scholarly journals ORGANIZATIONAL PROBLEMS OF FUNCTIONING OF ACCUMULATIVE AND DISTRIBUTION PENSION SUBSYSTEMS IN UKRAINE

2020 ◽  
Author(s):  
Tetyana Kulinich ◽  
◽  
Illya Zhayvoronok ◽  
Keyword(s):  
Financial Stability ◽  
Budget Deficit ◽  
Distribution Systems ◽  
Pension Fund ◽  
Pension System ◽  
Developed Countries ◽  
Oecd Countries ◽  
Distribution Models ◽  
Pension Systems ◽  
The World

Despite the number of reforms, the issue of improving the pension system in Ukraine remains quite acute. The low replacement rate and the marked increase in public pension expenditures, caused by the sharp increase in the budget deficit of the pension fund of Ukraine, show that the national pension system is one of the least efficient pension systems in the world. The article considers the structure of pension systems of developed countries, which in their absolute majority are combined. The mixed type of pension system is the most effective in terms of financial stability and the level of paid pensions. In its pure form, cumulative and distribution models are not common in world practice. The indicator of the coefficient of replacement of pension subsystems of OECD countries is presented and conclusions are drawn about their efficiency. The basic models of management of accumulative pension funds are summarized. Based on the analyzed data, it is obvious that in most leading countries of the world the basis of pension provision is the distribution subsystem. With rare exceptions, the bulk of the substitution factor is created within distribution systems. Accumulation systems can also play a significant role. Comparing data on replacement rates in Ukraine with the countries of OECD, it is clear that by 2019 the situation in Ukraine is one of the worst. The ratio of the average pension to the average salary in Ukraine is 2 times lower than the average for the OECD countries. Analysis of world practice leads to the conclusion that to increase the level of pensions requires simultaneous strengthening of the distribution and development of the accumulative parts of the pension system. The analysis of functioning of each subsystem of pension provision in Ukraine is carried out. The problems of functioning of the distribution pension subsystem in Ukraine during the last years are described. The dynamics of the budget deficit of the Pension Fund of Ukraine is graphically presented. The reasons for refusing to introduce the compulsory pension subsystem have been identified. The results of the activity of the voluntary accumulative pension subsystem are analyzed. The directions of im-provement of functioning of the pension system of Ukraine are defined.

scholarly journals THE MAIN DIRECTIONS OF PENSION SYSTEMS DEVELOPMENT IN THE WORLD AND IN UZBEKISTAN

2021 ◽  
pp. 119-122
Author(s):  
Makhmudjon Djurakulovich Ziyadullaev
Keyword(s):  
Social Policy ◽  
Pension Fund ◽  
Social Protection ◽  
Transition Period ◽  
Pension System ◽  
Systems Development ◽  
Factors Affecting ◽  
Pension Systems ◽  
The World ◽  
The Republic

This article highlights the world experience of the pension system and social protection of citizens, social policy in the transition period to a market economy, in addition, having pension systems and the main directions for their development, the main demographic factors affecting the pension system. It also describes the reforms carried out in recent years in the Republic of Uzbekistan, benefits provided to pensioners, and current problems of the pension system, as well as substantiated proposals for improving pension legislation. KEY WORDS: old-age pension, pension system, pension, social protection, benefits, social assistance, pension fund.

scholarly journals The main priorities of using and managing the funds of the unified accumulative pension fund of the Republic of Kazakhstan

2021 ◽  
pp. 54-61
Author(s):  
B. A. Zhakupova ◽  
S. I. Igilmanova ◽  
N. B. Kalyuzhnaya ◽  
B. S. Bimbetova
Keyword(s):  
Pension Fund ◽  
Pension System ◽  
Pension Reform ◽  
Rapid Development ◽  
Developed Countries ◽  
Pension Funds ◽  
The State ◽  
Gradual Transition ◽  
The World ◽  
The Republic

The purpose of the article is the formation of an optimal model of pension provision of citizens in accordance with the modern market economy on the most important issues arising in the accumulative pension system of the Republic of Kazakhstan, strengthening its theoretical, methodological and legal foundations. The Republic of Kazakhstan was one of the first CIS countries to start pension reform 24 years ago. The main goal is to establish the personal responsibility of each citizen of Kazakhstan for his financial situation when reaching retirement age. In this regard, when implementing the reform, the state policy envisaged a gradual transition from the application of the principle of cooperation between generations to independent savings in pension funds. The pension reform in Kazakhstan was carried out optimally and the World Bank recognized it as one of the most successful reforms. The accumulative pension system plays a significant role in the life of the country, the development of the stock market and the improvement of the national economy, the distribution of long-term investments at the expense of domestic savings to increase the competitiveness of the country. In order to become one of the 30 effectively developed countries of the world, the state has created high standards of living for the citizens of Kazakhstan by improving the level and quality of pension provision. For this, one of the most important components of the economic and social conditions of the population is that accumulative pension funds in Kazakhstan should develop further, and the pension system should be competitive. The main pillar of the accumulative pension system in the country is the improvement of the accumulative pension fund and effective pension provision, which forms the basis of the future population. In the conditions of modern globalization and rapid development of financial markets, the financial position of the accumulative pension fund, a participant in the financial market, and its effective functioning are in the first place.

