of Open Access Journals (Sweden)

MĂDĂLINA TOMESCU

2012-05-01

Full Text Available Social protection is a way that respects human dignity. This is because each citizen is a part of society and he contributes to its development. In return, the society gives to him a social protection, materialized in social services including the pension he received after a full contribution stage. This article attempts to demonstrate that the current public pension system violates the principle contributiveness by establishing the government's pension point value and application of discrimination in the way of granting the state pensions.

Contradictions of operating method of extra charge of pensions in system of obligatory social pension security and directions of its improvement

OpenAIRE

Botvynovska, О.

2008-01-01

In this article the question of imperfection of operating method of extra charge of pensions is considered in the system of obligatory social pension security and the ways of decision of this problem are outlined

76 FR 61740 - Pension Systems Corporation, Sherman Oaks, CA; Notice of Affirmative Determination Regarding...

Science.gov (United States)

2011-10-05

... DEPARTMENT OF LABOR Employment and Training Administration [TA-W-80,160] Pension Systems...) applicable to workers and former workers of Pension Systems Corporation, Sherman Oaks, California (Pension... activities related to the supply of pension administration and recordkeeping services. The negative...

Long Dated Life Insurance and Pension Contracts

OpenAIRE

Aase, Knut K.

2011-01-01

We discuss the "life cycle model" by first introducing a credit market with only biometric risk, and then market risk is introduced via risky securities. This framework enables us to find optimal pension plans and life insurance contracts where the benefits are state dependent. We compare these solutions both to the ones of standard actuarial theory, and to policies offered in practice. Two related portfolio choice puzzles are discussed in the light of recent research, one is the horizon prob...

Pension Fund

CERN Multimedia

2004-01-01

The Governing Board of the Pension Fund held its one-hundred-and-twenty-second meeting on 3 February 2004. Opening the meeting, the Chairman, J. Bezemer, welcomed W. Zapf's alternate T. Lagrange, A. Naudi's alternate P. Geeraert, and M. Goossens' alternate M. Vitasse, who were attending the Governing Board for the first time. The Governing Board heard a report from its Chairman on the meeting of the CERN Council on 19 December 2003, at which, under Pension Fund matters, the Council had approved a pensions adjustment of 0.7%. The Governing Board then heard a report on the main elements of the Investment Committee's meeting on 3 December 2003. During a presentation, Expert Timing System (Madrid) and the Compagnie de Trésorerie Benjamin de Rothschild (Geneva) had proposed a bond portfolio investment following the same quantitative investment principles as the equities portfolio they already managed for the Fund. After some deliberation, the Investment Committee had decided, on that basis, to award t...

What Are Occupational Pension Plan Entitlements Worth in Britain?

OpenAIRE

Disney, Richard; Whitehouse, Edward

1996-01-01

The acquisition of rights by workers in private pension plans underpins retirement behavior, recruitment policy, and wage structure but there is controversy as to how these individual pension rights should be valued. The paper combines four data-sets to calculate pension entitlements for a sample of 3,000 British workers in 1987. Expected scheme tenure is a key variable in valuation; younger workers and women face greater initial uncertainty as to their pension outcomes, which is resolved as ...

Your organization should consider a cash-balance pension plan.

Science.gov (United States)

Godwin, N H; Key, K G

2000-08-01

In recent years, a growing number of healthcare organizations have dropped the traditional defined-benefit pension plan and adopted cash-balance pension plans. A cash-balance pension plan generally allows employers to pay less in overall pension benefits and administration costs. A cash-balance pension plan pays benefits according to a predetermined formula based on an average of the employee's annual salary over his or her length of service. This provides recognizable benefits to younger employees but lower overall benefits to employees who have a long length of service. To assuage employees who may feel cheated out of the pension benefits they expected, employers that change to a cash-balance pension plan should consider offering higher guaranteed growth rates, advanced notification of the change to the new plan, and generous early-retirement options for employees with longer lengths of service.

26 CFR 301.6104(a)-2 - Public inspection of material relating to pension and other plans.

Science.gov (United States)

2010-04-01

... pension and other plans. 301.6104(a)-2 Section 301.6104(a)-2 Internal Revenue INTERNAL REVENUE SERVICE... and Returns Returns and Records § 301.6104(a)-2 Public inspection of material relating to pension and...— (i) A pension, profit-sharing, or stock bonus plan under section 401(a), (ii) An annuity plan under...

Pension Fund - ELECTIONS - Irene SEIS

CERN Document Server

2002-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name: SEIS First Name : Irene Our Pension Fund (that of CERN and ESO personnel) is for most of us the only social protection when we retire. Its purpose is to give us a pension, which permits to maintain a certain standard of living for us, and for our dependants. I have worked in the Governing Board of the Pension Fund, as well as in numerous working groups on pension matters, since 11 years, either in my role as a Staff Association delegate, or as a member of the Governing Board. In both environments, I defend the principles of solidarity, which are part of our social security system, and I stand up for maintaining its primary principle, being a defined benefit scheme. Another of my preoccupations is the long-term future of the fund, including the gu...

Policy risk in action: pension reforms and social security wealth in Hungary, Czech Republic, and Slovakia

Czech Academy of Sciences Publication Activity Database

Dušek, Libor; Kopecsni, J.

-, 9/2008 (2008), s. 1-34 R&D Projects: GA ČR GA402/05/0711 Institutional research plan: CEZ:AV0Z70850503 Keywords : pension reforms * social security * policy risk Subject RIV: AH - Economics http://ies.fsv.cuni.cz/default/file/download/id/8361

The structure, regulation, and performance of pension funds in nine industrial countries

OpenAIRE

Davis, E.P.; DEC

1993-01-01

The author offers an overview of issues relating to the development of funded pension schemes in industrial countries. The analysis applies the economic theory of pension regulation to experience with the structure, regulation, and performance of funds in nine countries - Canada, Denmark, Germany, Japan, Netherlands, Sweden, Switzerland, the United Kingdom, and the United States - seeking to shed light on the finance of old age security in developing countries and the reform of pension funds ...

Do different welfare states engender different policy preferences?: opinions on pension reforms in Eastern and Western Europe

NARCIS (Netherlands)

Velladics, K.; Henkens, C.J.I.M.; van Dalen, H.P.

2006-01-01

This article examines whether the different welfare states of the European Union member states engender different policy preferences and attitudes among the population. More specifically, it investigates variations in attitudes towards population ageing and pension reforms, and variations in

38 CFR 3.460 - Death pension.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Death pension. 3.460 Section 3.460 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Apportionments § 3.460 Death pension. Death pension...

How Will Rhode Island's New Hybrid Pension Plan Affect Teachers? A Report of the Public Pension Project

Science.gov (United States)

Johnson, Richard W.; Butrica, Barbara A.; Haaga, Owen; Southgate, Benjamin G.

2014-01-01

In 2011 Rhode Island replaced the stand-alone defined benefit pension plan it provided to state employees with a hybrid plan that reduced the defined benefit component and added a 401(k)-type, defined contribution component. Although controversial, the new hybrid plan will boost retirement incomes for most of the states public school teachers. Our…

The Making and Breaking of Trust in Pension Providers : An Empirical Study of Dutch Pension Participants

NARCIS (Netherlands)

van Dalen, Harry; Henkens, Kene

2017-01-01

Trust in pension institutions is pivotal in making pension decisions, like saving or enrolling in pension programs. But which traits of pension institutions matter in making or breaking trust in providers like pension funds, banks or insurance companies? This paper presents an empirical analysis of

Multiemployer Pension Plans

Data.gov (United States)

Pension Benefit Guaranty Corporation — This spreadsheet lists the active multiemployer pensions plans insured by PBGC. Plans are identified by name, employer identification number (EIN) and plan number...

How sustainable are old-age pensions in a shrinking population with endogenous labour supply?

NARCIS (Netherlands)

Cardoso, P.D.M.L.; van Praag, B.M.S.

2003-01-01

In this paper we model an OLG-economy where labour supply is endogenously determined and where we assume that there are two pension systems, namely, a pay-as-you-go system and a funded system. The main question is whether there is an equilibrium involving an oldage pensions system, partly financed

Do people really want freedom of choice? : Assessing preferences of pension holders

NARCIS (Netherlands)

van Dalen, Harry; Henkens, Kene

2018-01-01

Reforms of private pension plans across the world are involving the introduction of more options for pension holders to make choices to suit their preferences. Freedom of choice is not, however, a unidimensional concept despite being commonly perceived as such by policy makers. Using a unique panel

Optimizing the aging, retirement, and pensions dilemma

CERN Document Server

Bertocchi, Marida; Ziemba, William T.

2010-01-01

A straightforward guide focused on life cycle investing-namely aging, retirement, and pensions Life cycle investing and the implications of aging, retirement, and pensions continues to grow in importance. With people living longer, the relative and absolute number of retirees is growing while the number of workers contributing to pension funds is declining. This reliable resource develops a detailed economic analysis-at the micro (individual) and macro (economy wide) levels-which addresses issues regarding the economics of an aging population. Topics touched upon include retirement and the associated health care funding of the aged as well as social security and the asset classes that are considered asset-liability choices over time. The probability of achieving adequate return patterns from various investment strategies and asset classes is reviewed Shares rich insights on the aging, retirement, and pensions dilemma An assessment of the resources the real economy will be able to commit to non-workers is prov...

Pension Fund governing board

CERN Multimedia

HR Department

2008-01-01

On 16 March and 7 May, the Pension Fund Governing Board (PFGB) held its fourth and fifth meetings The first of these meetings was primarily dedicated to the examination of the strategic asset allocation. The PFGB reaffirmed the main goal of the new strategic asset allocation: to improve the Pension Fund’s position with regard to risk by lowering overall portfolio volatility through suitable investments in less volatile asset classes such as real estate and absolute return strategies, where the return does not depend on market trends and negative growth is extremely unlikely. The finalised document will be presented to the Finance Committee and the Council at their June meetings for approval, in accordance with the provisions of the Levaux report. The PFGB also took note of the Internal Audit’s report on Pension Fund operations and decided to refer it to Working Group I as a working document for establishing a control and internal monitoring system for Pension Fund oper...

The impact of ageing population on pay-as-you-go pension systems: The case of Luxembourg

OpenAIRE

Guigou, Jean-Daniel; Lovat, Bruno; Schiltz, Jang

2010-01-01

Financing of the Luxembourg pension system is based on a pay-as-you-go system and hence on an intergenerational contract. As is the case for most other European countries, this system will be exposed to the effects of demographic aging over the coming decades. The aim of this paper is to evaluate the impact of this demographic deficit on the long term sustainability of the Luxembourg pension system. We proceed in two steps. In a first step, we highlight the evolution of salaries in ...

The Return-risk Performance of Selected Pension Fund in OECD with Focus on the Czech Pension System

OpenAIRE

Petr Kupčík; Pavel Gottwald

2016-01-01

This paper focuses on the measuring and comparing investment performance of pension funds in selected European countries. Comparison of the investment performance of pension funds is determined by means of the Sharpe ratio and the Sortino ratio. We used data of nominal appreciation of pension funds from the Czech Republic, Slovakia, Poland, Sweden, Switzerland and the Netherlands in the period 2005−2013. These countries were selected because they have many common features but Sweden, Switzerl...

Hedging Life and Pension Company Balance Sheets with Hybrid Derivatives

DEFF Research Database (Denmark)

Jørgensen, Peter Løchte

2009-01-01

Life and Pension companies are facing enhanced risks of market due to dynamic interest rates and unprecedented volatility in equities, jeopardising guarantee of performance to policyholders and shareholders. Evolving statutory requirements and financial reporting standards, add to the challenges...... for these companies. This paper highlights the utility of "Hybrid Derivatives" and the new risk based solvency reporting system, know as "Traffic Light System" adopted by the Danish Financial Supervisory Authority, as an answer to the challenges posed....

Predictors of disability pension over a 10-year period for men and women

DEFF Research Database (Denmark)

Albertsen, Karen; Lund, Thomas; Christensen, Karl B

2007-01-01

) that the higher rate of disability pension among women compared with men could not be explained by work environmental factors, lifestyle, or family situation. Public employment was the single factor that explained most of the difference. CONCLUSIONS: Gender differences in exposures and predictors of disability......AIMS: The number of people leaving the labour market with a disability pension is high and knowledge regarding risk factors is limited. The aim of this study was to explore work- and non-work-related predictors of disability pension among men and women and to estimate to what extent the gender...... of variables. RESULTS: The results showed (a) that both men and women had a higher risk of disability pension when they had work that involved standing or if they smoked; (b) that women in addition had a higher likelihood if they were public employees, had low job security, or low social support at work; (c...

Women and Private Pensions.

Science.gov (United States)

Benson, Helene A.

This speech focuses on women and private pension plans, such as private pension coverage and smaller benefit amounts. Pension issues affecting women as employees include participation in plans, vesting, break-in service, benefit accruals, integration with Social Security, sex-based actuarial tables, portability, inflation, and individual…

Pension Fund Governing Board

CERN Multimedia

HR Department

2008-01-01

Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching, Germany (near Munich) on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in...

Pension Fund Governing Board

CERN Multimedia

HR Department

2008-01-01

Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching (near Munich), Germany on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in Chile. The Director-General receiv...

Public pensions and unmet medical need among older people: cross-national analysis of 16 European countries, 2004-2010.

Science.gov (United States)

Reeves, Aaron; McKee, Martin; Mackenbach, Johan; Whitehead, Margaret; Stuckler, David

2017-02-01

Since the onset of the Great Recession in Europe, unmet need for medical care has been increasing, especially in persons aged 65 or older. It is possible that public pensions buffer access to healthcare in older persons during times of economic crisis, but to our knowledge, this has not been tested empirically in Europe. We integrated panel data on 16 European countries for years 2004-2010 with indicators of public pension, unemployment insurance and sickness insurance entitlement from the Comparative Welfare Entitlements Dataset and unmet need (due to cost) prevalence rates from EuroStat 2014 edition. Using country-level fixed-effects regression models, we evaluate whether greater public pension entitlement, which helps reduce old-age poverty, reduces the prevalence of unmet medical need in older persons and whether it reduces inequalities in unmet medical need across the income distribution. We found that each 1-unit increase in public pension entitlement is associated with a 1.11 percentage-point decline in unmet medical need due to cost among over 65s (95% CI -0.55 to -1.66). This association is strongest for the lowest income quintile (1.65 percentage points, 95% CI -1.19 to -2.10). Importantly, we found consistent evidence that out-of-pocket payments were linked with greater unmet needs, but that this association was mitigated by greater public pension entitlement (β=-1.21 percentage points, 95% CI -0.37 to -2.06). Greater public pension entitlement plays a crucial role in reducing inequalities in unmet medical need among older persons, especially in healthcare systems which rely heavily on out-of-pocket payments. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/.

