WorldWideScience

Sample records for great invisible pension

  1. 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.

  2. Exploring the academic invisible web

    OpenAIRE

    Lewandowski, Dirk

    2006-01-01

    The Invisible Web is often discussed in the academic context, where its contents (mainly in the form of databases) are of great importance. But this discussion is mainly based on some seminal research done by Sherman and Price (2001) and Bergman (2001), respectively. We focus on the types of Invisible Web content relevant for academics and the improvements made by search engines to deal with these content types. In addition, we question the volume of the Invisible Web as stated by Bergman. Ou...

  3. 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

  4. 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

  5. The Physics of Invisibility A Story of Light and Deception

    CERN Document Server

    Beech, Martin

    2012-01-01

    Arthur C. Clarke famously wrote that, "any sufficiently advanced technology is indistinguishable from magic." These words most certainly ring true with respect to invisibility cloaking devices. At work is the magic of science, of course. The technology to make an object simply disappear from view is now a reality. There is both great fear and great desire in the thought of invisibility. Indeed, for thousands of years, authors have grappled with the idea. Power, devilry, secrecy, ethical dilemma, and moral corruption - invisibility has it all. And yet, our waking world is full of familiar invisible phenomena. Electricity flowing along a metal wire, the gravity that keeps us grounded, the air we breathe, the bacteria and viruses that make us ill, the X-rays that reveal our broken bones - all are invisible to our eyes. They surround and envelop us, and we don't give them a second thought. Nature long ago learned how to play tricks with light rays, enriching the world with rainbows, mirages, and animal camouflag...

  6. 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...

  7. 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...

  8. Choices in Pension Management

    NARCIS (Netherlands)

    G.A.G. Alserda (Gosse)

    2017-01-01

    markdownabstractThe organization of pensions differs greatly across, and within, countries, and these differences affect the large number of stakeholders differently. The choices that underlie these differences tend to be very complicated, as they have to be balanced over the interests of different

  9. STATE PENSION OR PRIVATE PENSION?

    Directory of Open Access Journals (Sweden)

    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.

  10. Private and Public Pension Systems Worldwide: Case of Russia

    Directory of Open Access Journals (Sweden)

    Aleksei V. Pudovkin

    2016-01-01

    Full Text Available The article deals with the Russian pension system and make recommendations for its further development on the basis of international experience. The Russian pension system is in a state of transition. The reform of 2013-2015 is not completed, since in its current state pension system is still characterized by very low replacement rate value at a very high level of government spending. Moratorium on pension accumulation introduced in the course of recent reforms calls into question the future of the mandatory funded pension system. Review of international pension systems formation suggests that the most successful of them are not limited solely to public system, and use a combination of distribution and accumulation units. When choosing between mandatory or voluntary options they are guided by the characteristics of the national economy. Studying the successes and mistakes of world practice of voluntary and mandatory funded pension systems is of great scientific and practical interest, since it can contribute to a more accurate choice of the future path of development of the national pension system.

  11. A feeling of being (in)visible

    DEFF Research Database (Denmark)

    Damsgaard, Janne Brammer; Bastrup, Lene; Norlyk, Annelise

    Abstract PhD Day 2015 The illness trajectory of spine fusion patients. A feeling of being (in)visible Background Research shows that being a back patient is associated with great personal cost, and that back patients who undergo so-called spine fusion often experience particularly long...

  12. 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.

  13. Invisible Trojan-horse attack.

    Science.gov (United States)

    Sajeed, Shihan; Minshull, Carter; Jain, Nitin; Makarov, Vadim

    2017-08-21

    We demonstrate the experimental feasibility of a Trojan-horse attack that remains nearly invisible to the single-photon detectors employed in practical quantum key distribution (QKD) systems, such as Clavis2 from ID Quantique. We perform a detailed numerical comparison of the attack performance against Scarani-Ac´ın-Ribordy-Gisin (SARG04) QKD protocol at 1924 nm versus that at 1536 nm. The attack strategy was proposed earlier but found to be unsuccessful at the latter wavelength, as reported in N. Jain et al., New J. Phys. 16, 123030 (2014). However at 1924 nm, we show experimentally that the noise response of the detectors to bright pulses is greatly reduced, and show by modeling that the same attack will succeed. The invisible nature of the attack poses a threat to the security of practical QKD if proper countermeasures are not adopted.

  14. Invisibility Studies

    DEFF Research Database (Denmark)

    Invisibility Studies explores current changes in the relationship between what we consider visible and what invisible in different areas of contemporary culture. Contributions trace how these changes make their marks on various cultural fields and investigate the cultural significance of these de......Invisibility Studies explores current changes in the relationship between what we consider visible and what invisible in different areas of contemporary culture. Contributions trace how these changes make their marks on various cultural fields and investigate the cultural significance...... conditioned by physical and social settings that create certain possibilities for visibility and visuality, yet exclude others. The richness and complexity of this cultural framework means that no single discipline or interdisciplinary approach could capture it single-handedly. Invisibility Studies begins...

  15. 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/

  16. 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...

  17. Invisibility & Interpretation

    Directory of Open Access Journals (Sweden)

    Michael eHerzog

    2014-09-01

    Full Text Available Invisibility is often thought to occur because of the low-level limitations of the visual system. For example, it is often assumed that backward masking renders a target invisible because the visual system is simply too slow to resolve the target and the mask separately. Here, we propose an alternative explanation in which invisibility is a goal rather than a limitation and occurs naturally when making sense out of the plethora of incoming information. For example, we present evidence that (invisibility of an element can strongly depend on how it groups with other elements. Changing grouping changes visibility. In addition, we will show that features often just appear to be invisible but are in fact visible in a way the experimenter is not aware of.

  18. Exploring the invisible universe from black holes to superstrings

    CERN Document Server

    Baaquie, Belal E

    2015-01-01

    "Why"? Why is the world, the Universe the way it is? Is space infinitely large? How small is small? What happens when one continues to divide matter into ever smaller pieces? Indeed, what is matter? Is there anything else besides what can be seen? Pursuing the questions employing the leading notions of physics, one soon finds that the tangible and visible world dissolves — rather unexpectedly — into invisible things and domains that are beyond direct perception. A remarkable feature of our Universe is that most of its constituents turn out to be invisible, and this fact is brought out with great force by this book. Exploring the Invisible Universe covers the gamut of topics in advanced modern physics and provides extensive and well substantiated answers to these questions and many more. Discussed in a non-technical, yet also non-trivial manner, are topics dominated by invisible things — such as Black Holes and Superstrings as well as Fields, Gravitation, the Standard Model, Cosmology, Relativity, the O...

  19. 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).

  20. 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

  1. 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).

  2. 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).

  3. 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.

  4. Invisibility and interpretation.

    Science.gov (United States)

    Herzog, Michael H; Hermens, Frouke; Oğmen, Haluk

    2014-01-01

    Invisibility is often thought to occur because of the low-level limitations of the visual system. For example, it is often assumed that backward masking renders a target invisible because the visual system is simply too slow to resolve the target and the mask separately. Here, we propose an alternative explanation in which invisibility is a goal rather than a limitation and occurs naturally when making sense out of the plethora of incoming information. For example, we present evidence that (in)visibility of an element can strongly depend on how it groups with other elements. Changing grouping changes visibility. In addition, we will show that features often just appear to be invisible but are in fact visible in a way the experimenter is not aware of.

  5. The pension reform: foreign experience for Ukraine

    Directory of Open Access Journals (Sweden)

    O. A. Vyshnevska

    2016-09-01

    Full Text Available Problem setting. Pension provision of citizens is among the priority tasks of social policy that is constantly on the agenda of public administration in developed countries. Under current conditions, the formation of the optimal pensions model that takes into account social and economic aspects of society is an important task for the state. Recent research and analysis of publications. There are certain theoretical and scientific achievements in the area under consideration. A significant contribution have been made by researchers and scientists in various fields, including V.Bessarab, I.Hnybidenko, M.Kravchenko, O.Krentovska, E. Libanova, B.Nadtochiy, A.Nechay, V.Skurativskyy, V.Tolub and others. However, some issues related to reforming of the pension system require further study with due regard for further modernization of state social policy. The paper objective is to review the European experience in reforming the pension system in the context of its possible application in the realities of current Ukraine. The main body of paper. Reforming of pension systems in Europe relied on the rapid aging of the population and increased pension burden on employees. Thus, in 2010, the EU population over 60 years made up about 24%, up to 2040, according to the experts, it could reach the figure of 35%, an increase by more than 10%. Thus, the population of working age (20-59 years will decrease from 54% to 47%, or by 7% during the same period. Currently, pension systems in most European countries are based on the three-level models that include unfunded pension scheme with the provision of basic pension and funded one (mandatory and voluntary scheme and are combined in different options. Analysis of pension systems in some European countries, including Great Britain, Germany, Denmark, the Netherlands, Finland, Sweden, shows that their reforms were carried out in the following directions: increasing the retirement age (for men -  to 65, women - 60 years

  6. 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 ...

  7. Employer-sponsored pension plans

    Directory of Open Access Journals (Sweden)

    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.

  8. 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).

  9. Pension-Induced Rigidities in the Labor Market for School Leaders. Working Paper 67

    Science.gov (United States)

    Koedel, Cory; Grissom, Jason A.; Ni, Shawn; Podgursky, Michael

    2012-01-01

    Educators in public schools in the United States are typically enrolled in defined-benefit pension plans, which penalize across-plan mobility. We use administrative data from Missouri to examine how the mobility penalties affect the labor market for school leaders, and show that pension borders greatly reduce leadership flows across schools. Our…

  10. 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

  11. Invisible Engineers

    Science.gov (United States)

    Ohashi, Hideo

    Questionnaire to ask “mention three names of scientists you know” and “three names of engineers you know” was conducted and the answers from 140 adults were analyzed. The results indicated that the image of scientists is represented by Nobel laureates and that of engineers by great inventors like Thomas Edison and industry founders like Soichiro Honda. In order to reveal the image of engineers among young generation, questionnaire was conducted for pupils in middle and high schools. Answers from 1,230 pupils were analyzed and 226 names mentioned as engineers were classified. White votes reached 60%. Engineers who are neither big inventors nor company founders collected less than 1% of named votes. Engineers are astonishingly invisible from young generation. Countermeasures are proposed.

  12. 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).

  13. Pension Reform in China.

    Science.gov (United States)

    Liu, Tao; Sun, Li

    2016-01-01

    This article analyzes China's pension arrangement and notes that China has recently established a universal non-contributory pension plan covering urban non-employed workers and all rural residents, combined with the pension plan covering urban employees already in place. Further, in the latest reform, China has discontinued the special pension plan for civil servants and integrated this privileged welfare class into the urban old-age pension insurance program. With these steps, China has achieved a degree of universalism and integration of its pension arrangement unprecedented in the non-Western world. Despite this radical pension transformation strategy, we argue that the current Chinese pension arrangement represents a case of "incomplete" universalism. First, its benefit level is low. Moreover, the benefit level varies from region to region. Finally, universalism in rural China has been undermined due to the existence of the "policy bundle." Additionally, we argue that the 2015 pension reform has created a situation in which the stratification of Chinese pension arrangements has been "flattened," even though it remains stratified to some extent.

  14. 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...

  15. 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

  16. 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

  17. 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...

  18. Economic and demographic assumptions of the public pension insurance system functioning

    Directory of Open Access Journals (Sweden)

    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.

  19. Portability of supplementary pension rights in Europe

    DEFF Research Database (Denmark)

    Guardiancich, Igor

    2015-01-01

    In its effort to guarantee the free movement of workers, the European Union devised an advanced system of coordination of social security rights. Since 1958, statutory pensions are being aggregated for workers moving across the Member States. However, until mid-2014, the portability of supplement......In its effort to guarantee the free movement of workers, the European Union devised an advanced system of coordination of social security rights. Since 1958, statutory pensions are being aggregated for workers moving across the Member States. However, until mid-2014, the portability...... of supplementary pension rights was not assured, there by undermining the freedom to labor mobility. This impaired the efficient allocation of labor, prevented sound family planning, infringed the fundamental right to social protection and during the Great Recession, hindered the employability of workers across......, as opposed to the coordination of statutory ones, has been neglected and contested for a long time. Second, it illustrates the shortcomings of a patchy coordination- without-portability regime. Third, it enumerates the characteristics of the Portability Directive passed by the European Parliament in April...

  20. 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...

  1. 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...

  2. 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 ...

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

    Directory of Open Access Journals (Sweden)

    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.

  4. Invisible Display in Aluminum

    DEFF Research Database (Denmark)

    Prichystal, Jan Phuklin; Hansen, Hans Nørgaard; Bladt, Henrik Henriksen

    2005-01-01

    Bang & Olufsen a/s has been working with ideas for invisible integration of displays in metal surfaces. Invisible integration of information displays traditionally has been possible by placing displays behind transparent or semitransparent materials such as plastic or glass. The wish for an integ......Bang & Olufsen a/s has been working with ideas for invisible integration of displays in metal surfaces. Invisible integration of information displays traditionally has been possible by placing displays behind transparent or semitransparent materials such as plastic or glass. The wish...... for an integrated display in a metal surface is often ruled by design and functionality of a product. The integration of displays in metal surfaces requires metal removal in order to clear the area of the display to some extent. The idea behind an invisible display in Aluminum concerns the processing of a metal...

  5. 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

  6. 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

  7. 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.

  8. 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

  9. In/visible Punctuation

    Science.gov (United States)

    Lennard, John

    2011-01-01

    This article offers two approaches to the question of "invisible punctuation," theoretical and critical. The first is a taxonomy of modes of punctuational invisibility, identifying "denial, repression, habituation, error" and "absence." Each is briefly discussed and some relations with technologies of reading are considered. The second considers…

  10. Performing Belonging, celebrating invisibility?

    DEFF Research Database (Denmark)

    Juul, Kristine

    2014-01-01

    Serbian migrants living transnational lives consciously or unconsciously move between visibility and invisibility in their performance of migrant success stories. A case in point are public festivals, performed to make visible migrants’ successful inclusion in Danish society, i.e. celebrating...... invisibility. Meanwhile, other celebrations are consciously relegated to the invisible confines of the Serbian homeland. This article analyses celebrations in Denmark and in Serbia and shows how visible displays of ethnicity and difference tend to turn into easily palatable heritage versions of Serbian culture...... when performed in a Danish context. In turn, the visibility acquired through celebrations of migrants’ belonging in their homeland is inclined to render invisible those who did not take part in the migration experience....

  11. 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.

  12. 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.

  13. A rigorous analysis of high-order electromagnetic invisibility cloaks

    International Nuclear Information System (INIS)

    Weder, Ricardo

    2008-01-01

    There is currently a great deal of interest in the invisibility cloaks recently proposed by Pendry et al that are based on the transformation approach. They obtained their results using first-order transformations. In recent papers, Hendi et al and Cai et al considered invisibility cloaks with high-order transformations. In this paper, we study high-order electromagnetic invisibility cloaks in transformation media obtained by high-order transformations from general anisotropic media. We consider the case where there is a finite number of spherical cloaks located in different points in space. We prove that for any incident plane wave, at any frequency, the scattered wave is identically zero. We also consider the scattering of finite-energy wave packets. We prove that the scattering matrix is the identity, i.e., that for any incoming wave packet the outgoing wave packet is the same as the incoming one. This proves that the invisibility cloaks cannot be detected in any scattering experiment with electromagnetic waves in high-order transformation media, and in particular in the first-order transformation media of Pendry et al. We also prove that the high-order invisibility cloaks, as well as the first-order ones, cloak passive and active devices. The cloaked objects completely decouple from the exterior. Actually, the cloaking outside is independent of what is inside the cloaked objects. The electromagnetic waves inside the cloaked objects cannot leave the concealed regions and vice versa, the electromagnetic waves outside the cloaked objects cannot go inside the concealed regions. As we prove our results for media that are obtained by transformation from general anisotropic materials, we prove that it is possible to cloak objects inside general crystals

  14. 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...

  15. All-dielectric invisibility cloaks made of BaTiO3-loaded polyurethane foam

    International Nuclear Information System (INIS)

    Bao Di; Rajab, Khalid Z; Hao Yang; Kallos, Efthymios; Tang, Wenxuan; Argyropoulos, Christos; Piao Yongzhe; Yang Shoufeng

    2011-01-01

    Transformation optics has led the way in the development of electromagnetic invisibility cloaks from science fiction to engineering practice. Invisibility cloaks have been demonstrated over a wide range of the electromagnetic spectrum, and with a variety of different fabrication techniques. However, all previous schemes have relied on the use of metamaterials consisting of arrays of sub-wavelength inclusions. We report on the first cloaking structure made of a high-κ dielectric-loaded foam mixture. A polyurethane foam mixed with different ratios of barium titanate is used to produce the required range of permittivities, and the invisibility cloak is demonstrated to work for all incident angles over a wide range of microwave frequencies. This method will greatly facilitate the development and large-scale manufacture of a wide range of transformation optics-based structures. (paper)

  16. 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

  17. Single plasmonic nanoparticles for ultrasensitive DNA sensing: From invisible to visible.

    Science.gov (United States)

    Guo, Longhua; Chen, Lichan; Hong, Seungpyo; Kim, Dong-Hwan

    2016-05-15

    The background signal is a major factor that restricts the limit of detection of biosensors. Herein, we present a zero-background DNA-sensing approach that utilizes enzyme-guided gold nanoparticle (AuNP) enlargement. This sensing strategy is based on the finding that small nanoparticles are invisible under a darkfield optical microscope, thus completely eliminating the background signal. In the event of target binding, Ag deposition is triggered and enlarges the AuNP beyond its optical diffraction limit, thereby making the invisible AuNP visible. Because the plasmon scattering of Ag is stronger than that of Au, only a thin layer of Ag is required to greatly enhance the scattering intensity of the AuNPs. Our investigation revealed that a target DNA concentration as low as 5.0×10(-21)M can transform the darkfield image of the nanoparticle from completely dark (invisible) to a blue dot (visible). Copyright © 2015 Elsevier B.V. All rights reserved.

  18. 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...

  19. Pension scheme in Austria

    Directory of Open Access Journals (Sweden)

    Greta Alikaj

    2015-07-01

    Full Text Available Driven by unfavorable demographic developments and unsustainable, outdated or fragmented systems, pension reform has been at the top of political agendas across the globe for many years now (Prinz, Stanovnik & Stropnik, 2000. Over the last two decades, almost all western European countries have been trimming their public pension systems in an effort to strengthen pension sustainability. One main target of reform was to increase the retirement age. Other measures (e.g. changing the pension calculation, broadening the assessment base, changing the adjustment mechanism were designed to lower replacement rates. The reform process in the wide range of countries addressed by this survey differs considerably from country to country. This is why Allianz first introduced the Pension Sustainability Index (PSI, which combines the various characteristics of pension systems with the factors that influence them to help track and evaluate policy changes made in different countries around the world. In addressing the sustainability of a country’s public pension system, the PSI can give an indication of a country’s need for reforms to maintain long-term financial sustainability. This can be difficult to assess given the many country-specific institutional, technical and legal parameters. The PSI is able to evaluate the long-term sustainability of national pension systems and thus the pressure on governments to reform these (International pension Papers, 1.2014. The speed of reform, however, differs between countries. Those which recently introduced major reforms were able to improve in the PSI ranking because of active steps taken, while others were lost in comparison due to their passive policymaking.

  20. L’ICÔNE : L’IMAGE ET L’INVISIBLE (Icon: The Image and the Invisible

    Directory of Open Access Journals (Sweden)

    Veronica Cibotaru

    2015-06-01

    Full Text Available An icon is part of the visible world, moreover, of things that are visible in a second degree. It is not only a sensitive thing, but a sensitive image of a sensitive entity. As an eikon, it is located in a platonic sense among the lowest degree of the doxa, and within the lowest degree of the scale of being. However it is not a simple sensitive and illusory representation of God, such as one criticized from a Kantian point of view. The profound sense of an icon lies in its opening towards the invisible. An icon tries to capture the invisible. How is this meeting point of the visible and the invisible entangled? Can an icon really allow us to “see” the invisible or is it only a profanation of the invisible? It is my aim to analyze those questions in the following article.

  1. 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…

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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

  8. 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

  9. 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

  10. 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...

  11. 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...

  12. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

  14. 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...

  15. 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...

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

    Science.gov (United States)

    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…

  17. 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.

  18. 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

  19. Pension System Related Public Politics

    Directory of Open Access Journals (Sweden)

    LIVIU RADU

    2015-05-01

    Full Text Available This paper aims to find some answers regarding the long term sustainability of the pension system. Romania’s pension system originates from the invalidity insurances and pension system designed by the German cancellor Otto Eduard Leopold von Bismark in 1889. From a European perspective, Romania has to fill an obvious gap regarding the reformation of the national public pension system. International experience, particularly of the last 130 years, indicates that, in actuality, multiple pension systems have been put into function in most of the world’s countries and which are diferenciated by some elements (organizing and managing the system, defyning pension rights, method of forming the resources, the pension’s level rapported to the average income etc. and after the eficacity degree dependent on internal influences, social, economic and demographic environment, and last but not least by the political factor.

  20. 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).

  1. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

  3. 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 ...

  4. 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.

  5. Exploring the academic invisible web

    OpenAIRE

    Lewandowski, Dirk; Mayr, Philipp

    2006-01-01

    Purpose: To provide a critical review of Bergman’s 2001 study on the Deep Web. In addition, we bring a new concept into the discussion, the Academic Invisible Web (AIW). We define the Academic Invisible Web as consisting of all databases and collections relevant to academia but not searchable by the general-purpose internet search engines. Indexing this part of the Invisible Web is central to scientific search engines. We provide an overview of approaches followed thus far. Design/methodol...

