Suchergebnisse

This review provides policy recommendations on how to improve the Portuguese pension system, building on the OECD's best practices in pension design. It details the Portuguese pension system and identifies its strengths and weaknesses based on cross-country comparisons. The Portuguese pension system consists of an old-age safety net, a pay-as-you-go defined benefit scheme and voluntary private savings. The safety net includes an old-age social pension and a complement (the so-called Complemento Solidário para Idosos or CSI), both of which pursue similar objectives but have different eligibility criteria. The defined benefit scheme has two main components: the general social security scheme (regime geral da Segurança Social) and the civil-servant pension scheme (Caixa Geral de Aposentações or CGA). The latter has been closed to new entrants since 2006 with new civil servants contributing to the general scheme. Funded voluntary pensions make up a very small share of total pension entitlements. The OECD Reviews of Pension Systems: Portugal is the fourth in the series, after Ireland (2014), Mexico (2016) and Latvia (2018), with a fifth review on Peru under preparation.

Reforming retirement systems has become a major challenge for policy makers in Russia and around the world. The Russian Federation has undergone a major systemic reform of its pension system, shifting from a single, publicly managed system to one supplemented by a mandatory, privately managed and occupational-funded component as well as voluntary pension arrangements. The reform tackled a set of demographic, social and economic problems inherent to retirement income provision and was designed to improve the security of retirees by ensuring the long-term financial and fiscal stability of the pe

Predstavljeno istraživanje ima dva usko povezana cilja. Prvi, pokazati da je destimulativan zakonski okvir i u tom kontekstu izostanak financijskih poticaja članovima primarni uzrok neuspjeha dobrovoljnog mirovinskog osiguranja u Crnoj Gori. Drugi, da se u granicama postavljenog metodološkog okvira potvrdi da financijski poticaji predstavljaju jedan od bitnih faktora utjecaja na uspjeh sustava dobrovoljnog mirovinskog osiguranja. Istraživanje je postavljeno na način da iskoristi dvije ključne okolnosti: da Crna Gora predstavlja vrlo rijedak primjer zemlje u kojoj ne postoje financijski poticaji članovima, te da su pokazatelji ostalih ključnih faktora utjecaja na uspjeh dobrovoljnih mirovinskih fondova u Crnoj Gori i zemljama bivše Jugoslavije koje su predmet poredbene analize približno istih vrijednosti. Zahvaljujući tomu, autori su istraživanjem uspjeli izdvojiti snažno negativno djelovanje izostanka financijskih poticaja na poslovanje dobrovoljnih mirovinskih fondova u Crnoj Gori. Time su u bitnome potvrđene početne hipoteze o uzroku neuspjeha crnogorskog sustava, te značaju financijskih poticaja za razvoj dobrovoljnog mirovinskog osiguranja. ; This paper presents a research having two closely related aims. First, to prove that the destimulative regulatory framework, and in that context the absence of financial incentives for members in particular, is the principal cause for the failure of voluntary pension insurance in Montenegro. Second, to establish within the given methodological framework that financial incentives are one of the key success factors of voluntary pension insurance schemes. The research itself was structured so as to exploit two key circumstances. One being that Montenegro is a rare example of a country providing no financial incentives for investing in voluntary pension funds and the other being that the indicators of the remaining key success factors of voluntary pension funds - both in Montenegro and the rest of the ex-Yugoslav countries being the object of comparative analysis – are of approximately similar values. Thanks to this, in the research the authors manages to isolate a strong negative effect of the absence of regulatory incentives on the success of voluntary pension scheme in Montenegro. In doing so, they managed to confirm the primary two hypotheses about the cause for the failure of the Montenegrin system and the relevance of financial incentives for the development of voluntary pension insurance.