Coordonate ale reformei sistemului de pensii. Cazul României

Directory of Open Access Journals (Sweden)

Daniela Georgeta BEJU

2007-12-01

Full Text Available The reform of the pension systems has become a necessity in most of countries, as the public pension plans are not capable of ensuring a decent pension for the elderly. A significant factor in the crisis of the public pension systems is related to demographic data and forecasts, which indicate a decrease in population and an increase in average life expectancy. Thus, securing elderly persons financially can only be achieved with the help of the private pension systems. In the first part of the paper we present the types of pension systems, highlighting the features of unfunded and funded pension schemes. In the case of funded pension systems, we insist on the comparative advantages and disadvantages of defined benefits schemes and defined contributions schemes. In the second part of the study we analyse the current pension system in Romania. Our analysis includes the three pillars of the pension system: state pensions, compulsory private pensions and optional private pensions. We also discuss the importance of pension funds in the case of Romania. We conclude with some remarks about these pension plans and comments on the prospects of the Romanian pension system.

Do People Really Want Freedom of Choice? Assessing preferences of pension participants

NARCIS (Netherlands)

van Dalen, H.P.; Henkens, K.

2017-01-01

Reforms in private pension plans across the world are opening up more options for pension participants to make choices to suit their preferences. Freedom of choice is however not a unidimensional concept as it is commonly perceived by policy makers. People can value both the freedom to choose as

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The Pension Fund Governing Board (PFGB) held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, responsi...

PENSIONES, PENSIONISTAS Y AFILIADOS

Directory of Open Access Journals (Sweden)

Alicia de las Heras Camino

2012-07-01

Full Text Available En este artículo se hace una breve exposición de los datos a disposición de los ciudadanos en referencia a las pensiones del Sistema de Seguridad Social, y de la información facilitada por la Tesorería General de la Seguridad Social en relación a cotización y afiliación, atendiendo a la estructura que ha estado presente en el actual Ministerio de Empleo y Seguridad Social durante el periodo de tiempo objeto de análisis. Se intenta matizar las diferencias entre los conceptos de pensión y pensionista así como la de afiliados y cotizantes, de tal manera que se puedan establecer relaciones con rigor científico, y que puedan ser consideradas en una futura Agencia Única de Seguridad Social que englobe todas las actividades relacionadas con la gestión de las pensiones y relaciones de afiliación, objeto de análisis de este estudio. In this article shows a brief summary of the data available to citizens in reference to pensions of The Spanish Social Security System, and information provided by the General Treasury of Social Security in relation to the members of the labor market who contribute in favor of the Social Security System, based on the structure that has been present in the current Ministry of Employment and Social Security during the period under review. It tries to refine the differences between the concepts of pension and pensioner and the members of the labor market and contributors, so as to establish relations with scientific rigor, and that would be considered at a future Social Security Agency encompassing all activities related to the management of pensions and affiliate relationships, analyzed in this study.

Sensitivity of Personal Account Accumulated Value of New Rural Social Pension Insurance to Variation of Uncertainties

Institute of Scientific and Technical Information of China (English)

2012-01-01

The personal account of new rural social pension insurance raises funds in the form of individual premium-paying,collectively pooled subsidy and government subsidy.The personal account accumulated value has a decisive influence on the payment level of personal account pension.The personal account accumulated value has a direct or indirect relationship with the income level of farmers,premium-paying level,the insured period,investment return rate of funds and other factors.Analysing the impact of infinitesimal variation of these factors on accumulated value of personal account pension,is of great significance to improving and consolidating personal account,and achieving sustainable development of new rural social pension insurance.

ANNUAL REPORT OF THE PENSION FUND

CERN Multimedia

HR Department

2009-01-01

The 2008 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 19 June 2009, is now available from the Departmental secretariats. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/ Pension beneficiaries can obtain this document from Emilie Clerc (tel. + 41 22 767 87 98), building 5-5/017. Secretariat of the Pension Fund 72742

Annual Report of the Pension Fund

CERN Multimedia

HR Department

2009-01-01

The 2008 Annual Report and Accounts of the Pension Fund, which were approved by theCouncil at its session of 19 June 2009, are now available from Departmental secretariats. The document is also available on the Pension Fund website: http://pensions.web.cern.ch/Pensions/ Pension beneficiaries can obtain the document from Emilie Clerc (tel. + 41 22 767 87 98), Building 5-5/017. Secretariat of the Pension Fund 72742

Annual Report of the Pension Fund

CERN Document Server

HR Department

2009-01-01

The 2008 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 19 June 2009, is now available from the Departmental secretariats. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/ Pension beneficiaries can obtain this document from Emilie Clerc (tel. + 41 22 767 87 98), building 5-5/017. Secretariat of the Pension Fund 72742

Administrative charges in pensions in Chile, Malaysia, Zambia, and the United States

OpenAIRE

Valdes-Prieto, Salvador

1994-01-01

The author offers a framework for an international comparison of charges in mandatory and private pension systems, and in state-run and privately managed systems. Such comparisons make it possible to determine which combinations of quality and cost make the most sense in pension services. He finds that: 1) Charges in the private annuity industry are much higher than other components of the pension package, and much higher than publicly provided annuities in the US; 2) comparing the collection...

38 CFR 3.16 - Service pension.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Service pension. 3.16 Section 3.16 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.16 Service pension. In computing the 70 or...

38 CFR 3.803 - Naval pension.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Naval pension. 3.803 Section 3.803 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Special Benefits § 3.803 Naval pension. (a) Payment of...

Pension funds in The Netherlands

NARCIS (Netherlands)

Kemna, A.G.Z.; Ponds, E.H.M.; Steenbeek, O.W.

2012-01-01

The Dutch pension fund system, considered among the best in the world, successfully combines a first-pillar flat-rate pension for all residents with a labor-related second pillar and voluntary savings accounts as the third pillar. This paper describes the main institutional characteristics of the

Who Benefits from Pension Enhancements? Working Paper 76

Science.gov (United States)

Koedel, Cory; Ni, Shawn; Podgursky, Michael

2012-01-01

During the late 1990s public pension funds across the United States accrued large actuarial surpluses. The seemingly flush conditions of the pension funds led legislators in most states to substantially improve retirement benefits for public workers, including teachers. In this study we examine the benefit enhancements to the teacher pension…

ELECTIONS PENSION FUND CANDIDATE NR 2

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : FRANDSEN First Name : Poul Kjaer  I have been member of the staff since 1974, and member of staff council for more than 12 years, and my main motivation has been to work for improving the social conditions of the CERN staff. A very important pillar of this is a sound and healthy pension fund. A capitalised scheme has been and still is the best choice for assuring the benefits for the CERN staff, present and future, this social system being part of the whole necessary to attract the best staff to the future High Energy Physics in Europe. However, even the hypothetic close down of the Organisation should allow the benefits to exi...

ELECTIONS PENSION FUND 2nd candidate

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : FRANDSEN First Name : Poul Kjaer  I have been member of the staff since 1974, and member of staff council for more than 12 years, and my main motivation has been to work for improving the social conditions of the CERN staff. A very important pillar of this is a sound and healthy pension fund. A capitalised scheme has been and still is the best choice for assuring the benefits for the CERN staff, present and future, this social system being part of the whole necessary to attract the best staff to the future High Energy Physics in Europe. However, even the hypothetic close down of the Organisation should allow the benefits to exi...

Do People Really Want Freedom of Choice? Assessing preferences of pension participants

OpenAIRE

van Dalen, H.P.; Henkens, K.

2017-01-01

Reforms in private pension plans across the world are opening up more options for pension participants to make choices to suit their preferences. Freedom of choice is however not a unidimensional concept as it is commonly perceived by policy makers. People can value both the freedom to choose as well as the freedom not to choose This observation can have far-reaching implications for pension policy design. By using a unique panel survey among Dutch employees we are able to offer a more refine...

Old age pensions in Mexico: Toward universal coverage

OpenAIRE

Willmore, Larry

2014-01-01

This paper chronicles the rise of social pensions in Mexico. First it summarizes the pension system prior to introduction of social pensions. Next it describes how Mexico City, the federal government, and seventeen of Mexico’s 31 states initiated social pensions, a policy supported eventually by each of the three major political parties. It concludes with thoughts on what remains to be done.

Increasing life expectancy and the growing elderly population

Directory of Open Access Journals (Sweden)

Helge Brunborg

2012-11-01

Full Text Available The life expectancy has increased rapidly in Norway in recent decades, with about ¼ year per year. The increase has been particularly fast for men, following a temporary decline in the 1950s and 1960s. Statistics Norway’s mortality projections using the Lee-Carter method indicate further improvements in this century – about 10 years higher life expectancy at birth. This implies significant mortality declines for older persons as the mortality is now small for young people. With no deaths below age 50 the life expectancy would be only 1-2 years higher.Population projections are for several reasons important for studying population ageing, including to have knowledge about the future age structure, and to estimate the effects of possible policy changes. In addition, the mortality projections are used for several other purposes than for projecting the population, such as calculating future pensions according to the new pension system, where life expectancy improvements reduce the annual pensions.The population projections show that the population will age regardless of plausible assumptions made about the demographic components births, deaths, immigration and emigration. Policies to affect these components may only marginally affect future ageing, and in some cases in the wrong direction. The only factor that may significantly affect the future ratio of the working to the non-working population, the potential support ratio, is that people work longer. This ratio will remain at the current level if the pension age is increased from the current 67 years to 78 years at the end of the century. This may be possible if the health of old persons continues to improve.

Management of Portfolio Investment Held by Pension Funds

Directory of Open Access Journals (Sweden)

Dan Armeanu

2008-09-01

Full Text Available As a result of the fact that pension funds are financial intermediaries, the value of their assets and liabilities is influenced by changing conditions in financial markets. The market image of a pension fund (and hence its perceived value are closely tied to the “financial health” of the fund. Setting up and managing complex investment portfolios requires that pension administrators use scientific models of portfolio selection and optimization based on the risk-expected return relationship. Most investment portfolios are modified in time as result of changing stock prices and investment policy objectives. Having established investment policy guidelines, the administrators of pension funds have to determine the structure of their portfolios so that the latter meet legal requirements.

Stochastic Actuarial Modelling of a Defined-Benefit Social Security Pension Scheme: An Analytical Approach

OpenAIRE

Iyer, Subramaniam

2017-01-01

Among the systems in place in different countries for the protection of the population against the long-term contingencies of old-age (or retirement), disability and death (or survivorship), defined-benefit social security pension schemes, i.e. social insurance pension schemes, by far predominate, despite the recent trend towards defined-contribution arrangements in social security reforms. Actuarial valuations of these schemes, unlike other branches of insurance, continue to be carried out a...

DEVELOPMENT OF KOSOVO PENSION SAVING TRUST FUND

Directory of Open Access Journals (Sweden)

Ymer Havolli

2016-11-01

Full Text Available Pension system in Kosovo has experienced various developments in the last three decades. These changes have been driven by both, political and economic developments. The political developments were most important, especially that the previous system failed due to the lack of access to the fund in the post-war Kosovo. The newly established system in post-war Kosovo continues its operations with principles of modern pension fund, savings-based. KPST was established by Law in December 2001 as a not-for-profit institution. As such, the sole objective of KPST is to serve only the best interests of its contributors. KPST is funded in a similar way as are all defined contribution pension funds i.e. by charging fees on assets under management (pension assets. KPST is funded in a similar way as are all defined contribution pension funds i.e. by charging fees on assets under management (pension assets. Throughout this discussion paper, the implications of the crisis, management, asset management issues and most importantly, investment strategy are discussed and some potential solutions to these problems are proposed in order to increase the flexibility of the fund to improve performance in times of crisis.

Personality disorders are important risk factors for disability pensioning.

Science.gov (United States)

Østby, Kristian Amundsen; Czajkowski, Nikolai; Knudsen, Gun Peggy; Ystrom, Eivind; Gjerde, Line C; Kendler, Kenneth S; Ørstavik, Ragnhild E; Reichborn-Kjennerud, Ted

2014-12-01

To determine whether personality disorders (PDs) are associated with increased risk of disability pensioning in young adults, independent of other common mental disorders. 2,770 young adults from the general population were assessed for PDs by the Structured Interview for DSM-IV Personality, and for common mental disorders by the Composite of International Diagnostic Interview. These data were linked to the Norwegian National Insurance Administration's recordings of disability benefits for a 10-year period. Logistic regression analyses were applied to investigate the association between PDs and disability pensioning. The analyses were conducted for three types of PD measures: categorical diagnoses (any PD), dimensional scores of individual PDs and higher order components retrieved by principal component analyses. Having any PD was strongly associated with disability pensioning, regardless of disability diagnosis. The estimated odds ratio (OR) was substantially higher for PDs [OR 4.69 (95% confidence interval (CI) 2.6-8.5)] than for mood disorders [OR 1.3 (CI 0.7-2.3)] and anxiety disorders [OR 2.3 (CI 1.3-4.3)]. Measured dimensionally, all PD traits except antisocial traits were significantly associated with disability pensioning. After adjusting for co-occurring traits of other PDs, only schizoid, dependent and borderline PD traits showed a significant positive association with disability pension, while antisocial traits showed a significant negative association. The principal component analyses showed that negative affectivity, psychoticism, and detachment was associated with an increased risk of disability pensioning, while antagonism/disinhibition and obsessivity were not. PDs are strongly associated with disability pensioning in young adults, and might be more important predictors of work disability than anxiety and depressive disorders. Certain aspects of pathologic personalities are particularly important predictors of disability.