  6. Analyzing the Pension System of the USSR

    Directory of Open Access Journals (Sweden)

    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.

  7. 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...

  8. 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...

  9. The wealth of generations : Pensions and welfare from a macroeconomic perspective

    NARCIS (Netherlands)

    van Groezen, B.J.A.M.

    2003-01-01

    In the upcoming decades, many countries will be confronted with an ageing population due to lower birth rates and increasing logevity. This will put existing pension and health care arrrangements under great pressure, which has led to a growing interest in the effects of demographic change and the

  10. In seach of the invisible (audiences)

    DEFF Research Database (Denmark)

    Hartley, Jannie Møller

    The paper shows need to distinguish between: ignored audiences (invisible in the literature, in our case very young children and ) and post-communist audiences Literally or actual invisible (online lurking and unintended) audiences the unintended or lurking audiences are invisible in a two-fold way...... : both as cases of study, but also as actual audiences. a lack of historical contextualization in the studies...

  11. 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.

  12. Signatures de l'invisible

    CERN Multimedia

    CERN Press Office. Geneva

    2000-01-01

    "Signatures of the Invisible" is an unique collaboration between contemporary artists and contemporary physicists which has the potential to help redefine the relationship between science and art. "Signatures of the Invisible" is jointly organised by the London Institute - the world's largest college of art and design and CERN*, the world's leading particle physics laboratory. 12 leading visual artists:

  13. 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

  14. 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...

  15. 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.

  16. Payout phase in DC pension funds – policy option - Theoretical considerations and Albanian available options

    Directory of Open Access Journals (Sweden)

    Enkeleda Shehi

    2015-11-01

    Full Text Available The aim of this paper is to provide a brief overview of the third pillar of pensions in Albania and what are the different alternatives related to the payout. Referring to the actual development of this market in Albania, experience of the actors involved, I find it indispensable and necessary to provide some theoretical background and considerations, and then build up a simple model of projection of a pension scheme cost and a model for payout alternatives for the Albanian pension funds. A great deal of importance is shown towards posing the assumptions. Also, the paper gives an explanation about the differences among different payout options and suggests the best option for the existing pension funds in Albania. The best option represents my conclusion and recommendation for the actual third pillar of pensions and the others that might join latter. To sum up, the first conclusion of the paper is that the annuity option is the best alternative for the payout phase of the pensions. It has the advantage of providing the highest protection against the risk of longevity. The second conclusion is that based on other countries experiences, the annuity market have to be developed hand in hand with the pension system development. Therefore Albania should rely on and follow this experience.

  17. Invisible magnetic sensors

    Science.gov (United States)

    Mach-Batlle, Rosa; Navau, Carles; Sanchez, Alvaro

    2018-04-01

    Sensing magnetic fields is essential in many applications in biomedicine, transportation, or smart cities. The distortion magnetic sensors create in response to the field they are detecting may hinder their use, for example, in applications requiring dense packaging of sensors or accurately shaped field distributions. For sensing electromagnetic waves, cloaking shells that reduce the scattering of sensors have been introduced. However, the problem of making a magnetic sensor undetectable remains unsolved. Here, we present a general strategy on how to make a sensor magnetically invisible while keeping its ability to sense. The sensor is rendered undetectable by surrounding it with a spherical shell having a tailored magnetic permeability. Our method can be applied to arbitrary shaped magnetic sensors in arbitrary magnetic fields. The invisibility can be made exact when the sensor is spherical and the probed field is uniform. A metasurface composed of superconducting pieces is presented as a practical realization of the ideal invisibility shell.

  18. 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.

  19. Transformation optics and invisibility cloaks

    DEFF Research Database (Denmark)

    Qiu, Min; Yan, Min; Yan, Wei

    2008-01-01

    In this paper, we briefly summarize the theory of transformation optics and introduce its application in achieving perfect invisibility cloaking. In particular, we theoretically show how the task of realizing cylindrical invisibility cloaks can be eased by using either structural approximation...

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

    Science.gov (United States)

    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

  1. 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...

  2. Making the Invisible Visible: Negotiating (In)Visibility and Transparency for LGBT Issues in Education

    Science.gov (United States)

    Reilly, Cole

    2007-01-01

    Historically, schooling has been a point of contention and restless agitation for many lesbian, gay, bisexual, and transgender (LGBT) individuals in North America who may feel trapped in prisons of invisibility. Traditionally, queer people's existence in educational settings has been denied or made invisible, not just physically (in school…

  3. 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...

  4. 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...

  5. 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...

  6. Design, implementation, and extension of thermal invisibility cloaks

    Science.gov (United States)

    Zhang, Youming; Xu, Hongyi; Zhang, Baile

    2015-05-01

    A thermal invisibility cloak, as inspired by optical invisibility cloaks, is a device which can steer the conductive heat flux around an isolated object without changing the ambient temperature distribution so that the object can be "invisible" to external thermal environment. While designs of thermal invisibility cloaks inherit previous theories from optical cloaks, the uniqueness of heat diffusion leads to more achievable implementations. Thermal invisibility cloaks, as well as the variations including thermal concentrator, rotator, and illusion devices, have potentials to be applied in thermal management, sensing and imaging applications. Here, we review the current knowledge of thermal invisibility cloaks in terms of their design and implementation in cloaking studies, and their extension as other functional devices.

  7. 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.

  8. Payment for Care, Impact on the Economic Situation of the Pensioner in Denmark, Sweden, Norway, Finland, Great Britain and Germany

    DEFF Research Database (Denmark)

    Aakjær, Charlotte; Willumsen, Marie; Hansen, Hans

    .e. disposable income after net housing costs. Two alternative ways of calculating gross housing costs are included, one is 20 percent of former earnings, another is 20 percent of gross pension income. In two of the countries, Denmark and Germany, there is no direct payment for care provided by professionals......’ of the pensioner for each of the two housing cost alternatives is calculated at selected income levels and the ‘impact profiles’ are compared for the four countries with pay schemes for care for the elderly....

  9. 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...

  10. 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...

  11. 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...

  12. 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...

  13. 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

  14. 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...

  15. Retrospectives: Ethics and the Invisible Hand

    OpenAIRE

    Jerry Evensky

    1993-01-01

    As modern economists, we use Adam Smith's "invisible hand" metaphor confident that we all know what it means in our discourse: it reflects our admiration for the elegant and smooth functioning of the market system as a coordinator of autonomous individual choices in an interdependent world. But in Adam Smith's moral philosophy, the invisible hand has a much broader responsibility: if individuals are to enjoy the fruits of a classical liberal society, the invisible hand must not only coordinat...

  16. 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.

  17. 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.

  18. 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

  19. Cloaks with multiple invisible regions

    International Nuclear Information System (INIS)

    Luo, Yang; Zhu, Shouzheng; He, Lianxing; Wang, Yu

    2011-01-01

    This paper proposes a general method of extending the effective invisible regions for both the shell-like interior cloak and the complementary media exterior cloak, without affecting their original cloaking regions. The proposed method is based on layered spatial mapping instead of the intact mapping. Certain interior or exterior invisible regions can be obtained by properly using a compressed or folded transformation in each space layer. Therefore, the proposal enables the as-designed cloaks to provide multiple invisible regions of different types simultaneously. Thus objects can be hidden in the interior cavity and/or in the exterior space, or even be embedded between the cloaking shells

  20. 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.

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. Invisible Colleges: A Literature Review

    Directory of Open Access Journals (Sweden)

    Rassoul Zavaraqi

    2010-09-01

    Full Text Available Generation and consumption of information are among the functions unique to higher education. Scholarly communication plays an essential role in this process to such a degree that some consider it as being the cornerstone of science. Thus it could be said that no education could be realized without communication. Scientometrists analyze and assess formal scientific communications by studying the level of citation of such scientific outputs as books, journals and etc. Nevertheless, there is a special type of communication that lacks any external manifestation such as citations. Informal learning and education are indebted to such communication. This kind of informal communication for generating knowledge leads to an informal association among the scholars, which is called as "The invisible college". There are various definitions and interpretations concerning an invisible college. According to Price’s opinion, an invisible college is comprised of over a hundred colleagues that are engaged in communication with one another. He believed that members in such an association are reasonably in touch with and could consult and influence one another. The present paper, by reacquainting with the concept of invisible college, would review the role of informal links in the production of knowledge and higher education system, various assessment methods and critical notes, as well as the impact of modern ICT tools on the concept of invisible college.

  9. 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...

  10. 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...

  11. 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.

  12. 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 ...

  13. 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...

  14. 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

  15. DEDUCTIBILITY OF CONTRIBUTIONS TO VOLUNTARY PRIVATE PENSIONS

    Directory of Open Access Journals (Sweden)

    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.

  16. From Nonradiating Sources to Directionally Invisible Objects

    Science.gov (United States)

    Hurwitz, Elisa

    The goal of this dissertation is to extend the understanding of invisible objects, in particular nonradiating sources and directional nonscattering scatterers. First, variations of null-field nonradiating sources are derived from Maxwell's equations. Next, it is shown how to design a nonscattering scatterer by applying the boundary conditions for nonradiating sources to the scalar wave equation, referred to here as the "field cloak method". This technique is used to demonstrate directionally invisible scatterers for an incident field with one direction of incidence, and the influence of symmetry on the directionality is explored. This technique, when applied to the scalar wave equation, is extended to show that a directionally invisible object may be invisible for multiple directions of incidence simultaneously. This opens the door to the creation of optically switchable, directionally invisible objects which could be implemented in couplers and other novel optical devices. Next, a version of the "field cloak method" is extended to the Maxwell's electro-magnetic vector equations, allowing more flexibility in the variety of directionally invisible objects that can be designed. This thesis concludes with examples of such objects and future applications.

  17. PRIORITIES OF PENSION REFORM IN UKRAINE AT THE PRESENT STAGE

    Directory of Open Access Journals (Sweden)

    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.

  18. 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...

  19. Finding Common Ground in Pension Reform: Lessons from the Washington State Pension System

    Science.gov (United States)

    Goldhaber, Dan; Grout, Cyrus

    2014-01-01

    As states and localities across the nation consider the tradeoffs between defined benefit (DB) and defined contribution (DC) pension systems, it is important to gain insight into what implications pension reforms might have on workforce composition and teachers' retirement savings behavior. Moreover, it is also important to consider that…

  20. Anti-Counterfeiting Quick Response Code with Emission Color of Invisible Metal-Organic Frameworks as Encoding Information.

    Science.gov (United States)

    Wang, Yong-Mei; Tian, Xue-Tao; Zhang, Hui; Yang, Zhong-Rui; Yin, Xue-Bo

    2018-06-08

    Counterfeiting is a global epidemic that is compelling the development of new anti-counterfeiting strategy. Herein, we report a novel multiple anti-counterfeiting encoding strategy of invisible fluorescent quick response (QR) codes with emission color as information storage unit. The strategy requires red, green, and blue (RGB) light-emitting materials for different emission colors as encrypting information, single excitation for all of the emission for practicability, and ultraviolet (UV) excitation for invisibility under slight. Therefore, RGB light-emitting nanoscale metal-organic frameworks (NMOFs) are designed as inks to construct the colorful light-emitting boxes for information encrypting, while three black vertex boxes were used for positioning. Full-color emissions are obtained by mixing the trichromatic NMOFs inks through inkjet printer. The encrypting information capacity is easily adjusted by the number of light-emitting boxes with the infinite emission colors. The information is decoded with specific excitation light at 275 nm, making the QR codes invisible under daylight. The composition of inks, invisibility, inkjet printing, and the abundant encrypting information all contribute to multiple anti-counterfeiting. The proposed QR codes pattern holds great potential for advanced anti-counterfeiting.

  1. Invisible Higgs decays from Higgs-graviscalar mixing

    International Nuclear Information System (INIS)

    Dominici, Daniele; Gunion, John F.

    2009-01-01

    We recompute the invisible Higgs decay width arising from Higgs-graviscalar mixing in the Arkani-Hamed, Dimopoulos, Dvali model, comparing the original derivation in the nondiagonal mass basis to that in a diagonal mass basis. The results obtained are identical (and differ by a factor of 2 from the original calculation) but the diagonal-basis derivation is pedagogically useful for clarifying the physics of the invisible width from mixing. We emphasize that both derivations make it clear that a direct scan in energy for a process such as WW→WW mediated by Higgs plus graviscalar intermediate resonances would follow a single Breit-Wigner form with total width given by Γ tot =Γ h SM +Γ invisible . We also compute the additional contributions to the invisible width due to direct Higgs to graviscalar-pair decays. We find that the invisible width due to the latter is relatively small, unless the Higgs mass is comparable to or larger than the effective extra-dimensional Planck mass.

  2. 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...

  3. 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...

  4. 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

  5. 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 ...

  6. 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.

  7. 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.

  8. Broadband invisibility by non-Euclidean cloaking.

    Science.gov (United States)

    Leonhardt, Ulf; Tyc, Tomás

    2009-01-02

    Invisibility and negative refraction are both applications of transformation optics where the material of a device performs a coordinate transformation for electromagnetic fields. The device creates the illusion that light propagates through empty flat space, whereas in physical space, light is bent around a hidden interior or seems to run backward in space or time. All of the previous proposals for invisibility require materials with extreme properties. Here we show that transformation optics of a curved, non-Euclidean space (such as the surface of a virtual sphere) relax these requirements and can lead to invisibility in a broad band of the spectrum.

  9. 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

  10. 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.

  11. 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...

  12. 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...

  13. Invisible the dangerous allure of the unseen

    CERN Document Server

    Ball, Philip

    2015-01-01

    If you could be invisible, what would you do? The chances are that it would have something to do with power, wealth or sex. Perhaps all three. But there's no need to feel guilty. Impulses like these have always been at the heart of our fascination with invisibility: it points to realms beyond our senses, serves as a receptacle for fears and dreams, and hints at worlds where other rules apply. Invisibility is a mighty power and a terrible curse, a sexual promise, a spiritual condition. This is a history of humanity's turbulent relationship with the invisible. It takes on the myths and morals of Plato, the occult obsessions of the Middle Ages, the trickeries and illusions of stage magic, the auras and ethers of Victorian physics, military strategies to camouflage armies and ships and the discovery of invisibly small worlds. From the medieval to the cutting-edge, fairy tales to telecommunications, from beliefs about the supernatural to the discovery of dark energy, Philip Ball reveals the universe of the invi...

  14. 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.

  15. 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.

  16. 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

  17. Reforming Pensions in Europe: Economic Fundamentals and Political Factors

    OpenAIRE

    Ondřej Schneider

    2009-01-01

    This paper analyzes pension reforms in Europe and their determinants. As pension reforms are intrinsically difficult to define and pinpoint, we introduce an alternative measure of pension reforms by comparing long-term forecasts of pension expenditures for seventeen European countries. The larger the decrease in expected spending on public pensions in 2050 between two base years, the more successful a pension reform the country achieved (after controlling for other factors, such as demography...

  18. INNOVATIONS – PREREQUISITE FOR PENSION SYSTEMS ADEQUACY

    Directory of Open Access Journals (Sweden)

    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.

  19. 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.

  20. 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

  1. 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 ...

  2. 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

  3. 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...

  4. 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...

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

    Directory of Open Access Journals (Sweden)

    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.

  6. 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.

  7. Geometry and light the science of invisibility

    CERN Document Server

    Leonhardt, Ulf

    2010-01-01

    The science of invisibility combines two of physics' greatest concepts: Einstein's general relativity and Maxwell's principles of electromagnetism. Recent years have witnessed major breakthroughs in the area, and the authors of this volume - Ulf Leonhardt and Thomas Philbin of Scotland's University of St. Andrews - have been active in the transformation of invisibility from fiction into science. Their work on designing invisibility devices is based on modern metamaterials, inspired by Fermat's principle, analogies between mechanics and optics, and the geometry of curved space. Suitable for gra

  8. 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.

  9. 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

  10. 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

  11. 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.

  12. 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...

  13. 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...

  14. 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

  15. Icelandic Public Pensions: Why time is running out

    Directory of Open Access Journals (Sweden)

    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.

  16. 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…

  17. 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)

  18. 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...

  19. 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.

  20. Pension Reforms in Countries with Developed and Transitional Economies

    Directory of Open Access Journals (Sweden)

    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.

  1. 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 ...

  2. Sustainability of Pension Systems in the Baltic States

    Directory of Open Access Journals (Sweden)

    Olga Rajevska

    2016-02-01

    Full Text Available Objective: The objective of the paper is to identify how the concept of sustainability is understood and ensured in the pension systems of Estonia, Latvia and Lithuania; and what implications it brings to the performance of pension schemes. Research Design & Methods: Analysis of various conceptual and methodological approaches to the notion of sustainability of pension systems. Comparative analysis of present pension legislation, as well as preceding stage of pension reforms,   accompanied by a number of numerical models. Findings: The understanding of sustainability is limited by narrow ‘fiscal’ meaning in Latvia, compared to more a multifaceted concept that includes the principle of social fairness and which can be traced in the logic of Estonian and Lithuanian legislators. Implications & Recommendations: In the long-term, pure financial appreciation of sustainability is misleading, low level of credibility may cripple a financially sound but socially unfair system; the perceived unfairness of redistribution can undermine the public support to, and, therefore, sustainability of pension systems. Contribution & Value Added: The originality of this work lies in studying how differences at policy formulation stage and in the very design of pension schemes influence pension system sustainability in countries with a very similar initial conditions and socio-economic environment.

  3. Cuidados invisibles: ¿son suficientemente reconocidos?

    Directory of Open Access Journals (Sweden)

    Rosanna de la Rosa Eduardo

    Full Text Available Los cuidados invisibles son un elemento central y fundamental de la práctica de la Enfermería y son la base de su identidad profesional. La Enfermería ha sufrido un importante y positivo proceso de profesionalización en los últimos 150 años, sin embargo, los cuidados invisibles siguen siendo poco reconocidos, a pesar de su importancia en la recuperación y en la calidad de vida de los usuarios. En este trabajo se analizan brevemente las grandes transformaciones sociales actuales que obligan a replantearse la necesidad de visibilizar los cuidados invisibles, se plantean interrogantes clave para abordar esta discusión y se proponen una serie de acciones concretas para avanzar en este reconocimiento.

  4. 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.

  5. 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

  6. 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...

  7. 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 ...

  8. 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.

  9. 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

  10. 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.

  11. IMPLEMENTATION OF MODERN FOREIGN APPROACHES TO UKRAINIAN PENSION SYSTEM REFORMING

    Directory of Open Access Journals (Sweden)

    Anna Khemii

    2017-11-01

    Full Text Available A study of the experience of Western European countries in implementing structural reforms of the pension insurance system and the implementation of such experience in Ukraine. The main task of the pension system of any country in the world is to ensure the corresponding stable level of incomes of pensioners and at the same time maintain their financial stability. The increase in the proportion of pensioners increases the burden on pension systems, and mainly measures taken by countries are aimed at reducing pension costs and parametric reforms. Methodology. This article investigates the prerequisites and consequences of reforming the pension systems of the Member States of the Organization for International Cooperation and Development. Considered measures to ensure the financial stability of pension systems of the countries concerned, increased the social and stimulating role of pension insurance in the society. The methodological basis of the article is methods of scientific cognition, which enable to expose basic conformities to the law of development of the pension systems, priority ways to ensure their financial sustainability. Such methods are in particular used: analysis and synthesis – during research of financial indicators of pension systems; systematization – for revealing methods for reforming pension systems, their detailed analysis and the definition of their features; scientific abstraction – with the purpose of forming theoretical generalizations and conclusions. Results. The article investigates the trends of reforming pension insurance systems in some countries. It is established that today the main characteristics of pension reforms in foreign countries are increasing the retirement age, improving the solidary component of the pension system, reducing the role of state pension insurance. Some countries raise their contribution rates; the conditions for early retirement are becoming tougher. Almost nobody decided to

  12. 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...

  13. Design and analysis of the trapeziform and flat acoustic cloaks with controllable invisibility performance in a quasi-space

    Directory of Open Access Journals (Sweden)

    Jian Zhu

    2015-07-01

    Full Text Available We present the design, implementation and detailed performance analysis for a class of trapeziform and flat acoustic cloaks. An effective large invisible area is obtained compared with the traditional carpet cloak. The cloaks are realized with homogeneous metamaterials which are made of periodic arrangements of subwavelength unit cells composed of steel embedded in air. The microstructures and its effective parameters of the cloaks are determined quickly and precisely in a broadband frequency range by using the effective medium theory and the proposed parameters optimization method. The invisibility capability of the cloaks can be controlled by the variation of the key design parameters and scale factor which are proved to have more influence on the performance in the near field than that in the far field. Different designs are suitable for different application situations. Good cloaking performance demonstrates that such a device can be physically realized with natural materials which will greatly promote the real applications of invisibility cloak.

  14. 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....

  15. 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.

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

    African Journals Online (AJOL)

    preferred customer

    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.

  17. Research of Factors Affecting Pension Funds Efficiency

    Directory of Open Access Journals (Sweden)

    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.

  18. Research of Factors Affecting Pension Funds Efficiency

    Directory of Open Access Journals (Sweden)

    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.

  19. 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...

  20. 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…

  1. FINANCIAL STABILITY OF THE UKRAINE NATIONAL SYSTEM OF PENSION INSURANCE

    Directory of Open Access Journals (Sweden)

    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.

