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Journal articles on the topic 'Pension types'
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1
Sayfiddinov, Ilkhom, and Hasan Kholbutayev. "PENSION SYSTEM FOREIGN COUNTRIES." INNOVATIONS IN ECONOMY 4, no. 2 (February 28, 2021): 87–94. http://dx.doi.org/10.26739/2181-9491-2021-2-12.
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The article is devoted to the study of the essence and significance of the pension system in the social protection of the population. The main directions of reforming the pension provision system in some developed and developing countriesare examined in the article. The article analyzes the types of pensions in foreign countries
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Chetyrkin, E. "Pension Fund of the International Organizations." World Economy and International Relations, no. 5 (2014): 15–20. http://dx.doi.org/10.20542/0131-2227-2014-5-15-20.
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The article describes the UN Joint Staff Pension Fund: the adopted pension scheme (pattern), the types of pensions and benefits, the basic rules applicable in determining the size of pensions and contributions to the Fund. The author analyses the dynamics of the main financial indicators of the Fund, as well as the results of successive actuarial valuations of the Fund and the measures taken to eliminate detected actuarial deficit.
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Nanda, Yulia Vidya, and Apriani Dorkas Rambu Atahau. "AN EMPIRICAL STUDY ON PENSION FUNDS’ PORTFOLIO AND INVESTMENT PERFORMANCE: THE EFFECT OF PENSION FUNDS’ SIZE." Jurnal Manajemen dan Kewirausahaan 22, no. 2 (September 1, 2020): 115–21. http://dx.doi.org/10.9744/jmk.22.2.115-121.
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This study seeks to investigate whether larger pension funds exhibit better investment performance than smaller ones and differences in the selection of investment instruments between large and small pension funds. Our research sample is 13 pension funds that are the members of BKS Dapen-KI (Badan Kerja Sama Dana Pensiun Kristen Indonesia – the Cooperation Council of Christian Pension Fund in Indonesia) in 2010-2017. We use the quantitatively descriptive and independent-sample t-test methods. The results indicate no significant difference between the performance of large and small pension funds likely because both pension fund types have relatively similar total assets. However, large and small pension funds have exhibit different investment instruments selection.
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Ziyadullaev, Makhmudjon. "THE ROLE OF STATE PENSIONS IN SOCIAL PROTECTION OF CITIZENS." JOURNAL OF LAW RESEARCH 6, no. 3 (March 30, 2021): 45–52. http://dx.doi.org/10.26739/2181-9130-2021-3-6.
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This article presents ofthe content of the right to social security, which is considered as one of the constitutional rights of citizens, the role of state pensions in the social protection of pensioners and the world pension systems, including distributive, mandatory and conditional pension funds.As well as the size of pensions and their components, the relevance and importance in the Republic of Uzbekistan, the ratification of the UN Universal Declaration of Human Rights and changes in thepension sector over the past 3-4 years, taking into account the types of pension provision, frombeginningsof independence of our country
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Yeh, Chung-Yang, Hyunwook Cheng, and Shih-Jiunn Shi. "Public–private pension mixes in East Asia: institutional diversity and policy implications for old-age security." Ageing and Society 40, no. 3 (September 25, 2018): 604–25. http://dx.doi.org/10.1017/s0144686x18001137.
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AbstractPrevious studies of East Asian welfare regimes focus on similarities between social security schemes. In contrast, this paper explores cross-national variations in public–private pension mixes in six welfare states: China, Hong Kong, Japan, Singapore, South Korea and Taiwan. Our research echoes the pension policy analysis of international organisations but takes a step forward with emphasis on the historical and institutional characteristics of the respective pension systems. The analysis identifies three institutional patterns. First, the statist pension system (Taiwan and China) primarily relies on public pensions to provide old-age security, with private pensions playing a rather minor role. Second, in the dualist pension system (Japan and Korea) both public and private pensions work in parallel to ensure retirement income, though a clear security gap exists between workers in the formal and informal economies. Finally, the individualist pension system (Hong Kong and Singapore) is characterised by genuine fully funded individual accounts, emphasising citizens’ own responsibilities for ensuring old-age security. These three types of pension systems demonstrate distinct institutional characteristics and policy outcomes, illustrated by the juxtaposition of their institutional structures as well as by the comparison of key indicators collected from government reports and Organisation for Economic Co-operation and Development statistics. The paper concludes with a theoretical reflection of East Asian pension policies and a diagnosis of the distinct challenges confronted by each of the various pension patterns.