Public pensions and unmet medical need among older people: cross-national analysis of 16 European countries, 2004–2010

Science.gov (United States)

Reeves, Aaron; McKee, Martin; Mackenbach, Johan; Whitehead, Margaret; Stuckler, David

2017-01-01

Background Since the onset of the Great Recession in Europe, unmet need for medical care has been increasing, especially in persons aged 65 or older. It is possible that public pensions buffer access to healthcare in older persons during times of economic crisis, but to our knowledge, this has not been tested empirically in Europe. Methods We integrated panel data on 16 European countries for years 2004–2010 with indicators of public pension, unemployment insurance and sickness insurance entitlement from the Comparative Welfare Entitlements Dataset and unmet need (due to cost) prevalence rates from EuroStat 2014 edition. Using country-level fixed-effects regression models, we evaluate whether greater public pension entitlement, which helps reduce old-age poverty, reduces the prevalence of unmet medical need in older persons and whether it reduces inequalities in unmet medical need across the income distribution. Results We found that each 1-unit increase in public pension entitlement is associated with a 1.11 percentage-point decline in unmet medical need due to cost among over 65s (95% CI −0.55 to −1.66). This association is strongest for the lowest income quintile (1.65 percentage points, 95% CI −1.19 to −2.10). Importantly, we found consistent evidence that out-of-pocket payments were linked with greater unmet needs, but that this association was mitigated by greater public pension entitlement (β=−1.21 percentage points, 95% CI −0.37 to −2.06). Conclusions Greater public pension entitlement plays a crucial role in reducing inequalities in unmet medical need among older persons, especially in healthcare systems which rely heavily on out-of-pocket payments. PMID:27965315

EL SISTEMA DE PENSIONES ESPAÑOL ANTE UN ESCENARIO MIGRATORIO CAMBIANTE

Directory of Open Access Journals (Sweden)

Clara Isabel González Martínez

2013-05-01

Full Text Available El envejecimiento, reflejado en la transformación de la pirámide de población, supone un importante reto para el sistema de pensiones español. Según las proyecciones a largo plazo del Instituto Nacional de Estadística (INE publicadas en 2012 para el periodo 2012-2052, la esperanza de vida seguirá aumentando, el número de nacimientos descenderá y el flujo neto migratorio sería negativo hasta el año 2036 si siguiera la dinámica observada en los últimos años. Este escenario contrasta con los anteriores publicados por el INE en 2010 y 2005 donde se planteaban flujos migratorios positivos aunque de diferente magnitud. La variable migratoria es la que conlleva una mayor incertidumbre en la realización de las proyecciones demográficas y es muy relevante en las proyecciones del gasto en pensiones del sistema de la Seguridad Social. En este artículo se recoge la evolución de los flujos migratorios en España y las implicaciones que podrían tener para el sistema de pensiones español diferentes escenarios migratorios en las próximas décadas. The ageing, reflected in the transformation of the population pyramid, is an important challenge for the Spanish pension system. According to the long-term projections of INE published in 2012 for the period 2012 to 2052, life expectancy will continue to increase, the number of births will descend and net migration flow would be negative until 2036 if the dynamics observed in recent years continue. This scenario contrasts with previous INE 2010 and 2005 where it was considered positive migration flows. The evolution of the migration flows has a higher level of uncertainty in demographic projections, and it is outstanding in the projections of the pension expenditure of the system. This article gathers the recent evolution of net migration flows and the implications for the Spanish pension system of different migration scenarios for coming decades.

An intergenerational optimization analysis of alternative deficit reduction strategies for the pension system in Turkey

OpenAIRE

Çiftçi, Barış

2002-01-01

Cataloged from PDF version of article. The publicly managed pension system in Turkey is currently run by the pay-asyou-go (PAYG) scheme, using contributions out of wage/salary incomes of currently active workers to finance pension benefits to retirees. The expenditure-revenue balances of a PAYG-based scheme are determined by the existing configuration of system parameters: the contribution rate which defines the rate at which a worker’s payroll/wage is contributed to the pen...

Valuation and Hedging of Variable Annuities in Pension Schemes

NARCIS (Netherlands)

Bovenberg, A.L.; van Bilsen, S.; Laeven, R.J.A.

2018-01-01

This paper explores defined ambition pension schemes that provide (deferred) variable annuities. These pension schemes allocate various risks (i.e., real interest rate, expected inflation and stock market risk) to the policyholders on the basis of complete contracts. We show how these variable

Pension prospects of minority ethnic groups: inequalities by gender and ethnicity.

Science.gov (United States)

Ginn, J; Arber, S

2001-09-01

Minority ethnic groups have low income in later life from private pensions, partly due to shorter employment records in Britain since migration. Yet disadvantage and discrimination in the labour market, as well as differences in cultural norms concerning women's employment, may lead to persistence of ethnic variation in private pension acquisition. Little is known about the pension arrangements made by men and women in minority ethnic groups during the working life. This paper examines the extent of ethnic disadvantage in private pension scheme arrangements and analyses variation according to gender and specific ethnic group, using three years of the British Family Resources Survey, which provides information on over 97,000 adults aged 20-59, including over 5,700 from ethnic minorities. Both men and women in minority ethnic groups were less likely to have private pension coverage than their white counterparts but the extent of the difference was most marked for Pakistanis and Bangladeshis. Ethnicity interacted with gender, so that Blacks showed the least gender inequality in private pension arrangements, reflecting the relatively similar full-time employment rates of Black men and women. A minority ethnic disadvantage in private pension coverage, for both men and women, remained after taking account of age, marital and parental status, years of education, employment variables, class and income. The research suggests that minority ethnic groups - especially women - will be disproportionately dependent on means-tested benefits in later life, due to the combined effects of low private pension coverage and the policy of shifting pension provision towards the private sector.

Acturial Adjustment Aspects of Public Pension Schemes

OpenAIRE

Kamil Galuscak

2001-01-01

It has been shown in economic research that public pay-as-you-go defined-benefit pension plans penalize those who continue to work beyond a certain age by reducing the present discounted value of future retirement benefits. In discussions on the effectiveness of policies aimed at eliminating this age-dependency in worker retirement decisions, it is often assumed either that the benefits in all future periods have the same weight in the present discounted value or that the discount rate is clo...

Assessing the impact of macroeconomic variables on pension benefits in Ghana: A case of Social Security and National Insurance Trust

Directory of Open Access Journals (Sweden)

Grace Ofori-Abebrese

2017-10-01

Full Text Available Background: One of the most pressing phases for all economic agents is post-retirement standard of living. Irrespective of the higher returns on pension contribution and varied pension reforms, there are possible factors that can render these pension benefits inadequate, which can affect the longevity of retirees. Studies conducted in other countries have concluded that inflation deteriorates the value of pension benefits. Aim: This study, thus, sought to assess the impact of some major economic indicators in the Ghanaian environment on pension benefits. Setting: This study was carried out in Ghana by obtaining quarterly data frequencies on pension benefits and economic indicators spanning the period 2000Q1 to 2014Q4. Method: The Auto-regressive Distributed Lag Model was utilised to examine the long run and short run dynamics of some major economic indicators and pension benefits. Results: The empirical evidence indicated that inflation deteriorates total pension benefits. Increasing monetary policy rate and depreciation of the domestic currency should be an issue to contend with only in the short run rather than in the long run. The study also found the prominence of the implementation of the National Pension Reform in 2008. Conclusion: The study concluded that if policy makers target the reduction in the monetary policy rate and the appreciation of the domestic currency in an effort to stabilise the value of total pension benefits in the long run, it would not be effective in the long run because of their insignificant nature. Policy makers should rather target inflation as the prime tool for stabilising the standard of living of retirees in the long run.

Pension Fund

CERN Multimedia

2004-01-01

Amendment No 20 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2004, concerns the fixed sums and allowances adjusted at same date (Annex B).

The Gender Pension Gap in the Aging Societies of East Asia

OpenAIRE

World Bank

2017-01-01

Over the years pension systems have been an essential policy tool for the economic protection of older adults across countries and regions. But in a context of widespread inequality, not everyone enjoys the same level of protection. Because women’s life courses are different from men’s, pension systems often have different outcomes for women and men. With populations aging in East Asia, the ...

ELECTIONS PENSION FUND CANDIDATE NR 1

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working Group on Pensions mandated by the CERN Council. This commitment led to my becoming a member of the Governing Board of the Pension Fund in 1983, since when I have taken an active part in various commissions and working groups (Real Estate Asset Management Committee, Working Group on Actuarial Matters etc.); in so doing I have gained a thorough knowledge of different areas of the Pension Fund. Since ...

PENSION FUND

CERN Multimedia

2002-01-01

Amendment No 18 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2002, concerns the articles which have been amended, in accordance with the Council's decision, to allow the award of a deferred retirement pension after five years of service (instead of ten previously) and the fixed sums and allowances adjusted at the same date (Annex B). It also contains a revised version of the table of contents of the Rules, as well as pages where the contents have not changed but where the page layout has had to be adjusted for technical reasons.

The political origin of pension funding

NARCIS (Netherlands)

Perotti, E.; Schwienbacher, A.

2007-01-01

This paper argues that historical political preferences on the role of capital markets shaped national choices on pension reliance on private funding. Under democratic voting, a majority will support investor protection and a privately funded pension system when the middle class has significant

Voting on pensions: sex and marriage

OpenAIRE

Leroux, Marie-Louise; Pestieau, Pierre; Racionero, Maria

2009-01-01

Existing political economy models of pensions focus on age and productivity. In this paper we incorporate two additional individual characteristics: sex and marital status. We ignore the role of age, by assuming that people vote at the start of their life, and characterize the preferred rate of taxation that finances a Beveridgean pension scheme when individuals differ in wage, sex and marital status. We allow for two types of couples: one-breadwinner and two-breadwinner couples. Marriage poo...

A new way of looking at the risk in defined benefit pension plans.

Science.gov (United States)

Fore, D

2000-01-01

The portability feature of a defined contribution (DC) pension greatly reduces the risk to the accumulation of pension wealth. Conversely, defined benefit (DB) pensions have a variety of default risks that decrease the expected value of DB pension wealth. This paper examines those risks. Accrual of DB pension wealth is characterized in terms of purchases of risky bonds. Changing jobs triggers default on these bonds. Simulations are presented to show the potential loss in pension wealth from default. In addition, a methodology used to price corporate bonds is applied to generate estimates of the implied risk premiums of DB pension bonds over comparable riskless bonds.

The impact of pensions on health and wellbeing in rural South Africa: Does gender matter?

Science.gov (United States)

Schatz, Enid; Gómez-Olivé, Xavier; Ralston, Margaret; Menken, Jane; Tollman, Stephen

2012-01-01

Unique to Africa, a means-tested non-contributory pension is available to South Africans. In 2006, women over 60 and men over 65 were pension-eligible. To explore the effect of the pension for health and wellbeing indicators of rural South African men and women, we analyze data from the WHO-INDEPTH Study of Global Ageing and Adult Health Survey, carried out in the Agincourt sub-district by the MRC/Wits Rural Public Health and Health Transitions Research Unit (Agincourt) in 2006. Because pension receipt was not measured directly, our findings represent intent-to-treat (ITT) rather than treatment-on-the-treated (TOT) effects using age as an indicator for intent-to-treat. Overall, women report poorer wellbeing compared to men. However, women have a “honeymoon” period at ages 60–64, the first years of pension-eligibility, in which they report lower levels of worry and sadness, and higher overall happiness, life satisfaction, and quality of life as compared to younger and older women. For men, in contrast, reports of wellbeing worsen in the pre-pension years, followed by a similar but not as prominent pattern of favorable reports in the five years following pension-eligibility, and a decline in the next five-year period. Thus, while pensions continue to enhance financial wellbeing, our results suggest that their effect on social wellbeing may be gendered and transitory. Further research is needed to improve understanding of these dynamics. PMID:22884944

A Comparative Typology of Pension Regimes

NARCIS (Netherlands)

Arjan Soede; Cok Vrooman

2008-01-01

This report presents an empirical typology of pension regimes in the European Union, the US, Canada, Australia and Norway. The categorisation is based on 34 quantitative and qualitative characteristics of the mandatory parts of the pension systems in these countries. The empirical analysis shows

The political origin of pension funding

NARCIS (Netherlands)

Perotti, E.; Schwienbacher, A.

2008-01-01

The paper seeks to explain the huge cross country variation in private pension funding, shaped by historical choice made when universal pension systems were created after the Great Depression. According to Perotti and von Thadden (2006), large inflationary shocks due to war damage devastated middle

Single-employer Pension Plans

Data.gov (United States)

Pension Benefit Guaranty Corporation — This spreadsheet lists the active single-employer pensions plans insured by PBGC. Plans are identified by name, employer identification number (EIN) and plan number...

RECONSTRUCTION OF PENSION FUND PERFORMANCE MODEL AS AN EFFORT TO WORTHY PENSION FUND GOVERNANCE

Directory of Open Access Journals (Sweden)

Apriyanto Gaguk

2017-08-01

Full Text Available This study aims to reconstruct the performance assessment model on Pension Fund by modifying Baldrige Assessment method that is adjusted to the conditions in Dana Pensiun A (Pension Fund A in order to realize Good Pension Fund Governance. This study design uses case study analysis. The research sites were conducted in Dana Pensiun A. The informants in the study included the employer, supervisory board, pension fund management, active and passive pension fund participant as well as financial services authority elements as the regulator. The result of this research is a construction of a comprehensive and profound retirement performance assessment model with attention to aspects of growth and fair distribution. The model includes the parameters of leadership, strategic planning, stakeholders focus, measurement, analysis, and knowledge management, workforce focus, standard operational procedure focus, result, just and fair distribution of wealth and power.

Characteristics of individuals with integrated pensions.