  2. 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)

  3. 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

  4. Sharing risk : The Netherlands' new approach to pensions

    NARCIS (Netherlands)

    Ponds, E.H.M.; van Riel, B.

    2009-01-01

    The solvency crisis in 2001–2004 urged Dutch pension funds to reconsider their final-pay plans with de facto unconditional indexation. Most pension funds switched to an average-wage plan with solvency-contingent indexation. This pension plan redesign was the outcome of a new compromise between the

  5. The uncertain reform to the Chilean pension system

    Directory of Open Access Journals (Sweden)

    Ivan Obando Camino

    2016-12-01

    Full Text Available Abstract: This paper describes the attempts to introduce some solidary features into the private pension system and the reform strategy followed thereof by left-wing governments in Chile since 2008. The negative impact on retirees of a private pension system driven by financial markets and profit-oriented actors has led to a continuing questioning of this system by experts and the population. The strong veto powers that major industry actors hold in the policy process determined that those governments adopted an institutional reform strategy based on layering. This paper surmises that this strategy may a have an impact on the pension system in the long-term by steering it gradually towards a public pension system. Keywords: Social security. Pension system. Solidarity system

  6. 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.

  7. 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

  8. 20 CFR 227.4 - Reduction for employer pension.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Reduction for employer pension. 227.4 Section... COMPUTING SUPPLEMENTAL ANNUITIES § 227.4 Reduction for employer pension. (a) General. The supplemental annuity for each month is reduced by the amount of any private pension the employee is receiving for that...

  9. 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...

  10. 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...

  11. Performance Evaluation of Balanced Pension Plans

    NARCIS (Netherlands)

    L. Andreu (Laura); L.A.P. Swinkels (Laurens)

    2009-01-01

    textabstractThis paper examines the ability of balanced pension plan managers to successfully time the equity and bond market and select the appropriate assets within these markets. In order to evaluate both market timing abilities in these balanced pension plans, we extend the traditional equity

  12. 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

  13. Pension fund sophistication and investment policy

    NARCIS (Netherlands)

    de Dreu, J.|info:eu-repo/dai/nl/364537906; Bikker, J.A.|info:eu-repo/dai/nl/06912261X

    This paper assesses the sophistication of pension funds’ investment policies using data on 748 Dutch pension funds during the 1999–2006 period. We develop three indicators of sophistication: gross rounding of investment choices, investments in alternative sophisticated asset classes and ‘home bias’.

  14. Work ability, effort-reward imbalance and disability pension claims.

    Science.gov (United States)

    Wienert, J; Spanier, K; Radoschewski, F M; Bethge, M

    2017-12-30

    Effort-reward imbalance (ERI) and self-rated work ability are known independent correlates and predictors of intended disability pension claims. However, little research has focused on the interrelationship between the three and whether self-rated work ability mediates the relationship between ERI and intended disability pension claims. To investigate whether self-rated work ability mediates the association between ERI and intended disability pension claims. Baseline data from participants of the Third German Sociomedical Panel of Employees, a 5-year cohort study that investigates determinants of work ability, rehabilitation utilization and disability pensions in employees who have previously received sickness benefits, were analysed. We tested direct associations between ERI with intended disability pension claims (Model 1) and self-rated work ability (Model 2). Additionally, we tested whether work ability mediates the association between ERI and intended disability pension claims (Model 3). There were 2585 participants. Model 1 indicated a significant association between ERI and intended disability pension claims. Model 2 showed a significant association between ERI and self-rated work ability. The mediation in Model 3 revealed a significant indirect association between ERI and intended disability pension claims via self-rated work ability. There was no significant direct association between ERI and intended disability pension claims. Our results support the adverse health-related impact of ERI on self-rated work ability and intended disability pension claims. © The Author 2017. Published by Oxford University Press on behalf of the Society of Occupational Medicine. All rights reserved. For Permissions, please email: journals.permissions@oup.com

  15. 38 CFR 3.666 - Incarcerated beneficiaries and fugitive felons-pension.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Incarcerated beneficiaries and fugitive felons-pension. 3.666 Section 3.666 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation...

  16. 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...

  17. 38 CFR 3.713 - Effective dates of improved pension elections.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Effective dates of improved pension elections. 3.713 Section 3.713 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Concurrent...

  18. 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...

  19. 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...

  20. 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

  1. 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

  2. Pension decisions in a changing economy: gender, structure, and choice.

    Science.gov (United States)

    Hardy, M A; Shuey, K

    2000-09-01

    As responsibility for financial security in retirement becomes more individualized, understanding the distribution and determinants of savings behavior grows in importance. Employed men and women often gain access to their pension assets when they change jobs. In this study gender differences in pre-retirement access to and disposition of accumulated pension assets are examined. The authors used data from the Health and Retirement Study to model pension participation, disposition of pension assets, and use of cash settlements derived from a pension plan in a previous job. Logit models provided estimates of gender differences in access to pensions and the preservation of pension funds for retirement. Women were less likely to have participated in employer-sponsored pension plans; more likely to cash out accumulated pension assets when they changed jobs; and, when job changes occurred at relatively young ages, equally likely to spend the settlement. However, by their late 40s, women were more likely to save the settlement, a net gender difference that increased with age at which the settlement was received. The structure of employment compensation continues to place women at a disadvantage. Gender differences in earnings and fringe benefits not only affect current financial status, but also cast a shadow over future financial security. Although the gender gap in pension coverage has been reduced, women with pensions have access to lower benefits and less in accumulated assets. As these continuing deficits are addressed, enhancing women's tendency to save pension assets for retirement can help them build financial security.

  3. 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...

  4. Gender differences in pension wealth: estimates using provider data.

    Science.gov (United States)

    Johnson, R W; Sambamoorthi, U; Crystal, S

    1999-06-01

    Information from pension providers was examined to investigate gender differences in pension wealth at midlife. For full-time wage and salary workers approaching retirement age who had pension coverage, median pension wealth on the current job was 76% greater for men than women. Differences in wages, years of job tenure, and industry between men and women accounted for most of the gender gap in pension wealth on the current job. Less than one third of the wealth difference could not be explained by gender differences in education, demographics, or job characteristics. The less-advantaged employment situation of working women currently in midlife carries over into worse retirement income prospects. However, the gender gap in pensions is likely to narrow in the future as married women's employment experiences increasingly resemble those of men.

  5. ROMANIAN PENSION SYSTEMS AND LABOR SUPPLY OF OLDER WORKERS

    Directory of Open Access Journals (Sweden)

    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.

  6. Multiemployer Pension Plan Terminations, Mergers, and Insolvencies

    Data.gov (United States)

    Pension Benefit Guaranty Corporation — A listing of multiemployer pension plan terminations, mergers, and insolvencies reported to the PBGC for the current fiscal year. This data set will be updated...

  7. GOVERNING BOARD OF THE PENSION FUND

    CERN Document Server

    2001-01-01

    The Governing Board of the Pension Fund held its ninety-ninth meeting on 6 March. On that occasion, it examined the assets-liabilities management report presented by Professor Guus E. Boender and Mr H. Steehouwer of the firm ORTEC of Rotterdam. The first part of the presentation of the report consisted of a general introduction to the principles of an assets-liabilities management study, its mechanisms and its goals. Professor Boender particularly underlined the importance of such studies which are based on a probabilistic approach to determine the trend in the long-term financial position of a pension fund in a dynamic context. For bodies responsible for ensuring that the prerequisites for a balanced pension fund exist, the assets-liabilities management study provides the opportunity, on the basis of a large number of financial scenarios, to assess the risks of insufficient asset cover to meet a pension fund's long-term commitments and to identify measures for remedying it. The second part of the presentatio...

  8. Governing Board of the Pension Fund

    CERN Multimedia

    2006-01-01

    The Governing Board of the Pension Fund held its 143rd meeting on 11 April 2006. The Chairman of the Governing Board, Professor F. Ferrini, reported on the meetings of the CERN Finance Committee and Council on 15 and 16 March. On the recommendation of the Finance Committee, the CERN Council had approved the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund. The new provisions will enter into force on 1st July 2006. Professor Ferrini also underlined that the Finance Committee had taken note of a document prepared by the CERN Management regarding the Organization's debt to the Pension Fund. Given that the Organization's debt to the Pension Fund has grown constantly over the last twenty years, and that it represents a burden on the Laboratory's future budgets, the Management wishes to reimburse the debt as rapidly as possible...

  9. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2000-01-01

    The Governing Board of the Pension Fund held its ninety-first meeting on 1st February 2000. A special morning session was devoted to questions concerning the asset allocation of pension funds. This subject was presented by J.-F. Boulier, research and management director at Sinopia in Paris, a subsidiary of the Crédit Commercial de France. Mr Boulier first presented the general context surrounding pension funds in Europe. He underlined the significant differences between the various European countries in the development of pension funds and their effects on the financial markets. He also addressed the long-term profitability of the different types of investment and, in the same connection, the essential role played by the time horizon inequity investments in not only achieving a positive real return but also exceeding the results of the other forms of investment. The last part of his presentation covered management strategies and the impact of an improvement in performance on the technical balance o...

  10. ELECTIONS PENSION FUND CANDIDATE NO 2

    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: RANJARDFirst 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 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...

  11. Invisible Support: Effects on the Provider's Positive and Negative Affect.

    Science.gov (United States)

    König, Claudia; Stadler, Gertraud; Knoll, Nina; Ochsner, Sibylle; Hornung, Rainer; Scholz, Urte

    2016-07-01

    Social support that goes unnoticed by receivers (i.e. invisible support) seems to be most beneficial for the receivers' well-being. The providers' well-being, however, has been neglected so far. This study examines how invisible support is related to the providers' well-being and whether this association is dependent on the providers' relationship satisfaction. Overall, 97 non-smoking partners of smokers who were about to quit smoking were examined. Invisible support was assessed dyadically: partners' reports on smoking-specific provided social support together with smokers' reports on received support were assessed at baseline. Partners' relationship satisfaction was also assessed at baseline. Partners' positive and negative affect were measured at baseline and six-week follow-up. No main effects of invisible instrumental or emotional support occurred. However, partners' relationship satisfaction moderated the association between invisible instrumental support and change in partners' negative and positive affect: For partners with lower relationship satisfaction more invisible instrumental support was related to increased negative affect and decreased positive affect, whereas for partners with higher relationship satisfaction the inverse effects occurred. The study's results emphasise that invisible instrumental support might have emotional costs for the providers. Relationship satisfaction seems to serve as a protective factor. © 2016 The International Association of Applied Psychology.

  12. LES DEUX NIVEAUX DE L’INVISIBLE DANS L’OEUVRE DE FRIDA KAHLO (The two levels of invisible in the work of Frida Kahlo

    Directory of Open Access Journals (Sweden)

    Luca Molnár

    2015-06-01

    Full Text Available The aim of this study is to reveal the different levels of representation of invisible feelings in the work of Frida Kahlo. In order to express these feelings, in some paintings, the artist uses visible objects, such as tears – which become the first level of representation of the invisible. In other paintings, however, she uses internal organs of the human body to represent invisible pain or suffering. These organs are hidden from the eye and are therefore invisible. There are two categories within this second level: the first one consists of internal organs traditionally used to represent invisible feelings in the European culture, such as the skull. The second category embraces organs used especially by Frida, like the womb. The study observes how her life had made this physically broken, but mentally strong artist to cut open her own body to show it to the world, representing feelings that only a woman can feel, but nobody can see.

  13. The new young face of the Pension Fund

    CERN Multimedia

    Antonella Del Rosso

    2015-01-01

    Matthew Eyton-Jones is the new Chief Executive Officer of the CERN Pension Fund. He joined the Organization in July and will meet with CERN pensioners for the first time on 15 September. Here he speaks with the Bulletin about himself, his vision and the challenges that lie ahead.   Matthew Eyton-Jones joined CERN on 1 July as the new Chief Executive Officer of the CERN Pension Fund. Before coming to CERN, Matthew held pension management and consultancy positions at a number of international organisations, including the John Lewis Partnership, Goldman Sachs, the Bank of America and Mercer Consulting. In his role as Chief Executive Officer (CEO) of the CERN Pension Fund, he is responsible for the day-to-day management of the fund on behalf of and under the supervision of the Governing Board. “In my career, I have been involved in the operation and running of various pension funds around the world,” he says. “However, in the case of CERN, I am not ...

  14. 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.

  15. 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.

  16. Amendments to the rules of the Pension Fund concerning family composition

    CERN Multimedia

    2006-01-01

    The following amendments to the Rules and Regulations of the Pension Fund were approved by the Council on 16 December 2005: II 5.08 Non-entitlement to Pension for Surviving Spouse Notwithstanding any other provision of these Rules, a marriage to a beneficiary of a retirement pension taking place on or after 1st August 2006 shall not give rise to entitlement to a surviving spouse's pension. II 5.09 Procurement of an entitlement to Pension for Surviving Spouse Where, pursuant to Article II 5.08, there is no entitlement to a surviving spouse's pension, the beneficiary may acquire an entitlement to a surviving spouse's pension for his spouse by submitting a request within 180 days of the date of marriage. The corresponding premium for the surviving spouse's pension shall be deducted from his retirement pension, under conditions defined by the Administrator of the Fund in the light of the Consulting Actuary's calculations. II 6.09 Non-entitlement to Pension for Orphans Notwithstanding any other provision of...

  17. Teacher Pension Preferences: Pilot Study Results. Conference Paper 2009-14

    Science.gov (United States)

    Smith, Elizabeth Ettema; Guthrie, James W.

    2009-01-01

    Teacher pensions are fast becoming a significant issue in education policy. Mounting unfunded pension financial liability, likely larger numbers of retiring teachers, increasing mobility among existing teachers, and unfavorable comparisons with less generous private sector pension plans all contribute to putting pedagogues pensions in the public…

  18. Performance Persistence of Dutch Pension Funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Mahieu, R.

    2012-01-01

    This paper studies the investment performance of pension funds with a focus on their ability in implementing their intended investment strategy. We use a sample of Dutch industry-wide pension funds, which are obliged by law to report their investment performance according to the so-called z-score.

  19. The Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    The Governing Board of the Pension Fund held its 151st meeting on 7 March at which the Legal Service reported on the ILOAT's judgment concerning an appeal lodged by a beneficiary against the CERN Council's decision to index his pension by 0% for 2005. The Governing Board noted with satisfaction that the appeal had been rejected. The ILOAT recognised that the CERN Council, which had followed the Governing Board's recommendation, had been entitled to take this decision as an 'urgent protective measure' in respect of the Fund's financial position. At the same meeting, the members of the Governing Board expressed their opinions on the report by the consultancy firm Mercer which had been entrusted with the task of comparing the CERN Pension Fund with a sample of similar European funds. It endorsed the CERN Management's opinion that Mercer had not been in a position to make a pertinent comparison between the CERN Pension Fund and other pension funds, and concurred with the conclusions presented by the Management....

  20. Pension Fund - ELECTIONS - Guillermo de la FUENTE

    CERN Multimedia

    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: de la FUENTE First Name : Guillermo  As CERN treasurer with 12 years experience in finance with a background in Economics coupled with a MBA, my main goal will be to enhance the Pension Fund yield. During 3 consecutive years, our Pension Fund has suffered negative real returns:-1.65% in 2000, -4.26% in 2001 and most probably a double-digit loss this year. In addition to that, we spend annually around CHF 6'000'000 in bank charges and external consultants fees. If we do not change this negative trend, the funding ratio of our Pension Fund might become weak. A more proactive internal fund management in conjunction with a performance-related remuneration to external participants would be some of the points I will propose in order...

  1. Pension Fund - ELECTIONS - Guillermo de la FUENTE

    CERN Multimedia

    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: de la FUENTE First Name : Guillermo As CERN treasurer with 12 years experience in finance with a background in Economics coupled with a MBA, my main goal will be to enhance the Pension Fund yield. During 3 consecutive years, our Pension Fund has suffered negative real returns:-1.65% in 2000, -4.26% in 2001 and most probably a double-digit loss this year. In addition to that, we spend annually around CHF 6'000'000 in bank charges and external consultants fees. If we do not change this negative trend, the funding ratio of our Pension Fund might become weak. A more proactive internal fund management in conjunction with a performance-related remuneration to external participants would be some of the points I will propose in order to maximize Fund's y...

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

    Directory of Open Access Journals (Sweden)

    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

  3. Pensions, tax and the anaesthetist: significant implications for workforce planning.

    Science.gov (United States)

    Pandit, J J

    2016-08-01

    This paper shows how recent tax changes to pensions (i.e. new lifetime and annual allowance contribution limits) mean that NHS consultants will need to adopt one of four rational strategies to work and financial planning. Two of those strategies (termed 'Earn Fast, Drop Out' and 'Never Enter') involve a break between work and pensions. The logical consequence of this break is that consultants may exercise options to maximise their total income, which in turn will result in less work within the NHS and more work in alternative higher paying (e.g. private) sectors. A third strategy ('Go Slow, Stay Low') also involves less-than-full-time NHS work. Only one option ('Do Nothing' as a result of the tax changes) has no effect. In short, the tax changes will predictably lead to future senior consultants devoting proportionately much less of their time to NHS work than before. The article discusses the important implications of this conclusion for NHS workforce planning. © 2016 The Association of Anaesthetists of Great Britain and Ireland.

  4. 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.

  5. Disability pensions in relation to stroke: a population study

    DEFF Research Database (Denmark)

    Teasdale, T W; Engberg, A W

    2002-01-01

    the years 1979-1993 inclusive and were of pensionable age during that period. These patients were then screened in registers for death during the period 1979-1993 and for the award of disability pensions between the years 1979-1995. A total of 19476 (27%) patients had received a pension at some level. MAIN......PRIMARY OBJECTIVE: This study aimed to establish prevalence levels of disability pensions among stroke patients within a national population. RESEARCH DESIGN: From a Danish National register of hospitalizations, 72 673 patients were identified who had a discharge diagnosis of stroke between...... OUTCOMES AND RESULTS: Being in possession of a disability pension prior to stroke (n = 8565, 12%), rarely at the highest level, was not associated with elevated risk for stroke, or with elevated stroke mortality. It was, however, associated with a greater mortality subsequent to stroke. Disability pensions...

  6. A comparison of modern investment-linked pension savings products

    DEFF Research Database (Denmark)

    Linneman, Per; Bruhn, Kenneth; Steffensen, Mogens

    2015-01-01

    price changes in the financial market. Our results show that not only investment profiles define the stability of annuity benefits over time. In addition, more fundamental elements of the product design are important. The perspective on product design and development is Danish, but two of the compared......This paper is a continuation of and a supplement to the paper by Jørgensen & Linnemann. Both papers deal with TimePension – a (formula-based) smoothed investment-linked annuity pension scheme. Both papers compare TimePension with other pension savings products using stochastic financial simulation....... TimePension as well as the financial model and simulation concept being used in both papers were introduced in the paper op cit. Jørgensen & Linnemann compare TimePension with a traditional with-profits scheme involving bonus entitlement and an investment-linked Unit Link scheme with a fixed proportion...

  7. 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...

  8. Performance Persistence of Dutch Pension Funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Mahieu, Ronald

    2010-01-01

    This paper studies the investment performance of pension funds with a focus on their ability in implementing the investment strategy. We use a sample of Dutch industry-wide pension funds, which are obliged by law to report their investment performance according to the so-called z-score. The z-score

  9. Recommendations from the External Auditors to the CERN Pension Fund Management on the Financial Statements of the Pension Fund for the Financial Year 2014 and Comments from the CERN Pension Fund Management Supreme Audit Office of Poland

    CERN Document Server

    2015-01-01

    Recommendations from the External Auditors to the CERN Pension Fund Management on the Financial Statements of the Pension Fund for the Financial Year 2014 and Comments from the CERN Pension Fund Management Supreme Audit Office of Poland

  10. The Invisible Cinema

    NARCIS (Netherlands)

    Hanich, Julian; Fossati, Giovanna; van den Oever, Annie

    The Invisible Cinema was an experimental movie theater designed by an experimental filmmaker. Devised by the Austrian avantgardist Peter Kubelka, it served as the first place of exhibition for the Anthology Film Archives in New York. Apart from the screen (and some exit signs and aisle lights

  11. Pension fund excellence creating value for stakeholders

    CERN Document Server

    Ambachtsheer, Keith P.

    1998-01-01

    Internationally recognized experts in the field introduce their "business excellence paradigm". In this book, two leading pension fund experts lay out a comprehensive plan for effective fund management. With the help of domestic and global case studies they critically assess current approaches to pension fund management and isolate what works and what doesn't using their unique critically acclaimed "run-it-like-a-business" model. Keith P. Ambachtsheer (Toronto, Canada) is principle at KPA Advisory Service, Inc., a pension fund management consulting firm. He runs The Ambachtsheer Letter and cofounded Cost Effective Measurement, Inc., which monitors the performance of 300 of the world's largest asset funds. D. Don Ezra (Toronto, Canada) is Director of European Consulting at Frank Russell Co. His previous books include The Struggle for Pension Fund Wealth.