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Lapaeva, A. V. "The Pension System in the Russian Empire in the 19th – Early 20th Centuries." Pravo: istoriya i sovremennost', no. 3(12) (2020): 018–23. http://dx.doi.org/10.17277/pravo.2020.03.pp.018-023.
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The article examines the formation and development of the pension system of the Russian Empire in the 19th – early 20th centuries. It is proved that the Charter on pensions and lump-sum benefits for state (military and civil) employees in 1827 laid the foundation for an integral pension system, which combined such types of state security as pension and grant. It was established that one of the positive measures aimed at creating favorable conditions for the development of the pension system was the introduction of special preferential conditions for certain categories of civil servants, concerning the reduction of the length of service for the acquisition of the right to a pension. It is determined that in parallel with the state pension system, a non-government pension system for civil servants was developed, which operated on the basis of two models – the emerita pension (insurance-based) and the savings-support pension (account-based).
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Stetsyuk, Tetyana. "PENSION PROVISION AS THE MAIN COMPONENT OF SOCIAL GUARANTEES OF SOCIETY DEVELOPMENT." Economic Analysis, no. 30(1, Part 2) (2020): 149–55. http://dx.doi.org/10.35774/econa2020.01.02.149.
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Introduction. The quality of life of the population largely depends on the pension provision of citizens of retirement age and confidence in the future of working people. Pension provision in Ukraine is carried out in conditions of constant financial overstrain and instability. Instability in society requires a certain stability, income differentiation necessitates their fair redistribution. In Ukraine, as in many countries around the world, pensions are an important component of the social protection system, whose task is to support the material well-being of citizens and their families in the event of retirement for various reasons specified by law. However, these issues need constant further research, because pensions are an important component of social guarantees for the development of society. Goal. To characterize and systematize the structure of pension provision by studying the principles of pension provision formation as an important component of social guarantees of society and determining the directions of its improvement. Method (methodology). The author used the abstract-logical method and the method of observation to form theoretical positions and conclusions; structural method, method of comparison for the analysis of pension provision and its development. Results. The article considers pension provision as a component of social guarantees of society development. The dynamics of the ratio of the number of employed population to the number of pensioners is calculated; the dynamics of the number of pensioners by types of pensions in Ukraine is analyzed; the analysis of dynamics of the average size of pension on kinds of maintenance is carried out; the comparison of the average size of pension in national and foreign currency is made taking into account the size of a subsistence level; It is determined that the dynamics of wages is extremely important for balancing the pension system and ensuring current payments.
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Kurchenko, Oleg S. "Legal Means to Prevent Unjustified Payment of Pensions to Citizens Living Abroad." Herald of Omsk University. Series: Law 17, no. 4 (December 28, 2020): 53–64. http://dx.doi.org/10.24147/1990-5173.2020.17(4).53-64.
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Introduction. The legislation of the Russian Federation provides for the possibility of paying most types of pensions to those citizens whose place of permanent residence is a foreign state. At the same time, permanent residence of a pensioner abroad increases the risk of unjustified payment of pensions and creates the need to use additional legal means aimed at preventing such consequences. Purpose. The purpose of the study is to describe the system of legal means that are aimed at preventing unjustified payment of Russian pensions to citizens living abroad, and to analyze the provisions of Russian and international legal acts that establish these legal means. Methodology. To achieve these goals, formal legal (dogmatic) method and comparative legal method were mainly used. Results. The system of legal means to prevent unjustified payments to those Russian citizens who permanently reside abroad includes legal means provided for by national legislation and the norms of international treaties concluded by the Russian Federation. The first group is represented mainly by additional obligations of the beneficiary to inform the pension agency about maintaining the grounds for payment of pensions (especially the duty to confirm being alive), failure to which, as a general rule, constitute grounds for the suspension of payment of pension. The legal means stipulated in international legal acts are based on the interaction of the competent institutions of the Contracting parties and are implemented, as a rule, without the participation of the pension recipient. Conclusion. The expansion of the list of States with which Russia has concluded international agreements on cooperation in the field of social security and the improvement of national legislation in this area should help reduce the number of cases of excessive payment of pensions to citizens living abroad.
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Schmähl, Winfried. "Perspektiven der Alterssicherungspolitik in Deutschland – Über Konzeptionen, Vorschläge und einen angestrebten Paradigmenwechsel." Perspektiven der Wirtschaftspolitik 1, no. 4 (November 2000): 407–30. http://dx.doi.org/10.1111/1468-2516.00025.
