scholarly journals Repercusión de la Directiva 2016/2341 en los fondos de pensiones de empleo

Author(s):  
Manuela Laborda Ibáñez

A lo largo de este artículo vamos a analizar la repercusión normativa en el ordenamiento jurídico español de la Directiva 2016/2341, en cuanto que afecta a los fondos de pensiones de empleo en materia de supervisión, gobernanza e información a participes y beneficiarios. Prestaremos especial atención a todo lo que afecta al órgano de control de los fondos de pensiones de empleo, denominado comisión de control. El funcionamiento de esta comisión de control es básico para el sistema de planes y fondos de pensiones de empleo, ya que, este órgano de gobierno es el que supervisa el cumplimiento de las cláusulas del plan y del fondo de pensiones.Throughout this article we are going to analyze the normative repercussion in the Spanish legal system of the Directive 2016/2341, insofar as it affects the pension funds of employment in the matter of supervision, governance and information to participants and beneficiaries. We will pay special attention to everything that affects the supervisory body of the employment pension funds, which is the control commission. The operation of the control commission is basic to the system of pension plans and funds of employment, since this governing body is the one that supervises compliance with the clauses of the plan and the pension fund.

2011 ◽  
Vol 162 (2) ◽  
pp. 27-31
Author(s):  
Daniel Häuptli

Could there be a win-win situation for both pension funds and the Swiss forestry sector? On the one hand, developments in the forestry sector suggest that the Swiss forest presents a new lucrative investment opportunity. If this is so, then pension funds could be particularly interested, as the low correlation between Swiss forest and other classes of investment, and the long investment periods involved are ideal for pension fund portfolios. On the other hand, large investments made by pension funds could mean that existing problems in Swiss forestry, in connection with its fragmented nature, could be more rapidly solved, and the potential for rationalization in the wood value chain could be fully realized. This would in turn make investments in the forest even more profitable. This hypothesis was investigated through a comprehensive literature analysis, yield calculations for private forestry enterprises of over 50 ha made by the Swiss Federal Office for Statistics 2004–2008, and an interview with the investments director of a large Swiss pension fund. Despite the optimistic assumption that the greater efficiency gained by the investment of pension funds into the forestry sector could lead to costs lower by 50% and a 20% increase in profits, the hypothesis must be rejected, because a calculated annual return of only 0.82% is too low for pension funds. The conclusion is that the price for forest land is high, and forest owners are not only interested in the monetary value of holding forest. Other immaterial values influence prices. It is suggested that a greater emphasis on socioscientific studies concerning the link between the price of forest land and the motivation to buy and sell forest could lead to some important findings.


2011 ◽  
Vol 10 (2) ◽  
pp. 221-245 ◽  
Author(s):  
GEORGE PENNACCHI ◽  
MAHDI RASTAD

AbstractThis paper presents a model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations are derived when pension fund management maximize the utility of wealth of a representative taxpayer or when pension fund management maximize their own utility of compensation. The model's implications are examined using annual data on the portfolio allocations and plan characteristics of 125 state pension funds over the 2000–2009 period. Consistent with agency behavior by public pension fund management, we find evidence that funds chose greater overall asset – liability portfolio risk following periods of relatively poor investment performance. In addition, pension plans that select a relatively high rate with which to discount their liabilities tend to choose riskier portfolios. Moreover, consistent with a desire to gamble for higher benefits, pension plans take more risk when they have greater representation by plan participants on their Boards of Trustees.


2017 ◽  
Vol 19 (2) ◽  
pp. 158-171 ◽  
Author(s):  
Alexia Autenne

This article reviews the orientation of the European regulation on pension fund governance in the international context of the OECD’s recommendations. It outlines the features judged to be essential for a sound private pension scheme’s governance. It then describes the orientation of the European regulations in this area and sets out some criticisms. The focus is on private sector ‘defined-contribution’ occupational pension plans managed by a pension fund, in light of the shared perception that the ‘governance’ issue is particularly sensitive for these types of schemes.


2005 ◽  
Vol 4 (3) ◽  
pp. 313-327 ◽  
Author(s):  
FRANK J. FABOZZI ◽  
SERGIO M. FOCARDI ◽  
CAROLINE L. JONAS

This paper takes a look at the modeling side of pension fund management. It is based on interviews with pension fund managers, regulators, consultants, and academics in four countries – the Netherlands, Switzerland, the United Kingdom, and the United States. The objective was to understand, through the experience of market participants, the role of modeling in managing defined-benefit pension funds. The 28 defined-benefit pension funds participating in the study have a total of €334 billion ($436 billion) assets under management. The findings of our study show that modeling is now considered an indispensable tool by many market participants. The need to manage the risk inherent in defined-benefit pension plans is the key motivation behind the growing use of modeling. In the Netherlands, for example, where private-sector plans did not experience serious underfunding problems after the 2000 market crash, the use of modeling is widespread and well-integrated in the decision-making process. Dutch regulators have recently mandated a risk-based approach and specified broad principles of sound modeling, including the marking to market of assets and liabilities.


