scholarly journals Otwarte Fundusze Emerytalne — przegląd istotnych zmian ustawodawstwa w latach 1999–2019

2019 ◽  
Vol 28 ◽  
pp. 313-336
Author(s):  
Adam Andrzej Koronkiewicz
Keyword(s):  
Pension Fund ◽  
Pension System ◽  
Comparative Method ◽  
Pension Funds ◽  
Legal Analysis ◽  
Legal Text ◽  
The Subject ◽  
Legislative Changes

Tematyka niniejszego artykułu skupia się na wyodrębnieniu i opisaniu istotnych zmian ustawodawstwa dotyczącego funkcjonowania Otwartych Funduszy Emerytalnych OFE jako instytucji realizujących zadania kapitałowego filaru polskiego systemu emerytalnego. Celem opracowania jest ocena, czy poszczególne nowelizacje były zmianami paradygmatycznymi czy parametrycznymi, czy miały ograniczający wpływ na funkcjonowanie OFE oraz czy można je zakwalifikować do długofalowego procesu wygaszania rynku tych instytucji. W artykule zastosowano dogmatycznoprawną analizę tekstu prawnego, zarówno obowiązujących aktów prawnych, jak i ich historycznych wersji, przy wykorzystaniu metody porównawczej. Phasing-out of the Open Pension Fund market — revision of the legislative changes over the years 1999–2019This article focuses on the subject of the separation and description of significant changes in legal acts that are the basis for the activity of Open Pension Funds OFEs as institutions that perform the tasks of the capital pillar in the Polish pension system. The aim of the study is to assess whether individual amendments were structural or parametric changes, whether they had a limiting effect on the activity of open pension funds and whether they could be qualified for the long-term phasing-out process of the market of these institutions. The article uses dogmatic legal analysis of the legal text, both legal acts in force and their historical versions using the comparative method.

scholarly journals PORTFOLIO AND BENCHMARK RETURNS OF PRIVATE PENSION FUNDS: A COMPARATIVE ANALYSIS FOR TURKEY

2020 ◽  
Vol 8 (5) ◽  
pp. 3891-3910
Author(s):  
Fatih KAYHAN ◽  
Mehmet İSLAMOĞLU ◽  
Mehmet APAN
Keyword(s):  
Capital Market ◽  
Pension Fund ◽  
Pension System ◽  
Pension Funds ◽  
Private Pension ◽  
Regulatory Structure ◽  
Portfolio Returns ◽  
Pension Fund Management ◽  
Portfolio Structure

The purpose of this study is to ascertain whether pension fund returns are in line with benchmark returns taking into account the regulatory structure in Turkey. The methodology of the study is the cumulative portfolio returns. Data is retrieved from TEFAS Platform and official web site of Capital Market Board of Turkey. Portfolio and benchmark of pension funds are compared. Only standard pension funds are covered within the scope of voluntary pension funds of Turkey. Findings are as follows; Portfolio returns and benchmark returns are in line significantly. The results are partly attributable to the regulations about pension fund management and portfolio structure. The paper also shows that in the long term, the volatility of returns decreases and returns prove to conform with the primary purpose of the private pension system.                            

scholarly journals Problems of application of the provisions of the law on the prohibition of withdrawal of assets of public pension funds located in liquidated banks

2020 ◽  
pp. 286-291
Author(s):  
Oleh Oliinyk
Keyword(s):  
Pension Fund ◽  
Pension System ◽  
Pension Funds ◽  
Private Pension ◽  
Practical Application ◽  
Long Term Storage ◽  
The Law ◽  
Legal Mechanism ◽  
Term Storage

The article analyzes the current legislation of Ukraine on private pension funds provision and liquidation of banks. In particular,the inability of a private pension fund to be the owner of pension assets, which are accumulated in it, identified and described by thestatutory guarantees of preservation of pension assets, is analyzed and substantiated. The practice of application of the specified provisionsof the law by courts is analyzed. The problem of practical application of the guarantees of preservation of pension assets definedby the law is revealed and the general ways of the decision of this problem are offered.Today Ukraine is preparing for the practical introduction of the second level of the pension system – mandatory pension accumulation,which should ensure the long-term accumulation, investment and safekeeping of pension assets of future retirees. Thus thereliability of the functioning of all levels of the pension system of Ukraine requires reliable long-term storage of pension assets. In particular,there is the issue of protecting the safety of pension assets during the bankruptcy of custodian banks of pension assets.The current legislation of Ukraine contains norms that guarantee the preservation of pension assets. But in practice there arewidespread cases of non-return of pension assets to private pension funds from liquidated banks. Therefore, there is an urgent need toidentify the source of this problem and suggest ways to solve it. Ukrainian legislation needs to be improved in terms of establishing a clear legal mechanism and normatively setting deadlinesfor the Fund to return deposits of individuals to private pension funds of pension assets owned by insured individuals participating insuch funds, and accumulated and accounted for in such funds.

scholarly journals Czasowy całkowity zakaz reklamy otwartego funduszu emerytalnego