Science.gov (United States)

Bender, K A

1999-01-01

Employer pensions that integrate benefits with Social Security have been the focus of relatively little research. Since changes in Social Security benefit levels and other program characteristics can affect the benefit levels and other features of integrated pension plans, it is important to know who is covered by these plans. This article examines the characteristics of workers covered by integrated pension plans, compared to those with nonintegrated plans and those with no pension coverage. Integrated pension plans are those that explicitly adjust their benefit structure to help compensate for the employer's contributions to the Social Security program. There are two basic integration methods used by defined benefit (DB) plans. The offset method causes a reduction in employer pension benefits by up to half of the Social Security retirement benefit; the excess rate method is characterized by an accrual rate that is lower for earnings below the Social Security taxable maximum than above it. Defined contribution (DC) pension plans can be integrated along the lines of the excess rate method. To date, research on integrated pensions has focused on plan characteristics, as reported to the Bureau of Labor Statistics (BLS) through its Employee Benefits Survey (EBS). This research has examined the prevalence of integration among full-time, private sector workers by industry, firm size, and broad occupational categories. However, because the EBS provides virtually no data on worker characteristics, analyses of the effects of pension integration on retirement benefits have used hypothetical workers, varying according to assumed levels of earnings and job tenure. This kind of analysis is not particularly helpful in examining the potential effects of changes in the Social Security program on workers' pension benefits. However, data on pension integration at the individual level are available, most recently from the Health and Retirement Study (HRS), a nationally

Pension Insurance Data Tables

Data.gov (United States)

Pension Benefit Guaranty Corporation — Find out about retirement trends in PBGC's data tables. The tables include statistics on the people and pensions that PBGC protects, including how many Americans are...

The political origin of pension funding

NARCIS (Netherlands)

Perotti, E.; Schwienbacher, A.

2009-01-01

The paper seeks to explain the huge cross country variation in private pension funding, shaped by historical choice made when universal pension systems were created after the Great Depression. According to Perotti and von Thadden [Perotti, E., von Thadden, E.-L., 2006. The political economy of

Generational Accounting, Solidarity and Pension Losses

NARCIS (Netherlands)

C.N. Teulings (Coen); C.G. de Vries (Casper)

2003-01-01

textabstractThe creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of

Empirical study on impact of demographic and economic changes on pension cost

Science.gov (United States)

Yusof, Shaira; Ibrahim, Rose Irnawaty

2014-06-01

A continuation of the same financial standard of living after retirement as before is very importance to retired person. The pension provider has a responsibility to ensure their employees receive the sufficient benefit after retirement and regularly monitor the factors that cause insufficient funds to pay benefit to retirees. Insufficient funds may be due to increased in pension cost. Some of the factors that increase the cost of pensions are changes in mortality rates and interest rates. This study will used these two factors to determine their sensitivity to pension cost. Two methods which are Accrued Benefit Cost Method and Projected Benefit Cost Method will be used to estimate pension cost. Interest rates has a inversely related to pension cost while mortality rates has a directly related to pension cost.

"Prince Charming Syndrome?" Gender gap in preferences for defined contribution pensions in Japan.

Science.gov (United States)

Watanabe, Satoshi P

2017-01-01

Using survey data collected by the Japan Institute of Life Insurance in 2002, this study finds that a significant gender gap existed in defined contribution (DC) pension knowledge among workers employed at small- to medium-sized private firms in Japan. Even with similar DC knowledge, however, men and women reveal different preferences for DC pensions, indicating that their perceptional responses may widely differ from actual behaviors. Apart from the knowledge gap, the result shows evidence of the Prince Charming Syndrome among female employees as a significant source of the gender gap in DC participation rates. Among corporate pension-covered employees, the gender difference in the efficacy of DC portability is a more significant gap-generating factor. DC tax advantage is particularly favored by pension-covered female employees over male counterparts, reducing the DC preference gap. No similar evidence is found for employees with no corporate pension coverage.

PENSION FUND - ELECTIONS

CERN Multimedia

2000-01-01

This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: RANJARD First Name: Florence Having been a member of the Governing Board of the Pension Fund since 1983 as Guy Maurin’s alternate, I am standing for a further 3-year term of office. Over the past few years work has concentrated essentially on following items: Monitoring of the work of the fund managers and their performances. The three-yearly study of the Fund’s actuarial situation. The pension guarantees ­ second phase. The Fund is approaching its maturity: the level of benefits exceeds contributions. In this context it has to strike a suitable balance between management of the risk from a dynamic investment policy, while by a prudent policy avoiding any significant loss of its capital. These will be my concerns within the Governing Board of the Pension Fund if you give me your support.

Curious about how the Pension Fund is securing your future?

CERN Multimedia

Antonella Del Rosso

2013-01-01

Transparency, accuracy and proximity to its members: in recent years the CERN Pension Fund has put a huge effort into creating clear procedures, defining and sharing its strategies, and making its information public. The latest addition is the publication of the Annual Investment Report on the Pension Fund website.   Are you curious about the investments made by the CERN and ESO Pension Fund? Do you want to locate the buildings belonging to the Fund? Or see how the Fund controls its risk level? Help is at hand: the Pension Fund has just released the Annual Investment Report (AIR) on its website. “The online AIR will be updated quarterly to include the latest investment performance of the Fund, shortly after the end of every quarter,” says Théodore Economou, the Pension Fund’s Chief Executive Officer. “This is a significant improvement in the frequency of distribution of information regarding investments. Until now, stakeholders had to wait for the...

ELECTIONS PENSION FUND 3rd candidate

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : Hauviller First Name : Claude Dear colleague of CERN and ESO, For the first time, I am standing and requesting your support to become a member of the Governing Board of our Pension Fund. CERN staff member since 1974, I have already carried elective mandates: I have been Delegate to the Staff Council and Member of the Senior Staff Consultative Committee (the Nine). For the majority of us, our Pension Fund is our only social provident scheme and source of retirement income; I believe I can usefully contribute to its successful management and help ensure its balance. Our Fund reaches its majority: soon, there will be more beneficiaries tha...

ELECTIONS PENSION FUND CANDIDATE NR 3

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : HAUVILLER First Name : Claude Dear colleague of CERN and ESO, For the first time, I am standing and requesting your support to become a member of the Governing Board of our Pension Fund. CERN staff member since 1974, I have already carried elective mandates: I have been Delegate to the Staff Council and Member of the Senior Staff Consultative Committee (the Nine). For the majority of us, our Pension Fund is our only social provident scheme and source of retirement income; I believe I can usefully contribute to its successful management and help ensure its balance. Our Fund reaches its majority: soon, there will be more beneficiaries tha...

Health as a predictor of early retirement before and after introduction of a flexible statutory pension age in Finland

OpenAIRE

Leinonen, Taina; Laaksonen, Mikko; Chandola, Tarani; Martikainen, Pekka

2016-01-01

Background: Little is known of how pension reforms affect the retirement decisions of people with different health statuses, although this is crucial for the understanding of the broader societal impact of pension policies and for future policy development. We assessed how the Finnish statutory pension age reform introduced in 2005 influenced the role of health as a predictor of retirement. Methods: We used register-based data and cox regression analysis to examine the association of health (...

Elections of members to the Governing Board of the Pension Fund

CERN Multimedia

2006-01-01

This year, one member and one alternate are to be elected. The candidate who obtains the most votes will be elected member and the other candidate will be her/his alternate. Timetable (extract): Monday 6 November 2006 Second publication of the candidates' publicity in the Bulletin and distribution of the ballot papers at CERN. Monday 20 November 2006 Voting closes at 12 midday. Counting of votes from 2.30 p.m. Tuesday 21 November 2006 Forwarding of results to the Communications Section for publication in the Bulletin of 27 November 2006. CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance...

FLUCTUATION IN PENSION FUND ASSETS PRIVATELY MANAGED UNDER THE INFLUENCE OF CERTAIN FACTORS. STATISTICAL STUDY IN ROMANIA

Directory of Open Access Journals (Sweden)

Dracea Raluca

2011-07-01

Full Text Available On international level, the economic and financial crisis has determined a diminution of the asset value of compulsory pension funds, reflecting a reallocation of funds towards alternative or low-risk investments. The present paper indicates how the net asset value of privately managed pension funds in Romania may be affected or not by certain influence factors in direct correlation with different asset allocation strategies of pension funds. In this way, on literature review there are many studies which have analyzed the fluctuation of pension funds assets and a better reallocation of their investment in order to improve their efficiency. The experience of the value fluctuation of privately administered pension fund net assets is highly important, firstly beacause of its effects on the increase and the decrease of invested values for the insured persons’ accounts, under the circumstances of constantly maintaining their contributions and, implicitly, the results achieved through these investments. The research methodology consists in testing of five variables: currency exchange rate, credit interest rate, bank deposit interest rate, reference interest rate and value of the stock exchange market index (BET-C index, by means of the multiple linear regression method. The conclusion is that only two of these factors, namely, the currency exchange rate and the reference interest rate, influence net asset value of privately managed pension funds, the second pillar, one in direct and the other in indirect correlation. In order to neutralize the effects generated by the diminution of the net asset value of privately managed pension funds, considering a short time horizon, we shall elaborate a dynamic mix of their investments able to adapt to the fluctuations of the influence factors. Thus, new opportunities will be generated in order to achieve the efficiency of pension funds and to prevent the diminution of the value of insured individuals�

76 FR 29811 - Finding Regarding Foreign Social Insurance or Pension System-St. Vincent and the Grenadines

Science.gov (United States)

2011-05-23

... Insurance or Pension System--St. Vincent and the Grenadines AGENCY: Social Security Administration (SSA) ACTION: Notice of Finding Regarding Foreign Social Insurance or Pension System--St. Vincent and the... country which the Commissioner of Social Security finds has in effect a social insurance or pension system...

38 CFR 3.711 - Improved pension elections.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Improved pension elections. 3.711 Section 3.711 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Concurrent Benefits and Elections...

38 CFR 3.314 - Basic pension determinations.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Basic pension determinations. 3.314 Section 3.314 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Ratings and Evaluations; Service...

How membership of the CERN Pension Fund is taken into account by certain French Pension Funds

CERN Multimedia

HR Department

2010-01-01

Information for current and former CERN staff members from the Rhône-Alpes branch of the Caisse Régionale d’Assurance Maladie (CRAM) The Rhône-Alpes branch of the Caisse Régionale d’Assurance Maladie (CRAM) has recently informed CERN that, since 1 January 2010, periods of membership of the CERN Pension Fund can, under certain conditions, be used in the calculation of the pension paid by certain French pension funds. For more information on this subject, please consult Circular DSS/DACI/2010/85 of 4 March 2010 pertaining to the manner in which periods of membership of compulsory pension funds of European or international organisations, to which France is a party, are taken into account in determining the period used by French pension funds to establish the pension entitlement. The Circular can be accessed at the following sites: http://www.securite-sociale.fr/textes/retraite/international/affiliation_instut_international_eu.htm and http://www.c...

Governing Board of the Pension Fund

CERN Document Server

2006-01-01

Most of the discussions at the meetings of the Governing Board of the Pension Fund on 20 September, 13 October and 15 November 2005 led to decisions by the Council at its Session on 15 and 16 December 2005 that will shape the future of the Pension Fund in more ways than one. The summary of these three most recent meetings of the Governing Board therefore focuses on the Council's decisions concerning: a package of equilibration measures for the CERN Pension Fund, consisting of proposals by the Governing Board and by the CERN Management; amendments to the Rules of the Pension Fund concerning family composition; an amendment to the Rules of the Pension Fund introducing a new Article III 1.06, 'The extension of the contract of a staff member beyond the age limit of 65'; the payment of compensation to the Pension Fund for the reduction observed in staff numbers between 2001 and 2004; the indexation of pensions for 2006. Regarding the first point above, the following measures were approved: The use of more r...

Private pensions for Europe

NARCIS (Netherlands)

Bovenberg, L.; van Ewijk, C.

2011-01-01

Private pensions can enhance international and intergenerational risk-sharing and create a deeper European capital market, which allows for better diversification of country-specific risks and facilitates economic growth. Private funding of pensions creates a more integrated European capital market

A comparison of three different pension savings products with special emphasis on the payout phase

DEFF Research Database (Denmark)

Jørgensen, Peter Løchte; Linnemann, Per

2012-01-01

The purpose of this article is to illustrate how the pension benefits a pension saver will (expect to) receive will depend on the type of pension scheme chosen. We compare three widely different pension savings products: the ‘‘traditional’’ with-profits scheme involving bonus entitlement (average...

38 CFR 3.454 - Veterans disability pension.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Veterans disability pension. 3.454 Section 3.454 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Apportionments § 3.454 Veterans...

Employment and disability pension after central nervous system infections in adults.

Science.gov (United States)

Roed, Casper; Sørensen, Henrik Toft; Rothman, Kenneth J; Skinhøj, Peter; Obel, Niels

2015-05-15

In this nationwide population-based cohort study using national Danish registries, in the period 1980-2008, our aim was to study employment and receipt of disability pension after central nervous system infections. All patients diagnosed between 20 and 55 years of age with meningococcal (n = 451), pneumococcal (n = 553), or viral (n = 1,433) meningitis or with herpes simplex encephalitis (n = 115), who were alive 1 year after diagnosis, were identified. Comparison cohorts were drawn from the general population, and their members were individually matched on age and sex to patients. Five years after diagnosis, the differences in probability of being employed as a former patient with pneumococcal meningitis or herpes simplex encephalitis versus being a member of the comparison cohorts were -19.9% (95% confidence interval (CI): -24.7, -15.1) and -21.1% (95% CI: -33.0, -9.3), respectively, and the corresponding differences in probability of receiving disability pension were 20.2% (95% CI: 13.7, 26.7) and 16.2% (95% CI: 6.2, 26.3). The differences in probability of being employed or receiving disability pension in former meningococcal or viral meningitis patients versus members of the comparison cohorts were small. In conclusion, pneumococcal meningitis and herpes simplex encephalitis were associated with substantially decreased employment and increased need for disability pension. These associations did not seem to apply to meningococcal meningitis or viral meningitis. © The Author 2015. Published by Oxford University Press on behalf of the Johns Hopkins Bloomberg School of Public Health. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Pension Reforms in India: Myth, Reality and Policy Choices

OpenAIRE

Gupta Ramesh

2002-01-01

Escalating costs of the pension system is forcing the Indian Government to reevaluate the formal programmes that provide social security to employees. The government has so far received three official reports (namely, OASIS, IRDA and Bhattacharya), which have examined the issue and suggested several measures to provide a safety net to the aging population. This paper examines the recommendations made in these reports and analyses the potential effects of them. It is organized around five poli...

