Pension Participants’ Attitudes, Beliefs, and Emotional Responses to the New Dutch Pension System

As of 2022, the Dutch pension system will be overhauled. The success of this as well as other pension reforms also depends on how participants react to and accept such changes. We therefore studied participants’ attitudes, beliefs, and emotions toward the new pension system. We composed a text to inform them about the new system and qualitatively analyzed their responses. We investigated which beliefs and attitudes prevail among different age groups. The results show that many participants base their comments on previous experiences, misconceptions and (sometimes false) interpretations of the information in the text. Moreover, we find that young people are more optimistic, whilst older participants tend to feel victimized. Since the new Dutch pension rules have yet to be introduced, the results of our study contain valuable information for policymakers and pension funds who should acknowledge and address the oftentimes intense emotions, beliefs, and attitudes that influence the way that intentionally neutral information is perceived and accepted. A diversified communication strategy, mindful of different beliefs, emotions and attitudes among participants should help to empower citizens to get insight in their financial situation after retirement and to make informed choices.

Financing Sustainable Development in an Emerging Economy

The purpose of this chapter is to review the Turkish private pension system as a key determinant of sustainable development of the country. The private pension system is of great significance in order to promote sustainable development. This is attributable to the fact that high level of total savings which are secured through individual savings are conducive to investments and in turn finances sustainable development and growth. Turkey, as an emerging economy, is considered to be one of those economies with low level of total savings. In an effort to deal with this issue, governments paid attention to an increasing level of savings of households. Individual retirement system (private pension system) is devised so as to increase savings and to fund investments with national sources. Therefore, it is safely argued that the very rationale behind the introduction of private pension system is associated directly with the aim of increasing total savings in the economy and ensuring sustainable development.

Towards Sustainable Retirement Planning of Wageworkers in Thailand: A Qualitative Approach in Behavioral Segmentation and Financial Pain Point Identification

Thailand recently reached “aged” society status, signifying that over twenty percent of the population is over sixty. Considering that Thailand has a low literacy rate, a fractured pension system, and no regulations that could provide sufficient income to cover basic needs after retirement, there will be economic repercussions if the situation is not handled soon. The government and financial institutions have been encouraging Thai citizens to prepare retirement plans but lack understanding of the root causes of being unprepared for retirement. The objectives of this qualitative research were to explore the behavior, knowledge, and preparedness towards retirement in governmental and private wageworkers. Moreover, the study aims to identify the pain points of being unprepared for retirement and deliver the optimal solutions and sustainable retirement plans suitable for each segment. This article employed a sample of 46 wageworkers in Khon Kaen, Thailand with ages ranging from 20 to 59 years old. Qualitative semi-structured in-depth interviews and qualitative content analysis were conducted with the respondents asking about their income, expenses, pains, and problems towards saving for retirement, their desired outcome after they retire, and how they would achieve it. The framework used for the in-depth qualitative interview was by utilizing the customer, problem, and solution zoom tool. The research contributions were to facilitate Thai citizens being ready for retirement stages and overcome post-retirement risks sustainably. The results revealed that the sample could be divided into four segments by their characteristics. Two low-income segments share the same traits and behaviors that can prove that financial literacy plays an essential role in retirement readiness. Lower-income wage workers do not have their money put in place to prepare for retirement. Additionally, this article discussed the study’s implications for wageworkers, employers, and the Thai government. This article recommended that Thai citizens should accumulate wealth in various ways, including investment in financial assets and earning additional income from a second job. Employers should provide suitable retirement contribution schemes. The government should launch a policy enabling above-60-year-old seniors to continue working.

Uwarunkowania wykluczenia emerytalnego z dodatkowej części systemu emerytalnego w Polsce

The study addresses the issues of exclusion from the supplementary part of the Polish pension system. The main goals of the research are: 1) characterising retirement exclusion as a specific type of financial exclusion, and 2) identifying and assessing key determinants of retirement exclusion in the supplementary part of the Polish pension system. The article is epistemological and classifying in nature. In the review part, the research methods used are based on a critical analysis of the literature and a synthesis of its conclusions. The main part is based on a meta-analysis of the results of surveys regarding pension awareness and propensity to save, elements of the economic analysis of law, and analysis of existing data. The presented considerations lead to the formulation of arguments, that justify the thesis that the scale and extent of retirement exclusion in the supplementary part of the Polish pension system are a derivative of factors included in four meta-categories: 1. low pension awareness, 2. low saving potential, 3. low propensity to save, and 4. limited availability of pension products.

Principles of Construction and Mathematical Models of the Formation of a Solidarity Fund in an Alternative Old-Age Pension System

The basic principles of the formation of a solidary fund in the suggested old-age pension system are to establish the minimum length of service according to which a citizen has the right to an old-age pension, the implementation into the pension calculation system of the indicator "share deducted to a solidary fund" from each transfer to the personal account of the employee, so that by retirement at the age of 60 and working experience of 38 years, the pension amount was exactly equal to the amount of wages used in calculations. With a decrease in the length of service, the pension amount is reduced according to a certain rule. To implement these principles, appropriate mathematical models have been built that allow to calculate the amount of accumulated pension capital, own pension, accumulated amounts in the solidary fund, the total amount in the pension fund, etc., with any work experience, the amount of wages. Complex calculations were performed using the parameters that have developed in the practice of today. The results of the calculations are presented in tables with the corresponding comments.

RETIREMENT AGE: JUSTIFIED DIFFERENTIATION OR DISCRIMINATION? COMMENTS ON THE EVOLUTION OF THE JURISPRUDENCE OF THE CONSTITUTIONAL TRIBUNAL

The article deals with the issue of the differentiation of the retirement age in the Polish pension system. As part of it, the reasons for the differentiation of the retirement age among women and men were analyzed, as well as the justification for its continued maintenance in the pension system. The considerations primarily take into account the evolution of the jurisprudence of the Constitutional Tribunal in this area and non-national regulations. Attention was also drawn to the doubts that may arise from the differentiation of the retirement age in the context of the inequalities observed against this background, and stressed the need for constant monitoring of the circumstances supporting the differentiation of the situation of women and men in this respect

IN SEARCH OF A FINANCIAL PROTECTION MODEL FOR OLD AGE

Discussions about the shortcomings of the pension system and its design raise the question of how to ensure a dignified life after working life. According to the currently adopted model of old age security, the responsibility is generally placed on the state and its structures. A number of questions arise in this context, in particular whether this is a rational approach from the point of view of its optimality, or whether the responsibility should not be distributed among various actors: public authorities, employers, employees or someone else.

Probing into the Dilemma of Hospice Care for the Elderly in China

With the aging of the population gradually become a worldwide trend, China has entered into the aging society in 2000, the phenomenon of “getting old before getting rich” has caused a severe challenge. As a part of the pension system, hospice should be paid attention and promoted. However, due to the influence of China’s traditional view of death and the fact that hospice is not included in the medical insurance system, the idea of hospice has not been widely publicized. Based on Maslow’s hierarchy of needs theory, this paper analyzes the current situation of hospice care for the elderly in China and explores the specific difficulties encountered in its development, then we hope people re-understand the saying “a good death is better than a lazy life” and choose hospice care services rationally.

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

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.