Author(s):  
Munawar Haque

Abstract  The purpose of this article is to explore the views of Sayyid Abul AÑlÉ MawdËdÊ[1] on ijtihÉd.[2] It intends to trace the origins of MawdËdÊ’s ideas within the social, cultural and political context of his time, especially the increasing influence of modernity in the Muslim world.  The study will show that MawdËdÊ’s understanding of ijtihÉd and its scope demonstrates originality.  For MawdËdÊ, ijtihÉd is the concept, the process, as well as the mechanism by which the SharÊÑah,[3] as elaborated in the Qur’Én and the Sunnah[4] is to be interpreted, developed and kept alive in line with the intellectual, political, economic, legal, technological and moral development of society.  The notion of ijtihÉd adopted by MawdËdÊ transcends the confines of Fiqh[5] (jurisprudence) and tends therefore to unleash the dormant faculties of the Muslim mind to excel in all segments of life.   [1] Sayyid Abul AÑlÉ MawdËdÊ was born on September 25, 1903 in Awrangabad, a town in the present Maharashtra state of India in a deeply religious family.  His ancestry on the paternal side is traced back to the Holy Prophet (peace be upon him).  The family had a long-standing tradition of spiritual leadership, for a number of MawdËdÊ’s ancestors were outstanding leaders of ØËfÊ Orders.  One of the luminaries among them, the one from whom he derives his family name, was KhawÉjah QuÏb al-DÊn MawdËd (d. 527 AH), a renowned leader of the ChishtÊ ØËfÊ Order. MawdËdÊ died on September 22, 1979. See Khurshid Ahmad and Zafar Ishaq Ansari, “MawlÉnÉ Sayyid Abul AÑlÉ MawdËdÊ: An Introduction to His Vision of Islam and Islamic Revival,”, in Khurshd Ahmad and Zafar Ishaq Ansari (eds.) Islamic Perspectives: Studies in Honour of MawlÉnÉ Sayyid Abul A’lÉ MawdËdÊ,  (Leicester: The Islamic Foundation,1979), 360. [2]  In Islamic legal thought, ijtihÉd is understood as the effort of the jurist to derive the law on an issue by expending all the available means of interpretation at his disposal and by taking into account all the legal proofs related to the issue.  However, its scope is not confined only to legal aspect of Muslim society.  MawdËdÊ’s concept of ijtihÉd is defined as the legislative process that makes the legal system of Islam dynamic and makes its development and evolution in the changing circumstances possible.  This results from a particular type of academic research and intellectual effort, which in the terminology of Islam is called ijtihÉd.  The purpose and object of ijtihÉd is not to replace the Divine law by man made law.  Its real object is to properly understand the Supreme law and to impart dynamism to the legal system of Islam by keeping it in conformity with the fundamental guidance of the SharÊÑah and abreast of the ever-changing conditions of the world.  See Sayyid Abul AÑlÉ MawdËdÊ, The Islamic Law and Constitution, translated and edited by Khurshid Ahmad, (Lahore: Islamic Publications Ltd, 1983), 76.[3] SharÊÑah refers to the sum total of Islamic laws and guidance, which were revealed to the Prophet MuÍammad (peace be upon him), and which are recorded in the Qur’Én as well as deducible from the Prophet’s divinely guided lifestyle (called the Sunnah). See Muhammad ShalabÊ, al-Madkhal fÊ at-TaÑ’rÊf  b alil-Fiqh al-IslÉmÊ, (Beirut: n.p., 1968),.28.[4]Sunnah is the way of life of the Prophet (peace be upon him), consisting of his sayings, actions and silent approvals. It is also used to mean a recommended deed as opposed to FarÌ or WÉjib, a compulsory one.[5]  Originally Fiqh referred to deliberations related to one’s reasoned opinion, ra’y.  Later the expression Fiqh evolved to mean jurisprudence covering every aspect of Islam.  It is also applied to denote understanding, comprehension, and profound knowledge. For an excellent exposition on the meaning of Fiqh, see Imran Ahsan Khan Nyazee, Theories of Islamic law: The methodology of ijtihÉd, (Delhi: Adam Publishers & Distributors, 1996), 20-22.