Pension plan participation among married couples.

Science.gov (United States)

Dushi, Irena; Iams, Howard M

2013-01-01

We present descriptive statistics on pension participation and types of pensions among married couples, using data from the 1996/2008 Panels of the Survey of Income and Program Participation and Social Security administrative records. Previous research has focused on pension coverage by marital status, but has not examined couples as a unit. Because couples usually share income, viewing them as a unit provides a better picture of potential access to income from retirement plans. Our analysis compares 1998 and 2009 data because substantial changes occurred in the pension landscape over this decade that could have influenced the prevalence of different pension plans, although we observe modest changes in participation rates and types of plans over the period. We find that in 20 percent of couples, neither spouse participated in a pension plan; in 10 percent, the wife was the only participant; and in 37 percent, the husband was the only participant.

Analysis of Factors Affecting Growth of Pension Mutual Funds in Turkey

OpenAIRE

Ersin Acikgoz; Hasan Uygurturk; Turhan Korkmaz

2015-01-01

In this study, the level of relationship between the real growth rate of the stock pension mutual funds that have been involved in the individual pension system and the variables such as the number of fund participants, the real fund returns, fund operating expenses and share of fund assets to the total assets of the funds are analyzed with panel data methodology. The results have reported that apart from the fund operating expenses, the selected independent variables are statistically signif...

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The PFGB held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, resp...

PENSION FUND

CERN Multimedia

2002-01-01

The Governing Board of the Pension Fund held its 104th and 105th meetings on 8th November and 4th December 2001, respectively. The agenda of the 8th November meeting was devoted to a single item, namely the outcome of the Finance Committee's meeting the previous day. The Governing Board noted with satisfaction that both its proposed amendments to the Rules and Regulations of the Fund - allowing, in particular, the award of a deferred retirement pension after five years of service - and its proposal for the adjustment of pensions on 1.1.2002 had been approved for recommendation to the Council in December. At its meeting on 4th December, the Governing Board dealt mainly with the items examined at the latest meeting of the Investment Committee. The Committee's chairman, G. Maurin, stated that the 2001 return on the Fund's overall investments was likely to be between -2% and -3%. He also noted that a new study of the Fund's cash flows (incomings and outgoings) had been performed. He underlined that, while the flo...

Pension fund

CERN Multimedia

2006-01-01

At its June 2006 meeting, the Finance Committee approved the following amendment to Article 6a of the Regulations for elections to the Governing Board of the Pension Fund, which will enter into force on 1.7.2006: Current text New text ... 6a. The Administrator of the Fund shall be responsible for holding the elections and for issuing all relevant information. ... ... 6a. The Administrator of the Fund shall be responsible for holding the elections by electronic voting or, if this method cannot be used, following the procedure outlined in Articles 6i., 6j. and 6k. below. He shall issue to the members of the Pension Fund all relevant information concerning the elections. The deadlines mentioned in paragraphs 6i. and 6j. below shall apply mutatis mutandis to electronic voting. ... The amendment will allow the Pension Fund to use an electronic voting procedure for the election of elected members to the Governing Board of the Fund. It will be included in a complete new edition of the Rules and Regulatio...

Pension Fund

CERN Multimedia

2003-01-01

The Governing Board of the Pension Fund held its hundred and seventeenth meeting on 3 June 2003. On that occasion, it examined the recommendations made by the External Auditors in their report on their audit of the 2002 annual accounts and the replies by the Pension Fund's Administration. The Governing Board was gratified by the small number of remarks by the External Auditors. It also confirmed its agreement to the procedure followed by the Administration of the Pension Fund in the handling of transfer values. Under other items on the agenda, the Board once again examined ESO's request relating to the terms and conditions of membership by its staff members. In this regard, the Board wishes to receive from ESO a definitive request (following the necessary consultation procedures with the representatives of the personnel and discussions within ESO's governing bodies) so that the working group can continue its work on a clear basis and so that the Governing Board is in a position to take up a position in the m...

For Teachers, a Better Kind of Pension Plan

Science.gov (United States)

Winters, Marcus A.

2017-01-01

Public school teachers deserve a compensation system that puts them on a secure path toward retirement. The severely backloaded structure of today's public school teacher pension systems benefit only a small proportion of entering teachers while putting the rest on an insecure retirement path. But there is a cost-neutral solution to this problem…

Against the odds: the OMC as a selective amplifier for reforming Belgian pension policies

NARCIS (Netherlands)

Vanhercke, B.

2009-01-01

Tackling pensions' problems means engaging with what Pierson (2001) has called 'immovable objects'. Additionally, the EU competence for drafting specific legislation in this area remains unfulfilled potential, while EU legislation in other policy areas creates indirect pressures on national pension

Life-Cycle Finance and the Design of Pension Plans

OpenAIRE

Zvi Bodie; Jérôme Detemple; Marcel Rindisbacher

2009-01-01

This article reviews recent scientific literature on consumer financial decisions over the life cycle, outlining its implications for the design of pension plans. It begins with a review of advances in the theory of rational financial planning and wealth management. It then summarizes the recent empirical literature on the actual behavior of households regarding saving, investing, and insuring their consumption in old age. Finally, it briefly comments on the practical implications of the theo...

Essays on Debt and Pensions

DEFF Research Database (Denmark)

Yde Andersen, Henrik

Money is a scarce resource for most people. For that reason, the decision whether to spend more today and less in the future or vice versa is a recurrent question to many of us. Pension systems provide incentives for saving for future consumption and mortgage markets allow us to increase...... consumption immediately by giving up future spending opportunities accordingly. For this reason, pension and mortgage systems play a key role to individual savings decisions. This dissertation is comprised by three self-contained chapters concerned with how individual savings behavior depends on the design...

Governing Board of the Pension Fund

CERN Multimedia

2004-01-01

At its one-hundred-and-twenty-fifth meeting on 1st June 2004, the Governing Board of the Pension Fund heard a report by J.-P. Matheys, Chairman of the working group responsible for examining the consequences of the death of a beneficiary of a deferred pension and of changes to the composition of a beneficiary's family, on the group's second meeting which had taken place that morning. The group had concluded that the Pension Fund Rules and Regulations clearly established the right of a surviving spouse to a pension in the event of the death of a beneficiary of a deferred pension. In such a case, entitlement to a surviving spouse's pension takes effect immediately after the death of the beneficiary and no actuarial reduction is applicable. This conclusion, which has been confirmed by the Legal Service, derives clearly and unambiguously from the current Rules and Regulations, which therefore do not require amendment. The Board indicated its formal agreement with this interpretation. Concerning the second subj...

Unfunded pensions and endogenous labor supply

DEFF Research Database (Denmark)

Andersen, Torben M.; Bhattacharya, Joydeep

A classic result in dynamic public economics, dating back to Aaron (1966) and Samuelson (1975), states that there is no welfare rationale for PAYG pensions in a dynamically-efficient neoclassical economy with exogenous labor supply. This paper argues that this result, under the fairly-mild restri......A classic result in dynamic public economics, dating back to Aaron (1966) and Samuelson (1975), states that there is no welfare rationale for PAYG pensions in a dynamically-efficient neoclassical economy with exogenous labor supply. This paper argues that this result, under the fairly......-mild restriction that the old be no less risk-averse than the young, extends to a neoclassical economy with endogenous labor supply....

Pension Fund

CERN Multimedia

2003-01-01

Amendment No 19 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2003, concerns 1) the fixed sums and allowances adjusted at same date (Annex B) and 2) the articles which have been amended, in accordance with the Finance Committee's decision, regarding voting rules of the Governing Board and the role and composition of the Investment Committee.

The logic of pension accounting

OpenAIRE

Napier, Christopher J.

2009-01-01

Accounting for pensions has been a problem for standard setters for over 30 years. Early attempts to develop accounting standards were based on a cost orientation and reflected funding considerations. More recently, a balance sheet focus has led to issues over identification and measurement of pension liabilities and assets. Accounting standards that permit enterprises to ignore, spread or segregate elements of pension cost, or to create artificial cost measures, are open to criticism and ...

Pensions as Retirement Income Insurance.

OpenAIRE

Bodie, Zvi

1990-01-01

This paper develops the view that employer-sponsored pension plans are best understood as retirement income insurance for employees and from that perspective addresses a number of questions regarding the reasons for their existence, their design, and their funding and investment policies. The most important of these questions are: - Why do employers provide pension plans for their employees and why is participation usually mandatory? - Why is the defined benefit form of pension plan the domin...

The Power of Percentage : Quantitative Framing of Pension Income

NARCIS (Netherlands)

Prast, Henriette; Teppa, F.

2017-01-01

We investigate whether the quantitative frame used to communicate future pension income to plan members matters for perceived pension income adequacy. We allocate plan members randomly to one of four pension income framing conditions: annual pension income, monthly pension income, pension income as

Fiscal crisis, social security reform and vulnerable population

Directory of Open Access Journals (Sweden)

Peinado Patricia

2014-01-01

Full Text Available The aging process we are witnessing in the majority of developed countries is raising financial sustainability problems in the pay-as-you-go pension system. The reforms designed to re-establish the financial equilibrium of pension systems may put one of the most important objectives of these systems at risk: to reduce the poverty rate among the elderly. This paper studies the effects that the reforms implemented in the Spanish pension system would have on the poverty rate of the retired population. The two main novelties presented are the following. First, the collective under study is focused on the most vulnerable workers. Second, the effects of the reforms are studied taking into account the labour market situation of the individuals in the years prior to retirement.

Who foregoes survivor protection in employer-sponsored pension annuities?

Science.gov (United States)

Johnson, Richard W; Uccello, Cori E; Goldwyn, Joshua H

2005-02-01

Retirees in traditional pension plans must generally choose between single life annuities, which provide regular payments until death, and joint and survivor annuities, which pay less each month but continue to make payments to the spouse after the death of the retired worker. This article examines the payout decision and measures the share of married retirees with pension annuities who forego survivor protection. The analysis consists of a probit model of the pension payout decision, based on data from the 1992-2000 waves of the Health and Retirement Study. More than one quarter (28%) of married men and two thirds of married women receiving employer-sponsored retirement annuities declined survivor protection. Men with small pensions and limited household wealth, men in better health than their spouses, and men whose spouses have pension coverage from their own employers are more likely than other men to reject survivor protection. Most workers appear to make payout decisions by rationally balancing the costs and benefits of each type of annuity, suggesting that existing measures to encourage joint and survivor annuities are adequate. However, the growth in 401(k) plans, which are generally not covered by existing laws protecting spousal pension rights, may leave widows vulnerable.

Company Stock in Pension Funds

OpenAIRE

Even, William E.; Macpherson, David

2004-01-01

This study examines several issues surrounding the tendency for some pension funds to invest in their own company’s stock. After reviewing the existing literature describing the benefits and costs of investing in company stock, the legislative environment surrounding company stock holdings is reviewed. Using data from Internal Revenue Service Form 5500 filings on the pension fund holdings of over 300,000 defined–contribution pension plans in the 1990s, we show that about one out of ten define...

Disability pension by occupational class--the impact of work-related factors: the Hordaland Health Study Cohort.

Science.gov (United States)

Haukenes, Inger; Mykletun, Arnstein; Knudsen, Ann Kristin; Hansen, Hans-Tore; Mæland, John Gunnar

2011-05-30

The social gradient in disability pension is well recognized, however mechanisms accounting for the gradient are largely unknown. The aim of this study was to examine the association between occupational class and subsequent disability pension among middle-aged men and women, and to what extent work-related factors accounted for the association. A subsample (N = 7031) of the population-based Hordaland Health Study (HUSK) conducted in 1997-99, provided self-reported information on health and work-related factors, and were grouped in four strata by Erikson, Goldthorpe and Portocareros occupational class scheme. The authors obtained follow-up data on disability pension by linking the health survey to national registries of benefit (FD-trygd). They employed Cox regression analysis and adjusted for gender, health (medical conditions, mental health, self-perceived health, somatic symptoms) and work-related factors (working hours, years in current occupation, physical demands, job demands, job control). A strong gradient in disability pension by occupational class was found. In the fully adjusted model the risk (hazard ratio) ranged from 1.41 (95% CI 0.84 to 2.33) in the routine non-manual class, 1.87 (95% CI 1.07 to 3.27) in the skilled manual class and 2.12 (95% CI 1.14 to 3.95) in the unskilled manual class, employing the administrator and professional class as reference. In the gender and health-adjusted model work-related factors mediated the impact of occupational class on subsequent disability pension with 5% in the routine non-manual class, 26% in the skilled manual class and 24% in the unskilled manual class. The impact of job control and physical demands was modest, and mainly seen among skilled and unskilled manual workers. Workers in the skilled and unskilled manual classes had a substantial unexplained risk of disability pension. Work-related factors only had a moderate impact on the disability risk. Literature indicates an accumulation of hazards in the

Disability pension by occupational class - the impact of work-related factors: The Hordaland Health Study Cohort

Science.gov (United States)

2011-01-01

Background The social gradient in disability pension is well recognized, however mechanisms accounting for the gradient are largely unknown. The aim of this study was to examine the association between occupational class and subsequent disability pension among middle-aged men and women, and to what extent work-related factors accounted for the association. Methods A subsample (N = 7031) of the population-based Hordaland Health Study (HUSK) conducted in 1997-99, provided self-reported information on health and work-related factors, and were grouped in four strata by Erikson, Goldthorpe and Portocareros occupational class scheme. The authors obtained follow-up data on disability pension by linking the health survey to national registries of benefit (FD-trygd). They employed Cox regression analysis and adjusted for gender, health (medical conditions, mental health, self-perceived health, somatic symptoms) and work-related factors (working hours, years in current occupation, physical demands, job demands, job control). Results A strong gradient in disability pension by occupational class was found. In the fully adjusted model the risk (hazard ratio) ranged from 1.41 (95% CI 0.84 to 2.33) in the routine non-manual class, 1.87 (95% CI 1.07 to 3.27) in the skilled manual class and 2.12 (95% CI 1.14 to 3.95) in the unskilled manual class, employing the administrator and professional class as reference. In the gender and health-adjusted model work-related factors mediated the impact of occupational class on subsequent disability pension with 5% in the routine non-manual class, 26% in the skilled manual class and 24% in the unskilled manual class. The impact of job control and physical demands was modest, and mainly seen among skilled and unskilled manual workers. Conclusions Workers in the skilled and unskilled manual classes had a substantial unexplained risk of disability pension. Work-related factors only had a moderate impact on the disability risk. Literature indicates

