scholarly journals Standardization of implementation of the mandatory privately managed pillar of the pension system of Ukraine

2021 ◽  
Vol 2021 (2) ◽  
pp. 114-130
Author(s):  
Anastasiia SVIRIDOVSKA ◽  
Keyword(s):  
Single Mothers ◽  
Old Age ◽  
Chernobyl Accident ◽  
Pension System ◽  
Real Effect ◽  
The Third ◽  
The World ◽  
Legislative Changes ◽  
State Pension ◽  
Pension Benefits

According to the current legislation, the modern Ukrainian pension system is not yet fully formed. In Ukraine, PFC contributions currently form a source of pension benefits for citizens. The solidarity pension system is crumbling . That is, as in the rest of the world, the nation is aging, the share of retirees is growing, and there is less able-bodied population. The search for new ways to save for old age is in the direction of creating a mandatory accumulation under the supervision of the state. Thus, today, a second level of the pension system, mandatory accumulative component, and a rather underdeveloped and unpopular non-state pension system, which forms the third level of the national pension system, do not function. However, in 2020, the work on the concept and bill on the mandatory savings system was intensified. Its introduction is seen as a tool that can increase both the level of pensions and their differentiation. But the world experience of such reforms shows that the real effect on payments from the savings system will have to wait at least 15-20 or even 25 years. The article examines the issue of introducing a funded pension level at the legislative level. According to the results of an expanded analysis of 19 draft laws on reforming the current pension legislation and proposals for new laws on these issues in the period from 2018 to 2021, we can conclude that there is no single concept of amending legislation, so most bills are either withdrawn or sent for further refinement. Currently, various aspects of the pension system of Ukraine are regulated by a large number of legislative acts, so there are signs of dispersion in these draft legislative changes. Most of the bills are developed to enhance the welfare of certain categories of citizens, including servicemen, single mothers, victims of the Chernobyl accident, war veterans and more. The issues of the accumulative pension system are mainly raised in the bills of 2020–2021.

De pensioenbescherming van flexibele werknemers in België

2006 ◽  
Vol 22 (2) ◽  
Author(s):  
Annelies Debels ◽  
Hans Peeters ◽  
Gert Verschraegen ◽  
Jos Berghman
Keyword(s):  
Statistical Analysis ◽  
Old Age ◽  
Pension System ◽  
Panel Study ◽  
Research Strategy ◽  
The Third ◽  
Temporal Flexibility ◽  
Part Time ◽  
Coordinated Regulation ◽  
Pension Benefits

Old age protection of flexible workers in Belgium Old age protection of flexible workers in Belgium This article investigates to what extent the Belgian pension system is adapted to the proliferation of a-typical forms of employment. Are there any differences between the old age protection of flexible and non-flexible workers? What are the effects of flexible employment on participation in the three pension pillars and on the level of pension benefits? To answer these questions, the article pursues a double research strategy: an analysis of Belgian legislation and relevant collective labour agreements is complemented with a statistical analysis on the Panel Study of Belgian Households (PSBH). The analyses show that part-time employment results in a lower pension, while other forms of temporal flexibility such as temporary leave arrangements and temporary unemployment do not. In the second pillar we find that contractual and transitional flexible workers are discriminated. Finally, the results indicate that flexible workers do not compensate for lower pension protection through increased participation in the third pension pillar. Our findings suggest that a re-assessment of the system of ‘assimilated’ periods is required, as well as the development of a system of coordinated regulation for the three pension pillars.

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 Treća životna dob kao subjekt pastoralnoga djelovanja – mogućnosti i perspektive

Diacovensia ◽  
2018 ◽  
Vol 26 (3) ◽  
pp. 483-504
Author(s):  
Stanislav Šota
Keyword(s):  
Pastoral Care ◽  
Old Age ◽  
Pastoral Work ◽  
Third Age ◽  
Aged People ◽  
The Third ◽  
General Decline ◽  
The World ◽  
Religious Associations ◽  
The Church