The article proves that it is possible to achieve wellbeing if there is an improvement of both the pension system and change in the citizen's attitude towards retirement income. The calculations (dynamics of the percentage of the working retirees, both in Russia and TPU, and the average salary) show that the increase in the ratio of the number of retirees and working people can't lead to the deficit of the budget of the Russian Pension Fund. It is proved that the key way to overcome the deficit is to remove payments, which are not or little connected with earned income (disability and loss of a breadwinner pension, long service pension, and early retirement pension) and save only one function – compensation for loss of earnings. Refusal of the territorial rent (pension's peg to the minimum of subsistence of a retiree in the region) will also balance the financial state of the Pension Fund. It is mathematically proved that the wellbeing of retirees can be reached if they participate in the compulsory and voluntary pension insurance programs, which are not necessary governmental.

AbstractIn defined contribution pension schemes the member bears the investment risk and her main concern is to obtain an inadequate fund at retirement. To address inadequacy risk, flexibility is often given to the member to pay additional voluntary contributions (AVCs) into the fund. In many countries the AVC schemes allow members of the workplace pension plan to increase the amount of retirement benefits by paying extra contributions. In this paper, we define a target-based optimization problem where the member of an AVC scheme can choose at any time the investment strategy and the AVCs to the fund. In setting the problem, the member faces a trade-off between the importance given to the stability of payments during the accumulation phase and the achievement of the desired annuity at retirement. We derive closed-form solutions via dynamic programming and prove that (i) the optimal fund never reaches the target final fund, (ii) the optimal amount invested in the risky asset is positive, and (iii) the optimal AVC is higher than the target one. We run numerical simulations to allow for different member's preferences, and perform sensitivity analyses to assess the controls' robustness.

Abstract
The purpose of this paper is threefold: to adapt the innovation diffusion models to describe and predict the diffusion of private pension provision; to evaluate the suitability of diffusion models based on the historical data from the Romanian and Ukrainian voluntary pension systems; and to compare the diffusion parameters of private pension provision in these countries. The study proven that diffusion models, such as the Rogers model and the Bass model, can reproduce the diffusion of innovations in the field of pensions. The Rogers diffusion parameters for Romania and Ukraine are almost identical; this gives grounds for a conclusion about the similar behavioral patterns in post-socialist countries. However, some limitations on models use are noted. During the crisis and when using the nudge mechanism, models are not always well-fitting, but when new pension schemes are introduced or new pension funds are opened, models can be used in "guessing by analogy".

This paper focuses on the comparison of financial performance of the Czech voluntary private pension scheme with five other reformed private pension schemes in the region of Central Eastern Europe (Bulgaria, Croatia, Hungary, Poland and Slovak Republic). The current state and the recent development of the Czech private pension scheme are analyzed in the first part of the paper. In the main part of this work we construct the dataset of periodic scheme returns covering the last decade, and estimate the schemes Sharpe ratios (SR) for four reference benchmarks. The findings suggest that except for Poland none of the schemes managed to beat its long-term domestic benchmark (10-year government bonds) as the SRs estimates turn out to be negative. The highest underperformance was found in the case of the Czech Republic. Such poor results were assigned to the presence of restrictive annual minimum return guarantees and ineffective legislation arranging the PF costs allocation.