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Abstract The paper outlines different concepts for designing pension policies linked to current reform proposals in Germany. The role of the state, mandatory or voluntary savings for old age and the primary objectives and types of income redistribution aimed at by the design of pension schemes are central. In contrast to the economic debate which is dominated by the topic pay-as-you-go (PAYG) versus funding, the author argues that it is especially important to deal with changes within the major German PAYG-financed scheme in order to realize positive economic and social effects, especially by a close contribution±benefit link as part of a broader reform concept. There are, however, limits to an overall reduction of the pension level in such a pension scheme, if a close contribution±benefit link is to remain politically acceptable. Here this is demonstrated by current reform proposals for substituting a major part of PAYG pensions by funded pensions in Germany. The paper also points out some hidden, implicit and long-term effects of such a strategy. Finally, the author refers to some often neglected effects in mainstream proposals for a major shift towards funding. 430
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Shaqiri, Nexhmedin. "Economic Transition Process and Kosovo Pension Reform System." European Journal of Economics and Business Studies 6, no. 1 (December 1, 2016): 80. http://dx.doi.org/10.26417/ejes.v6i1.p80-100.
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This article aims to study the Kosovo economic transition process and its impact on the Pension system reform. The study will focus on; model of new economic building system (market liberalization, economic recovery, the concept of entrepreneurship development, system integration of economic trends in the global economy, privatization and transformation of property, social welfare, social justice), etc. During this study different theories on the transition process in the economy will be used, as well as theories on reforming the pension system in the world, which affirm the sustainability of the construction of the new economic and pension system. Methods used will serve to draw relevant conclusions as follow; heuristic, descriptive, historical, comparative, statistical. The hypothesis of this study is, "Impact of the economic reform system in Kosovo and its results in the construction of the new sustainable pension system model." Through this study conceptual changes to the economic system will be put forward, dealing with socialist and liberal philosophy, as different concepts of economic development, the role of the state or the market as a regulator of the economic system. In particular, attention is paid to the new pension system in Kosovo; the causes for reform of the pension system, reforming the pension system, the basic goals of the reform of the pension system, the types of pensions systems in the world, the conceptual basis of the construction of the pension system in Kosovo, the principles of the reform of the pension system, the regulatory framework of the new pension system in Kosovo, advantages and challenges of multi pillar pension system model, the model used for Kosovo's pension system, pension schemes in Kosovo, the efficiency of the new pension system in Kosovo, comparing the new pension system in Kosovo with pension systems of other countries in the region.
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Fitrani, A. S., I. R. I. Astutik, and M. A. Rosid. "Analysis of classification algorithm in pension types." Journal of Physics: Conference Series 1402 (December 2019): 066096. http://dx.doi.org/10.1088/1742-6596/1402/6/066096.
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Burdenyuk, Svitlana. "LEGAL PREREQUISITES FOR INTRODUCTION OF MANDATORY ACCUMULATIVE PENSION INSURANCE." Economic Analysis, no. 30(3) (2020): 63–71. http://dx.doi.org/10.35774/econa2020.03.063.
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Introduction. The priority of overcoming social tensions in society is a decent pension, which is one of the types of social guarantees of the state to its citizens, which should be protected by the legislation of Ukraine. Legislation and regulations are important means of regulating relations between the state and citizens in the field of pension insurance. Accumulative pension provision has been under discussion for more than a year, and it is the lack of a reliable legal framework that suspends its implementation. The article analyses the legal aspects of the introduction of funded pension insurance, studies the legislation, considers changes and their impact on pensions, in particular on the funded component. Thus, the legislative regulation of the accumulative pension provision is an important component both for improving the trust of citizens and the standard of living of the elderly, and for filling the income part of the Pension Fund of Ukraine. The question of whether the state will be able to pay accumulative pension contributions is relevant for society, which first of all needs legal guarantees of receiving their pension savings, so this question needs constant further research. Creating legislative preconditions for the functioning of funded pension provision is an urgent requirement of the time and a necessary condition for the existence of an effective, socially just system of relations in the field of social security. Purpose. To characterize and systematize the accumulative pension provision by studying the legal aspects of its introduction. Improving the legislation of Ukraine on the functioning of the accumulative pension insurance system will make it unified and improve the pension provision of future generations of pensioners. Method (methodology). The research methods are the historical method, because the pension legislation changed at different times and the evolution of the country's development was postponed. The article also uses methods of comparison and analysis to draw appropriate conclusions about the legal and legal framework of pensions and its progress in accordance with the requirements of the time. Results. The article considers the legislative and normative – legal acts that regulate pension legal relations in Ukraine. The legal aspects of launching private pension insurance are analyzed and the draft law «On accumulative pension provision» is characterized, the introduction of which will allow introducing the stock market in Ukraine, which will allow it to be independent of external investors.
