Suchergebnisse

After the financial crisis, some Central and Eastern Europe countries partially or totally reversed the pension reforms they had initiated in the previous two decades. In the presence of an aging population in the region, reductions in replacement rates will be the most likely adjustment mechanism for the social security systems to remain fiscally sustainable. In some other emerging economies, mandatory funded schemes are operating with low contribution rates, and policy makers have not been able to pass legislation to increase the contribution rate to ensure adequate pensions for future retirees. Voluntary pension schemes that take into consideration the behavioral aspects of individuals may provide a viable solution for countries that need to increase retirement savings but face political resistance to mandatory increases in contribution rates. The proposed mechanism shifts the focus of voluntary pension plans from "opt-in" to "opt-out" schemes. The emphasis is in setting the default options in a way that employees have to make an explicit decision if they do not want to contribute to the pension system. The paper builds on the experiences of several countries, including Italy, New Zealand, the United Kingdom, and the United States, and proposes policy recommendations and good practices for building voluntary pension systems. These opt-out schemes should be able to provide high coverage among white and blue collar workers, and consequently improve the future pensions of individuals.

The work analyzed demographic conditions and trends characteristic of both the world community and the Russian Federation. The importance of integrating voluntary elements as a mechanism for ensuring a decent life for pensioners in multi-level pension systems of OECD countries has been determined. The methodology of the voluntary pension index is described, as well as additional restrictions on its application. The results of modeling for 20 countries were presented and the application of the index in the Russian Federation from 2013 to 2020 was assessed. The conclusion was made about the low development of voluntary pension systems in the Russian Federation.

Several proposals have surfaced recently that government develop and offer some sort of voluntary pension plan (VPP). This paper examines areas of public policy on pensions where changes should take place with or without the development of a VPP, including those that promote greater harmonization, portability, and labour mobility. Similarly, the challenges of inertia and annuitization are areas in which a VPP is only one of several available policy devices. In the final analysis, two key arguments provide the only compelling reasons to support the establishment of large, economically efficient funds: that their assets could be managed professionally and efficiently and that they could reduce the distraction from employers' primary goals. Neither of these arguments, however, offers convincing evidence that VPPs should be developed by government rather than by the private sector. Ultimately, the marketplace will determine whether the additional option of a VPP is needed and whether it is offered on terms that make it more attractive than the other available alternatives.

Saving for the third age is extremely important in the conditions of an uncertainty in the global economy, unfavorable demographic trends and the related problem of fiscal imbalances. In order to improve the sustainability of the Croatian three-pillar pension system, there have been recent attempts to significantly increase the role of voluntary pension insurance and other forms of saving for the third age. The aim of such measures is to reduce the increasing dependence of pension beneficiaries on payments from the state budget and to achieve a more sustainable pension system. Measures to encourage voluntary saving in Croatia are the state incentives for the insured and the tax benefits for employers. Despite the numerous investment advantages and government incentives for this form of saving, voluntary pension funds in Croatia are still among the least developed institutional investors, considering the amount of assets and the number of members. The question arises as to the reasons for the relative disregard of these financial institutions and the low interest of the working population in Croatia. The aim of this paper is to analyze the performance of voluntary pension funds and identify the reasons for the insufficient capitalised savings in the third pension pillar in Croatia.

Saving for the third age is extremely important in the conditions of an uncertainty in the global economy, unfavorable demographic trends and the related problem of fiscal imbalances. In order to improve the sustainability of the Croatian three-pillar pension system, there have been recent attempts to significantly increase the role of voluntary pension insurance and other forms of saving for the third age. The aim of such measures is to reduce the increasing dependence of pension beneficiaries on payments from the state budget and to achieve a more sustainable pension system. Measures to encourage voluntary saving in Croatia are the state incentives for the insured and the tax benefits for employers. Despite the numerous investment advantages and government incentives for this form of saving, voluntary pension funds in Croatia are still among the least developed institutional investors, considering the amount of assets and the number of members. The question arises as to the reasons for the relative disregard of these financial institutions and the low interest of the working population in Croatia. The aim of this paper is to analyze the performance of voluntary pension funds and identify the reasons for the insufficient capitalised savings in the third pension pillar in Croatia.

Since 1947, the Vietnam Social Security (VSS) has provided social insurance to public servants and armed forces personnel in Vietnam. In 1995, the Government merged the social insurance unit of the Ministry of labour, invalids and social affairs with that of the Vietnam General Confederation of labor. At the same time the system became mandatory to the employees of the newly developing private sector. The consolidated system is publicly managed by the VSS administration. VSS collects contributions and pay social insurance benefits (in case of sickness and sick leaves, maternity and family planning related leaves, work injury and professional disease, survivorship and to people that reached pension ages). This paper investigates this issue by reviewing the characteristics of employment in Vietnam. It concludes that the risk that social coverage remains limited for many years is high and, presents accordingly some policy options to augment VSS's chances to reach universal coverage in the future.