scholarly journals FINANCIAL STABILITY OF THE SOLIDARITY PENSION SYSTEM IN UKRAINE

2019 ◽  
pp. 471-480
Author(s):  
О. Сhebereyako ◽  
◽  
V.. Bykova
Keyword(s):  
Financial Stability ◽  
Social Insurance ◽  
Pension Fund ◽  
Pension System ◽  
The Elderly ◽  
Government Budget ◽  
The Public ◽  
Revenue Collection ◽  
Accumulation System ◽  
The Government

The article is devoted to actual issues of public finance – old-age income support and social security in the twenty-first century. For this reason, government has tried to guarantee old-age’s pension eligibility. In our country pension system is presented with three-level pension system, which join mandatory and voluntary components – solidary system (first level), compulsory accumulation system (not exist now) and private pension system. According to Ukrainian’s pension model, basic and minimum pensions are funded by solidary system or PAYG (“Pay-As-You-Go”) system. As the results, maintains of sufficient financial resources of Pension fund’s budget is very important for financial stability of pension system. The authors show the relationship between sufficient financial support for the elderly in Ukraine and the financial capacity of the solidarity pension system. It was found that in order to form a financially stability pension system, it is necessary to ensure a sufficient amount of own pension fund revenues and avoiding deficit of the Pension Fund’s budget. So, the main indicators of current PAYG system in Ukraine include the public pension expenditures and deficit of the Pension Fund. The article presents dynamics of revenues to the Pension Fund of Ukraine and structure of own pension fund revenues and allocations from the government budged. According to author’s research, the main source of revenue collection of the Pension fund’s budget in Ukraine is the budget’s transfers. О. Чеберяко, В. Бикова ISSN 2078-5860 ФОРМУВАННЯ РИНКОВОЇ ЕКОНОМІКИ В УКРАЇНІ. 2019. Вип. 41 480 The budget expenditures in the structure of income of the pension fund are also analyzed. The total amount of the government budget expenditures that are directed to financing the pension fund are about twenty percent. In our opinion, the key reasons of the “lack of own income” are the shadowing of the economy, the macroeconomic situation, the low minimum wage, the existence of a limit on the maximum amount of wages, which accrues percent of social contribution. As a conclusion, the authors suggest measures for solving the issue of “lack of own income” of the Pension Fund of Ukraine – rising the retirement age, labor market’s reforming, increasing insurance fees and implement compulsory accumulation system. The analytical materials and conclusions can be useful for following researches of finding solutions for achieving the financial stable Pay-You-Go system. Key words: pension system, The Pension fund, social insurance payments, deficit of The Pension fund, government budget.

scholarly journals A Critical View on Pension Savings in Slovakia

2021 ◽  
Vol 101 (4) ◽  
pp. 370-382
Author(s):  
Jana Špirková ◽  
Martin Dobrovič ◽  
Miroslava Vinczeová
Keyword(s):  
Pension System ◽  
Investment Fund ◽  
Monthly Basis ◽  
Critical View ◽  
Pension Systems ◽  
Administrative Costs ◽  
The World ◽  
Almost All

In almost all countries around the world, pension systems are based on several pillars. This is also the case of Slovakia with its three-pillar pension system. The paper presents a case study underlying the risks that can seriously affect the amount of future pensions. The case study clearly indicates that current pensions in Slovakia paid under all three pillars do not correspond with the expectations from the implementation of the three-pillar pension system. The aim of the paper is to the risks that can seriously affect the amount of future pensions. Our own contribution is the determination of the amount of pension for a specific pensioner specified in the presented case study. Within the saving phase of pension contributions the development of investment fund returns, the amount of future pensioner´s contributions, as well as administrative costs are analyzed on a monthly basis. The payout phase is modelled using actuarial functions applying the mortality tables of Slovakia.

Chapter II. The World Economy

1974 ◽  
Vol 70 ◽  
pp. 23-37
Keyword(s):  
United States ◽  
World Economy ◽  
Developed Countries ◽  
The United States ◽  
Oecd Countries ◽  
The Other ◽  
Industrial Countries ◽  
The World ◽  
World Economic ◽  
Economic Position

The world economic position and prospects have worsened further in the last three months. In the United States and Japan, in particular, recessionary conditions are proving to be more marked and more prolonged than we had expected, and it looks as though by the end of the year all the major industrial countries, with the possible exception of France, will have experienced at least one quarter in which output has fallen or at best shown no appreciable rise. The other developed countries have fared better, but we no longer expect there to be any growth of output in the OECD area either in the second half of the year or in the year as a whole. In 1975 the position should be rather better, at least by the second half. We expect OECD countries' aggregate GNP to grow by about 2 per cent year-on-year and nearly 3 per cent between the fourth quarters of 1974 and 1975.