Ekonomia ◽  
2016 ◽  
Vol 22 (2) ◽  
pp. 43-55
Author(s):  
Sebastian Jakubowski
Keyword(s):  
Economic Analysis ◽  
Scientific Method ◽  
Pension Fund ◽  
Pension System ◽  
Pension Funds ◽  
Constitutional Court ◽  
Economic Analysis Of Law ◽  
Main Thesis ◽  
The Subject

Temporary Total Prohibition of Open-end Pension Fund Advertising The paper discusses the effects of temporary total prohibition of Open-end Pension Fund advertising. This prohibitive regulation was in force in the years 2014–2015 and has raised many controversies, and ultimately became the subject of the Constitutional Court summons. The main thesis of the article is that temporary total prohibition of Open-end Pension Fund advertising has contributed to a decrease in the amount of contributions paid to Open-end Pension Funds and started the process of gradual and informal phasing-out of funded part of pension system in Poland. The scientific method used in this paper is economic analysis of law.

Long-Term Rates of Interest in the Valuation of a Pension Fund

1976 ◽  
Vol 21 (03) ◽  
pp. 286-340 ◽  
Author(s):  
C. D. Daykin
Keyword(s):  
Pension Fund ◽  
Pension Funds ◽  
Insurance Companies ◽  
Common Misconception ◽  
The Future

1. It seems to be a common misconception outside the actuarial profession that those within that illustrious body are mysteriously able to peer into their crystal balls and come up with prophetic answers about the future progress of pension funds, insurance companies and other allied matters. The appearance of an actuarial report with its air of finality and disclosure of a definite surplus, deficiency, bonus declaration or whatever it may be, only endorses the impression that the actuary is reporting on the unique and unquestionable answer to the problem in hand.

scholarly journals Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?

2010 ◽  
Vol 9 (1) ◽  
pp. 151-166
Author(s):  
Magdalena Zaleczna ◽  
Rafał Wolski
Keyword(s):  
Pension Fund ◽  
Pension Funds ◽  
Capital Allocation ◽  
Portfolio Diversification ◽  
Financial Resources ◽  
Constant Flow ◽  
Real Property ◽  
Return Levels ◽  
Entire Economy

Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?The pension fund investments should be characterised by a long term, low risk and profitability, which implicates the necessity of portfolio diversification. In general, pension funds having regular long-term contributions should develop the long-term policy and its effects would be responsible for the economic position of their future beneficiaries. The ways of capital allocation are also critical in terms of the entire economy, as a constant flow of financial resources provided by pension funds stimulates the activity of its recipients. The typical assets in a pension fund's portfolio in the developed economy are stocks, bonds and real property owing to low (negative) correlation between these assets and their diversified potential. The legal investment limits imposed on the Polish pension funds exclude direct investment in real property, which is responsible - in the authors' opinion - for the lower level of diversification and hinders the risk reduction. The authors analyze the Polish pension fund portfolios focusing on risk and return levels. The aim of the study is to find the answer to the important question about the results of hypothetically added real property to the portfolios of pension funds.

Evaluating the impact on saving of tax-favored retirement plans

2013 ◽  
Vol 13 (1) ◽  
pp. 62-87 ◽  
Author(s):  
MONICA PAIELLA ◽  
ANDREA TISENO
Keyword(s):  
Pension Fund ◽  
Pension Funds ◽  
Retirement Plans ◽  
Household Saving ◽  
Pension Schemes ◽  
The Social ◽  
Recent Reform ◽  
The Impact ◽  
Retirement Wealth

AbstractThis paper exploits a recent reform of private pension schemes in Italy to identify the impact on household saving of tax-favored retirement saving plans. The reform was part of the restructuring of the social security system and was aimed at rising private long-term saving by making pension funds more attractive and convenient. We control for unobserved saver heterogeneity and a central focus is on substitution across saving instruments. We find that the pension fund legislation had a strong effect on the allocation of saving and triggered substantial substitution of non-tax-favored non-retirement wealth for tax-favored pension funds. In contrast, we find that it had little, if any effect on household saving flows. Our findings also suggest that the provision of ‘closed’ pension funds might significantly affect the decision to invest in private retirement schemes.

Institution of Banking Pension Provisions: Preconditions, Nature, Competition with Traditional Institutions

2015 ◽  
Vol 2015 (2) ◽  
pp. 27-55
Author(s):  
Yuriy Ezrokh
Keyword(s):  
Financial Institutions ◽  
Pension Fund ◽  
Pension System ◽  
Pension Reform ◽  
Banking System ◽  
Pension Funds ◽  
Econometric Analysis ◽  
Traditional Institutions ◽  
State Pension ◽  
Pension Benefits

The article analyzes the pension reform implemented in Russia in 2013–2014, provides the modeling of possible pensions, determines the efficiency boundaries for the use of insurance and savings-insurance schemes offered by the Pension Fund of Russia. The author examines the activities and effectiveness in managing pension savings and reserves from non-state pension funds, especially the system of voluntary savings insurance. The study identifies the challenges faced by these financial institutions, which constrain the development of the Russian pension system. Drawing on logical and econometric analysis the author identifies the competitive opportunity for banks to participate in the Pension Benefits Act, calculates the proposals’ efficiency for future retirees and the banking system as a whole, determines the contribution of the proposed solutions to enhanced competition and more competitive banking environment.