  12. Invisibility cloaking via non-smooth transformation optics and ray tracing

    International Nuclear Information System (INIS)

    Crosskey, Miles M.; Nixon, Andrew T.; Schick, Leland M.; Kovacic, Gregor

    2011-01-01

    We present examples of theoretically-predicted invisibility cloaks with shapes other than spheres and cylinders, including cones and ellipsoids, as well as shapes spliced from parts of these simpler shapes. In addition, we present an example explicitly displaying the non-uniqueness of invisibility cloaks of the same shape. We depict rays propagating through these example cloaks using ray tracing for geometric optics. - Highlights: → Theoretically-predicted conical and ellipsoidal invisibility cloaks. → Non-smooth cloaks spliced from parts of simpler shapes. → Example displaying non-uniqueness of invisibility cloaks of the same shape. → Rays propagating through example cloaks depicted using geometric optics.

  13. 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...

  14. El retroactivo pensional y la desafiliación al sistema general de pensiones en Colombia (Otra visión

    Directory of Open Access Journals (Sweden)

    Álvaro Diego Román Bustamante

    2006-01-01

    Full Text Available ¿Estaría obligado un empleador a desafiliar del sistema general de pensiones a un trabajador que se lo solicite por el hecho de haber radicado su solicitud pensional ante el Seguro Social? Si no lo hace, ¿estaría obligado a pagar el retroactivo pensional desde la fecha en que se causó su derecho pensional, ya que según el Seguro Social, perdería el retroactivo? La respuesta es que no debe reconocerse dicho retroactivo porque durante todo ese tiempo el trabajador devengó sueldo (y ambos conceptos son incompatibles filosófica y jurídicamente, ya que provendrían de una misma causa jurídica. Además, durante todo el tiempo de vigencia de la relación laboral se debieron realizar cotizaciones al sistema general de pensiones, lapso que se tendrá en cuenta para acrecentar el monto final de la pensión, es decir, no habría perjuicio sino beneficio (a diferencia de si se tomara la fecha de causación del derecho pensional –siendo trabajador activo–, como punto de partida para el reconocimiento pensional. Por último, al haber procedido el empleador a desafiliar al trabajador activo, no sólo estaría incumpliendo la ley, sino que se hubiera colocado en una situación de riesgo inminente frente a una eventual pensión de sobrevivientes o invalidez, o podría haber impedido que el trabajador alcanzara la densidad de cotizaciones exigida para el reconocimiento de la pensión de vejez.

  15. Invisible marker based augmented reality system

    Science.gov (United States)

    Park, Hanhoon; Park, Jong-Il

    2005-07-01

    Augmented reality (AR) has recently gained significant attention. The previous AR techniques usually need a fiducial marker with known geometry or objects of which the structure can be easily estimated such as cube. Placing a marker in the workspace of the user can be intrusive. To overcome this limitation, we present an AR system using invisible markers which are created/drawn with an infrared (IR) fluorescent pen. Two cameras are used: an IR camera and a visible camera, which are positioned in each side of a cold mirror so that their optical centers coincide with each other. We track the invisible markers using IR camera and visualize AR in the view of visible camera. Additional algorithms are employed for the system to have a reliable performance in the cluttered background. Experimental results are given to demonstrate the viability of the proposed system. As an application of the proposed system, the invisible marker can act as a Vision-Based Identity and Geometry (VBIG) tag, which can significantly extend the functionality of RFID. The invisible tag is the same as RFID in that it is not perceivable while more powerful in that the tag information can be presented to the user by direct projection using a mobile projector or by visualizing AR on the screen of mobile PDA.

  16. Examining Inequities in Teacher Pension Benefits

    Science.gov (United States)

    Shuls, James V.

    2017-01-01

    From funding to teacher quality, inequities exist between school districts. This paper adds to the literature on inequities by examining the impact of pension plan formulas on pension benefits. Using data from the salary schedules of 464 Missouri school districts, this paper analyzes how various final average salary calculations would impact the…

  17. Systemwide Report on Value of Supplemental Pension Obligations and Cost of Post-Employment Benefits Other Than Pensions.

    Science.gov (United States)

    Oklahoma State Regents for Higher Education, Oklahoma City.

    This report provides financial data on the value of obligations of any supplemental pension plans and the annual cost of any post-employment benefits for employees of state universities, colleges, and community colleges in Oklahoma. Attachment 1 summarizes information on supplemental pension plans that have been reported by state system…

  18. 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 ...

  19. PENSION FUNDS AND THE FINANCIAL CRISIS IN THE CEE COUNTRIES

    Directory of Open Access Journals (Sweden)

    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

  20. Judicial protection of pension rights: problems of theory and practice

    Directory of Open Access Journals (Sweden)

    Marina G. Sedelnikova

    2018-01-01

    Full Text Available The subject. The article is devoted to analysis of pension disputes resolution in courts.The purpose of the article is to reveal trends of pension disputes resolution and identify the ways of increasing the efficiency of judicial protection of citizens’ pension rights.The methodology. Both general scientific methods (analysis, synthesis, description and special scientific methods (formal-legal methods method of legal interpretation were used.Results, scope of application. Pension legislation still does not contain a legal definition of the term “pension dispute” despite currently the prevalence of this category of cases; the legal science still has not developed a uniform approach to definition of the essence of the pension dispute.Special attention is paid to the issues of definition of the facts in proof, that is complicated because of instability of the pension legislation and a large amount of normative array. Special rules relating to the admissibility of evidence are divided from legally significant circumstances. The attention is focused on the most problematic points that arise in the process of proving: the procedure for confirmation of experience, employment in certain types of work quotas.Recommendations aimed at improving the effectiveness of judicial protection of the pension rights of citizens are formulated on the basis on the analysis of the identified problems that arise during consideration of pension disputes by law enforcement authorities. Recommendations include the need to improve the quality of normative legal acts, systematization of the pension legislation, increasing demands for training of judges, the creation of conditions conducive to the judges’ specialization. The necessity of increase activities of the Supreme Court in the process of issuing clarifications on issues arising in the application of the pension legislation is also considered.Conclusions. The existence of a number of features of the substantive

  1. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2001-01-01

    At its 103rd meeting on 3 October 2001, the Governing Board heard two reports by the Organization's Legal Adviser, one concerning a proposal to introduce a new voting procedure for the CERN Finance Committee and the second a progress report on the work of the Working Group on Pension Guarantees. As far as the Pension Fund is concerned, the voting procedures proposal would mean that all Finance Committee recommendations to the CERN Council and Finance Committee decisions relating to Pension Fund matters would be subject to a double majority, namely to a majority of the Member States present and voting plus at least 51% of the contributions of all the Member States. The aim of this proposal is to avoid decisions being taken by a majority of countries representing an insufficiently large proportion of Member State contributions. J.-M. Dufour then presented a progress report on the important issue of pension guarantees, informing the Board that the report, and in particular the conclusions, by the group of expert...

  2. Digital/Commercial (In)visibility

    DEFF Research Database (Denmark)

    Leander, Anna

    2017-01-01

    an argument demonstrating specifically how digital and commercial logics characterize the aesthetic, circulatory, and infrastructuring practices re-producing the regime of (in)visibility. It shows that digital/commercial logics are at the heart of the combinatorial marketing of multiple, contradictory images......This article explores one aspect of digital politics, the politics of videos and more spe- cifically of DAESH recruitment videos. It proposes a practice theoretical approach to the politics of DAESH recruitment videos focused on the re-production of regimes of (in)visibility. The article develops...... on the internet. The theoretical and political cost of overlooking these digital and commercial characteristics of DAESH visibility practices are high. It perpetuates misconceptions of how the videos work and what their politics are and it reinforces the digital Orientalism/Occidentalism in which...

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

    Directory of Open Access Journals (Sweden)

    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.

  4. 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.

  5. The Public Pension System in Romania: Myths and Facts

    Directory of Open Access Journals (Sweden)

    Marian PREDA

    2011-02-01

    Full Text Available The article seeks to critically analyze and disprove, using solid statistical evidence, five myths that circulate in the Romanian public sphere about the state pension system. The argument shows that in Romania a large proportion of pensioners are actually fairly ‘young’. Their life expectancy is higher than some claim it is, and, on average, they are less poor than young people, children, and the average population, their pension reasonably replaces their salary income, and, despite its public support, the lower retirement age for women compared to that of men leads to disadvantages for the female pensioners. The article seeks to contribute to a better understanding of the pension system and its challenges, and to outline some implicit solutions for amending/supporting it by eliminating pressures (based on populism or ignorance on the public pension system, in particular in the context of the current economic crisis and the pronounced aging of the population.

  6. Annual Information Meeting of the Pension Fund

    CERN Multimedia

    2014-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual Information Meeting.   Annual Information Meeting to be held in the CERN Council Chamber on Tuesday, 16 September 2014 from 9.00 a.m. to 10.30 a.m. Copies of the 2013 Pension Fund Financial Statements are already available in accessible PDF on the Pension Fund website and will also be distributed at this session. Coffee and croissants will be served prior to the meeting as of 8:30 a.m. N.B. Date change: 16 September 2014

  7. Do working conditions explain the increased risks of disability pension among men and women with low education? A follow-up of Swedish cohorts.

    Science.gov (United States)

    Falkstedt, Daniel; Backhans, Mona; Lundin, Andreas; Allebeck, Peter; Hemmingsson, Tomas

    2014-09-01

    Rates of disability pension are greatly increased among people with low education. This study examines the extent to which associations between education and disability pensions might be explained by differences in working conditions. Information on individuals at age 13 years was used to assess confounding of associations. Two nationally representative samples of men and women born in 1948 and 1953 in Sweden (22 889 participants in total) were linked to information from social insurance records on cause (musculoskeletal, psychiatric, and other) and date (from 1986-2008) of disability pension. Education data were obtained from administrative records. Occupation data were used for measurement of physical strain at work and job control. Data on paternal education, ambition to study, and intellectual performance were collected in school. Women were found to have higher rates of disability pension than men, regardless of diagnosis, whereas men had a steeper increase in disability pension by declining educational level. Adjustment of associations for paternal education, ambition to study, and intellectual performance at age 13 had a considerable attenuating effect, also when disability pension with a musculoskeletal diagnosis was the outcome. Despite this, high physical strain at work and low job control both contributed to explain the associations between low education and disability pensions in multivariable models. Working conditions seem to partly explain the increased rate of disability pension among men and women with lower education even though this association does reflect considerable selection effects based on factors already present in late childhood.

  8. [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

  9. 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...

  10. Stochastic programming framework for Lithuanian pension payout modelling

    Directory of Open Access Journals (Sweden)

    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.

  11. Object permanence in cats (Felis catus): an ecological approach to the study of invisible displacements.

    Science.gov (United States)

    Dumas, C

    1992-12-01

    A single invisible displacement object permanence task was administered to 19 cats (Felis catus). In this task, cats watched a target object from behind a transparent panel. However, cats had to walk around an opaque panel to reach the object. While cats were behind the opaque panel, the object was hidden behind one of two screens. As cats did not perceive the disappearance of the object behind the target screen, the object was invisibly hidden. Results showed that cats solved this task with great flexibility, which markedly contrasts with what has been observed in previous research. The discussion emphasizes the difference between the typical Piagetian task in which the information necessary to succeed must be dealt with in retrospective way, whereas in our task cats had to anticipate a new position of the object. The ecological relevance of this new task is also discussed.

  12. Learning or Lurking?: Tracking the "Invisible" Online Student.

    Science.gov (United States)

    Beaudoin, Michael F.

    2002-01-01

    This case study of inactive, or invisible, students enrolled in an online graduate course identifies how much time is spent in course-related activity, what the reasons are for students' invisibility, and if their preferred learning styles influence online behavior. Preliminary analysis of grades indicate that grades are better for high-visibility…

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

    Directory of Open Access Journals (Sweden)

    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.

  14. Invisible and scrutinized bodies

    Directory of Open Access Journals (Sweden)

    Léopold Lambert

    2015-03-01

    Full Text Available The following text will attempt to demonstrate that both processes that aim at making bodies either invisible or, on the contrary, hyper-visible operates through the same mechanisms of a productive politics of visibility.

  15. 38 CFR 3.274 - Relationship of net worth to pension entitlement.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Relationship of net worth to pension entitlement. 3.274 Section 3.274 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Regulations...

  16. 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...

  17. 38 CFR 3.960 - Section 306 and old-law pension protection.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Section 306 and old-law pension protection. 3.960 Section 3.960 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Protection § 3.960...

  18. Designing Pension Plans to Incorporate Recent Legislation.

    Science.gov (United States)

    Biggs, John H.

    1983-01-01

    Two proposals before Congress threaten to offset the delicate balance in pension plan design. The significance of the normal retirement feature in plan design, some possible program design changes, and how the pension arrangements of higher education institutions would be affected are discussed. (MLW)

  19. 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

  20. PENSION FUND

    CERN Multimedia

    1999-01-01

    The Governing Board of the Pension Fund held its first three meetings of the year on 2 February, 2 March and 13 April.At the first of these meetings the Board first heard a presentation by Mrs H. Richmond of JP Morgan on the results of the currency overlay programme applied to the Fund's assets. Thanks to the policy pursued by this company, volatility, i.e. portfolio risk for assets denominated in currencies other than the Swiss franc, has been reduced. However, despite the fact that JP Morgan has considerable expertise in this field, no gain has been achieved over the past year. The Governing Board heard a report by the Investment Committee Chairman G. Maurin on the meetings of 21-22 and 28 January at which the Pension Fund's various fund managers had been interviewed on their results. Decisions were taken on benchmarks aimed at optimising management and on the terms of reference of the Internal Management Unit. It was also decided to place two fund managers on a watching list and to request them to make eve...

  1. Pension Fund

    CERN Multimedia

    2003-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 8 October 2003 at 14.30 hrs The Agenda comprises: 1. Opening RemarksJ. Bezemer 2. Annual Report 2002: Presentation and results Copies of the Report are available from divisional secretariats. C. Cuénoud 3. Overview of the present situation with regard to pension funds C. Cuénoud 4. Performance of the Fund since the year 2000 and aspects of the ongoing asset/liability modelling exercise G. Maurin 5. Questions from members and beneficiariesPersons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. 6. Conclusions J. Bezemer As usual, participants are invited to drinks after the assembly. NB The minutes of the 2002 General Assembly are available from the Administration of the Fund tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch)

  2. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats.In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text): Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: The reference salary of a member with a contract for part-time work shall b...

  3. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats. In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text) : Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: the reference salary of a member with a contract for part-time work shall be e...

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

    NARCIS (Netherlands)

    A. Reeves (Aaron); M. McKee (Martin); J.P. Mackenbach (Johan); M. Whitehead (Margaret); D. Stuckler (David)

    2016-01-01

    textabstractBackground 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,

  5. 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.

  6. The Macroeconomic Framework of the Functioning of Public Compulsory Pension Insurance

    Directory of Open Access Journals (Sweden)

    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.

  7. Pensions in the Netherlands: solidarity and choice

    NARCIS (Netherlands)

    Stella Hof

    2015-01-01

    Like Japan, the Netherlands has an ageing population. As a consequence, the affordability of old-age pensions is under pressure. The labour market is also changing, with people more often changing jobs or choosing to become self-employed. Both trends raise the question of whether the pension

  8. 29 CFR 2510.3-2 - Employee pension benefit plan.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Employee pension benefit plan. 2510.3-2 Section 2510.3-2... TERMS USED IN SUBCHAPTERS C, D, E, F, AND G OF THIS CHAPTER § 2510.3-2 Employee pension benefit plan. (a) General. This section clarifies the limits of the defined terms “employee pension benefit plan” and...

  9. 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...

  10. EMPIRICAL STUDY REGARDING SUSTAINABILITY OF ROMANIAN PENSION SYSTEM

    Directory of Open Access Journals (Sweden)

    Oprean Delia

    2013-07-01

    Full Text Available This paper is part of a broad, applied scientific research, based on popular empirical procedures (such as natural observation. Positivistic and constructive research methodology used was based on the consensual-inductive system (Locke, which is why we studied the different views of specialists on sustainability of pensions in Romania, necessary to formulate the problem of generating relevant information. Research strategies used were the comparative and longitudinal ones, as we analyzed the time evolution of qualitative indicators VUAN (unitary value of net asset specific to pension funds Pillar II and Pillar III of Romania, concomitant with the number of participants in these funds, as to determine their direct relationship with the need for sustainability in this area. The hypotheses regarding causal relationship efficiency – participants - sustainability and needed measures for pension reform were built in this paper inductively (by analyzing the sustainability issues of pensions in time, causally (by explaining the cause and effect phenomenon studied, deductively, logically and subjectively (due to the existence and perpetuation of conflict premise between generations and social inequality between employees and pensioners. The qualitative approach of the phenomenon studied by collecting information (using mediated data collection technique has allowed the relevant findings and practical solutions necessary for all those involved in this concerted action of pensions, which affects us all.

  11. 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...

  12. 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...

  13. PENSION FUNDS EVOLUTION, REFORMS AND TRENDS IN SOUTHAFRICA

    Directory of Open Access Journals (Sweden)

    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.

  14. Thermal invisibility based on scattering cancellation and mantle cloaking

    KAUST Repository

    Farhat, Mohamed; Chen, P.-Y.; Bagci, Hakan; Amra, C.; Guenneau, S.; Alù , A.

    2015-01-01

    We theoretically and numerically analyze thermal invisibility based on the concept of scattering cancellation and mantle cloaking. We show that a small object can be made completely invisible to heat diffusion waves, by tailoring the heat conductivity of the spherical shell enclosing the object. This means that the thermal scattering from the object is suppressed, and the heat flow outside the object and the cloak made of these spherical shells behaves as if the object is not present. Thermal invisibility may open new vistas in hiding hot spots in infrared thermography, military furtivity, and electronics heating reduction.

  15. Thermal invisibility based on scattering cancellation and mantle cloaking

    KAUST Repository

    Farhat, Mohamed

    2015-04-30

    We theoretically and numerically analyze thermal invisibility based on the concept of scattering cancellation and mantle cloaking. We show that a small object can be made completely invisible to heat diffusion waves, by tailoring the heat conductivity of the spherical shell enclosing the object. This means that the thermal scattering from the object is suppressed, and the heat flow outside the object and the cloak made of these spherical shells behaves as if the object is not present. Thermal invisibility may open new vistas in hiding hot spots in infrared thermography, military furtivity, and electronics heating reduction.

  16. Did pension plan accounting contribute to a stock market bubble?

    OpenAIRE

    Julia Lynn Coronado; Steven A. Sharpe

    2003-01-01

    During the 1990s, the asset portfolios of defined-benefit (DB) pension plans ballooned with the booming stock market. Due to current accounting guidelines, the robust growth in pension assets resulted in a stealthy but substantial boost to the profits of sponsoring corporations. This study assesses the extent to which equity investors were fooled by pension accounting. First, we test whether stock prices reflected the fair market value of sponsoring firms' net pension assets reported in footn...

  17. 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.

  18. 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...

  19. Public Pension Plan Reform: The Legal Framework

    Science.gov (United States)

    Monahan, Amy B.

    2010-01-01

    There is significant interest in reforming retirement plans for public school employees, particularly in light of current market conditions. This article presents an overview of the various types of state regulation of public pension plans that affect possibilities for reform. Nearly all of the various approaches to public pension plan protection…

  20. 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.

  1. Thermal imitators with single directional invisibility

    Science.gov (United States)

    Wang, Ruizhe; Xu, Liujun; Huang, Jiping

    2017-12-01

    Thermal metamaterials have been intensively studied during the past years to achieve the long-standing dream of invisibility, illusion, and other inconceivable thermal phenomena. However, many thermal metamaterials can only exhibit omnidirectional thermal response, which take on the distinct feature of geometrical isotropy. In this work, we theoretically design and experimentally fabricate a pair of thermal imitators by applying geometrical anisotropy provided by elliptical/ellipsoidal particles and layered structures. This pair of thermal imitators possesses thermal invisibility in one direction, while having thermal opacity in other directions. This work may open a gate in designing direction-dependent thermal metamaterials.

  2. Amendment to the rules and regulations of the pension fund: award of a deferred retirement pension after five years of service

    CERN Document Server

    2001-01-01

    At its meetings on 5 June and 4 September 2001, the Governing Board of the Pension Fund endorsed the amendments set out in this document. The Governing Board proposes that the Finance Committee should approve the amendment to the Regulations of the Pension Fund (page 6, last paragraph) and that it should recommend the Council to approve the amendments to the Rules of the Pension Fund (pages 1 to 6). These amendments would take effect on 1st January 2002.

  3. Lifecourses, pensions and poverty among elderly women in Belgium

    DEFF Research Database (Denmark)

    Peeters, Hans; Tavernier, Wouter De

    2015-01-01

    , family history and pension regulations can provide greater insight into the mechanisms that produce poverty among elderly women in Belgium. To that end, we make use of register data on some 9,000 women aged 65-71. Data on the poverty risk of these women is linked to career and family data, spanning over...... 45 years. We find that pension policy can indeed account for the higher poverty risk of some groups of elderly women (e.g. divorcees) as compared to others (e.g. widows). Similarly, pension policy can, to a large extent, directly or indirectly explain how previous lifecourse events, such as marital...... dissolution or childbirth, affect old-age poverty risk. However, our study also reveals some unexpected findings. Most notably, pension regulations fail to account for the beneficial situation of married women. Indeed, our analyses suggest that capital (income) may prove more decisive than pension rights...