2021 ◽  
Vol 27 (11) ◽  
pp. 2606-2636
Author(s):  
Ekaterina S. YAROVAYA

Subject. This article deals with the analysis of competitiveness, which is an important component of the strategic management of a non-State pension fund. Objectives. The article aims to study the existing approaches to the analysis of competitiveness, determine the role of the indicator of adaptability of competitiveness of non-State pension funds in conditions of high variability of the external environment, and formulate recommendations for drawing up criteria for the enterprise competitiveness taking into account the specifics of the activities of the funds. Methods. For the study, I used analysis, and the systems, and structural and functional approaches. Results. The article defines and classifies the factors affecting the competitiveness of non-State pension funds in modern market conditions. It substantiates the influence of the indicator of adaptability on the competitiveness of non-State pension funds. The article also proposes an approach to ranking this indicator, which can be applied regardless of the chosen method for assessing the competitiveness of non-State pension funds. Conclusions. The article concludes that the testing of the assessment of the non-State pension fund competitiveness using the author-proposed adaptability indicator helps determine the level of non-State pension fund competitiveness at the current time, track the changes, and identify the existing problems, the causes of their occurrence, and thereby ensure the conditions under which the non-State pension fund has the opportunity to promptly respond and adapt to external changes thus ensuring its stability in the market.


2020 ◽  
Vol 2019 ◽  
pp. 126-133
Author(s):  
Vlad-Cristian SOARE ◽  

"The fundamental transformations through the Romanian state passed since the Revolution of December 1989, have also put their mark on the legal system. For this reason, there have been major changes in the content of administrative law. However, the regulation of the territorial-administrative subdivisions survived the change of political regime, due to Law 2/1968. Moreover, regulations on administrative-territorial subdivisions are also found in Law 215/2001 and in the 1991 Constitution, revised in 2003. This has led to problems of interpretation. Thus, on the one hand, we need to identify who has the right to constitute administrative-territorial subdivisions, and on the other hand, it must be seen whether the answer to the first question, leads to a possible interpretation that would be unconstitutional. At the same time, administrative-territorial subdivisions have created problems of interpretation regarding their legal capacity. Through this article, we have proposed to look at the issues mentioned above."


1976 ◽  
Vol 21 (03) ◽  
pp. 286-340 ◽  
Author(s):  
C. D. Daykin

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.


2018 ◽  
Vol 3 (1) ◽  
pp. 14
Author(s):  
Anthony Kyanesa Mutula ◽  
Dr. Assumptah Kagiri

Purpose: The purpose of the study was to investigate the determinants influencing pension fund investment performance in Kenya.Methodology: The study employed a descriptive research design. The study target population was all the 33 registered pension funds in Kenya, and the sample size was 66 senior employees involved in decision making. The study adopted a census approach and therefore data was collected from all the 33 registered pension funds. A questionnaire was used to collect primary data from the selected respondents. The data collected was analyzed using the statistical package for social sciences (SPSS) version 23.0. The software was used to produce frequencies, descriptive and inferential statistics which was used to derive generalizations and conclusions regarding the population. Multiple linear regression model was used to measure the relationship between the independent variables and the dependent variable. The study findings were presented using figures and tables.Results: The study findings revealed a positive and significant relationship between diversification decisions, management competency, investment strategies, regulation compliance and investment performance of pension funds in Kenya.Unique contribution to theory, practice and policy: The study recommended that the management of pension funds should establish a strong organization structure and policy implementation, which will enhance their portfolio composition; the firms should have highly competent management; should incorporate investment literacy and capability programs in their organizations; and should continue adhering to the set regulations.


2016 ◽  
Vol 11 (2) ◽  
Author(s):  
Cynthia Imelda Mose ◽  
Inggriani Elim

Everyone wants a prosperous life in old age. In the 1970s, people race to sign civil servants because only civil servants who have the assurance of a pension fund. However, in the 1990s after the issuance of Law No. 11 of 1992 on retirement funds, pension funds had not confined to civil servants but also the private sector employees. The purpose of this study was to determine the recording of deducting pension contributions PT. Pos Indonesia Cabang Manado. The analytical method used was descriptive method starts with collecting relevant data with research, analyzes how the recording of deduction contributions to pension funds, and draw conclusions. The results showed that the recording of pension contributions deduction made in accordance with accounting theory and the company only help in collecting and depositing pension contributions to the pension fund account.The company should mantain the recording of pension contribution deduction so the company’s financial condition could be controlled, especially about pension contribution deduction.   Keywords: recording, pension fund


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