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CLARK, GORDON L., and KENDRA STRAUSS. "Individual pension-related risk propensities: the effects of socio-demographic characteristics and a spousal pension entitlement on risk attitudes." Ageing and Society 28, no. 6 (June 2008): 847–74. http://dx.doi.org/10.1017/s0144686x08007083.
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ABSTRACTThe transition from defined-benefit to defined-contribution occupational-pension plans has placed a premium on the participants' or contributors' decision-making competence. Their attitudes to risk and their responses to available investment options can have far-reaching implications for their retirement income. Behavioural research on risk and uncertainty has raised understanding of the limits of individual decision-making, but the social status and demographic characteristics of plan participants may also affect risk perception and pension choices. By studying a random sample of the British adult population, this paper explores the significance of socio-demographic characteristics for pension-related risk attitudes. It is demonstrated that pension-plan participants do not appear to understand the risks associated with different types of retirement savings and pension plans. The paper also shows that the gender, age and income of plan participants can give rise to distinctive risk propensities, and that marital status and, in particular, whether a spouse also has a pension can also have significant consequences for household risk preferences. These results have implications for those segments of the population that are disadvantaged in the labour market. Employer-provided pensions' education and information programmes may have to be more basic and more closely tailored to the social status of pension plan participants than hitherto assumed or hoped.
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Shovkoplias, Hanna. "Subjects of legal relations in the system of non-state pension provision: concept, signs, types." Law and innovations, no. 1 (33) (April 5, 2021): 35–40. http://dx.doi.org/10.37772/2518-1718-2021-1(33)-5.
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Problem setting. Legal, economic and organizational grounds of the non-state pension provision are crucial for the entire financial services market and significantly affect the organization of the country’s financial system. This level of the pension system is a key element of the non-bank financial services market of Ukraine and therefore deserves special attention. Analysis of recent researches and publications. Among the scientists who study this problem were O. M. Antipov, S. V. Bogoslavets, A. B. Kaminsky, O. Kirilenko, L. P. Londar, N. V. Lugovenko, V. Melnychuk, M. Rippa, M. M. Shumylo, N. M. Khutoryan, L. Yaremenko and others. Target of research. The aim of the article is to investigate certain features and types of subjects of legal relations in the system of non-state pension provision. Article’s main body. Pension relations are one of the types of legal relations formed on the basis of, on the one hand, the principles and approaches inherent in the general theoretical understanding of the category of legal relations, and on the other – the features of social security law as a branch of law, an integral and most important component. Analysis of general theoretical research of non-state pension provision allows us to identify certain features of legal relations in this area. Conclusions and prospects for the development. So, summarizing the above, it should be said that the legal relations arising from non-state pension provision – legal, economic, organizational and social relations that arise between the subjects of the non-state pension system in the process of creating private pension funds, their activities on private pension provision, pension insurance, as well as relations that arise in the process of monitoring the activities of non-state pension providers.
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PRYIMAK, Iryna, and Bohdana VYSHYVANA. "NON-STATE PENSION PROVISION IN THE SYSTEM OF SOCIAL PROTECTION OF THE UKRAINIAN POPULATION." WORLD OF FINANCE, no. 3(60) (2019): 121–38. http://dx.doi.org/10.35774/sf2019.03.121.