  4. Annual Information Meeting of the Pension Fund | 26 October

    CERN Multimedia

    2016-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual Information Meeting of the Pension Fund.   Meeting to be held in the Main Auditorium on Wednesday 26 October 2016 from 9:30 a.m. to 11:30 a.m. Following a presentation by the Chief Executive Officer of the Fund there will be a Questions and Answers session. Members and Beneficiaries are welcome to send questions in advance of the meeting by post to: Mr Matthew Eyton-Jones “Annual Information Meeting” CEO CERN Pension Fund Office 5-5-012, Postbox C23800 CH- 1211 Geneva 23 - Switzerland Copies of the 2015 Pension Fund Annual Report & Financial Statements are already available in accessible PDF on the Pension Fund website and will also be distributed at the annual meeting. *Coffee and croissants will be served prior to the meeting as of 9:00 a.m.*

  5. Financial management of non-state pension fund forms and methods

    Directory of Open Access Journals (Sweden)

    Iureva Irina Anatolevna

    2014-04-01

    Full Text Available The main direction that determines the efficiency of non-governmental pension funds operation is the investment of pension reserves funds. It is possible to improve the regulation of investment process of non-governmental pension funds by expanding the assortment of tools available for investment. This will make it possible not only to achieve assets increase for the purpose of future fulfillment of obligations of paying non-governmental pensions to participants, but also contribute to financial market stabilization.

  6. Reply to Jaakkola (2014): "Do animals understand invisible displacement? A critical review".

    Science.gov (United States)

    Pepperberg, Irene M

    2015-05-01

    Jaakkola (2014) critiques studies that investigate nonhuman capacities to track objects undergoing invisible displacements. She states that the results of most of these studies are tainted by cuing, that conceptual understanding is lacking, and that, as a consequence, great apes are the only nonhumans to have full Stage 6 object permanence. Any critique, however, must clearly take into account all published information on the techniques being used, including more recent data that counter its negative claims. Furthermore, disagreements as to the interpretation of the underlying mechanisms, although common, need not always cast doubt on the actual findings reported. Here I present material with respect to Grey parrots (Psittacus erithacus) to counter Jaakkola's critique. First, I take issue with Jaakkola's claims of cuing, based both on data from newer studies and citations from the original material. Second, I discuss her suggestions that associative learning rather than inferential mechanisms underlie demonstrated performance, pointing out some difficulties in drawing clear lines between the 2 interpretations. In sum, I argue that Grey parrots, at least, do indeed succeed on tasks involving invisible displacement, and demonstrate full object permanence. (c) 2015 APA, all rights reserved).

  7. 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...

  8. 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

  9. A rich harvest of awards for the CERN Pension Fund

    CERN Multimedia

    Antonella Del Rosso

    2012-01-01

    The CERN Pension Fund recently received two prestigious international awards. The governing bodies and the whole Pension Fund team are celebrating this success, and looking forward to a busy and bright new year.   On 29 November, Théodore Economou (left) accepted the Best Risk Management Solutions Prize at the 2012 Investments & Pensions Europe Awards. “The awards go to the entire CERN Pension Fund team, the Pension Fund Governing Board, and the Investment Committee,” says Théodore Economou, the Fund’s Chief Executive Officer. On 29 November, at a ceremony held in Copenhagen, Théodore accepted the first award received by the Fund for the Best Risk Management Solutions at the 2012 Investments & Pensions Europe (IPE) Awards. A few days later, he was informed that the Fund had also won the “2012 Industry Innovation Award” of the Asset International - Chief Investment Officer (aiCIO) magazine, in the &l...

  10. Invisible Trojan-horse attack

    DEFF Research Database (Denmark)

    Sajeed, Shihan; Minshull, Carter; Jain, Nitin

    2017-01-01

    We demonstrate the experimental feasibility of a Trojan-horse attack that remains nearly invisible to the single-photon detectors employed in practical quantum key distribution (QKD) systems, such as Clavis2 from ID Quantique. We perform a detailed numerical comparison of the attack performance...

  11. Sleep apnea, disability pension and cause-specific mortality

    DEFF Research Database (Denmark)

    Rod, Naja Hulvej; Kjeldgaard, Linnea; Åkerstedt, Torbjörn

    2017-01-01

    –2009 inclusive). Cases were matched to 5 noncases (n = 371,592) and followed from diagnosis/inclusion to December 31, 2010, via nationwide registers. During a mean follow-up period of 5.1 (standard deviation, 2.7) years, 13% of men and 21% of women with inpatient sleep apnea received a disability pension......Sleep apnea is a common problem affecting daily functioning and health. We evaluated associations between sleep apnea and receipt of a disability pension and mortality in a prospective study of 74,543 cases of sleep apnea (60,125 outpatient, 14,418 inpatient) from the Swedish Patient Register (2000...... mortality. Outpatient sleep apnea was associated with a higher risk of receiving a disability pension but not higher total mortality. In conclusion, inpatient sleep apnea is related to a higher risk of disability pension receipt and mortality a decade after diagnosis....

  12. Pension System Methodology For Senior Citizens

    Directory of Open Access Journals (Sweden)

    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.

  13. 38 CFR 3.453 - Veterans compensation or service pension or retirement pay.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Veterans compensation or service pension or retirement pay. 3.453 Section 3.453 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation...

  14. 38 CFR 21.3023 - Nonduplication; pension, compensation, and dependency and indemnity compensation.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Nonduplication; pension, compensation, and dependency and indemnity compensation. 21.3023 Section 21.3023 Pensions, Bonuses, and... Nonduplication; pension, compensation, and dependency and indemnity compensation. (a) Child; age 18. A child who...

  15. 15 September: Annual Information Meeting of the Pension Fund

    CERN Multimedia

    2015-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual Information Meeting. *** Please note the room change *** CERN Main Auditorium Tuesday, 15 September 2015 9:30 a.m. - 11:30 a.m. Following a presentation by the Chief Executive Officer of the Fund there will be a Questions and Answers session. Members and Beneficiaries are welcome to send questions in advance of the meeting by post to: Mr Matthew Eyton-Jones “Annual Information Meeting” CEO - CERN Pension Fund Office 5-5-012, Postbox C23800 CH- 1211 Geneva 23 - Switzerland Copies of the 2014 Pension Fund Financial Statements are already available as a printable PDF on the Pension Fund website (http://pensionfund.cern.ch/en/financial-management/financial-statements) and will also be distributed at the annual meeting. *Coffee and croissants will be served prior to the meeting as of 9:00 a.m.* CERN Pension Fund

  16. Illusory ownership of an invisible body reduces autonomic and subjective social anxiety responses

    Science.gov (United States)

    Guterstam, Arvid; Abdulkarim, Zakaryah; Ehrsson, H. Henrik

    2015-01-01

    What is it like to be invisible? This question has long fascinated man and has been the central theme of many classic literary works. Recent advances in materials science suggest that invisibility cloaking of the human body may be possible in the not-so-distant future. However, it remains unknown how invisibility affects body perception and embodied cognition. To address these questions, we developed a perceptual illusion of having an entire invisible body. Through a series of experiments, we characterized the multisensory rules that govern the elicitation of the illusion and show that the experience of having an invisible body reduces the social anxiety response to standing in front of an audience. This study provides an experimental model of what it is like to be invisible and shows that this experience affects bodily self-perception and social cognition. PMID:25906330

  17. Illusory ownership of an invisible body reduces autonomic and subjective social anxiety responses.

    Science.gov (United States)

    Guterstam, Arvid; Abdulkarim, Zakaryah; Ehrsson, H Henrik

    2015-04-23

    What is it like to be invisible? This question has long fascinated man and has been the central theme of many classic literary works. Recent advances in materials science suggest that invisibility cloaking of the human body may be possible in the not-so-distant future. However, it remains unknown how invisibility affects body perception and embodied cognition. To address these questions, we developed a perceptual illusion of having an entire invisible body. Through a series of experiments, we characterized the multisensory rules that govern the elicitation of the illusion and show that the experience of having an invisible body reduces the social anxiety response to standing in front of an audience. This study provides an experimental model of what it is like to be invisible and shows that this experience affects bodily self-perception and social cognition.

  18. 38 CFR 21.6001 - Temporary vocational training program for certain pension recipients.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Temporary vocational training program for certain pension recipients. 21.6001 Section 21.6001 Pensions, Bonuses, and Veterans... Program of Vocational Training for Certain New Pension Recipients General § 21.6001 Temporary vocational...

  19. 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.

  20. 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.

  1. Invisible Web and Academic Research: A Partnership for Quality

    Science.gov (United States)

    Alyami, Huda Y.; Assiri, Eman A.

    2018-01-01

    The present study aims to identify the most significant roles of the invisible web in improving academic research and the main obstacles and challenges facing the use of the invisible web in improving academic research from the perspective of academics in Saudi universities. The descriptive analytical approach was utilized in this study. It…

  2. 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.

  3. 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/.

  4. 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...

  5. 17 CFR 256.926 - Employee pensions and benefits.

    Science.gov (United States)

    2010-04-01

    ..., educational or recreational activities for the benefit of employees. ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Employee pensions and benefits... UTILITY HOLDING COMPANY ACT OF 1935 2. Expense § 256.926 Employee pensions and benefits. This account...

  6. 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.

  7. General meeting of the Pension Fund

    CERN Multimedia

    CERN Pension Fund

    2010-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Room on Monday 6 September 2010 from 14:00 to 16:30 p.m. The Agenda comprises: Opening Remarks - F. Ferrini Presentation of the 2009 Financial Statements - T. Economou Copies of the 2009 Financial Statements are available from Departmental Secretariats. Management Update - T. Economou Report by the Chairman of the Pension Fund Governing Board - F. Ferrini Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the Secretariat of the Pension Fund. Conclusions - F. Ferrini As usual, participants are invited to drinks after the Meeting. NB\tThe minutes of the 2009 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail Barbara.Brugger@cern.ch)

  8. 22 CFR 19.9-3 - Computation and payment of pension to former spouse.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Computation and payment of pension to former... Computation and payment of pension to former spouse. (a) A pension to a former spouse is paid monthly on the... for a pension or any combination of pensions to former spouses of any one principal which exceeds the...

  9. 20 CFR 1002.260 - What pension benefit plans are covered under USERRA?

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false What pension benefit plans are covered under... REEMPLOYMENT RIGHTS ACT OF 1994 Reemployment Rights and Benefits Pension Plan Benefits § 1002.260 What pension...) defines an employee pension benefit plan as a plan that provides retirement income to employees, or defers...

  10. Annual Information Meeting of the Pension Fund

    CERN Multimedia

    2013-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the   Annual Information Meeting to be held in the CERN Council Chamber on  Wednesday, 11 September 2013 from 10.00 a.m. to 12.00 midday. Copies of the 2012 Pension Fund Financial Statements can be obtained from departmental secretariats and will also be available at the meeting.

  11. 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.

  12. Signatures of the Invisible

    CERN Multimedia

    Strom, D

    2003-01-01

    On the Net it is possible to take a look at art from afar via Virtual Museums. One such exhibition was recently in the New York Museum of Modern Art's branch, PS1. Entitled 'Signatures of the Invisible' it was a collaborative effort between artists and physicists (1/2 page).

  13. The Drivers of Responsible Investment : The Case of European Pension Funds

    NARCIS (Netherlands)

    Sievanen, Riikka; Rita, Hannu; Scholtens, Bert

    We investigate what drives responsible investment of European pension funds. Pension funds are institutional investors who assure the income of part of the population for a long period of time. Increasingly, stakeholders hold pension funds accountable for the non-financial consequences of their

  14. Pension fund efficiency: the impact of scale, governance and plan design

    OpenAIRE

    Jacob Bikker; Jan de Dreu

    2006-01-01

    Administrative and investment costs per participant appear to vary widely across pension funds. These costs are important because they reduce the rate of return on the investments of pension funds and consequently raise the cost of retirement security. This paper examines the impact of determinants of these costs, such as the size, governance, pension plan design and outsourcing decisions, using data on all Dutch pension funds across the 1992-2004 period, including more than 10,000 observatio...

  15. Disability pensions in relation to traumatic brain injury: a population study

    DEFF Research Database (Denmark)

    Teasdale, T W; Engberg, A W

    2000-01-01

    From a Danish national register of hospitalizations, all patients were identified who had a discharge diagnosis of traumatic brain injury between the years 1979-1993 inclusive, at ages 18-66 years inclusive. These were classified as having suffered either a concussion (n = 74,398), a cranial...... fracture (n = 4,452) or a cerebral contusion (n = 8,141). Patients in each of these groups were then checked in annual registers of disability pension awards between 1979-1995. Disability pensions had been awarded to 16% of the concussion group, 18% of the fracture group, and 33% of the contusion group....... Date of application, grounds for the application, and the pension level awarded were noted. Analysis of the date of application for the disability pension revealed that in all groups a high proportion of the pension applications had been made prior to the injury. Among the concussion group, the pension...

  16. Summary of the Pension Fund's activities in 2007

    CERN Multimedia

    HR Department

    2008-01-01

    Introduction The year 2007 was characterized at the institutional level by the implementation of the new governance scheme in the Pension Fund. The previous Governing Board was active until the end of October, laying the groundwork for important decisions that the new Governing Board was thus able to take. The first meeting of the Pension Fund Governing Board was held at ESO Headquarters in Germany on 16 November. Among the new measures, the following may be highlighted: Definition of procedures for reporting to the Finance Committee and the Council; Ongoing elaboration of a code of conduct; The setting-up by the PF Governing Board of four working groups with the following terms of reference: Revision of those Rules and Regulations of the Pension Fund that are directly affected by the changes deriving from the Council’s decisions concerning the governance of the Pension Fund; Definition of funding policy and principles; Search for experts for the Investment Committee; Sea...

  17. Invisible realities: Caring for older Moroccan migrants with dementia in Belgium.

    Science.gov (United States)

    Berdai Chaouni, Saloua; De Donder, Liesbeth

    2018-01-01

    The number of older Moroccan migrants reaching the age of high risk for dementia is increasing in Belgium. Yet no study has been performed to explore how Moroccan families facing dementia experience and manage the condition. The study employed a qualitative design using semi-structured interviews with 12 informal and 13 formal caregivers to answer this research question. Findings indicate that the experience of dementia includes several invisible realities that challenge the informal and formal caregivers: (1) the invisibility of dementia as a condition; (2) the invisible subtleties of the informal care execution; (3) the invisibility and inaccessibility of care services as explanation for these family's non-use of available services; and (4) the overlooking of culture, migration and religion as invisible influencers of the overall dementia experience. A better understanding of these hidden realities of migrant older people with dementia and their caregivers could lead to interventions to provide effective and tailored person-centred care that is sensitive to the individual's life experiences, culture and religious background.

  18. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 2 October 2002 at 14.30 hrs The Agenda comprises: Opening Remarks (P. Levaux) Recent trends in the technical balance of pension funds (C. Cuénoud) Annual Report 2001: Presentation and results (C. Cuénoud) Copies of the Report are available from divisional secretariats. Position of the CERN Pension Fund with respect to market developments (G. Maurin) Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. Conclusions (P. Levaux) As usual, participants are invited to drinks after the assembly. NB The minutes of the 2001 General Assembly are available from the Administration of the Fund (tel.(+4122)767 9194; e-mail Graziella.Praire@cern.ch) SOME ASPECTS OF THE FUND'S ACTIVITIES IN 2001...

  19. The Pension Fund passes important milestones

    CERN Document Server

    2012-01-01

    In this column, the Chairman of the Pension Fund Governing Board (PFGB) presents the Board's latest main decisions, initiatives and accomplishments to the Fund's members and beneficiaries.   Since my last report in October, the PFGB has passed several milestones in actuarial, technical and investment matters. The PFGB has completed an analysis of a request by the European Organisation for Astronomical Research in the Southern Hemisphere (ESO) to reduce the increased cost of pension insurance for new ESO recruits that has been caused by the increased CHF/€ exchange ratio. Currently the staff of ESO are admitted to the CERN Pension Fund, pursuant to a co-operation agreement between CERN and ESO dating back to 1968. This analysis assessed the actuarial, financial, administrative and legal implications, and is scheduled to be presented to the CERN Council and the Finance Committee in December. After an open tendering process the PFGB has selected Buck Consultants Limited...

  20. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 2 October 2002 at 14.30 hrs The Agenda comprises: Opening Remarks (P. Levaux) Recent trends in the technical balance of pension funds (C. Cuénoud) Annual Report 2001: Presentation and results (C. Cuénoud) Copies of the Report are available from divisional secretariats. Position of the CERN Pension Fund with respect to market developments (G. Maurin) Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. Conclusions (P. Levaux) As usual, participants are invited to drinks after the assembly. NB The minutes of the 2001 General Assembly are available from the Administration of the Fund (tel.(+4122)767 9194; e-mail Graziella.Praire@cern.ch)

  1. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2003-01-01

    On 8 October the Governing Board of the Pension Fund held its 119th meeting, at which the members continued discussing the requests of ESO. It was noted that the Governing Board's working group as well as CERN's Legal Service and the Administration of the Pension Fund had already spent much time and effort examining the various possible options. In that context, given the considerable legal and financial consequences the requests could have for the Fund, especially regarding amendments to the Rules and Regulations, the investment costs and even administrative overheads associated with the currency overlay, the Governing Board decided that it was appropriate to invite the ESO Director of Administration to come and present ESO's position. At the same meeting, the Governing Board decided to recommend the Director-General to propose to the CERN Council a pension indexation of 0.7%, which was equivalent to the cost-of-living in Geneva up to August 2003 and would ensure purchasing power was maintained. In its reco...

  2. 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.

  3. Electronic individual breakdown of pension rights and/or transfer value

    CERN Document Server

    Pension Fund

    2011-01-01

    Commencing this year, members of the personnel will be notified by e-mail of their annual breakdown of pension rights and/or transfer value. Each person receiving the e-mail notification will be invited to consult this breakdown by clicking on a link protected by AISlogin and a password. Benefits Service of the Pension Fund pension-benefits@cern.ch  

  4. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  7. 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

  8. Scrambling the Nest Egg: How Well Do Teachers Understand Their Pensions, and What Do They Think about Alternative Pension Structures?

    Science.gov (United States)

    DeArmond, Michael; Goldhaber, Dan

    2010-01-01

    In this article we focus on two questions: How well do teachers understand their current pension plans, and what do they think about alternative plan structures? The data come from administrative records and a 2006 survey of teachers in Washington State. The results suggest that Washington's teachers are fairly knowledgeable about their pensions,…

  9. Making Invisible Histories Visible

    Science.gov (United States)

    Hanssen, Ana Maria

    2012-01-01

    This article features Omaha Public Schools' "Making Invisible Histories Visible" program, or MIHV. Omaha's schools have a low failure rate among 8th graders but a high one among high school freshmen. MIHV was created to help at-risk students "adjust to the increased demands of high school." By working alongside teachers and…

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

    CERN Document Server

    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...

  11. 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.

  12. 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.

  13. A Non-Member Spouse's Entitlement To The Member's Pension Interest

    Directory of Open Access Journals (Sweden)

    Motseotsile Clement Marumoagae

    2014-12-01

    Full Text Available It is important that married couples seek legal advice with regard to the assets falling within their joint estate, more particularly their retirement benefits. This article reflects on the entitlement (if any of non-member spouses to their spouses' retirement fund benefits. Pension benefits can be due before, during or after divorce, and parties to the marriage should be aware of their rights with regard to the accruing pension benefits of their spouses. While it is settled law that non-member spouses are entitled to receive a portion of their member spouses' pension benefits (known as "pension interest" immediately on divorce, it is not particularly clear whether non-member spouses are also entitled to receive the same before or sometime after divorce. In this article I provide a contextual understanding of the entitlements (if any which spouses or former spouses of members of pension funds have on such member spouses' retirement benefits. Furthermore, it shown in this article that various divisions of South African High Courts have been inconsistent in how they have approached the issue of the pension interest between divorcing spouses or divorced ex-spouses.

  14. 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.

  15. 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

  16. PRESTACIÓN POR DEPENDENCIA EN UN PLAN DE PENSIONES EN FUNCIÓN DE LA MORTALIDAD ESPECÍFICA DEL BENEFICIARIO

    Directory of Open Access Journals (Sweden)

    J. Iñaki de la Peña

    2017-06-01

    Full Text Available Una de las contingencias para causar la prestación en un plan de pensiones es la dependencia en grado de severa o gran dependencia. Su inclusión en las especificaciones conlleva la necesidad de realizar una serie de consideraciones para ser contemplada como contingencia.El objetivo de este trabajo es desarrollar la metodología para incorporar esta prestación en un plan de pensiones que ya se encuentre implantado y tenga en cuenta la mortalidad inherente al dependiente severo o gran dependiente. Esto conduce a un sistema que permite una equivalencia financiero-actuarial que determine la prestación actuarialmente equivalente para el beneficiario fijándose un factor de conversión equivalente. De este modo se consigue un sistema justo y equitativo con cada situación personal del dependiente, entendido como una adaptación de la pensión a la situación biométrica del beneficiario favoreciendo el aspecto social de la prestación. One of the contingencies into a pension plan is the dependence in high degrees (severe or great dependence. The inclusion into the pension scheme asks a series of considerations to face this contingency. The aim of this work is to develop the methodology to incorporate this benefit into a pension plan that is running and bears in mind the different mortality rates between the beneficiary and the dependent. Upon this point of view, the system allows a financial - actuarial equivalence to determine the equivalent benefit for the beneficiary under an equivalent actuarial factor. Thus, there is obtained an equitable system according to every personal situation. That is doing an adjustment of the benefit under biometric situation of the beneficiary adding a social aspect to the pension plan.