PurposeIn an era of increasing financial vulnerability, people are not saving enough to either fund their future pension benefits or having precautionary savings. The authors propose that pension knowledge makes people increase their probability of having voluntary pension and banking savings.Design/methodology/approachThe authors use the social protection survey in Chile, a unique set of panel data for affiliates in 2006 and 2009. First, the authors use clustering algorithms to find naturally occurring groupings in the level of pension knowledge. Second, the authors run a probit regression model for explaining the probability of having a voluntary pension and banking savings, using as determinants the level of pension knowledge and several control variables that are usually explored in the literature.FindingsThe authors find two clusters of pension knowledge in the Chilean pension system. In addition, the authors find that there is a positive correlation between high pension knowledge and good financial decision-making, as these people have voluntary retirement and banking savings.Practical implicationsAs people who spend time planning accumulate more wealth, it is important to develop public policies that promote the advantages to know better about the benefits of having voluntary savings for the long-term horizon. Conscientious people are also more likely to have voluntary savings.Social implicationsPolicy programs to increase to be responsible can have positive effects on society's welfare.Originality/valueUp to the authors' knowledge, this is the first study that connects clustering algorithms and pension knowledge.

Mandatory pension systems only partially replace old-age income, therefore the government also operates a voluntary pension system, where savings are matched by government grants. Accounting for the resulting tax expenditure, our models describe the income flow from shortsighted to farsighted workers. 1. In rational models, explicit results are obtained, showing the limited learning of shortsighted workers. 2. In agent-based models, this learning is improved and this raises the shortsighted workers' saving and reduces perverse income redistribution.

Pension system formation is one of the questions on the daily agenda for most countries of the world. Most attention and discussion focus on the first two pension system pillars – state compulsory unfunded pension scheme and the state-funded or accumulated pension scheme in pension funds, both based on mandatory contributions. Private voluntary investments are the "third pillar" of pension systems and the gear to ensure an adequate level of income at retirement age by creating private pension funds. Voluntary savings are becoming the source of retirement income received on a monthly basis in line with the progress of private pension funds and expansion of the choice of pension schemes. This research task is to evaluate the 3rd pension pillar's current results in Latvia and create a comparison with Lithuania and Estonia. The research outlines the common and the differences between engagement in financial future planning decisions of the population in Baltic States and existing legislative frameworks to promote the formation of private pension funds. It rises the research question on the importance of the role of voluntary savings in each country as well as gives recommendations for further voluntary savings advancement. Research methods used are the analysis of scientific publications, acts of legislation and previously conducted research, analysis of statistical data on the development of voluntary pension fund contributions in Latvia and comparison with Lithuania and Estonia.

Fiscal pressure and demographic change lead governments to seek ways of reducing state expenditure on pensions. Individuals are asked to take more responsibility, and funded, supplementary pension schemes have been established in many countries. This article looks at schemes that are voluntary – the NEST or Personal Accounts scheme in Britain and the Riester Pension scheme in Germany. It examines the debate about whether it is worthwhile for some people to participate in pension schemes that are not mandatory – particularly those with low incomes and/or potentially broken careers. The small pensions they accumulate in such schemes merely offset entitlements to means‐tested pension benefits, leaving them no better off in old age. Concerns about the behavioural consequences of pension means‐testing are not new. Nonetheless, few policymakers have been willing to look at when and how such concerns were expressed in the context of voluntary pension savings. Equally, they have seldom been prepared to explain the costs involved in guaranteeing savings‐based pensions or the implications that the lack of offering such a guarantee might have for individual behaviour. The state has sought for people to take greater 'self‐responsibility' for their retirement income, but many people wish for some certainty with respect to the pensions they can expect. These goals might well be in conflict. Whether the 'state pension for the 21st century', as proposed by the UK government, will succeed in satisfying the objectives both of the state and of pension savers remains an open question. ; Much of Bernard Casey's work on this article was financed under the FP7 programme of the European Commission via the project GUSTO (governance, uncertainty, sustainability – tensions and opportunities).

Fiscal pressure and demographic change lead governments to seek ways of reducing state expenditure on pensions. Individuals are asked to take more responsibility, and funded, supplementary pension schemes have been established in many countries. This article looks at schemes that are voluntary - the NEST or Personal Accounts scheme in Britain and the Riester Pension scheme in Germany. It examines the debate about whether it is worthwhile for some people to participate in pension schemes that are not mandatory - particularly those with low incomes and/or potentially broken careers. The small pensions they accumulate in such schemes merely offset entitlements to means-tested pension benefits, leaving them no better off in old age. Concerns about the behavioural consequences of pension means-testing are not new. Nonetheless, few policymakers have been willing to look at when and how such concerns were expressed in the context of voluntary pension savings. Equally, they have seldom been prepared to explain the costs involved in guaranteeing savings-based pensions or the implications that the lack of offering such a guarantee might have for individual behaviour. The state has sought for people to take greater 'self-responsibility' for their retirement income, but many people wish for some certainty with respect to the pensions they can expect. These goals might well be in conflict. Whether the 'state pension for the 21st century', as proposed by the UK government, will succeed in satisfying the objectives both of the state and of pension savers remains an open question.

Abstract
Corporate social responsibility (CSR), as a concept that tackles economic, The introduction of private pension funds is the essence of the reform of the pension system in Serbia. Private pension funds in Serbia are based on voluntary benefits. Thus, the functioning of the pension system takes place in three interconnected processes: payments to a voluntary pension fund, investment of free funds, and ultimately programmed payments – pensions. The stability in the voluntary pension funds and the predictability of payments allow the quality of investment portfolio to be formed and achieve a long-term yield of investment. In this paper, we implement a well-known approximation method of Lagrange polynomial interpolation. We use it in order to find appropriate mathematical model for prediction of the number of fund members and the average salary in Serbia. This calculation is based on data (average salaries and fund member) from the last five years, i.e. from the period 2015-2019. We calculated the exact mathematical formula, then we compared the results and predictions obtained with that formula and with the formula from one of our previous works. In keeping with that, the appropriate conclusions were given..