Disability pension by occupational class - the impact of work-related factors: The Hordaland Health Study Cohort

Directory of Open Access Journals (Sweden)

Knudsen Ann

2011-05-01

Full Text Available Abstract Background The social gradient in disability pension is well recognized, however mechanisms accounting for the gradient are largely unknown. The aim of this study was to examine the association between occupational class and subsequent disability pension among middle-aged men and women, and to what extent work-related factors accounted for the association. Methods A subsample (N = 7031 of the population-based Hordaland Health Study (HUSK conducted in 1997-99, provided self-reported information on health and work-related factors, and were grouped in four strata by Erikson, Goldthorpe and Portocareros occupational class scheme. The authors obtained follow-up data on disability pension by linking the health survey to national registries of benefit (FD-trygd. They employed Cox regression analysis and adjusted for gender, health (medical conditions, mental health, self-perceived health, somatic symptoms and work-related factors (working hours, years in current occupation, physical demands, job demands, job control. Results A strong gradient in disability pension by occupational class was found. In the fully adjusted model the risk (hazard ratio ranged from 1.41 (95% CI 0.84 to 2.33 in the routine non-manual class, 1.87 (95% CI 1.07 to 3.27 in the skilled manual class and 2.12 (95% CI 1.14 to 3.95 in the unskilled manual class, employing the administrator and professional class as reference. In the gender and health-adjusted model work-related factors mediated the impact of occupational class on subsequent disability pension with 5% in the routine non-manual class, 26% in the skilled manual class and 24% in the unskilled manual class. The impact of job control and physical demands was modest, and mainly seen among skilled and unskilled manual workers. Conclusions Workers in the skilled and unskilled manual classes had a substantial unexplained risk of disability pension. Work-related factors only had a moderate impact on the disability risk

Taxing Pensions of an Internationally Mobile Labor Force: Portability Issues and Taxation Options

OpenAIRE

Holzmann, Robert

2016-01-01

There is a rising share of individuals spending at least some part of their working life abroad and acquiring pension rights. While the portability of pensions and other social benefits has received some analytical attention over the recent decade there is currently limited analytical guidance on the taxation of retirement provisions within a country, and there is virtually none for the taxation of internationally portable pensions. For both national and international taxation of pensions, th...

Improving of the pension provision in Uzbekistan during the modernization of national economy

Directory of Open Access Journals (Sweden)

Bakhodir Khamidovich Umurzakov

2011-03-01

Full Text Available The questions of theoretical understanding of "pension system" category are reviewed in this paper, its functions and characteristics are defined. The features of pension schemes of the Republic of Uzbekistan and the prospects for its development in the context of improving the market economy are described. In particular, shortcomings of centralized state pension insurance system, inherited from Soviet Uzbekistan, such as the removal of policyholders to participate in the management of funds, the gap formation mechanism of pensions and employee work outcomes etc. are highlighted. Three categories of pension recipients are named and studied. The authors compare two approaches to the distribution of pensions, according to their abilities and needs. In conclusion, the authors analyze the three-level pension system used in developed countries. It is confirmed that in Uzbekistan the principle of level of pension contributions and payments of pensions of employee attachment is widely applied.

Individual breakdown of pension rights

CERN Multimedia

2016-01-01

You should have recently received, via email, your “Individual breakdown of pension rights”.   Please note that: the calculation was based on data as at 1st July 2016, as at 1st September 2016, CERN will introduce a new career structure; the salary position will now be expressed as a percentage of a midpoint of a grade.   We would like to draw your attention to the fact that your pension rights will remain unchanged. Benefits Service CERN Pension Fund

Pension Funds and Financial Innovation

OpenAIRE

Zvi Bodie

1989-01-01

Pension funds have played a critical role in the evolution of the markets for debt and equity securities and their derivatives in the U.S. over the last 15 years. The new securities and markets can largely be explained as responses to the investment demands of pension funds in an environment of increased interest rate volatility and tighter regulation. Defined benefit pension plans offer annuities that have a guaranteed floor specified by the benefit formula. In order to minimize the cost to ...

48 CFR 52.215-15 - Pension adjustments and asset reversions.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Pension adjustments and... Clauses 52.215-15 Pension adjustments and asset reversions. As prescribed in 15.408(g), insert the following clause: Pension Adjustments and Asset Reversions (OCT 2010) (a) The Contractor shall promptly...

Disability pension as predictor of later use of benzodiazepines among benzodiazepine users

OpenAIRE

Hartz, Ingeborg; Tverdal, Aage; Skille, Eivind Å.; Skurtveit, Svetlana

2010-01-01

The original publication is available at: http://dx.doi.org/10.1016/j.socscimed.2009.11.015 The proportion of Norwegians on disability pensions has doubled since the 1980s. The Norwegian Government wants action to stimulate the working capacity in those disability pensioners who have the potential to work. Information on factors that may impair rehabilitation efforts, including the unfavourable use of benzodiazepines, may be useful in this context. A longitudinal design, including data on ...

Setting rights: Resource flows, life-course norms and the dynamics of citizenship in European pension systems

NARCIS (Netherlands)

Frericks, P.R.H.

2007-01-01

The title of my thesis already indicates that I did my research on what is called a hot topic: pensions in Europe. In all countries, pensions are built up through the labour market. This is true in two perspectives: firstly, for the individual entitlements and, secondly, for the financial means.

Accounting of pay-as-you-go pension schemes using accrued-to-date liabilities: An example for Switzerland

OpenAIRE

Metzger, Christoph

2016-01-01

Due to demographic change, the fiscal sustainability of pension schemes financed on a pay-as-you-go (PAYGO) basis is of more interest for policy makers than ever. Unsustainable financing brings along a future burden to pensioners through pension cuts and/or to the working population through increasing contribution rates. With comparable data about the unfunded accrued-to-date pension liabilities of social security pension schemes soon being available due to a recent update of the internationa...

How does the possibility to defer pension payments affect the labour supply of elderly Danish workers?

DEFF Research Database (Denmark)

Amilon, Anna; Nielsen, Torben Heien

2010-01-01

This chapter investigates the effects of a recent Danish policy reform on the number of hours worked after age 65. In short, the policy reform involved the option to defer pension payments and a reduction in the official retirement age from 67 to 65. Using a quasi-experimental design, we find tha...... positions that choose to defer their pensions. The results, therefore, indicate that the reform has mainly improved the situation of an already well-off group.......This chapter investigates the effects of a recent Danish policy reform on the number of hours worked after age 65. In short, the policy reform involved the option to defer pension payments and a reduction in the official retirement age from 67 to 65. Using a quasi-experimental design, we find...... that the reform has had a small positive impact on the number of hours worked at age 65. In the longer term (from age 65 to 67) the effect disappears, probably due to the reduction in the official retirement age causing people to retire earlier. It is mainly men, the highly educated and people holding advanced...

SPILLOVER EFFECTS OF PENSION FUNDS ON CAPITAL MARKETS. THE EU-15 COUNTRIES CASE

Directory of Open Access Journals (Sweden)

MILOŞ LAURA RAISA

2012-12-01

Full Text Available The paper aims at providing new empirical evidence for the connection between pension reform and domestic stock market development, in the case of the old member states of European Union. We seek to measure the impact of private pension funds’ assets on the capital market development, using a panel data regression and after controlling for other explanatory variables. As predicted in the literature, the results show a positive connection.

Pensions under Pressure: Charter Innovation in Teacher Retirement Benefits

Science.gov (United States)

Podgursky, Michael; Aud Pendergrass, Susan; Hesla, Kevin

2018-01-01

Public school districts are facing twin challenges: maintaining a labor supply of qualified teachers while shoring up the deteriorating system that compensates them. Keeping public-school teachers' pensions plans flush is expensive, and it accounts for a growing share of education spending. In some states, public charter schools provide an…

Elections of members to the Governing Board of the Pensions Fund

CERN Multimedia

Pension Fund

2004-01-01

This year, two members and two alternates are to be elected. The candidates who obtain most votes will be elected members and the other candidates will be their alternates. Timetable (extract) : Monday 1 November 2004 Second publication of the candidates' publicity in the Bulletin (see thereafter) and distribution of the ballot papers at CERN. Monday 22 November 2004 Voting closes at 12 hrs. Counting of votes from 14.30 hrs. Tuesday 23 November 2004 Forwarding of results to the Communications Section for publication in the Bulletin of 29 November. ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have a...

Farmers' pensions and the Polish economic crisis.

Science.gov (United States)

Simanis, J G

1983-04-01

The Polish Government, in 1977, inaugurated a new pension program that made old-age and invalidity benefits available for the first time to most farmers in that country. The evolution and eventual failure of that program were closely intertwined with a growing national economic crisis, manifested in widespread popular unrest and culminating in emergence of the Solidarity movement. The farmers' pension program was originally presented as both a social security measure and a vehicle for improving agricultural efficiency. The economic situation was expected to benefit as farms of older owners were passed to younger, presumably more efficient, successors, with the state sometimes acting as intermediary. A further step to bind the social security concept to agricultural efficiency came through relating the pension amount to the quantity of produce the individual farmer sold to the state over a number of years. The failure of these provisions and other unpopular features of the new program was aggravated by inflation and continuing deterioration of the Polish economy.

The Making and Breaking of Trust in Pension Providers

NARCIS (Netherlands)

van Dalen, H.P.; Henkens, K.

2017-01-01

Trust in pension institutions is pivotal in making pension decisions, like saving or enrolling in pension programs. But which traits of pension institutions matter in making or breaking trust in providers like pension funds, banks or insurance companies? This paper presents an empirical analysis of

Good governance for pension schemes

CERN Document Server

Thornton, Paul

2011-01-01

Regulatory and market developments have transformed the way in which UK private sector pension schemes operate. This has increased demands on trustees and advisors and the trusteeship governance model must evolve in order to remain fit for purpose. This volume brings together leading practitioners to provide an overview of what today constitutes good governance for pension schemes, from both a legal and a practical perspective. It provides the reader with an appreciation of the distinctive characteristics of UK occupational pension schemes, how they sit within the capital markets and their social and fiduciary responsibilities. Providing a holistic analysis of pension risk, both from the trustee and the corporate perspective, the essays cover the crucial role of the employer covenant, financing and investment risk, developments in longevity risk hedging and insurance de-risking, and best practice scheme administration.

Improving Financial Education and Awareness on Insurance and Private Pensions

Science.gov (United States)

OECD Publishing (NJ3), 2008

2008-01-01

With public pensions under pressure and private pensions exposed to risk, individuals face an increasing variety of financial risks, particularly those linked to their retirement. This book analyzes the level of risk awareness of consumers and highlights good practices governments might initiate to enhance consumers' awareness and education on…

PERFORMANCE EVALUATION OF PENSION FUNDS WITH FUZZY EXPERT SYSTEM

Directory of Open Access Journals (Sweden)

SERDAR KORUKOĞLU

2013-06-01

Full Text Available Financial rating and ranking firms often use linguistic instead of numerical values. When input data are mostly qualitative and are based on subjective knowledge of experts, the Fuzzy Set Theory provides a solid mathematical model to represent and handle these data. The aim of this study is developing a fuzzy expert model to evaluate the performance of the pension funds by using their risk and return values. The method is used for evaluating the performance of the randomly selected of twenty seven Turkish pension funds. The obtained results proved that the fuzzy expert system is appropriate and consistent for performance evaluation.

38 CFR 3.24 - Improved pension rates-Surviving children.

Science.gov (United States)

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Improved pension rates-Surviving children. 3.24 Section 3.24 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.24 Improved pension...

Optimal savings management for individuals with defined contribution pension plans

DEFF Research Database (Denmark)

Konicz, Agnieszka Karolina; Mulvey, John M.

2015-01-01

(or time left to retirement), nor should they solely depend on the risk preferences, but should also capture: (1) economical characteristics—such as current value on the pension savings account, expected pension contributions (mandatory and voluntary), and expected income after retirement (e...... characterizing the individual. The problem is solved via a model that combines two optimization approaches: stochastic optimal control and multi-stage stochastic programming. The first method is common in financial and actuarial literature, but produces theoretical results. However, the latter, which...

EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA

OpenAIRE

Dražen Novaković

2015-01-01

The aim of this paper is to evaluate the financial performance of pension funds in Croatia. Although there are other factors which are important in the pension funds overall performance, this paper focuses on investment accomplishments. The purpose of measuring portfolio performance is to determine whether portfolio managers add value compared to passive investment strategies. The traditional approach to pension funds’ performance evaluation underlines standard measures of financial performan...

THE OLD AGE PENSION SYSTEM IN A TAX HAVEN: THE CASE OF THE BAHAMAS

Directory of Open Access Journals (Sweden)

JAROSŁAW POTERAJ

2012-01-01

Full Text Available The article presents an insight into the old age pension system in The Bahamas. There are four topic paragraphs: 1. the general information about country, 2. the evolution of its pension system, 3. the present situation, and 4. challenges and foreseen changes. There, the author’s goal was to present both past and present solutions employed by The Bahamas’ pension system, in search for ideas worth consideration in international comparisons. In the summary, the author highlights as a particular Bahamian approach, on the background of other countries, the typical for a tax haven attitude that the providing for the old age should be left to the prudence of each individual. The reader will learn that in the perspective of a few decades, the Bahamian pension system is endangered with insolvency. The actuarial considerations in the country seek solution to the problem in rising the compulsory rate of social insurance contribution.

Pension accounting and fair value

OpenAIRE

Napier, Christopher

2007-01-01

The chapter reviews the applicability of the fair value measurement concept to pension assets and liabilities, concluding that difficulties are likely to arise in measuring pension liabilities at far value, owing to the absence of well-developed markets for such liabilities.

Occupational Pension Funds (IORPs) & Sustainability: What does the Prudent Person Principle say?