  17. Kelle pension vajab enim tõstmist? / Taavi Rõivas

    Index Scriptorium Estoniae

    Rõivas, Taavi, 1979-

    2007-01-01

    Riigikogu liikme sõnul näeb Reformierakond vajadust tõsta eeskätt praeguste vanemate pensionäride pensioni, Keskerakonna esitatud pensioniseaduse muudatus aga viiks praegu töötavate inimeste tulevikupensioni tõusule. Ta selgitab pensioni kujunemist ning kutsub inimesi oma arvamust avaldama, kelle pension peaks praegu olema esikohal

  18. 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…

  19. 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

  20. 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.

  1. Demographic Risks of the Pension Reform in the Russian Federation

    Directory of Open Access Journals (Sweden)

    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

  2. From Invisibility to Transparency: Identifying the Implications

    Directory of Open Access Journals (Sweden)

    Nancy J. Turner

    2008-12-01

    Full Text Available This paper explores the need for a broader and more inclusive approach to decisions about land and resources, one that recognizes the legitimacy of cultural values and traditional knowledge in environmental decision making and policy. Invisible losses are those not widely recognized or accounted for in decisions about resource planning and decision making in resource- and land-use negotiations precisely because they involve considerations that tend to be ignored by managers and scientists or because they are often indirect or cumulative, resulting from a complex, often cumulative series of events, decisions, choices, or policies. First Nations communities in western North America have experienced many such losses that, together, have resulted in a decline in the overall resilience of individuals and communities. We have identified eight types invisible losses that are often overlapping and cumulative: cultural/lifestyle losses, loss of identity, health losses, loss of self-determination and influence, emotional and psychological losses, loss of order in the world, knowledge losses, and indirect economic losses and lost opportunities. To render such invisible losses more transparent, which represents the first step in developing a more positive and equitable basis for decision making and negotiations around land and resources, we recommend six processes: focusing on what matters to the people affected, describing what matters in meaningful ways, making a place for these concerns in decision making, evaluating future losses and gains from a historical baseline, recognizing culturally derived values as relevant, and creating better alternatives for decision making so that invisible losses will be diminished or eliminated in the future.

  3. 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.

  4. It's About Making Surfaces Invisible

    Indian Academy of Sciences (India)

    It's About Making Surfaces Invisible ... light is reflected from the surface between two media. The in- tensity of ... The reflection from each new interface and the combined reflec- .... Let us see the requirements of a material for a good stamp. The.

  5. Experimental demonstration of invisible electromagnetic impedance matching cylindrical transformation optics cloak shell

    Science.gov (United States)

    Chen, Mingji; Wang, Changxian; Cheng, Xiaodong; Gong, Congcheng; Song, Weili; Yuan, Xujin; Fang, Daining

    2018-04-01

    The realization of an ideal invisible cloak implementing transformation optics is still missing. An impedance matching concept is implanted into transformation optics cloak to generate an impedance matching cloak (IMC) shell. In this work, it is proved that impedance matching structure reduces the cloaking structure’s disturbance to a propagating electromagnetic field and improves its invisibility measured by scattering field intensity. Such a cylindrical IMC shell is designed, fabricated with proposed rounded rectangular split-ring-resonators (RR-SRRs), and experimental measurements show the total scattering field of a perfect electric conductor (PEC) cylinder surrounded by an IMC shell is improved greatly compared to the PEC cylinder showing electromagnetic wave front ripple suppression and a considerable scattering shrinking effect. IMC shell backward scattering field is suppressed down to 7.29%, compared to the previous value of 86.7% due to its impedance matching character, and overall scattering field intensity shrinking is down to 19.3% compared to the previously realized value of 56.4%. Sideward scattering field recorded in the experiment also has a remarkable improvement compared to the PEC cylinder. The impedance matching concept might enlighten the realization of an ideal cloak and other novel electromagnetic cloaking and shielding structures.

  6. Smith’s invisible hand: controversy is needed

    Directory of Open Access Journals (Sweden)

    Flavia Di Mario

    2017-11-01

    Full Text Available Smith’s metaphor of the invisible hand, commonly attributed to The Wealth of Nations, is described in the Theory of Moral Sentiments. It is a ‘deception’ fed to the lower classes. Private initiative depends upon the presence of privileged classes in a conservative rather than liberal state. Only thus can the ‘invisible hand’ improve the nation’s ‘wealth.’ Hence, the economic mainstream cannot easily claim Adam Smith as their ancestor. Nor can the Marxists associate him to the misdeeds of the mainstream. A Smithian ancestry is more plausible for Neoliberals.

  7. 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.

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

    Science.gov (United States)

    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

  9. 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...

  10. 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.

  11. Pension Fund Performance in East Asia: A Comparative Study

    Directory of Open Access Journals (Sweden)

    Zamri Ahmad

    2015-06-01

    Full Text Available This paper discusses and analyzes asset allocation and performance of the major pension funds in four East Asia countries, namely Malaysia, Singapore, Hong Kong and South Korea. The respective funds for these countries are Employee Provident Fund (EPF, Central Provident Fund (CPF, Mandatory Pension Fund (MPF and National Pension Service (NPS. The impact of some economic crises on the fund performance will also be assessed. Besides looking at the individual countries, a comparison of the performance among all the funds will also be done. From the analyses, it is found that the CPF is the most conservative pension fund as it invested most of its funds in fixed income and the investments were made in the local markets, while MPF is the most aggressive pension fund as most of its funds were invested in equities. Performance of the funds was measured in terms of return on investment (ROI. All funds recorded the lowest ROI during the subprime crisis in 2008. Besides the subprime crisis, these funds were also affected by the Japanese earthquake as lower ROI were also observed in 2011.

  12. RESOLUTION OF 10th September 2010 concerning the PENSION FUND

    CERN Multimedia

    GAC

    2010-01-01

    The members of the GAC-EPA committee, after having taken note of the proposals by the Direction with a view to restoring the full funding of the Fund,   Considering:   that the CERN pension scheme is a defined-benefit scheme, that since 2005, the indexation of pensions has become a defined benefit, that the payment by the Fund of pensions and their indexation is guaranteed by the Organization (see Article I 3.03 of the Rules of the Pension Fund), regardless of the financial situation of the Fund, that during the existence of the Organization, Council, according to Article VII of the Convention, must define the Member State contributions, so as to allow the Organization to honour its financial obligations, that two Council resolutions1 reaffirm that the Member States have the responsibility to ensure the uninterrupted payment of pensions until the extinguishment of the rights of the last beneficiary, that by no means do the Rules of the Fund impose full funding, and...

  13. 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...

  14. 20 CFR 404.408a - Reduction where spouse is receiving a Government pension.

    Science.gov (United States)

    2010-04-01

    ... Government pension. 404.408a Section 404.408a Employees' Benefits SOCIAL SECURITY ADMINISTRATION FEDERAL OLD... § 404.408a Reduction where spouse is receiving a Government pension. (a) When reduction is required... a monthly pension from a Federal, State, or local government agency (Government pension) for which...

  15. Invisible anti-cloak with elliptic cross section using phase complement

    International Nuclear Information System (INIS)

    Yang Yu-Qi; Zhang Min; Yue Jian-Xiang

    2011-01-01

    Based on the theory of phase complement, an anti-cloak with circular cross section can be made invisible to an object outside its domain. As the cloak with elliptic cross section is more effective to make objects invisible than that with circular cross section, a scaled coordinate system is proposed to design equivalent materials of invisible anti-cloak with elliptic cross section using phase complement. The cloaks with conventional dielectric and double negative parameters are both simulated with the geometrical transformations. The results show that the cloak with elliptic cross section through phase complement can effectively hide the outside objects. (classical areas of phenomenology)

  16. A gender- and sexual orientation-dependent spatial attentional effect of invisible images.

    Science.gov (United States)

    Jiang, Yi; Costello, Patricia; Fang, Fang; Huang, Miner; He, Sheng

    2006-11-07

    Human observers are constantly bombarded with a vast amount of information. Selective attention helps us to quickly process what is important while ignoring the irrelevant. In this study, we demonstrate that information that has not entered observers' consciousness, such as interocularly suppressed (invisible) erotic pictures, can direct the distribution of spatial attention. Furthermore, invisible erotic information can either attract or repel observers' spatial attention depending on their gender and sexual orientation. While unaware of the suppressed pictures, heterosexual males' attention was attracted to invisible female nudes, heterosexual females' attention was attracted to invisible male nudes, gay males behaved similarly to heterosexual females, and gay/bisexual females performed in-between heterosexual males and females.

  17. 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...

  18. Search for invisibly decaying Higgs boson at Large Hadron Collider

    Indian Academy of Sciences (India)

    In several scenarios of Beyond Standard Model physics, the invisible decay mode of the Higgs boson is an interesting possibility. The search strategy for an invisible Higgs boson at the Large Hadron Collider (LHC), using weak boson fusion process, has been studied in detail, by taking into account all possible ...

  19. Board diversity and self-regulation in Dutch pension funds

    NARCIS (Netherlands)

    L. Shi (Lin); L.A.P. Swinkels (Laurens); S.G. van der 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

  20. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  2. 26 CFR 1.401-7 - Forfeitures under a qualified pension plan.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Forfeitures under a qualified pension plan. 1...) INCOME TAX (CONTINUED) INCOME TAXES Pension, Profit-Sharing, Stock Bonus Plans, Etc. § 1.401-7 Forfeitures under a qualified pension plan. (a) General rules. In the case of a trust forming a part of a...

  3. 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...

  4. Performance clustering and incentives in the UK pension fund industry

    OpenAIRE

    David Blake; Bruce N. Lehmann; Allan Timmermann

    2002-01-01

    Despite pension fund managers being largely unconstrained in their investment decisions, this paper reports evidence of clustering in the performance of a large cross-section of UK pension fund managers around the median fund manager. This finding is explained in terms of the predominance of a single investment style (balanced management), the fee structures and incentives operating in the UK pension fund industry to maximise relative rather than absolute performance, the high concentration i...

  5. Governance of pension funds: interlocking and compensation of Australian superannuation fund boards

    OpenAIRE

    Ooi, Elizabeth Meishan

    2017-01-01

    This thesis documents the incidence and determinants of board interlocking (where directors simultaneously sit on multiple boards) in pension funds and examines its effect on fund performance. It also investigates the determinants of pension fund director compensation. The motivation to examine these issues stems from the distinctive interlocking and compensation practices in pension funds. Data on a sample of 249 Australian pension funds from 2004 to 2011 is collected from fund documents ...

  6. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 2 October 2002 at 14.30 hrs The Agenda comprises: Opening Remarks (P. Levaux) Recent trends in the technical balance of pension funds (C. Cuénoud) Annual Report 2001: Presentation and results (C. Cuénoud) Copies of the Report are available from divisional secretariats. Position of the CERN Pension Fund with respect to market developments (G. Maurin) Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. Conclusions (P. Levaux) As usual, participants are invited to drinks after the assembly. NB The minutes of the 2001 General Assembly are available from the Administration of the Fund (tel.(+4122)767 9194; e-mail Graziella.Praire@cern.ch) SOME ASPECTS OF THE FUND'S ACTIVITIES IN 2001 The Governing Board (at 31 De...

  7. General meeting of the Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Room on Wednesday 9 September 2009 from 14:00 to 16:30 p.m. The Agenda comprises: 1.\tOpening Remarks - F. Ferrini 2.\tResults and presentation of the Annual Report 2008. - C. Cuénoud Recent evolution of financial markets. 2009-2010 work plan - T. Economou. Copies of the 2008 Report are available from departmental secretariats. 3.\tReport on Funding policy and principles of the Pension Fund: Working Group 2 Report. - F. Ferrini 4.\tQuestions from members or beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the secretariat of the Pension Fund. 5.\tConclusions - F. Ferrini As usual, participants are invited to drinks after the Meeting. NB\tThe minutes of the 2008 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail mailto:Sevda.Budun-Kocaturk@cern.ch

  8. General Meeting Of The Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Chamber on Wednesday 9 September 2009 from 14:00 to 16:30 p.m. The Agenda comprises: 1.\tOpening Remarks - F. Ferrini 2.\tResults and presentation of the Annual Report 2008. - C. Cuénoud Recent evolution of financial markets. 2009-2010 work plan - T. Economou. Copies of the 2008 Report are available from Departmental secretariats. 3.\tReport on funding policy and principles of the Pension Fund: Working Group 2 Report. - F. Ferrini 4.\tQuestions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the Secretariat of the Pension Fund. 5.\tConclusions - F. Ferrini As usual, participants are invited to drinks after the meeting. NB\tThe minutes of the 2008 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail mailto:Sevda.Budun-Kocaturk@cern.ch

  9. General meeting of the Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Room on Wednesday 9 September 2009 from 14:00 to 16:30 p.m. The Agenda comprises: 1.\tOpening Remarks - F. Ferrini 2.\tResults and presentation of the Annual Report 2008. - C. Cuénoud Recent evolution of financial markets. 2009-2010 work plan - T. Economou. Copies of the 2008 Report are available from departmental secretariats. 3.\tReport on Funding policy and principles of the Pension Fund: Working Group 2 Report. - F. Ferrini 4.\tQuestions from members or beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the secretariat of the Pension Fund. 5.\tConclusions - F. Ferrini As usual, participants are invited to drinks after the Meeting. NB\tThe minutes of the 2008 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail mailto:Sevda.Budun-Kocaturk@cern.ch)

  10. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-fifty-second and one-hundred-and-fifty-third meetings on 18 April and 15 May 2007 respectively. The latter was a full-day joint meeting with the Investment Committee. At the first of the two meetings, on 18 April, the Chairman of the Governing Board, Professor F. Ferrini, reported on the outcome of the Finance Committee meeting and the Council Session of March 2007. The Council had taken note of a progress report by the Chairman of the Study Group on CERN Pension Fund Governance, Mr P. Levaux, had expressed satisfaction at the Study Group’s progress and was now looking forward to the proposal, largely bearing on the Pension Fund’s bodies and their composition, which is due to be submitted to the Council for approval at its June 2007 Session. At the same meeting, the Governing Board approved the Annual Report and Accounts of the Fund for 2006 and thanked the Fund’s Administration for the substantial work entailed in providing the reader ...

  11. Governing Board of the Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-fifty-second and one-hundred-and-fifty-third meetings on 18 April and 15 May 2007 respectively. The latter was a full-day joint meeting with the Investment Committee. At the first of the two meetings on 18 April, the Chairman of the Governing Board, Professor F. Ferrini, reported on the outcome of the Finance Committee meeting and the Council Session of March 2007. The Council had taken note of a progress report by the Chairman of the Study Group on CERN Pension Fund Governance, Mr P. Levaux, had expressed satisfaction at the Study Group's progress and was now looking forward to the proposal, largely bearing on the Pension Fund's bodies and their composition, which is due to be submitted to the Council for approval at its June 2007 Session. At the same meeting, the Governing Board approved the Annual Report and Accounts of the Fund for 2006 and thanked the Fund's Administration for the substantial work entailed in providing the reader with a...

  12. ELECTIONS PENSION FUND CANDIDATE NO 1

    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: MAURINFirst 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...

  13. Governing Board of the Pension Fund

    CERN Multimedia

    2006-01-01

    The Governing Board of the Pension Fund held its 142nd meeting on 14 March 2006. As an introduction to the meeting, the Administrator underlined that, at 12.4%, the performance achieved by the Fund on its assets had been excellent and had taken the Fund's assets at the end of the year to 4,209 MCHF, which was well above the 4 billion Swiss franc mark. The Chairman of the Governing Board, Professor Ferrini, reported on the Board's closed session on 7 March to examine the nominations received for the election of the Vice-Chairmen of the Governing Board of the Pension Fund. The Governing Board had unanimously agreed to recommend the CERN Council to appoint Mr A. J. Naudi and Dr J.-P. Matheys. At its session on 16 March 2006, the Council had followed the recommendation of the Governing Board by re-appointing J.-P. Matheys and A. J. Naudi Vice-Chairmen of the Board until the end of their respective terms of office as members of the Governing Board. Regarding the comparison with other European pension funds launc...

  14. Governing Board of the Pension Fund

    CERN Multimedia

    2005-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-thirtieth meeting on 18 January 2005. At the meeting, it took note of the Preliminary Draft Report by the CERN Council Working Group on the procedures for the appointment of the Chairman and the terms of office of members appointed by the Council to the Governing Board of the Pension Fund (Osnes Report). As the report constituted a preliminary version, the Governing Board took the view that it was not appropriate for it to state its position on the content for the time being, especially since some aspects, particularly those relating to the procedure for the appointment of the Council's representatives fell within the latter's remit. Nevertheless, given that a number of the issues raised in the report also related to the general operation of the bodies of the Pension Fund (Governing Board, Investment Committee, Administrator), the Governing Board instructed its Chairman, J. Bezemer, to inform the Council, at its session in March, that the Board...

  15. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2003-01-01

    The Governing Board of the Pension Fund began its one hundred and eighteenth meeting on 2nd September by taking note of an oral report on the June Council session by the Chairman, J. Bezemer, who underlined that the annual report and the accounts of the Pension Fund for 2002 had been unanimously approved. At its June session, the Council had also approved the proposal to create a new category of personnel, Local Staff, who would be subject to the same pension rules as internationally recruited staff. Following a request from the external auditors, the Administrator presented a proposed change to the accounting rules, consisting of introducing a loss reserve for risks other than those associated with the financial markets. The purpose of this new heading in the profit and loss account is to increase transparency by obliging the Fund's Administration to book any potential loss in the accounts as soon as it is identified, even if it ultimately fails to materialize. The Governing Board unanimously approved the p...

  16. 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...

  17. Governing Board of the Pension Fund

    CERN Multimedia

    2005-01-01

    The Governing Board of the Pension Fund held its 133rd and 134th meetings on 20 April and 17 May respectively. The President of the CERN Council, Professor E. Iarocci, attended part of the first of these two meetings in order to inform the members of the Governing Board in person of the decisions affecting the Pension Fund taken at the March Session of Council. He underlined that the Council, meeting in Restricted Session, had approved an amendment to the procedure for the appointment of the Chairman of the Governing Board of the Pension Fund as well as the setting of a limit on the terms of office of members of the Board. He further informed the Board that the Council had unanimously decided to set up a new Working Group, "Osnes II", composed of four Council representatives (Professor E. Osnes, (Chair), Professor J. Niederle, Mr C. Van Riel and Mr P. Williams) and of four Fund members: one member appointed by the Director-General (Dr E. Chiaveri); one member appointed by the Staff Association (Dr J.-P. Math...

  18. Board Diversity and Self-Regulation in Dutch Pension Funds

    NARCIS (Netherlands)

    van der Lecq, S.G.; Swinkels, L.A.P.; Shi, Lin

    2017-01-01

    Purpose – The purpose of this paper is to examine the change in pension fund board diversity after selfregulation was introduced, and investigate which pension fund characteristics influence compliance with selfregulation. In addition, the authors analyze whether compliance might be achieved by

  19. Risk, redistribution and retirement : The role of pension schemes

    NARCIS (Netherlands)

    Bonenkamp, J.

    2013-01-01

    One of the main conclusions of this thesis is that collective pension funds are potentially welfare improving, even if contributions are distortionary and even if individuals face positively correlated wage and equity risks. By disconnecting individual contributions and benefits, the pension fund is

  20. 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

  1. Pension funds investments in hedge funds-a necessary regulation

    Directory of Open Access Journals (Sweden)

    Daniela Gaftoniuc

    2010-12-01

    Full Text Available When it comes to investment strategies, generally, pension funds have proved to be conservative investors with a long term approach on investments and constant preoccupation for asset diversification as well as tendencies to secure their portfolios through investments in established financial products. Nevertheless, within this constant preoccupation for portfolio diversification as well as gain of notable profits, private pension funds have invested to a certain degree also in less cautious products respectively have conducted less stable investments. The financial turbulences that hit the US towards the end of 2007 and spread globally to become one of the most severe financial crisis witnessed, haven’t left pension funds immune to this phenomenon. Although, as previously stated, the special feature of pension funds is based on long term investments, which confers a certain degree of natural protection, there can not be the talk of absolute immunity either.

  2. A Critique of Pension Reform Act, 2004 In Nigeria

    Directory of Open Access Journals (Sweden)

    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.

  3. Multichannel pension communication : An integrated perspective on policies, practices, and literacy demands

    NARCIS (Netherlands)

    Nell, M.L.

    2017-01-01

    The design of pension communication environments often leaves to be desired. This is partly due to pension communication legislation, which communication professionals often find difficult to interpret and to comply with. Out of discontent with the legally required media, many pension organizations

  4. Assessing the Financial Sustainability of China’s Rural Pension System

    Directory of Open Access Journals (Sweden)

    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.

  5. 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...

  6. The Invisibility of Steam

    Science.gov (United States)

    Greenslade, Thomas B., Jr.

    2014-01-01

    Almost everyone "knows" that steam is visible. After all, one can see the cloud of white issuing from the spout of a boiling tea kettle. In reality, steam is the gaseous phase of water and is invisible. What you see is light scattered from the tiny droplets of water that are the result of the condensation of the steam as its temperature…

  7. 38 CFR 3.378 - Changes from activity in pulmonary tuberculosis pension cases.

    Science.gov (United States)

    2010-07-01

    ... pulmonary tuberculosis pension cases. 3.378 Section 3.378 Pensions, Bonuses, and Veterans' Relief DEPARTMENT... Rating Considerations Relative to Specific Diseases § 3.378 Changes from activity in pulmonary tuberculosis pension cases. A permanent and total disability rating in effect during hospitalization will not...

  8. When do derivatives add value in asset allocation problems for pension funds?

    NARCIS (Netherlands)

    Cui, J.; Oldenkamp, B.; Vellekoop, M.