Sustav mirovinskoga osiguranja u Bosni i Hercegovini, s dva podsustava organizirana na entitetskoj razini, funkcionira u nepovoljnome makroekonomskom kontekstu, što se reflektira u malome broju osiguranika te velikoj stopi rasta novih umirovljenika, čemu pridonosi i niska efektivna starosna dob umirovljenja. Posljedica je svega toga iznimno niska primanja redovnih umirovljenika. Bosna i Hercegovina jedina je država u regiji i jedna od rijetkih tranzicijskih država koje nisu provele reformu i diversifikaciju svoga mirovinskog sustava. U posljednje vrijeme pitanje reforme mirovinskoga sustava aktualizira se kako problem financiranja sadašnje razine mirovinskih prava u Bosni i Hercegovini postaje sve akutniji i očitiji pa političari traže moguća rješenja. Vlada Federacije BiH do sada je usvojila dva nacrta Strategije reforme mirovinskoga sustava, dok je prijedlog Strategije reforme mirovinskoga sustava Republike Srpske usvojen u svibnju ove godine. Oba teksta strategije predviđaju pogoršanje položaja umirovljenika u budućnosti te stoga predlažu uvođenje različitih oblika privatno upravljanoga mirovinskog osiguranja kapitalizirane štednje. Ovaj rad analizira izvodivost i perspektive predloženih mirovinskih reformâ u bosanskohercegovačkome kontekstu. ; Pension system in Bosnia and Herzegovina, with two sub-systems organised on entity level, operates in unfavorable macroeconomic conditions, which is being reflected through low number of contributors and high rate of incoming pensioners, to which contributes low effective pensionable age. This is reflected in very law pension benefits of regular pensioners. Bosnia and Herzegovina is the only country in the region and a rare transitional country that has not reformed and diversified its pension system. The question of pension system reform has emerged recently as the problem of financing of current level of pension benefits becomes more obvious and acute, and policy creators are looking for possible solutions. Federation B&H Government so far adopted two documents of Strategy of Pension System Reform in Federation B&H, while institutions of Republika Srpska have adopted Strategy of Pension System Reform in Republika Srpska in May this year. Both entity Strategy documents envisage aggravations of current pension system problems in the future and propose introduction of different models of privately managed funded pension schemes. The aim of this article is to analyse feasibility and perspectives of proposed pension system reforms in the context of Bosnia and Herzegovina.

Due to the implementation of new technologies and orientation on digital solutions the communication and sales channels have changed dramatically. Information and client service on-line availability presents strong advantages for business, state agencies as well as customers. However, lack of personal interaction during the communication and sales process can make it difficult for people to understand and even frustrate their desire for a product or service. The purpose of the research is to analyse the digitalization impact on voluntary savings for retirement in Latvia and make comparisons with other countries. The voluntary pension schemes are the part of pension system and its third pillar created to strengthen and foster sustainability and adequacy of people income level after retirement. Main stakeholders in voluntary savings for retirement are pension funds as well as government agencies carrying out the national pension system policy. Among other motivation factors the people knowledge level about the necessity to participate in third pension level causes their willingness to create voluntary savings. Service providers chosen marketing and governments realized legislation policy impact the level of people engagement in private pensions and make a basis for people retirement period living standards. Research methods used are analysis of scientific publications and previous conducted research, analysis of statistical data and sales and communication channels in Latvia. The results of analyses show the challenges that service providers are facing and steps that should be taken to promote the voluntary savings in a digital era. ; The research was supported by the NATIONAL RESEARCH PROGRAMME "LATVIAN HERITAGE AND FUTURE CHALLENGES FOR THE SUSTAINABILITY OF THE STATE" project "CHALLENGES FOR THE LATVIAN STATE AND SOCIETY AND THE SOLUTIONS IN INTERNATIONAL CONTEXT" (INTERFRAME-LV, Project No.VPP-IZM-2018/1-0005)

The research delves into the participation of informal economic actors in voluntary contributions to pension schemes. It sheds light on the difficulties faced by the Social Security Fund in reaching out to informal actors regarding membership and voluntary contributions. The study investigates the operations and strategies employed by informal social organizations, such as the bodaboda association, food vending network, and fishing group, to encourage members to contribute voluntarily. Through qualitative methods, interviews with pension scheme participants were conducted to comprehend the initiatives aimed at including excluded individuals, particularly those engaged in the informal economy. Following the NSSF Act 2018 revision, there is no alternative arrangement to provide coverage for informal workers besides the formal social security. This study contends that excluding a significant portion of the population from pension schemes limits social services in Tanzania. Informal economy actors willingly contribute to informal social organizations. The contribution assists in addressing the challenges associated with irregular incomes. It was observed that the administrative and regulatory structure designed for the formal sector is not conducive to informal actors, mainly due to bureaucratic processes related to contributions and provisional pensions.