A Crisis of Longer Life: Reforming Pension Systems

1999 ◽  
Vol 5 (1) ◽  
pp. 55-113 ◽  
Author(s):  
C.D. Daykin ◽  
D. Lewis
Keyword(s):  
European Union ◽  
Latin America ◽  
Social Security ◽  
Eastern Europe ◽  
Central And Eastern Europe ◽  
Oecd Countries ◽  
Demographic Ageing ◽  
Pension Systems ◽  
Pension Schemes ◽  
The World

ABSTRACTSocial security pension schemes around the world are facing a number of problems, of which demographic ageing is the most commonly discussed. This paper provides an overview of expected future demographic developments in European Union and some other OECD countries, and evaluates some of the range of solutions which have been, or are being, considered to address this and other problems facing social security in the late 1990s, drawing on examples from OECD countries, from Latin America and from central and eastern Europe. Consideration is given to the possibilities for increasing the level of funding in social security pension schemes or developing funded complementary pension schemes.

scholarly journals FINANCIAL AND SOCIAL SUSTAINABILITY PENSION SYSTEMS IN THE FACE OF DEMOGRAPHIC RISKS

2017 ◽  
Vol 5 ◽  
pp. 331-336
Author(s):  
Alexander Nepp ◽  
James Okrah
Keyword(s):  
Distribution System ◽  
Pension Fund ◽  
Pension System ◽  
Financial Sustainability ◽  
Macroeconomic Factors ◽  
Pension Systems ◽  
The Status ◽  
The Face ◽  
The Russian Federation ◽  
Main Instrument

The ongoing distribution of the pension system is on the threshold of losing its sustainability, financially, which has produced a deficit in the budget of the Pension Fund of the Russian Federation and the deflection of pension funds to the distribution system in 2014. This situation was to some extent caused by demographic risks. Funded systems could become the main instrument for mitigating the demographic problem of the distribution pension system. But the problem is, these systems are unprotected to demographic risks as well.The paper examines the effect of demographic uncertainty on funded pension systems. It describes the process necessary for the financial sustainability of a funded pension system under the force of demographic and macroeconomic factors. It explores the conformity of Russian funded pension systems and that of OECD countries with the status of financial sustainability in the time from 1958 to 2012, making a prognosis for the financial viability prospects.

scholarly journals Controlling a demographic wave in defined contribution pension systems

2018 ◽  
Vol 27 (2) ◽  
pp. 1-18
Author(s):  
Massimo Angrisani ◽  
Cinzia di Palo
Keyword(s):  
Baby Boomers ◽  
General Principle ◽  
Pension System ◽  
Developed Countries ◽  
Intergenerational Equity ◽  
Defined Contribution ◽  
Theoretical Profile ◽  
Pension Systems ◽  
Pension Schemes ◽  
Operating Method

Abstract In several developed countries, the baby boomers will come to retire in the next decades. This problem will threaten the sustainability and the intergenerational equity of mandatory pay-as-you-go pension systems because they will have to drain the “demographic wave” of retirees with a relatively small number of contributors. In this paper, we give the operating method developed on the basis of a general principle, which a defined contribution pension system, in a state of stable sustainability, should adopt to control these issues in the presence of a demographic wave. In the theoretical profile, our approach breaks and overcomes the classical juxtaposition between funded and pay-as-you-go pension schemes, carrying out the integration of the two financial methods.

scholarly journals Pension fund governance: The Polish experience

2014 ◽  
Vol 11 (3) ◽  
pp. 349-357
Author(s):  
Adam Samborski
Keyword(s):  
Pension Fund ◽  
Pension System ◽  
Pension Funds ◽  
Small Fragment ◽  
Fund Management ◽  
Pension Systems ◽  
Pension Fund Management ◽  
Polish Experience ◽  
Fund Governance

Despite a comprehensive pension related debate held on the governmental level and in media in Poland, little time was spent, however, on discussing nature and usefulness of governance in the context of pension systems aimed at would-be-pensioners. Attention is predominantly paid to the role of governance for investments. Unfortunately, governance is not addressed, with reference to pension funds, the way it should be. The author is looking for answers to questions about the state of pension fund governance in Poland, thus trying to find methods for improvement. Nevertheless, this text concentrates on a small fragment of the pension system in Poland. The article aims at attempting identification of issues to be faced by governance in voluntary pension funds that are managed by universal pension fund management companies.

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

2014 ◽  
Author(s):  
Cristina Rosu
Keyword(s):  
Latin America ◽  
Pension System ◽  
Systems Design ◽  
Financial Assistance ◽  
Informational Support ◽  
Pension Systems ◽  
International Bank ◽  
The World ◽  
Scientific Technical ◽  
Analytical Errors

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.

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