DEFF Research Database (Denmark)

Horváthová, Alexandra; Feldthusen, Rasmus Kristian; Ulfbeck, Vibe Garf

2017-01-01

The European Union encourages individuals to save in private and occupational pension funds to complement their state saving-plans. Throughout their lives, employers directly sponsor occupational retirement saving plans, so individual employees may top up their future pensions. While the European...... Union clearly supports the formation and cross-border participation in these financial vehicles by adopting EU regulatory framework, the EU has also decided to determine a common investment decision standard to be used in all Member States, called the Prudent Person Principle. According...... to this principle, the fund - the future retirement for many - shall be managed with care, the skill of an expert, prudence and due diligence. Under this principle, the pension fund’s governing body is given a broad authority to invest the pension assets in a prudent fashion in light of the particular investment...... plan of a fund. At the same time, the EU is also moving towards more Responsible Investment and inclusion of the ESG-principles (Environment, Social and Governance). The question we aim to answer in this paper is how these two principles co-exist and whether, due to the new Directive adopted...

Three essays in pension finance

NARCIS (Netherlands)

Shi, Z.

2009-01-01

This thesis focuses on the three major participants in pension finance, namely, pension funds, individuals, and sponsoring companies. In the light of the fragile financial market performance, prudential regulatory rules, including Value-at-Risk (VaR) constraints, are imposed widely all over the

The CERN Pension Fund: an eternal challenge

CERN Multimedia

Staff Association

2014-01-01

  Introduction By virtue of its status as an international organization, CERN and its employees do not operate under the labour laws and social security systems of the Host or Member States. Thus, the Organization has to establish its own social security scheme, including pension insurance, for the adequate protection of its employed personnel. This scheme must also be designed to allow the recruitment and retention of highly qualified personnel from all Member States. It are the Organization’s pension obligations that certain Member States want to reconsider. This is the first in a series of articles where we explain that reneging on their commitments regarding the pension Fund the Member States would create a great social injustice, very detrimental to the Organization, its staff and not compliant with international law. Principles and responsibilities The CERN Pension Fund (hereafter called the “Fund”) was set up by the CERN Council in December 1955. Its lega...

ELECTIONS PENSION FUND 4th candidate

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : MYERS First Name : Stephen I have been at CERN since 1972, and was elected member of the Governing Board for the first time in 1998. The Governing Board then nominated me to the Investments Committee where I have been a member since the beginning of 1999. Since then I have actively participated in redefining and transforming the investment portfolio in order to improve the overall return and where possible reduce the risk. The portfolio has recently been greatly improved and now allows much simpler more transparent monitoring of our investment. I have also actively participated and hopefully made useful contributions in discussions conc...

ELECTIONS PENSION FUND CANDIDATE NR 4

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : MYERS First Name : Stephen I have been at CERN since 1972, and was elected member of the Governing Board for the first time in 1998. The Governing Board then nominated me to the Investments Committee where I have been a member since the beginning of 1999. Since then I have actively participated in redefining and transforming the investment portfolio in order to improve the overall return and where possible reduce the risk. The portfolio has recently been greatly improved and now allows much simpler more transparent monitoring of our investment. I have also actively participated and hopefully made useful contributions in discussions conc...

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2003-01-01

The Governing Board of the Pension Fund held its one hundred and twelfth and one hundred and thirteenth meetings on 5 November and 3 December 2002 respectively. At the first of these meetings, the Governing Board firstly took note of the favourable stance adopted by TREF with respect to a pension adjustment of 0.6% for 2003. TREF had also examined the proposed technical amendments to the Pension Fund's Rules and Regulations, as reported in Weekly Bulletin N° 44/2002, relating to a) clarification of the roles of the Governing Board and the Administrator, b) the procedure for appointing the Chairman, Vice-Chairmen and Administrator of the Fund, c) the Governing Board's voting rules and d) the role and composition of the Investment Committee. These amendments were to be submitted to the CERN Council for approval at its December meeting*. The Governing Board then considered a request submitted by the CERN Pensioners' Association (GAC) for an extraordinary adjustment of pensions. The request entailed making an ...

Pension Plan Types and Financial Literacy in Later Life.

Science.gov (United States)

Li, Yang; Burr, Jeffrey A; Miller, Edward Alan

2017-09-09

The ongoing shift from defined benefit (DB) to defined contribution (DC) pension plans means that middle-aged and older adults are increasingly being called upon to manage their own fiscal security in retirement. Yet, half of older Americans are financially illiterate, lacking the knowledge and skills to manage financial resources. This study investigates whether pension plan types are associated with varying levels of financial literacy among older Americans. Cross-sectional analyses of the 2010 Health and Retirement Study (HRS) (n = 1,281) using logistic and linear regression models were employed to investigate the association between different pension plans and multiple indicators of financial literacy. The potential moderating effect of gender was also examined. Respondents with DC plans, with or without additional DB plans, were more likely to correctly answer various financial literacy questions, in comparison with respondents with DB plans only. Men with both DC and DB plans scored significantly higher on the financial literacy index than women with both types of plans, relative to respondents with DB plans only. Middle-aged and older adults, who are incentivized by participation in DC plans to manage financial resources and decide where to invest pension funds, tend to self-educate to improve financial knowledge and skills, thereby resulting in greater financial literacy. This finding suggests that traditional financial education programs may not be the only means of achieving financial literacy. Further consideration should be given to providing older adults with continued, long-term exposure to financial decision-making opportunities. © The Author 2017. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Meeting of the Pension Fund Governing Board

CERN Document Server

HR Department

2009-01-01

Reminder Given the current state of the financial markets and the continuing uncertainty as to their future evolution, we begin by reiterating the introductory statement of the last report from the Pension Fund: "The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position." Meeting of the Pension Fund Governing Board (PFGB) The PFGB held its ninth and tenth meetings on 1st December 2008 and 11 February 2009 respectively. At the ninth meeting, the Governing Board bade farewell to P. Lambert, who had been an expert member since November 2007 and a membe...

Meeting of the Pension Fund Governing Board

CERN Document Server

HR Department

2009-01-01

Reminder Given the current state of the financial markets and the continuing uncertainty as to their future evolution, we begin by reiterating the introductory statement of the last report from the Pension Fund: "The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position." Meeting of the Pension Fund Governing Board (PFGB) The PFGB held its ninth and tenth meetings on 1st December 2008 and 11 February 2009 respectively. At the ninth meeting, the Governing Board bade farewell to P. Lambert, who had been an expert member since November...

Annual Pension Fund Update

CERN Multimedia

Pension Fund

2011-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual Pension Fund Update to be held in the CERN Council Chamber on Tuesday 20 September 2011 from 10-00 to 12-00 a.m. Copies of the 2010 Financial Statements are available from departmental secretariats. Coffee and croissants will be served prior to the meeting as of 9-30 a.m.

Attachment to employment and education before work disability pension due to a mental disorder among young adults.

Science.gov (United States)

Mattila-Holappa, Pauliina; Joensuu, Matti; Ahola, Kirsi; Vahtera, Jussi; Virtanen, Marianna

2016-05-13

We examined attachment to employment and education among young adults before they were granted a fixed-term work disability pension due to psychiatric diagnosis, and the factors associated with this attachment. The data comprised all persons aged 18-34 who received a new-onset fixed-term disability pension compensation due to a mental disorder in Finland in 2008 (N = 1163). The data were derived from pension applications and the enclosed medical records, and were linked to employment records from a period of three years before the disability pension. We analysed the factors associated with attachment to employment or education with log-binomial regression analysis. Fifty percent of the participants were attached to employment or education before work disability pension. The attached were more often women; had higher basic and vocational education; had mood disorder rather than psychosis diagnosis as a primary diagnosis; and had no record of harmful alcohol use or drug use, or recorded symptoms of mental disorders already at school-age. The level of attachment to employment or education before work disability pension is low among young adults with mental disorders and several risk factors predict poor attachment; severe or comorbid mental disorder, early-life psychiatric morbidity, substance use, male sex, low basic education, and lacking vocational education.

Socially Responsible Investment in Japanese Pensions

OpenAIRE

Henry Hongbo Jin; Olivia S. Mitchell; John Piggott

2005-01-01

As the level of retirement-related assets has grown, so too has public and private interest in so-called "Socially Responsible Investment" (SRI), an investment strategy that employs criteria other than the usual financial risk and return factors when selecting firms in which to invest. This study evaluates whether SRI indexes would alter portfolio risk and return patterns for the new defined contribution pension plans currently on offer in Japan. We conclude that SRI funds can be included as ...

Recommendations from the External Auditors to the CERN Pension Fund Management on the Financial Statements of the CERN Pension Fund for the Financial Year 2013 and comments from the CERN Pension Fund Management

CERN Document Server

2014-01-01

Recommendations from the External Auditors to the CERN Pension Fund Management on the Financial Statements of the CERN Pension Fund for the Financial Year 2013 and comments from the CERN Pension Fund Management

CERN Pensions: A constructive proposal

CERN Multimedia

Staff Association

2014-01-01

  A new endangering of the Pension Fund   In 2010 and 2011 Council adopted a package of measures (see Echo 195 for background information) that commits staff, retirees and the Organization to all contribute to the balancing of the Pension Fund by 2041. In particular, CERN’s Member States agreed to pay a special contribution of 60 MCHF per year for 30 years or until full funding is achieved, if this arrives sooner. Today, less than four years later, some Member States already want to find ways to come back on their commitment. The fact that one of the parties that accepted the package wants to change its commitment unilaterally is in evident disagreement with the 2011 Council resolution(1)  and therefore unacceptable. Nevertheless to be helpful we put forward a constructive proposal. Special contribution or...   Currently the Fund has a yearly outflow of around 300 MCHF to pay pension benefits of which some 60 MCHF (approximately 20% of pensions received) a...

PENSION FUND - ELECTIONS

CERN Multimedia

2000-01-01

This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: MAURIN First Name: Guy I have been a member of the personnel since 1967 and as early as 1972 I was involved, in my capacity as President of the Staff Association, in the improvement of the Pension Fund benefits. As for most of us the Pension Fund is the only social provident scheme to which we belong, it is important to ensure that it is well managed and in balance. As a member of the Governing Board since 1974 and Vice-Chairman of this Board since 1977, I have continued to pursue these objectives. One of the main responsibilities of the Governing Board is our asset investment policy. The Investment Committee, of which I am Chairman, must have an overall view of the management of our 4 billion Swiss francs and seek the best yield with minimum risk. The investment structure must continuously be adapted i...

Will you still need me, will you still feed me? Old-age pensions in Iceland from a gender perspective

Directory of Open Access Journals (Sweden)

Steinunn Rögnvaldsdóttir

2012-12-01

Full Text Available Icelandic women have through the years earned less occupational and supplemental pensions and depended more than men do on the basic pension of social security. Although women’s labour market participation has increased, the gender pay gap, unpaid labour in homes, and women’s fewer working hours in paid labour results in the extension of the labour market gender discrimination into old age. The structure of Icelandic pension funds is fundamentally male biased because of its tight connection to employment, despite the absence of direct discrimination factors. The article provides an overview of implications for a more women friendly pension system; based on multi-national research; the analysis of the Icelandic pension system, and statistical information on older women and men’s economic situation in Iceland. Adequate basic pension, elimination of labour market gender discrimination, and males taking greater responsibility for care- and housework, are some of the key issues in creating a more gender equal pension system. Sharing of pensions between spouses, the responsibility of pension-funds and companies, and possibilities of care credit systems to promote gender equality are also discussed.

SOBRE LAS INEQUIDADES DEL SISTEMA CONTRIBUTIVO DE PENSIONES DE JUBILACIÓN EN ESPAÑA: ¿SE HAN IMPUESTO LOS IDEÓLOGOS A LOS ACTUARIOS?

Directory of Open Access Journals (Sweden)

José Enrique Devesa Carpio

2012-07-01

Full Text Available En este trabajo se pretende resaltar los fallos e inequidades del sistema de pensiones español en la actualidad, así como evaluar si la reforma de las pensiones, aprobada en 2011, ha conseguido mejorar la equidad del sistema. También se intentará distinguir qué medidas tienen un contenido político y cuál hubiera sido su configuración en el caso de que se hubiera tenido en cuenta el punto de vista actuarial, de tal forma que se pudiese alcanzar un mayor grado de contributividad. This paper aims to highlight the failures and inequities of the current Spanish pension system and to assess whether the pension reform, adopted in 2011, has improved the equity of the system. The paper also tries to distinguish which measures have a political content and what configuration the reform had had in the case of taking the actuarial point of view into account, in order to achieve a higher level of contribution.

Lectures for CERN pensioners

CERN Multimedia

GS Department

2009-01-01

The CERN Medical Service and the Pensioners Association are pleased to invite CERN pensioners to a series of lectures given by professors and specialists from the Teaching Hospitals and the Faculty of Medicine of the University of Geneva on the following topic: PROMOTION OF OPTIMUM BRAIN AGEING The lectures will take place in the Main CERN Auditorium (Building 60) from 2.30 p.m. to 4.30 p.m. on the following dates: Thursday 15 January 2009: Diagnosing and treating Alzheimer’s disease Pr Gabriel GOLD Wednesday 25 February 2009: What is the brain reserve? Speaker’s name to be announced at a later date. The lectures will be given in French, with transparencies in English, and will be followed by a wide-ranging debate with the participants. CERN Medical Service - Pensioners Association - CERN-ESO (GAC-EPA)

Benefit or Burden? On the Intergenerational Inequity of Teacher Pension Plans

Science.gov (United States)

Backes, Ben; Goldhaber, Dan; Grout, Cyrus; Koedel, Cory; Ni, Shawn; Podgursky, Michael; Xiang, P. Brett; Xu, Zeyu

2016-01-01

Most public school teachers in the United States are enrolled in defined benefit (DB) pension plans. Using administrative microdata from four states, combined with national pension funding data, we show these plans have accumulated substantial unfunded liabilities--effectively debt--owing to previous plan operations. On average across 49 state…

Management of key pension plan risks from the user aspects

Directory of Open Access Journals (Sweden)

Rakonjac-Antić Tatjana

2013-01-01

Full Text Available The pension system is an important form of protection of individuals, i.e. of their ensuring for a period of living after retirement, when they are no longer able for working engagement. On the other hand, as a form of long-term insurance, this system presents a strong investment incentive for each economy. Pension plans are an important element of the pension system. There are defined benefit plans, defined contribution plans and hybrid plans, which represent a combination of the two previously mentioned plans. The aim of the work is to define the key risks for each of these types of pension plans in order to determine their advantages and disadvantages, from the aspect of their potential users, on the basis of their comparative analysis.