    2013-01-01

    Recent surveys indicate that many pension-fund participants aim for higher retirement income security. We investigate the added value of including derivatives in the portfolio of pension funds to achieve this goal. To do so, we define preferences that incorporate specific features of pension funds,

  9. The invisible Web uncovering information sources search engines can't see

    CERN Document Server

    Sherman, Chris

    2001-01-01

    Enormous expanses of the Internet are unreachable with standard web search engines. This book provides the key to finding these hidden resources by identifying how to uncover and use invisible web resources. Mapping the invisible Web, when and how to use it, assessing the validity of the information, and the future of Web searching are topics covered in detail. Only 16 percent of Net-based information can be located using a general search engine. The other 84 percent is what is referred to as the invisible Web-made up of information stored in databases. Unlike pages on the visible Web, informa

  10. From Bismarck to Beveridge: the other pension reform in Spain

    Directory of Open Access Journals (Sweden)

    J. Ignacio Conde-Ruiz

    2016-08-01

    Full Text Available Abstract Ageing is the major challenge for the PAYG pension systems in developed countries. Most of them are undergoing reforms in order to adapt to the new demographic reality. The package of reforms implemented includes increasing the retirement age, reducing the replacement rate, or introducing a sustainability factor linking pension to life expectancy. The aim of this paper is to analyse the potential consequences of a different type of reform that is at a very incipient stage in Spain but that could have a significant impact if it were fully implemented. This reform, called ‘silent reform’ because it is imperceptible to citizens in its early stages, basically consists in increasing maximum pensions in line with inflation instead of wage or productivity growth. This policy is reducing the replacement rate only for high earning workers and increasing the redistributive component of the system. This paper is the first to quantify and evaluate the potential consequences of this type of reform in Spain. We have used an accounting model with heterogeneous agents and overlapping generations in order to project pension expenditure for the next six decades. The results show that this type of reform could potentially contain future expenditure but at the cost of changing the nature of the pension system from a contributory or Bismarckian-type system into a pure redistributive pension system or Beveridgean-type one.

  11. Witnessing violence: making the invisible visible.

    Science.gov (United States)

    Holton, J K

    1995-01-01

    In his novel of Black life circa the 1950s, Invisible Man, Ralph Ellison laid bare the wasteful, destructive societal consequences of racism. At the close of the 20th century, we are faced with the phenomenon of another social problem, likewise unresolved and likely to haunt us similarly: urban violence. Following Ellison's example, this paper seeks to explore the impact of violence's stark invisibility by discussing a research strategy that better explains the terrifying phenomenon of violence. In order to comprehend the totality of violence, macro- and micro-level variables have to be introduced into the research design and measured over time. Therefore, research might best address violence if it was designed to include variables of poverty and racism, and was more inclusive of research from a broader range of scientific disciplines.

  12. 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...

  13. Quantitative Analyses of Transition Pension Liabilities and Solvency Sustainability in China

    Directory of Open Access Journals (Sweden)

    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.

  14. Pensions with Heterogenous Individuals and Endogenous Fertility

    OpenAIRE

    Cremer, Helmuth; Gahvari, Firouz; Pestieau, Pierre

    2004-01-01

    This paper studies the design of pension schemes in a society where fertility is endogenous and parents differ in their ability to raise children. In a world with perfect information, a pay-as-you-go social security system is characterized by equal pensions for all but different contributions which may or may not increase with the number of children. Additionally, fertility must be subsidized at the margin to correct for the externality that accompanies fertility. In a world of asymmetric inf...

  15. Distributed Leadership And The Visibility/invisibility Paradox In On-line Communities

    Directory of Open Access Journals (Sweden)

    Jill Jameson

    2011-01-01

    Full Text Available This paper analyzes the role of distributed leadership in three on-line communities, reflecting on an observed visibility/invisibility paradox in leadership within these communities. Leaders who downplay their seniority and assume a degree of invisibility, allocating discretionary powers to subordinate levels in an organizational hierarchy, may facilitate the emergence of distributed leadership. Yet, simultaneously, leader-led relations are enabled by high leadership visibility. This paradox—that leaders need to be both highly visible and also invisible, or hands-off, when the occasion requires it—was derived from prior research into e-learning communities and tested in the analysis of discussions from on-line communities using a case study pattern-matching process. The operation of both visibility and invisibility in leadership is a key issue for enabling effective collaborations in distributed leadership situations based on trust. Such collaboration fosters positive group interaction and participative decision making in a consensus facilitated through leadership distribution amongst on-line community members.

  16. 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.

  17. 26 CFR 509.113 - Government wages, salaries, and pensions.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Government wages, salaries, and pensions. 509...) REGULATIONS UNDER TAX CONVENTIONS SWITZERLAND General Income Tax § 509.113 Government wages, salaries, and pensions. (a) General. Under Article XI of the convention any wage, salary, or similar compensation, or any...

  18. 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...

  19. X-efficiency and economies of scale in pension fund administration and investment

    NARCIS (Netherlands)

    G.A.G. Alserda (Gosse); J.A. Bikker (Jaap); S.G. van der Lecq (Fieke)

    2017-01-01

    textabstractPension funds’ operating costs come at the cost of benefits, so it is crucial for pension funds to operate at the lowest cost possible. In practice, we observe substantial differences in costs per member for Dutch pension funds, both across and within size classes. This paper discusses

  20. X-efficiency and economies of scale in pension fund administration and investment

    NARCIS (Netherlands)

    Alserda, Gosse A.G.; Bikker, J.A.|info:eu-repo/dai/nl/06912261X; van der Lecq, Fieke (S.G.)

    Pension funds’ operating costs come at the cost of benefits, so it is crucial for pension funds to operate at the lowest cost possible. In practice, we observe substantial differences in costs per member for Dutch pension funds, both across and within size classes. This paper discusses scale

  1. 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...

  2. 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...

  3. Generational Pension Plan Designs

    NARCIS (Netherlands)

    Huang, Xiaohong; Mahieu, Ronald

    2010-01-01

    We propose a generational plan for the occupational pension provision in which people from the same generation are pooled in a generational fund. Each fund can set its own policies independently. This plan provides the benefits of differentiation missing in the prevailing collective plan and the

  4. 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.

  5. Pensions: what’s new in June?

    CERN Multimedia

    Association du personnel

    2010-01-01

    Since the mass mobilization in March (see Echo no. 98), many of you, young and old, have been asking your staff delegates about how the pensions issue is evolving. This is a sign, if one were needed, that this matter remains a great concern of the active and retired staff. The record deficit of 2 thousand million Swiss francs of our scheme explains this. All the more so since this deficit is growing a little more every day, even if the investment of the fund’s remaining capital yielded 5% per year. An objective that seems ever more distant given the results of the first semester of 2010: the febrile state of the financial markets, an image of a European economy in difficulty, is far from reassuring. In this context, the figure of an additional loss of 33 million francs since the beginning of 2010, as is shown on our web site (http://association.web.cern.ch/association/en/), appears even rather minimalist. Is there a pilot in the plane? Beyond the health of the financial markets which, we know, cann...

  6. 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.

  7. 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.

  8. 20 CFR 1002.259 - How does USERRA protect an employee's pension benefits?

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false How does USERRA protect an employee's pension... REEMPLOYMENT RIGHTS ACT OF 1994 Reemployment Rights and Benefits Pension Plan Benefits § 1002.259 How does USERRA protect an employee's pension benefits? On reemployment, the employee is treated as not having a...

  9. 22 CFR 19.9 - Pension benefits for former spouses.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Pension benefits for former spouses. 19.9 Section 19.9 Foreign Relations DEPARTMENT OF STATE PERSONNEL BENEFITS FOR SPOUSES AND FORMER SPOUSES OF PARTICIPANTS IN THE FOREIGN SERVICE RETIREMENT AND DISABILITY SYSTEM § 19.9 Pension benefits for former spouses. ...

  10. Energy Awareness Displays - Making the Invisible Visible

    NARCIS (Netherlands)

    Börner, Dirk

    2011-01-01

    Börner, D. (2011). Energy Awareness Displays - Making the Invisible Visible. Presentation given at the Startbijeenkomst SURFnet Innovatieregeling Duurzaamheid & ICT. May, 13, 2011, Utrecht, The Netherlands.

  11. 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...

  12. 38 CFR 3.252 - Annual income; pension; Mexican border period and later war periods.

    Science.gov (United States)

    2010-07-01

    ...; Mexican border period and later war periods. 3.252 Section 3.252 Pensions, Bonuses, and Veterans' Relief... Dependency, Income and Estate § 3.252 Annual income; pension; Mexican border period and later war periods. (a) Annual income limitations; old-law pension. Where the right to old-law pension is payable under section...

  13. REFORMA Y SOSTENIBILIDAD DEL SISTEMA DE PENSIONES: UNA VALORACION CRÍTICA

    Directory of Open Access Journals (Sweden)

    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.

  14. Czech pension reform: how to reconcile equivalence with fiscal discipline

    Directory of Open Access Journals (Sweden)

    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.

  15. PROPOSAL REGARDING THE REFORMATION OF THE ROMANIAN PUBLIC PENSION SYSTEM

    Directory of Open Access Journals (Sweden)

    Nicolae ECOBICI

    2016-06-01

    Full Text Available The social insurance system from Romania, reformed continuously since the 90`s, is undergoing a period of serious crisis, with huge and growing deficits, while being far from the principle of social reasonability. Similar situations are found also internationally. The paper aims to answer the following question: how could we implement the principle "equality between present and future generations"? Taking into account the data provided by the National Institute of Statistics from Romania, Eurostat, the World Bank and EU regarding: developments in the birth rate, the number of contributors, life expectancy, the forecasts made in Romania, but also internationally, on sustainability and reasonability of public pension systems, are pessimistic. This paper proposes a solution as simple as it is effective. Why could it not exist in Romania a decent unique minimum pension linked to a decent minimum wage through the mandatory pension contribution rates? Why the welfare of pensioners in 2065 must depend on the existing number of employees in 2065, particularly given the pessimistic demographic forecasts that indicate a population decrease of 20% since 2060? The current PAYG pension system it will not be sustainable in future. Therefore it has to be changed.

  16. Scrambling the Nest Egg: How Well Do Teachers Understand Their Pensions, and What Do They Think about Alternative Pension Structures? Working Paper 51

    Science.gov (United States)

    DeArmond, Michael; Goldhaber, Dan

    2010-01-01

    This paper addresses two questions: How well do teachers understand their current pension plans? And, what do they think about alternative plan structures? The data come from administrative records and a 2006 survey of teachers in Washington State. The results suggest Washington's teachers are fairly knowledgeable about their pensions, though new…

  17. Invisibility: the lived experience of women with cancer of the vulva.

    Science.gov (United States)

    Jefferies, Hilary; Clifford, Collette

    2012-01-01

    This study describes an exploration of the lived experience of 13 British women with cancer of the vulva who underwent surgical treatment. A review of the literature highlighted a paucity of knowledge as many studies were conducted during the 1980s and 1990s and investigated sexual functioning only. An interpretive phenomenological approach based on the work of Heidegger and van Manen was used to frame the study by posing the question, "What must it be like to be diagnosed with, and have surgery for a cancer of the vulva?" The women, younger than 50 years, were identified by purposive sampling and interviewed between 6 months and 5 years after surgery. The data were analyzed using framework analysis. The women's lived experience is described in its entirety by the concept of invisibility, characterized as something "no one can see," "heard of," and "talks about." The impact of this invisibility is discussed as the "invisibility of understanding" and "invisibility of support." Although many women may expect to be cured of their vulval cancer, the invisible nature of the condition and the resulting lack of understanding and support may continue for a considerable period, as every aspect of their everyday life and in their relationships may be affected. The challenge now is to raise awareness of this condition and provide greater informational and emotional support for these women.

  18. 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.

  19. Heidegger’s phenomenology of the invisible

    Directory of Open Access Journals (Sweden)

    Andrzej SERAFIN

    2016-12-01

    Full Text Available Martin Heidegger has retrospectively characterized his philosophy as “phenomenology of the invisible”. This paradoxical formula suggests that the aim of his thinking was to examine the origin of the phenomena. Furthermore, Heidegger has also stated that his philosophy is ultimately motivated by a theological interest, namely the question of God’s absence. Following the guiding thread of those remarks, this essay analyzes the essential traits of Heidegger’s thought by interpreting them as an attempt to develop a phenomenology of the invisible. Heidegger’s attitude towards physics and metaphysics, his theory of truth, his reading of Aristotle, his concept of Dasein, his understanding of nothingness are all situated within the problematic context of the relation between the invisible and the revealed. Heidegger’s thought is thereby posited at the point of intersection of phenomenology, ontology, and theology.

  20. Macroeconomic effects of proposed pension reforms in Norway

    OpenAIRE

    Fredriksen, Dennis; Heide, Kim Massey; Holmøy, Erling; Solli, Ingeborg Foldøy

    2005-01-01

    Abstract: Ageing combined with generous welfare state schemes makes the present fiscal policy in Norway unsustainable, despite large government petroleum revenues. We estimate to what extent two suggested reforms of the public pension system improve fiscal sustainability and stimulate employment, two main objectives of the reforms. To this end we apply two large models iteratively: 1) a detailed dynamic micro simulation model to estimate government pension expenditures; 2) a la...

  1. 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...

  2. 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...

  3. Design of invisibility cloaks with an open tunnel.

    Science.gov (United States)

    Ako, Thomas; Yan, Min; Qiu, Min

    2010-12-20

    In this paper we apply the methodology of transformation optics for design of a novel invisibility cloak which can possess an open tunnel. Such a cloak facilitates the insertion (retrieval) of matter into (from) the cloak's interior without significantly affecting the cloak's performance, overcoming the matter exchange bottleneck inherent to most previously proposed cloak designs.We achieve this by applying a transformation which expands a point at the origin in electromagnetic space to a finite area in physical space in a highly anisotropic manner. The invisibility performance of the proposed cloak is verified by using full-wave finite-element simulations.

  4. Pension fund's illiquid assets allocation under liquidity and capital constraints

    NARCIS (Netherlands)

    Broeders, Dirk; Jansen, Kristy; Werker, Bas

    2017-01-01

    This paper empirically assesses the impact of liquidity and capital constraints on the allocation of defined benefit pension funds to illiquid assets. Liquidity constraints result from short-term pension payments and collateral requirements on derivatives. Capital constraints follow from the

  5. 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.

  6. Pensioner - vsem primer / Jaroslav Tolstikov

    Index Scriptorium Estoniae

    Tolstikov, Jaroslav

    2002-01-01

    Pensionäride ühenduse esimees Sven Pärn pensioniea tõstmisest, Eesti keskmisest pensionist, pensionide suurendamisest 2002. ja 2003. a. Keskmise pensioni ja keskmise palga tõusu võrdlus. Sotsiaalminister Siiri Oviiri esinemisest Berliinis konverentsil

  7. The invisible hand: regulation of RHO GTPases by RHOGDIs

    OpenAIRE

    Garcia-Mata, Rafael; Boulter, Etienne; Burridge, Keith

    2011-01-01

    The 'invisible hand' is a term originally coined by Adam Smith in the Theory of Moral Sentiments to describe the forces of self-interest, competition, and supply and demand that regulate the resources in society. This metaphor continues to be used by economists to describe the self-regulating nature of a market economy. The same metaphor can be used to describe the RHO-specific guanine nucleotide dissociation inhibitor (RHOGDI) family, which operates in the background, as an invisible hand, u...

  8. Does the South African Pension Funds Adjudicator perform an ...

    African Journals Online (AJOL)

    HP27975994114

    the Mouton Committee argued that “a binding decision will have to be a legal decision ... ruling of the ombudsman could have binding effect where both (or all) parties to the .... the Promotion of Administrative Justice Act 3 of 2000 (PAJA) apply. .... in Orion Money Purchase Pension Fund (SA) v Pension Funds Adjudicator 47 ...

  9. Moving from payg pensions to defined-contribution plan in the Russian Federation

    Directory of Open Access Journals (Sweden)

    Arnautova Yulia Valerievna

    2016-03-01

    Full Text Available This article is devoted to the moving from PAYG Pensions to Defined-Contribution Plan. The special aspects of this reorganization are analyzed. Pen-sion models of OECD countries are compared. Inability of the Defined-Contribution Plan in Russia is being proved. The present paper provides modern ways to improve the Defined-Contribution pension schemes.

  10. A sunny spell at the Pension Fund

    CERN Multimedia

    Association du personnel

    2006-01-01

    It is always nice to receive good news, especially at this time. That of the disappearance of the Organization's debt to the Pension Fund, by a Council decision in June, was a relief to us. That of the very good return in 2005 (+12.4%) on the Fund's investments only partly reassured us after carefully reading the last report by the actuary. In his last editorial (CERN Bulletin 27/28), the Director-General considers that "the news from the Pension Fund is good". We are not so optimistic.

  11. 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.

  12. 75 FR 33237 - Defense Federal Acquisition Regulation Supplement; Contractor Insurance/Pension Review (DFARS...

    Science.gov (United States)

    2010-06-11

    ... Acquisition Regulation Supplement; Contractor Insurance/Pension Review (DFARS Case 2009-D025) AGENCY: Defense.../Pension Review from Procedures, Guidance, and Information to the Defense Acquisition Regulation Supplement..., February 23, 2006, moved requirements for Contractor Insurance/Pension Review (CIPR) from DFARS 242.7302 to...

  13. 75 FR 71564 - Defense Federal Acquisition Regulation Supplement; Contractor Insurance/Pension Review (DFARS...

    Science.gov (United States)

    2010-11-24

    ... Federal Acquisition Regulation Supplement; Contractor Insurance/Pension Review (DFARS Case 2009-D025... conducting a Contractor Insurance/Pension Review from Procedures, Guidance, and Information (PGI) to the... This final rule relocates requirements for Contractor Insurance/ Pension Review to DFARS 242.7302 from...

  14. 38 CFR 3.351 - Special monthly dependency and indemnity compensation, death compensation, pension and spouse's...

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Special monthly dependency and indemnity compensation, death compensation, pension and spouse's compensation ratings. 3.351 Section 3.351 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension...

  15. Extinction cross-section suppression and active acoustic invisibility cloaking

    Science.gov (United States)

    Mitri, F. G.

    2017-10-01

    Invisibility in its canonical form requires rendering a zero extinction cross-section (or energy efficiency) from an active or a passive object. This work demonstrates the successful theoretical realization of this physical effect for an active cylindrically radiating acoustic body, undergoing periodic axisymmetric harmonic vibrations near a flat rigid boundary. Radiating, amplification and extinction cross-sections of the active source are defined. Assuming monopole and dipole modal oscillations of the circular source, conditions are found where the extinction energy efficiency factor of the active source vanishes, achieving total invisibility with minimal influence of the source size. It also takes positive or negative values, depending on its size and distance from the boundary. Moreover, the amplification energy efficiency factor is negative for the acoustically-active source. These effects also occur for higher-order modal oscillations of the active source. The results find potential applications in the development of acoustic cloaking devices and invisibility.

  16. Extinction cross-section suppression and active acoustic invisibility cloaking

    International Nuclear Information System (INIS)

    Mitri, F G

    2017-01-01

    Invisibility in its canonical form requires rendering a zero extinction cross-section (or energy efficiency) from an active or a passive object. This work demonstrates the successful theoretical realization of this physical effect for an active cylindrically radiating acoustic body, undergoing periodic axisymmetric harmonic vibrations near a flat rigid boundary. Radiating, amplification and extinction cross-sections of the active source are defined. Assuming monopole and dipole modal oscillations of the circular source, conditions are found where the extinction energy efficiency factor of the active source vanishes, achieving total invisibility with minimal influence of the source size. It also takes positive or negative values, depending on its size and distance from the boundary. Moreover, the amplification energy efficiency factor is negative for the acoustically-active source. These effects also occur for higher-order modal oscillations of the active source. The results find potential applications in the development of acoustic cloaking devices and invisibility. (letter)

  17. The lessons of the crisis on pension funds portfolio management

    Directory of Open Access Journals (Sweden)

    Dan CONSTANTINESCU

    2012-12-01

    Full Text Available Portfolio management in crisis conditions showed that major turbulence come from within the financial system. In such a context, a first answer to the investors (and pension funds make no exception manifests itself through the growth of liquidity preferences. Recent studies have shown that monetary political shocks have a considerable effect over the dynamic and composition of the capital flows, with influences that reach the structure on categories of assets of the pension funds’ portfolio. For example, due to an interesting profile of the risk-profit ratio, listed private equity (LPE funds are more and more attractive for the institutional investors, among which are the pension funds administrators. Last but not least, the existence of an insuring system of the participants’ contributions and/or benefits to the pension funds is extremely useful, considering that it is able to harmonize a large variety of interests.

  18. 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 ...

  19. Pension Funds and the Impact of Switching Regulation on Long-Term Investment

    OpenAIRE

    Pedraza Morales, Alvaro Enrique; Fuentes, Olga; Searle, Pamela; Stewart, Fiona

    2017-01-01

    This paper looks at the impact of members' ability to switch pension fund provider and /or portfolio on the allocation of pension funds to long-term investments. The level of annual turnover in pension fund portfolios was compared with the amount of short-term investments (using government treasury bills and bank deposits as proxy). The investment regulations around switching and other mar...

  20. 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....

  1. 38 CFR 8.5 - Authorization for deduction of premiums from compensation, retirement pay, or pension.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Authorization for deduction of premiums from compensation, retirement pay, or pension. 8.5 Section 8.5 Pensions, Bonuses, and... Authorization for deduction of premiums from compensation, retirement pay, or pension. Deductions from benefits...