Given that the population in Europe and Croatia is increasingly getting older, and the pastoral work of people in the third age is a relatively new term, the article firstly analyzes the question why people of this age group are partially put (left) aside by pastoralists and pastoral workers in pastoral discourse in Croatia. The nature and characteristics of the third age in life presented in the first part show that the third age pastoral care includes the pastoral work with the most mature middle-aged people struggling with many life difficulties and stresses: separation from their children, the need for making personal and lifestyle adjustments, especially after retirement, after children moving out or after the loss of a life partner, as well as experiencing fast and progressive weakening of biological, psychological and mental health dimensions, a drop in life energy, strength, and general decline in vital and all other functions. Old age as a gift and possibility is depicted through several biblical characters as an evangelizing and pastoral possibility, opportunity and call to a God filled and more meaningful life. The second part presents the third age in the world and in the mentality of the society and the Church. By looking at the contemporary life context, we can state that words like old age, dying and death have become foreign in everyday discourse and that is just one of the many reasons why the third age people are often left to the side, and forsaken by their own families, society, friends and relatives, and partially forgotten also by the Church. In the world of the dictatorship of relativism, materialism, secularization, anarchism, atheism, subjectivism, individualism, and the selfie-culture, it is extremely difficult and demanding to accomplish the pastoral of the third age people. The Church, especially in Croatia, doesn't have a sufficiently designed, thought out, planned out and programmed systematic pastoral care which would include third age people. The new concept of pastoral discourse regarding the pastoral of the third age should develop in two basic directions: the first direction should consider to what extent can the third age be a subject of pastoral activity, and the second direction, based on pastoral sociology and demographic trends, should strive to recognize the third age as an object of pastoral activity. Besides the object, the third age can also be the subject of pastoral activity at different levels, areas and dimensions, especially at the parish level, the deanery level in some ways, at the regional level and (arch)diocesan level, in areas of apostolate, parish pastoral councils, charitable activities, liturgy, families, religious associations and movements, and work with Christians that have distanced themselves.

Flexicurity in Bismarckian Countries? Old Age Protection for Non-standard Workers in Belgium

2007 ◽  
Vol 37 (1) ◽  
pp. 125-143 ◽  
Author(s):  
HANS PEETERS ◽  
ANNELIES DEBELS ◽  
GERT VERSCHRAEGEN ◽  
JOS BERGHMAN
Keyword(s):  
Old Age ◽  
Pension System ◽  
Panel Study ◽  
Job Mobility ◽  
Research Strategy ◽  
The Third ◽  
Career Interruptions ◽  
Temporal Flexibility ◽  
Part Time ◽  
Pension Regulation

In the debate on ‘flexicurity’, relatively little attention has been paid to how responsive traditional areas of social security have been to increasing flexibility in the labour market. This article tries to fill this gap by focusing on the Belgian pension system. In particular, it asks to what extent pension regulation in the three pillars has been adapted to the proliferation of atypical forms of employment. It does so by examining whether there are significant differences between old age protection of standard and non-standard workers. The article pursues a double research strategy: an analysis of Belgian legislation and relevant collective labour agreements is complemented with a statistical analysis of the Panel Study of Belgian Households (PSBH). The results show that part-time employment results in a lower first-pillar pension, while other forms of temporal flexibility such as career interruptions and temporary unemployment do not. In the second pillar, our findings suggest that workers with contractual flexibility and job mobility are discriminated against. Finally, non-standard workers do not appear to compensate for lower pension protection through increased participation in the third pension pillar. Our findings suggest the need for a re-assessment of the system of ‘assimilated’ periods. To conclude, we point to some implications for the design of flexicurity policies.

scholarly journals A Critical Review of Private Pension System in Turkey Considering the German System

2014 ◽  
Author(s):  
Kemal Yaman
Keyword(s):  
Old Age ◽  
Pension System ◽  
Developed Countries ◽  
Private Pension ◽  
Savings Behavior ◽  
Retirement System ◽  
Theoretical Approaches ◽  
High Level ◽  
State Pension ◽  
Private Pension System

Private pension system includes various measures met to continue existing living standards without any restrictions in old age, i.e. after the end of employment. High life expectancy, low birth rate, and institutional deficiencies in societies are major drivers for private pension. To understand seriousness of the topic mostly state pension claims are considered as being insufficient in old age. That’s why, necessity of private pension products results. In the first part, theoretical approaches to the explanation of savings behavior of people are described. In the second part of the study, the situation concerning precautions taken in Turkey is examined. In the following part, the retirement arrangements in Germany are depicted for comparison. The financial situation of elderly people in both countries is analyzed. Financial sector is the key beneficiary of developments in both countries. Governmental regulations concerning retirement system play crucial role to achieve high level of prosperity in the national economy of many developed countries. It is also seen in the study that industrialized nations are characterized by considerable private pension funds. Finally; some conclusions are drawn from the analyses performed in the study. .