Money and Pay-As-You-Go Pension

Directory of Open Access Journals (Sweden)

Masaya Yasuoka

2018-03-01

Full Text Available This paper presents examination of how a pension policy affects income growth and the inflation rate in a utility model. Even if the contribution rate of pension increases because of an aging society, an aging society increases income growth and the inflation rate. Moreover, this paper presents examination of the optimal growth rate of the money supply. Because of the pension policy, the optimal growth rate of money stock changes. This result is intuitive because a pay-as-you-go pension changes capital accumulation. Therefore, the income growth rate should be changed to raise the welfare of all generations.

Facing the Gender Gap in Aging: Italian Women’s Pension in the European Context

OpenAIRE

Maria Letizia Zanier; Isabella Crespi

2015-01-01

The purpose of this paper is to provide an overview of the phenomenon of increasing gender inequalities that happen at old age regarding women’s pension. Moving from recent life-course theories and studies, this study analyzes the reasons behind gender-biased pension levels and how their cumulative effects result in (continuous) significant gender gaps. The article presents a European overview of pension gender gap, focusing on family and work-life issues in Italy. This is one of the first c...

Econometric analysis of the impact of the relationship of GDP and the pension capital

Science.gov (United States)

Nepp, A. N.; Amiryan, A. A.

2016-12-01

The article demonstrates the impact of institutional risks on indicators of compulsory pension insurance and describes the results of a comparative analysis of investment risks faced by the pension systems of the Russian Federation and OECD countries. Efficiency of private companies managing pension funds in Russia and OECD countries is compared and analyzed to show the necessity to liberalize requirements placed on investments of pension savings funds. On the basis of the available statistical data, the article puts forward and discusses the hypothesis that increasing of the basic indicators of the pension system is possible by reducing its institutional risks. It is concluded that if the institutional risks are reduced and the level of trust increases, there will be enhance growth in the pension system key indicators, such as pension payments and the replacement rate.

Board diversity and self-regulation in Dutch pension funds

OpenAIRE

Shi, Lin; Swinkels, Laurens; Lecq, Fieke

2016-01-01

markdownabstractPurpose - The purpose of this paper is to examine the change in pension fund board diversity after self-regulation was introduced, and investigate which pension fund characteristics influence compliance with self-regulation. In addition, the authors analyze whether compliance might be achieved by tokenism. Design/methodology/approach - The authors hand-collect pension fund and pension fund board data of the largest (by assets) 200 pension funds in the Netherlands. The authors ...

The Influence of the Sharpe Ratio on Appreciation Savings Intended for the Payment of Lifetime Pensions

Directory of Open Access Journals (Sweden)

Petr Kupčík

2015-01-01

Full Text Available The paper focuses on the payment of lifetime pensions paid by pension companies based on the selected mortality table of the Czech Statistical Office. We assume different input values depending on the size of the Sharpe ratio pension companies from selected countries. This paper aims to identify and assess the impact of the Sharpe ratio on the payment of lifetime pensions in postproduction period. We used data of nominal appreciation of pension companies from the Visegrad countries and Sweden, Switzerland and the Netherlands in the period 2005–2013. In the empirical analysis we additionally distinguished between guaranteed and non-guaranteed pension funds. For the purpose of calculating lifetime pensions, we used the formula early paid pension by the pension company on the Czech market down in its her pension plan with an expected median payment period of r years. We found link between the value of the Sharpe ratio and the size of lifetime pensions. Conclusion of the paper shows the effects of low performance of pension funds on lifetime pension with a focus on the Czech Republic. The scientific paper describes partial results reached within the project no. 54/2014 of the Internal Grant Agency of the Faculty of Business and Economics of the Mendel University in Brno following the aims and methodology of the given project.

Individual breakdown of pension rights and end of contract

CERN Multimedia

2015-01-01

As in previous years, members of the CERN Pension Fund will shortly receive their “Individual breakdown of pension rights” by e-mail.   In this respect, we would like to remind members that according to Articles II 1.11 - II 1.12 (calculation and payment of the transfer value) and II 2.02 (retirement pension), several options are possible at the end of their contract (depending on their length of service in the Fund): payment of the transfer value into a personal bank account, payment of the transfer value into a new pension scheme, pension (deferred, anticipated or retirement). Benefits Service CERN Pension Fund

Employment, disability pension and income for children with parental multiple sclerosis.

Science.gov (United States)

Moberg, Julie Yoon; Laursen, Bjarne; Koch-Henriksen, Nils; Thygesen, Lau Caspar; Brødsgaard, Anne; Soelberg Sørensen, Per; Magyari, Melinda

2017-07-01

Little is known about the consequences of parental multiple sclerosis (MS) on offspring's socioeconomic circumstances. To investigate employment, disability pension and income in offspring of parents with MS compared with matched reference persons in a nationwide register-based cohort study. All Danish-born persons with onset of MS during 1950-1986 were retrieved from the Danish Multiple Sclerosis Registry. Their offspring were identified using the Civil Registration System. One random offspring from each sibship was matched by sex and year of birth with eight random reference persons. We included 2456 MS offspring and 19,648 reference persons. At age 30, employment was lower among MS offspring than reference children (odds ratio (OR): 0.89; 95% confidence interval (CI): 0.84-0.95; p = 0.0003), and they more often received disability pension (OR: 1.31; 95% CI: 1.15-1.50; p pension and low income in adult life.

Pension regulation and the market value of pension liabilities - A contingent claims analysis using Parisian options

NARCIS (Netherlands)

Broeders, D.; Chen, A.

2008-01-01

We analyze the market-consistent valuation of pension liabilities in a contingent claim framework whereby a knock-out barrier feature is applied to capture early regulatory closure of a pension plan. We investigate two cases which we call "immediate closure procedure" and "delayed closure

Time trends in disability pensioning for rheumatoid arthritis, osteoarthritis and soft tissue rheumatism in Norway 1968-97.

Science.gov (United States)

Holte, Hilde H; Tambs, Kristian; Bjerkedal, Tor

2003-01-01

Disability pensioning with musculoskeletal diagnoses increased more than general disability pensioning in Norway during 1968-97. Incidences of disability pensioning for three main musculoskeletal diseases - rheumatoid arthritis, osteoarthritis and soft tissue rheumatism - during the period 1968-97 were assessed. Changes in incidence were related to changes in Norwegian society with respect to prevalence of these diseases, the number of individuals having high probability of disability pensioning for these diseases, the labour market and legal amendments that may have changed the probability of being granted a disability pension among these patients. Data on all new disability pensioners aged 50-66 years registered by the National Insurance Administration during 1968-97 and the total population of Norway excluding disability pensioners were used to calculate annual incidence rates of disability pension for the selected musculoskeletal diagnoses. The incidence of disability pension for soft tissue rheumatism and osteoarthritis increased during the study period, and both increased more than the incidence of disability pension in general. The incidence of disability pension for rheumatoid arthritis decreased when compared with disability pensioning in general. The year an upward or downward trend started is similar for osteoarthritis and soft tissue rheumatism for men and women in the age groups studied. Changes in prevalence of a disease seem to be an important factor in explaining differences in time trends of disability pensioning with different diagnoses. Changes in unemployment, female employment, number of manual workers or the legal system do not appear to be related to the increases in incidence of disability pensioning with musculoskeletal diseases.

Pension Skejby - bare et alternativt sted?

DEFF Research Database (Denmark)

Minke, Linda Annette Kjær

2009-01-01

Pension Skejby er en af kriminalforsorgens pensioner, der anvendes til fuldbyrdelse af straf. Omtrent halvdelen af pensionens 26 pladser udgøres af ikke-dømte personer, der bor side om side med afsonerne, ud fra en antagelse om, at de ikke-straffede beboeres normer, har en positiv effekt på de...... kriminalitet og på sandsynligheden for uddannelsesmobilitet. En cox-regressionsanalyse viser, at sandsynligheden for recidiv er 21 pct. lavere for afsonere fra pension Skejby, når der sammenlignes med en sammenlignelig kontrolgruppe....

The demographic challenge of the interconnected education and pension system in the Czech Republic

Czech Academy of Sciences Publication Activity Database

Slobodyan, Sergey; Vinogradov, Viatcheslav

2006-01-01

Roč. 56, 11-12 (2006), s. 490-505 ISSN 0015-1920 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : public education * demographic development * pay-as-you go pensions Subject RIV: AH - Economics Impact factor: 0.190, year: 2006 http://journal.fsv.cuni.cz/ storage /1099_fau_11_12_06_0000000002.pdf

Governing Board of the Pension Fund

CERN Multimedia

2006-01-01

The Governing Board held its 146th and 147th meetings on 19 September and 1 November 2006 respectively. At the first of these two meetings, a technical amendment to the Rules of the Fund was discussed regarding the annual adjustment of pensions. The Governing Board made a proposal, which was approved by the CERN Council at its meeting on 19 October 2006, to make an amendment to Article II 1.15 of the Pension Fund's Rules (see below). As a result, in future years, as long as the funding ratio of the Pension Fund is below 100 %, only a fraction of the observed inflation will be granted, so that the funding ratio reaches 100 % by the end of 2033. The cumulated loss in purchasing power incurred by any beneficiary shall be limited to 8 % maximum (including, for those concerned, the 1.7 % loss as at 1 January 2005). The parameters of this mechanism shall be reviewed after each actuarial review, to take into account the updated financial position of the Fund. The factor to be applied to the consumer price index f...

Framing and the Annuitization Decision : Experimental Evidence from a Dutch Pension Fund

NARCIS (Netherlands)

Bockweg, Christian; Ponds, Eduard; Steenbeek, O.W.; Vonken, Joyce

2016-01-01

We report the effects of framing and default settings in annuity demand after conducting a survey-based experiment with over 3,000 members of a Dutch occupational pension plan. The participants were asked to allocate their real projected pension accrual between a life annuity and a partial lump sum.

48 CFR 9904.413 - Adjustment and allocation of pension cost.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Adjustment and allocation of pension cost. 9904.413 Section 9904.413 Federal Acquisition Regulations System COST ACCOUNTING... AND COST ACCOUNTING STANDARDS COST ACCOUNTING STANDARDS 9904.413 Adjustment and allocation of pension...

Sustainable Administrative Reform Movements Policy in Joko Widodo's Administration

Directory of Open Access Journals (Sweden)

Yogi Suprayogi Sugandi

2017-05-01

Full Text Available Joko Widodo (Jokowi is a leader that is widely expected to transform Indonesia into a better country. Hopes and wishes were rising when he was elected as the president of Indonesia. This paper will describe various innovations undertaken before and after his presidential inauguration as well as the assorted innovations made in reforming the administration of his cabinet. As the president of Indonesia, Joko Widodo is required to realize the aspirations of the people in freeing the government from corruption, collusion, and nepotism. The management of ministerial and non-ministerial institutions becomes the very first crucial issue undertaken by Joko Widodo. This led to a polemic in regards to reducing or increasing the number of institutions, as the Jokowi administration actually increased the amount. In Susilo Bambang Yudhoyono's administration, several policies were made systematically and based on legislations that had been approved by the lagislature. Joko Widodo's administration in more partial in nature. The administrative reform program that is highly anticipated is the continuation of the Public Service Act. This law is a step forward from the administrative reform program that aims at the creation of good governance. Changes is career path, salary system, pension and benefits for civil servants, performance-based staffing are various efforts of sustainability carried out by Joko Widodo's administration.

Lectures for CERN pensioners

CERN Multimedia

SC Unit

2008-01-01

The CERN Medical Service and the Pensioners Association are pleased to invite CERN pensioners to a series of lectures given by professors and specialists from the Teaching Hospitals and the Faculty of Medicine of the University of Geneva on the following topic: PROMOTION OF OPTIMUM BRAIN AGEING The lectures will take place in the Main CERN Auditorium (Building 60) from 2.30 p.m. to 4.30 p.m. on the following dates: Wednesday 12 November 2008: Assessing the extent of brain ageing Dr Dina ZEKRY Friday 12 December 2008: Can memory decline be prevented? Pr Jean-Pierre MICHEL Thursday 15 January 2009: Diagnosing and treating Alzheimer’s disease Pr Gabriel GOLD Wednesday 25 February 2009: What is the brain reserve? Speaker’s name to be announced at a later date The lectures will be given in French, with transparencies in English, and will be followed by a wide-ranging debate with the participants. CERN Medical Service - Pensioners Association - CERN-ESO (GAC-EPA)

Statistical analyses of the performance of Macedonian investment and pension funds

Directory of Open Access Journals (Sweden)

Petar Taleski

2015-10-01

Full Text Available The foundation of the post-modern portfolio theory is creating a portfolio based on a desired target return. This specifically applies to the performance of investment and pension funds that provide a rate of return meeting payment requirements from investment funds. A desired target return is the goal of an investment or pension fund. It is the primary benchmark used to measure performances, dynamic monitoring and evaluation of the risk–return ratio on investment funds. The analysis in this paper is based on monthly returns of Macedonian investment and pension funds (June 2011 - June 2014. Such analysis utilizes the basic, but highly informative statistical characteristic moments like skewness, kurtosis, Jarque–Bera, and Chebyishev’s Inequality. The objective of this study is to perform a trough analysis, utilizing the above mentioned and other types of statistical techniques (Sharpe, Sortino, omega, upside potential, Calmar, Sterling to draw relevant conclusions regarding the risks and characteristic moments in Macedonian investment and pension funds. Pension funds are the second largest segment of the financial system, and has great potential for further growth due to constant inflows from pension insurance. The importance of investment funds for the financial system in the Republic of Macedonia is still small, although open-end investment funds have been the fastest growing segment of the financial system. Statistical analysis has shown that pension funds have delivered a significantly positive volatility-adjusted risk premium in the analyzed period more so than investment funds.

Sharing risk : The Netherlands' new approach to pensions