  2. 38 CFR 3.28 - Automatic adjustment of section 306 and old-law pension income limitations.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Automatic adjustment of section 306 and old-law pension income limitations. 3.28 Section 3.28 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity...

  3. 38 CFR 3.17 - Disability and death pension; Mexican border period and later war periods.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Disability and death pension; Mexican border period and later war periods. 3.17 Section 3.17 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity...

  4. Broadband three-dimensional diamond-shaped invisible cloaks composed of tetrahedral homogeneous blocks

    International Nuclear Information System (INIS)

    Wang Xinhua; Qu Shaobo; Wu Xiang; Wang Jiafu; Ma Hua; Xu Zhuo

    2010-01-01

    By means of embedded optical transformation, three-dimensional diamond-shaped invisible cloaks composed of tetrahedral homogeneous blocks have been designed in this paper. The constitutive parameters of the invisible cloaks can be obtained based on the form invariance of Maxwell's equations in coordinate transformation. Numerical methods using the finite element method verified the diamond-shaped cloaks. The invisible properties of the designed cloaks are nearly perfect when the original line section is sufficiently short compared with its counterpart in the after-transformed space. The designed cloaks can operate in a wide bandwidth due to the line transformation in the coordinate transformation process.

  5. 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...

  6. Audit of Sandia Corporation`s pension plans and other prefunded benefits

    Energy Technology Data Exchange (ETDEWEB)

    1994-04-06

    The audit disclosed that Sandia`s pension plans had $588.9 million in excess assets as of December 31, 1990, on a current value basis. If plan terminations and spin-offs occurred, at least $408.8 million of this amount could be returned to the Government without affecting the pension benefits that Sandia employees and retirees have earned. We recommended that Albuquerque take the necessary action to reduce the excess assets in the pension plans and recover the Government`s share. However, Albuquerque disagreed with the recommendation. Albuquerque justified leaving the excess assets in the pension plans to fund future plan amendments; to avoid future funding contributions; to avoid the costs and time-consuming administrative steps associated with taking action; and to prevent damaging effects on employee morale. We analyzed these points, and concluded that they should not prevent the Department from initiating action to return excess assets to the Government. Actuarial analysis of the pension plans showed that, even if certain plan adjustments were made, the plans were overfunded by $256 million as of December 31, 1991 (on an actuarial value basis).

  7. 29 CFR 4.175 - Meeting requirements for health, welfare, and/or pension benefits.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 1 2010-07-01 2010-07-01 true Meeting requirements for health, welfare, and/or pension... health, welfare, and/or pension benefits. (a) Determining the required amount of benefits. (1) Most fringe benefit determinations containing health and welfare and/or pension requirements specify a fixed...

  8. DETERMINANT EROSION FACTORS FOR PENSION ROMANIAN SYSTEM - A STATISTICAL APPROACH

    Directory of Open Access Journals (Sweden)

    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.

  9. DYNAMICS OF ASSETS AND INVESTMENTS IN ROMANIA VOLUNTARY PENSION FUNDS

    Directory of Open Access Journals (Sweden)

    CONSTANTIN DURAC

    2016-10-01

    Full Text Available In most countries, private pensions have an increasingly more important place in the current pension systems. Their importance consist on the one hand, by their contribution that have to preserve a level of income in retirement, comparable to the active period, and on the other side, by the amounts collected from the participants and investments in various investment instruments. In this article I analyze the overall evolution of total assets and net assets on 30 September 2007 - September 30, 2016, and dynamics of the main investment instruments in which pension funds have made investments optional.

  10. Proof firm downsizing and diagnosis-specific disability pensioning in Norway.

    Science.gov (United States)

    Claussen, Bjørgulf; Næss, Øyvind; Reime, Leif Jostein; Leyland, Alastair H

    2013-01-11

    We wanted to investigate if firm downsizing is related to an increased rate of disability pensions among the former employed, especially for those with musculoskeletal and psychiatric diagnoses, and for those having to leave the firm. Statistics Norway provided a linked file with demographic information and all social security grants from the National Insurance Administration for 1992-2004 for all inhabitants in Norway. Our sample was aged 30-55 years in 1995, being alive, employed and not having a disability pension at the end of 2000. Downsizing was defined as percent change in number of employed per firm from 1995 to end 2000. Employment data were missing for 25.6% of the sample. Disability pension rates in the next four years were 25% higher for those experiencing a 30-59% downsizing than for those not experiencing a reduction of the workforce. 1-29% and 60-100% downsizing did not have this effect. Stayers following down-sizing had higher disability pension rates than leavers. What we have called complex musculoskeletal and psychiatric diagnoses were relatively most common. Moderate downsizing is followed by a significant increase in disability pension rates in the following four years, often with complex musculoskeletal and psychiatric diagnoses.

  11. 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...

  12. Lectures for CERN pensioners

    CERN Multimedia

    GS Department

    2009-01-01

    The Medical Service and the CERN and ESO Pensioners Association invite CERN pensioners to a series of presentations given by professors and specialists at the University Teaching Hospitals and the Faculty of Medicine at the University of Geneva on the subject of: PROMOTION OF OPTIMUM BRAIN AGEING The final presentation will be given in CERN’s Main Auditorium (Building 500) on: Wednesday, 25 February 2009, from 2:30 p.m. to 4:30 p.m. What is cerebral reserve ? Historique et importance de la notion de «réserve cérébrale» - Prof. Ezio GIACOBINI Intervention de la réserve cérébrale sur les troubles de la cognition - Prof. Jean-Pierre MICHEL Comment est-il possible d’évaluer la réserve cérébrale? - Prof. Gabriel GOLD Projet de recherche «Optimum Brain Ageing» - Aspects méthodologiques - Dr François HERRMANN - Aspects pratiques - Dr Dina ZEKRY The presentations will be given in French with overheads in English and will be followed by a wide-ranging disc...

  13. Lectures for CERN pensioners

    CERN Multimedia

    GS Department

    2009-01-01

    The Medical Service and the CERN and ESO Pensioners Association invite CERN pensioners to a series of presentations given by professors and specialists at the University Teaching Hospitals and the Faculty of Medicine at the University of Geneva on the subject of: PROMOTION OF OPTIMUM BRAIN AGEING The final series of presentations will be held in CERN’s Main Auditorium (Building 500) on: Wednesday, 25 February 2009, from 2:30 p.m. to 4:30 p.m. What is cerebral reserve ? Historique et importance de la notion de «réserve cérébrale» Prof. Ezio GIACOBINI Intervention de la réserve cérébrale sur les troubles de la cognition Prof. Jean-Pierre MICHEL Comment est-il possible d’évaluer la réserve cérébrale? Prof. Gabriel GOLD Projet de recherche «Optimum Brain Ageing» - Aspects méthodologiques - Dr François HERRMANN -\tAspects pratiques - Dr Dina ZEKRY The presentations will be given in French with overheads in English and will be followed by a wide-rangin...

  14. REGIONAL DYNAMICS OF PRIVATE PENSION FUNDS IN ROMANIA

    OpenAIRE

    Dan Constantinescu

    2011-01-01

    The number of participants in the private pension funds, as well as the volume of their contribution, differs significant in each development region. It goes without saying that the territorial distribution of the indicators related to pension funds are influenced, on the one hand, by the offer of these financial products, which we estimate counting the number of marketing agents authorized by the supervisory committee and, on the other hand, by the solvent demand, which is also determined by...

  15. [Disability pensions in young age in Norway during 1976-1996].

    Science.gov (United States)

    Bjerkedal, T

    1998-06-10

    A 15% increase in the incidence of 16 to 24-year olds drawing disability pension was observed in Norway from 1976 to 93. This increase is mainly a consequence of the higher numbers of pensioners because of birth defects and mental retardation. Prevalence of these conditions, which are clearly related to pregnancy, delivery, and inheritable disorders, may have increased as a consequence of the improved survival of newborn babies observed during the last two decades. A 50% increase in the incidence of disability pensions among 16 to 24-year olds has occurred in the three-year period from 1994 to 96. The higher rate is most probably a consequence of the restrictions in rehabilitation benefits introduced in 1993, and the resultant difficulties in obtaining employment. The higher incidence is a clear indicator of the need to increase assistance for the disabled in order to avoid their being pensioned at a young age.

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

    Directory of Open Access Journals (Sweden)

    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.

  17. The 'Invisible' Metal Particles in Catalysis

    NARCIS (Netherlands)

    Koningsberger, D.C.; Diaz-Moreno, S.; Muñoz-Paez, A.

    1997-01-01

    An easy, reliable and straightforward method to determine the sizes of small metal particles in supported metal catalyst which are invisible for most techniques (chemisorption, XRD, HRTEM) is presented. The technique we consider more appropriate is EXAFS, because it detects metal metal bonds even

  18. Axions: on the way to invisibility

    International Nuclear Information System (INIS)

    Girardi, G.

    1982-01-01

    We present a survey of the theoretical motivation which lead to the axion and we summarize its properties. A brief account of the experimental situation is given, which in addition to cosmological constraints imposes to the axion the way of invisibility in Grand Unified Theories

  19. The 'invisible hand': regulation of RHO GTPases by RHOGDIs.

    Science.gov (United States)

    Garcia-Mata, Rafael; Boulter, Etienne; Burridge, Keith

    2011-07-22

    The 'invisible hand' is a term originally coined by Adam Smith in The Theory of Moral Sentiments to describe the forces of self-interest, competition and supply and demand that regulate the resources in society. This metaphor continues to be used by economists to describe the self-regulating nature of a market economy. The same metaphor can be used to describe the RHO-specific guanine nucleotide dissociation inhibitor (RHOGDI) family, which operates in the background, as an invisible hand, using similar forces to regulate the RHO GTPase cycle.

  20. The invisible hand: regulation of RHO GTPases by RHOGDIs

    Science.gov (United States)

    Garcia-Mata, Rafael; Boulter, Etienne; Burridge, Keith

    2011-01-01

    Preface The 'invisible hand' is a term originally coined by Adam Smith in the Theory of Moral Sentiments to describe the forces of self-interest, competition, and supply and demand that regulate the resources in society. This metaphor continues to be used by economists to describe the self-regulating nature of a market economy. The same metaphor can be used to describe the RHO-specific guanine nucleotide dissociation inhibitor (RHOGDI) family, which operates in the background, as an invisible hand, using similar forces to regulate the RHO GTPase cycle. PMID:21779026

  1. Slow light invisibility, teleportation, and other mysteries of light

    CERN Document Server

    Perkowitz, Sidney

    2011-01-01

    Slow Light is a popular treatment of today's astonishing breakthroughs in the science of light. Even though we don't understand light's quantum mysteries, we can slow it to a stop and speed it up beyond its Einsteinian speed limit, 186,000 miles/sec; use it for quantum telecommunications; teleport it; manipulate it to create invisibility; and perhaps generate hydrogen fusion power with it. All this is lucidly presented for non-scientists who wonder about teleportation, Harry Potter invisibility cloaks, and other fantastic outcomes. Slow Light shows how the real science and the fantasy inspire

  2. Changes in Canada pension plan disability rules hold implications for physicians.

    Science.gov (United States)

    Romaniuk, A

    1995-12-15

    Recent legislative changes to the Canada Pension Plan (CPP) have significantly altered eligibility requirements for disability pensions. A CPP medical adviser explains how the changes affect physicians and examines the federal government's definition of "disability."

  3. 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…

  4. Danish Taxation of Pensions in the Perspective of EU Law

    DEFF Research Database (Denmark)

    Rønfeldt, Thomas; Werlauff, Erik

    2008-01-01

    The article analyses Danish law on pension taxation, as implemented after the ECJ convicted Denmark in the case C-150/04, Commission v. Denmark, and the article concludes that Danish legislation still is in conflict with EU law, as it favours Danish pension and insurance companies to the detrimen...

  5. A COMPARATIVE STUDY ON THE PROFITABILITY OF TOURISTIC PENSIONS

    Directory of Open Access Journals (Sweden)

    Cristiana TINDECHE

    2013-01-01

    Full Text Available The expansion that rural tourism has witnessed in the late XIXth century was determined by the existence of two reasons: on the one side the revival and development of the rural area, and the other side the alternative tourism form compared to traditional, classic or table tourism. It is known that regardless of the external environment in which tourist accommodation units operate, an important role belongs to the quality of the services offered and the satisfaction level of the customers. This study aimed to comparatively analyze the economic efficiency of the Confort Pension located in a rural area and the Danacris Pension from the urban area. The reason for choosing these two units was that the types of tourism they represent are significant areas of operation, namely leisure tourism ("Confort " Pension from Suceava area and business tourism ("Danacris" Pension fromBucharest. Based on the existing methodology in the specialized literature, specific indicators were calculated in order to highlight economic efficiency. Based on the analysis of the main financial standing indicators and the evolution of income and expenditure one may conclude that both companies were profitable.

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

    Directory of Open Access Journals (Sweden)

    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

  7. Invisible data matrix detection with smart phone using geometric correction and Hough transform

    Science.gov (United States)

    Sun, Halit; Uysalturk, Mahir C.; Karakaya, Mahmut

    2016-04-01

    Two-dimensional data matrices are used in many different areas that provide quick and automatic data entry to the computer system. Their most common usage is to automatically read labeled products (books, medicines, food, etc.) and recognize them. In Turkey, alcohol beverages and tobacco products are labeled and tracked with the invisible data matrices for public safety and tax purposes. In this application, since data matrixes are printed on a special paper with a pigmented ink, it cannot be seen under daylight. When red LEDs are utilized for illumination and reflected light is filtered, invisible data matrices become visible and decoded by special barcode readers. Owing to their physical dimensions, price and requirement of special training to use; cheap, small sized and easily carried domestic mobile invisible data matrix reader systems are required to be delivered to every inspector in the law enforcement units. In this paper, we first developed an apparatus attached to the smartphone including a red LED light and a high pass filter. Then, we promoted an algorithm to process captured images by smartphones and to decode all information stored in the invisible data matrix images. The proposed algorithm mainly involves four stages. In the first step, data matrix code is processed by Hough transform processing to find "L" shaped pattern. In the second step, borders of the data matrix are found by using the convex hull and corner detection methods. Afterwards, distortion of invisible data matrix corrected by geometric correction technique and the size of every module is fixed in rectangular shape. Finally, the invisible data matrix is scanned line by line in the horizontal axis to decode it. Based on the results obtained from the real test images of invisible data matrix captured with a smartphone, the proposed algorithm indicates high accuracy and low error rate.

  8. Report from the Pension Fund

    CERN Multimedia

    2012-01-01

    In this column, the Chairman of the Pension Fund Governing Board (PFGB) presents the Board's latest main decisions, initiatives and accomplishments to the Fund's members and beneficiaries.   Since my last report in July, the Fund has continued the implementation of its capital preservation approach with encouraging results. There have also been several communication events focusing, in particular, on the Fund’s governance and its investment processes. At the September sessions of the Finance Committee and Council, the Chairman of the Pension Fund Investment Committee, Dr Sigurd Lettow, gave comprehensive presentations on the governance and operations of the Fund’s Investment Committee. The Investment Committee is the subsidiary and expert body of the PFGB on investments. Its mandate is to define the process according to which the Fund’s assets - which amount to approximately 3.7 billion Swiss Francs - are invested, and to supervise the implem...

  9. Expanding Canada Pension Plan Retirement Benefits: Assessing Big CPP Proposals

    Directory of Open Access Journals (Sweden)

    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

  10. First search for invisible decays of ortho-positronium confined in a vacuum cavity

    OpenAIRE

    Vigo, C.; Gerchow, L.; Liszkay, L.; Rubbia, A.; Crivelli, P.

    2018-01-01

    The experimental setup and results of the first search for invisible decays of ortho-positronium (o-Ps) confined in a vacuum cavity are reported. No evidence of invisible decays at a level $\\text{Br}\\left(\\text{o-Ps}\\to\\text{invisible}\\right) < 5.9\\times 10^{-4}$ (90% C. L.) was found. This decay channel is predicted in Hidden Sector models such as the Mirror Matter (MM), which could be a candidate for Dark Matter. Analyzed within the MM context, this result provides an upper limit on the kin...

  11. 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

  12. Visualizing the Invisible College: Community among Authors in Top Social Work Journals

    Science.gov (United States)

    Woehle, Ralph

    2012-01-01

    A review of literature related to the existence of an invisible college community among coauthors of articles in top-rated social work journals indicated that an invisible college could promote quality scholarship but that coauthoring might be inadequately studied or valued in social work education. Social network analysis revealed a skeletal…

  13. Invisible Axions and Large-Radius Compactifications

    CERN Document Server

    Dienes, Keith R.; Gherghetta, Tony; Dienes, Keith R.; Dudas, Emilian; Gherghetta, Tony

    2000-01-01

    We study some of the novel effects that arise when the QCD axion is placed in the ``bulk'' of large extra spacetime dimensions. First, we find that the mass of the axion can become independent of the energy scale associated with the breaking of the Peccei-Quinn symmetry. This implies that the mass of the axion can be adjusted independently of its couplings to ordinary matter, thereby providing a new method of rendering the axion invisible. Second, we discuss the new phenomenon of laboratory axion oscillations (analogous to neutrino oscillations), and show that these oscillations cause laboratory axions to ``decohere'' extremely rapidly as a result of Kaluza-Klein mixing. This decoherence may also be a contributing factor to axion invisibility. Third, we discuss the role of Kaluza-Klein axions in axion-mediated processes and decays, and propose several experimental tests of the higher-dimensional nature of the axion. Finally, we show that under certain circumstances, the presence of an infinite tower of Kaluza...

  14. Inequality of pension arrangements among different segments of the labor force in China.

    Science.gov (United States)

    Wu, Ling

    2013-01-01

    Social security for older people in China today has been established institutionally. However, there are substantial problems such as coverage, affordability, fund management, and corruption. This paper aims to provide a general picture of China's social security system for older people and to argue that the inequality of pension arrangements among different segments of the labor force is one of the most conspicuous problems challenging the Chinese government. Four unequal aspects of the pension system concerning the financing resources and pension levels are examined in this paper: (1) unequal institutional arrangements among different sectors, (2) unbalanced governmental expenditure in pension provision, (3) an increasing gap in pension levels between urban and rural areas, and (4) uncovered groups such as the unemployed and self-employed. Historical, economic, and political reasons all contribute to this unequal institution under transition from socialism to a market-oriented economy. At present, it is urgent for the central government to take measures to integrate the various pension arrangements into the unified Old Age Insurance and to reduce the gaps among different regions.

  15. 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.

  16. Does our Pension Fund take too many risks?

    CERN Multimedia

    Association du personnel

    2012-01-01

    An article in the Tribune de Genève of 22 June entitled “CERN: the Pension Fund takes risks” expressed the “astonishment” of some Swiss experts regarding the CERN Pension Fund’s investment of 500 million dollars in hedge funds (usually the most speculative, alternative, and non-traditional type of funds), representing some 15% of the assets under management. In the article, Mr Théodore Economou, administrator of our Pension Fund, specified that the Fund makes use of alternative investments in a very selective way (ethical criteria, no positions in funds that use only short selling, and with limitations on leverage). Some experts consider that the Fund is taking too many risks. We need to recall that the performance target (3% above inflation, or 5% gross) does not allow the Fund to limit its investments to risk-free products (e.g., the Swiss Confederation’s 30-year bonds have a return of less than 1% per annum). Moreover, take...

  17. Does our Pension Fund take too many risks?

    CERN Multimedia

    Staff Association

    2012-01-01

    An article in the Tribune de Genève of 22 June entitled “CERN: the Pension Fund takes risks” expressed the “astonishment” of some Swiss experts regarding the CERN Pension Fund’s investment of 500 million dollars in hedge funds (usually the most speculative, alternative, and non-traditional type of funds), representing some 15% of the assets under management. In the article, Mr Théodore Economou, administrator of our Pension Fund, specified that the Fund makes use of alternative investments in a very selective way (ethical criteria, no positions in funds that use only short selling, and with limitations on leverage). Some experts consider that the Fund is taking too many risks. We need to recall that the performance target (3% above inflation, or 5% gross) does not allow the Fund to limit its investments to risk-free products (e.g., the Swiss Confederation’s 30-year bonds have a return of less than 1% per annum). Moreover, tak...

  18. Trends Regarding the Evolution of the Romanian Pension System

    Directory of Open Access Journals (Sweden)

    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.

  19. 77 FR 56710 - Proposed Information Collection (Veteran's Application for Compensation and/or Pension) Activity...

    Science.gov (United States)

    2012-09-13

    ... (Veteran's Application for Compensation and/or Pension) Activity: Comment Request AGENCY: Veterans Benefits.../or pension benefit sought. DATES: Written comments and recommendations on the proposed collection of... information technology. Titles: a. Veteran's Application for Compensation and/or Pension, VA Form 21-526. b...

  20. Pensionäride probleemid jõuavad Euroopa Komisjoni / Arvo Einre ; interv. Asse Soomets

    Index Scriptorium Estoniae

    Einre, Arvo, 1931-2012

    2005-01-01

    Eesti Pensionäride Ühendus sai Euroopa Komisjoni eakate nõukojalt (The European Older People Platform) kutse 31. märtsil Brüsselis toimuvale AGE töökoosolekule, kus käsitletakse pensionäride olukorda EL-i liikmesriikides. Eesti esindajana sõidab üritusele Eesti Pensionäride Ühenduse aseesimees Arvo Einre