scholarly journals NON-STATE PENSION INSURANCE AS A SUPPLEMENT TO SOLIDAR PENSION SUPPLY

2019 ◽  
pp. 102-109
Author(s):  
O. Boiko
Keyword(s):  
Life Expectancy ◽  
Pension Fund ◽  
Pension System ◽  
Insurance Companies ◽  
Retirement Age ◽  
Pension Insurance ◽  
Average Life Expectancy ◽  
The World ◽  
The Right ◽  
State Pension

The main prerequisites for the emergence of problems of the pension system functioning in Ukraine, namely the solidarity system, are considered in the article. The budget, expenditures and deficit of the Pension Fund of Ukraine in the period 2010-2018 are analyzed. The amount of pensions was calculated taking into account the change in the dollar exchange rate and the inflation rate for the analyzed period and it was proved that the increase in the size of the pension does not lead to its actual growth. Emphasis is placed on the principle of calculation of pensions and attention is paid to the concept of a single social contribution, which has the minimum and maximum possible sum of payment. Based on the data, the author compared the size of the minimum (state) pensions in different countries of the world and in Ukraine and showed that the size of the pension is the lowest among the compared countries. An important aspect of the study was the comparison of average life expectancy. This suggests that the increase in life expectancy is causing the states of the world to raise the retirement age in order to delay the payment of state pensions. Alongside this the alternative to state pensions are private pensions. During the working period, every citizen has the right to make savings in different financial institutions as they have the right to invest. Funds that have been saved and multiplied are the main source of retirement income. Voluntary pension institutions are also envisaged in Ukraine. However, despite the legislative support and the general need to have their own retirement savings, citizens do not actively take the opportunity to create additional pensions. The reasons for this are lack of awareness of the population by the state about the essence of the pension reform, the general economic situation in the country, as well as the lack of financial literacy of the population itself, the unwillingness to take responsibility for their future and the low level of income. On the basis of these data, the need for active involvement of both public administration and citizens in the cumulative system is substantiated. Keywords: retirement age, pension fund, cumulative insurance, life insurance companies.

Irish Citizens’ Attitudes to Pension Reform and Redistribution

2013 ◽  
Vol 13 (2) ◽  
pp. 203-220 ◽  
Author(s):  
Yosr Abid ◽  
Cathal O'Donoghue
Keyword(s):  
Pension System ◽  
Pension Reform ◽  
Adult Population ◽  
Stated Preferences ◽  
Public Pension ◽  
Pension Scheme ◽  
State Pension ◽  
Pension Benefits ◽  
Citizens Attitudes ◽  
Selection Of

In order to assess people's preferences regarding potential reforms of the Irish state pension system, we surveyed a sample of the Irish adult population about their opinion on a selection of measures and issues related to the redistributive principles and parameters of the pension scheme. Even though very few people are well informed about the pension system, we observe a kind of homogeneity regarding perceptions about the way public pension benefits should be provided. As far as we know, this article represents the first attempt to elicit people's preferences for reforming the state Irish pension system using stated preferences techniques.

scholarly journals Private Pension Funds in Ukraine: The Problems and Prospects for Development

2021 ◽  
Vol 6 (521) ◽  
pp. 213-218
Author(s):  
I. I. Nazarenko ◽  
◽  
O. V. Zhulyn ◽  
N. P. Tesliuk ◽  
A. I. Verbytska ◽  
...  
Keyword(s):  
Work Experience ◽  
Pension System ◽  
Current System ◽  
Pension Funds ◽  
System Reform ◽  
Pension Insurance ◽  
Efficient System ◽  
The Third ◽  
State Pension ◽  
State Pension Funds

The article analyzes and evaluates the current state, problems and prospects for the development of the non-State pension funds in Ukraine. The issue of introduction of the pension system reform is considered, since pension provision is an important component of the socio-economic strategy of the country. The pension provision should function according to the principles of social justice and insurance principles, namely: all citizens of Ukraine are entitled to pensions, including the condition that those citizens who pay a larger amount of contributions or have more work experience than others have full right to and should receive a higher pension. The main purpose of the third level system is receiving additional pension payments to the mandatory State pension insurance by its participants, the advantage of which is to ensure a high level of return on pension assets compared to the level of inflation and attract investment resources necessary for the modernization of the domestic economy on a long-term basis. Currently, only the first and third levels of the pension system are operating in Ukraine. However, the third level of the domestic pension system still does not work with proper efficiency. The authors identify the problems of introduction of the accumulation system of pension provision in Ukraine (level 2) and the reasons for the inefficiency of the current system of the non-State pension provision (level 3). In order to develop a reliable and efficient system of the non-State pension provision, it is proposed to implement a number of measures that will contribute to economic growth and the effective functioning of the non-State pension funds in our country.

