pension systems
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2021 ◽  
Vol 101 (4) ◽  
pp. 370-382
Author(s):  
Jana Špirková ◽  
Martin Dobrovič ◽  
Miroslava Vinczeová

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.


2021 ◽  
Vol 21 (4) ◽  
pp. 411-436
Author(s):  
Peter Sika ◽  
Jarmila Vidová

Abstract The aim of the authors is to provide a critical statistical-analytical view of the current pension system of the Slovak Republic with special regard to old -age pension savings in its fifteen-year existence, resulting in proposals for adjustments to its operation. It includes an analysis of the sustainability of pension systems, an analysis of the age distribution of savers as well as possible investment strategies of savers and the distribution of their property savings in pension funds. We model the investment strategy of a participant in old-age pension savings. We draw attention to the evaluation of old -age pension savings in pension funds during its existence and quantify the potential loss caused by an inappropriate investment strategy of savers. The an alysis showed that the Slovak participant in old-age pension savings invests mainly in conservative pension assets, which bring low volatility in the short term, which may not be optimal in the long run. In order to achieve change, we also outline the possibilities of changing the attitudes of savers to value their savings and propose reform steps that would contribute to ensuring a balance between the financial and social sustainability of the pension system.


2021 ◽  
Vol 106 (6) ◽  
pp. 120-132
Author(s):  
Irina Bitkina ◽  

The study presents an assessment of the impact of structural factors on the financial stability of pension systems in European countries. The purpose of the study is to determine the internal structural factors that have the most significant impact on the financial stability of pension systems in European countries. A review of the scientific literature dealing with the study of the financial stability of European pension systems is carried out. The correlation between the concepts of "financial stability" and "financial resiliency" is determined, the structural factors of pension models are identified and their grouping is carried out. The ranking of European pension systems by the level of their stability (including periods of financial crises) is carried out. The reasons for the decline in the stability and resiliency of European pension systems at this stage of development are identified. The study shows the internal structural factors that have a positive or negative impact on the degree of financial stability and financial resiliency of European pension systems. The conclusions obtained in the study can be used in the formation of the state pension policy of European countries and the choice of directions for reforming pension systems


2021 ◽  
pp. 491-505
Author(s):  
Karl Hinrichs ◽  
Julia F. Lynch

Welfare states within the traditional OECD area arranged their pension systems after 1945 so that complete exit from paid employment during an ever-longer retirement period became a universal entitlement. The institutionalization of old-age pensions in the OECD area resulted from an expansion of pension systems in several dimensions: coverage was broadened to almost the entire (working) population, eligibility criteria for enjoying a pension became liberalized (e.g. flexible retirement), the range of benefits was expanded (e.g. survivors’ pensions) and, most importantly, the generosity of benefits substantially increased. This chapter describes the origins, organization, and social consequences of mature pension systems in the developed welfare states; discusses the challenges posed to these systems by demographic, economic, and societal transformations occurring since the 1970s; and traces trajectories of reform, both actual and anticipated. Throughout, our focus is on the pension systems of the rich democracies of Western Europe, North America, and the Antipodes, with more selective attention given to developments in Latin America, Asia, and Eastern Europe.


2021 ◽  
Vol 63 (4) ◽  
pp. 22-44
Author(s):  
Leandro N. Carrera ◽  
Marina Angelaki

ABSTRACTPension policy is a highly political issue across Latin America. Since the mid-2000s, several countries have re-reformed their pension systems with a general trend toward more state involvement, yet with significant variation. This article contends that policy legacies and the institutional political setting are key to understanding such variation. Analyzing the cases of Argentina, Bolivia, and Chile, this article shows that where a weak legacy, characterized by low coverage and savings rates, a weakly organized pension industry, and strong societal groups that oppose the private system, combines with a strong institutional setting, characterized by a government with large support in Congress and where the president concentrates decisionmaking, re-reform outcomes may lead to the outright elimination of the private pillar. Conversely, where a strong legacy combines with a weak institutional setting, re-reform outcomes will tend to maintain the private pillar and expand only the role of the public one.


2021 ◽  
pp. 232-248
Author(s):  
Viktoriya Moseiko

The paper attempts to identify the relationship between trust viewed through private good, club good, private external effects and public good, and pension systems, presented in the form of vertical and horizontal social contracts. Guided by the typology of benefits in the analysis of trust, the author argues: trust in a horizontal pension contract develops in a network of transactions regarding the production of a pension good and is a combination of its various types. In a vertical contract, the possibilities of individuals' retirement planning and the position of private structures in the pension market are limited, that reduces the role of trust as a private and club good and strengthens the importance of trust in the form of a public good. The author shows that in a horizontal pension contract, trust is a basic prerequisite for all pension interactions. The effectiveness of a horizontal pension contract depends on the level of trust: low trust increases transaction costs and makes pension planning unviable. The author concludes that in conditions of low confidence, satisfaction of pension needs is easier to organize through a vertical type contract in which pension needs are satisfied centrally. At the same time, low trust of Russians to pension institutions is the result of a vertical pension contract.


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