scholarly journals Private Pension Fund Performance and Comparison with Basic Investment Instruments in Turkey

2015 ◽  
Author(s):  
Turgut Özkan ◽  
Özge Demirkale
Keyword(s):  
Pension Fund ◽  
Fund Performance ◽  
Pension Funds ◽  
Private Pension ◽  
Portfolio Performance ◽  
Social Expectation ◽  
The Social ◽  
Retirement Funds ◽  
Additional Income

In 2001, after the preparation of legal infrastructure in Turkey, private pension fund system started to be complementary to the Social Security system. There are many expectations from the private pension fund system both socially and economically. Social expectation is to direct individuals to alternative investment instruments to provide additional income for retirement. Economic expectation is to provide long-term funding to support the economic development. Pension fund companies have the most important responsibility to meet these expectations. In this study, the profits of investment instruments and individual pension funds are compared in a long term perspective, using three basic portfolio performance measures. The term between January 2004 and September 2014 have been considered. Investment alternatives have been discussed in detail. BIST100, deposit, gold and currency basket (USD+EUR) are the investment instruments that are compared with individual pension funds. In addition, individual pension funds have been analyzed on company basis and the achievements of the pension fund companies have been revealed during the term mentioned above. According to our analysis, it has been concluded that personal retirement funds lost value considerably, especially due to inflation.

scholarly journals DEVELOPMENT OF NON-STATE PENSION FUNDS OF UKRAINE: PROBLEMS AND PERSPECTIVES

2021 ◽  
Author(s):  
Natalya Tataryn ◽  
Kateryna Zakorko ◽  
Sofia Kozar
Keyword(s):  
Pension Fund ◽  
Pension System ◽  
Public Awareness ◽  
Pension Funds ◽  
The State ◽  
Private Pension ◽  
State Pension ◽  
Private Pension System ◽  
State Pension Funds ◽  
Legal Entities

The article considers topical issues of determining the current state of development of the private pension system in Ukraine, and defines the concept of "private pension fund". In economic essence, the system of non-state pension fund is defined as an integral part of the system of accumulative pension provision, based on voluntary participation of individuals and legal entities in the formation of pension savings in order to receive additional pension contributions. Problems that hinder the development of private pension funds, namely the shadowing of wages and labor relations, lack of public awareness, lack of legislation are identified. The functioning of private pension funds in the country depends not only on reforming the existing pension system, but also on the growth of incomes, their de-shadowing and development of the financial market in general. The current pension system is not able to provide the population with the necessary pension assets. This problem can be solved by intensifying the activities of private pension funds. Emphasis is placed on the need and importance of a voluntary private pension system and its role in ensuring the development of the state economy. As world experience shows, in a market economy, the development of private pension funds is one of the important components to ensure effective functioning of the state. Private pension funds are powerful investment investors because they can mobilize additional investment resources. The main purpose of investing pension assets is to preserve the savings of the population. The main indicators of activity of non-state pension funds are analyzed, namely: pension contributions, pension payments, the number of concluded pension contracts, the amount of investment income, etc. Further trends in the development of private pension provision in Ukraine are noted, substantiated the necessary measures to intensify activities in modern economic conditions, proposed recommendations for solving existing problems of institutions. However, in implementing the proposed measures should be remembered participation of both individuals and legal entities.

scholarly journals The Main Reasons and Goals of the Pension Reform in Georgia

Economics ◽  
2021 ◽  
Vol 104 (3-5) ◽  
pp. 7-16
Author(s):  
Nato Gegenava Nato Gegenava ◽  
Tamar Abuashvili Tamar Abuashvili
Keyword(s):  
Pension Fund ◽  
Pension System ◽  
Pension Reform ◽  
Power Level ◽  
State Funding ◽  
Retirement Age ◽  
Subsistence Level ◽  
Pension Income ◽  
Social Pension

The concept of pension reform is a government’s plan to improve the pension system and reflects the long-term risks and takes into account the socio-economic reality in the country. The aim of the reform is to protect better existing retirees from poverty through indexation, which is guaranteed to maintain the retiree's purchasing power level; Providing the next generation of retirees with a higher pension income, which will be directly proportional to the income received during the employment period and the profit of the pension fund. The private pension system will allow employed citizens to plan better their retirement age and not depend only on state funding and be able to mobilize a certain amount before reaching retirement age. The need for reform stems from negative factors such as: an increase in the number of people of retirement age, a decrease in the birth rate, a decrease in the working age population, migration processes, etc. Analysis of the existing system show that it is impossible to maintain or improve the existing replacement ratio only in the medium and long term at the expense of state funding. The private accumulation model will be an additional component of the pension system, which will contribute to a significant increase in the replacement rate. The existence of a private accumulation system will make it possible to define better the fundamental principle of social pension, which implies protection of the population of retirement age from poverty. To achieve this goal, it is important that the social pension does not fall below the subsistence level and also that the pension should be increased at least in parallel with inflation or in the event of economic growth above inflation. Keywords: Pension system, Reform, Pension fund, Government, Population.

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