scholarly journals ANALYSIS OF ECONOMIC-FINANCIAL EXPERIENCE OF THE WORLD COUNTRIES IN THE SYSTEM OF PENSION INSURANCE

2020 ◽  
Vol 6 (1) ◽  
pp. 1
Author(s):  
Natalia Koval ◽  
Natalia Priamuhina ◽  
Inna Zhmurko
Keyword(s):  
Pension System ◽  
Pension Reform ◽  
Pension Funds ◽  
Standard Of Living ◽  
Main Task ◽  
Pension Insurance ◽  
Insurance System ◽  
The World ◽  
State Pension ◽  
Pension Insurance System

The purpose of this article is to analyze the experience of pension insurance systems in Europe, Asia, North and South America, Australia. The defining feature is that the existing pension insurance system in Ukraine does not perform its main task properly, since the rate of pension, for the most part, does not make it possible to maintain a decent standard of living for current pensioners. After analyzing the implementation of the pension reform in Ukraine, it should be emphasized that during the twelve-year period after the pension reform in the country there remain a number of unresolved issues regarding the pension provision of citizens, namely: aging of the population, which is one of the main factors that prompt the government to a new stage of reforming the pension system; the presence of arrears on contributions to compulsory state pension insurance; lack of proper differentiation of pension payments; shadow wages; lack of sound financial instruments for investing pension assets; unsatisfactory level of legal and financial awareness of the population in matters of pension provision; lack of interest of employers in financing non-state pension programs for employees, lack of confidence in the pension system of non-state pension funds. Methods. In most countries of the world, the problems of the pension system, same to what we have in our country, arose. But due to pension reform, they achieved successful results. Each country chose its own way of building a pension system based on its own demographic and socioeconomic features. However, despite this, the main task of any pension system is to secure from poverty and provide a pension that could guarantee a decent standard of living for a pensioner. Results. Ukraine is trying to build the pension insurance system, drawing on the best practice of the countries studied. Practical implications. It is found that the most effective and successful model of the pension system is considered to be Chilean, since the country has been using cumulative and voluntary pension systems for a long time, which are priority and allow to resolve the pension of their citizens financially, prudent and efficient investing of pension funds with lower rates of public investment income. The same model was taken as the basis in Peru, Argentina, Colombia and Kazakhstan. Value/originality. Analyzing the pension reforms implemented in Eastern Europe, it should be noted that part of the changes was due to the need to protect pensioners from poverty in the context of a sharp decrease in the rate of pensions because of the reduction of total pension contributions and the inability of the state to finance previous pension obligations. The real way to reduce the financial burden on employers and the state in the context of a solidarity pension system was to develop levels II and III of the pension system. It is noteworthy to study the foreign experience of the Eastern European country, such as Poland, which was one of the first to introduce a compulsory funded pension system.

The ‘Scandal’ of Women’s Pensions in Britain: How Did It Come About?

2006 ◽  
Author(s):  
Pat Thane
Keyword(s):  
World War Ii ◽  
Older Women ◽  
Old Age ◽  
Gender Gap ◽  
Pension System ◽  
Past Century ◽  
World War ◽  
Younger Women ◽  
Age Cohorts ◽  
State Pension

In 2005, just 19 per cent of women pensioners in Britain were entitled to the full basic state pension (itself insufficient to live on without a supplement) compared with 92 per cent of men. The current problems of poverty among older women are not new. The difficulties for women of providing for their old age have been known for more than a century and have never gone away, but they have been evaded by successive governments, not least because they are hard to solve without considerable public expense. The two main ‘pillars’ of the British pension system throughout the past century were state and occupational pensions, both of which have failed most older women. Younger women now spend longer periods in paid work than earlier age cohorts and average female earnings have risen, but a gender gap in work opportunities and pay, and in capacity to save, remains. This chapter discusses the first British pensions, pensions between the wars, William Beveridge's views on women's pensions, and pensions and social change after World War II.

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