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Introduction. The Ukrainian system of social protection, which is mainly financed by the budget funds and funds of state social insurance funds, is currently unable to provide a decent level of pensions. Involving non-state financial institutions in solving this problem allows to increase the efficiency and flexibility of the system of social protection of the population in old age. Purpose. The purpose of the article is to analyze the situation, outline the problems of development and develop practical recommendations for improving the non-state pension provision as an instrument of social protection for people of retirement age. Results. The essence and structure of the system of the population social protection is uncovered, which unites state and non-state constituents. The dynamics of budget expenditures on social protection and expenditures of the Pension Fund of Ukraine are analyzed. The increasing deficit of the Pension Fund has been revealed, which indicates a profound financial crisis in the pension system. There has been made an evaluation of the development of nonstate pension provision as a mechanism for the formation of additional financial resources for the payment of pensions. It has been established that non-state pension funds (NPFs) are the main financial institutions that provide accumulation of pension assets. The analysis of NPF activity in Ukraine shows a reduction in their number, exceeding the number of NPF participants over the number of contracts concluded, a small amount of contributions from individuals, an increase in retirement benefits, a slight increase in the value of retirement assets, as well as imbalances in the volume of assets by types of NPFs. There has been highlighted the role of life insurance companies in non-state pension provision, which consists in entering into life insurance pension insurance contracts with an NPF participant, calculation and payment of an additional pension. The directions of activity of banking institutions in the system of non-state pension provision regarding the establishment of an NPF, the role of the custodian bank of NPF, maintenance of insurance companies engaged in pension insurance, and the attraction of pension funds through the opening of pension deposit accounts are disclosed. Conclusions. The proposals on the necessity of developing well-balanced rational and effective of socio-economic, normative-legal, organizational management decisions for the preparation and implementation of an effective strategy for the development of non-state pension provision, are substantiated.
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Dmitrieva, O. "Economic Turnovers and Financial Vacuum Cleaners." Voprosy Ekonomiki, no. 7 (July 20, 2013): 49–62. http://dx.doi.org/10.32609/0042-8736-2013-7-49-62.
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The paper considers different types of financial flows in the form of turnovers to imply the return to the starting point with direct or indirect losses. The dynamic schemes, volumes and losses of turnovers are examined: the financial turnover between federal budget, financial markets for budget surplus investmentsand financial markets for the budget deficit borrowings; pension turnover between the State Pension Fund, financial institutions for pensions’ savings and federal budget; the property turnover and the tax turnover for raw materials export. The total volume of turnovers is estimated as 15—19% of GDP with losses equal to 35% of federal budget expenditures.
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de Thierry, Ebony, Helen Lam, Mark Harcourt, Matt Flynn, and Geoff Wood. "Defined benefit pension decline: the consequences for organizations and employees." Employee Relations 36, no. 6 (September 30, 2014): 654–73. http://dx.doi.org/10.1108/er-02-2013-0020.
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Purpose – The purpose of this paper is to use the theoretical and empirical pension literatures to question whether employers are likely to gain any competitive advantage from degrading or eliminating their employees’ defined benefit (DB) pensions. Design/methodology/approach – Critical literature review, bringing together and synthesizing the industrial relations, economics, social policy, and applied pensions literature. Findings – DB pension plans do deliver a number of potential performance benefits, most notably a decrease in turnover and establishment of longer-term employment relationships. However, benefits are more pronounced in some conditions than others, which are identified. Research limitations/implications – Most of the analysis of pension effects to date focuses primarily on DB plans. Yet, these are declining in significance. In the years ahead, more attention needs to be paid to the potential consequences of defined contribution plans and other types of pension. Practical implications – In re-evaluating DB pensions, firms have tended to focus on savings made through cost cutting. Yet, this approach tends to view a firm's people as an expense rather a potential asset. Attempts to abandon, modify, or otherwise reduce such schemes has the potential to save money in the short term, but the negative long-term consequences may be considerable, even if they are not yet obvious. Originality/value – This paper is topical in that it consolidates existing research evidence from a number of different bodies of literature to make a case for the retention of DB pension plans, when, in many contexts, they are being scaled back or discarded. It raises a number of important issues for reflection by practitioners, and highlights key agendas for future scholarly research.
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Johnson, Russell L. "“Great Injustice”: Social Status and the Distribution of Military Pensions after the Civil War." Journal of the Gilded Age and Progressive Era 10, no. 2 (March 29, 2011): 137–60. http://dx.doi.org/10.1017/s1537781410000186.
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In recent years, historians have paid increased attention to the Civil War pension system created for Union army soldiers and their families. It has come to be seen as a milestone in the evolution of U.S. social policy. Despite the overall appearance of generosity and of unbiased treatment for applicants, however, individuals actually experienced the system very differently based on the social status of the soldier involved. Looking at pension legislation, its implementation, and nearly one thousand pension claim files, this article argues that three types of status discrimination appeared in the distribution of pensions: Pension laws paid larger amounts to officers and their families, the Pension Bureau used ability to perform manual labor to determine the level of disability regardless of the applicants' true ability to earn a living, and claims based on the service of officers generally were decided more quickly and more favorably than those of enlisted men. Because military ranks reflected the soldiers' civilian social position—most manual laborers served as enlisted men, for example—these biases meant that individuals of higher social status received significantly better treatment than those of lower civilian status.
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., Alfiana, Ervina CM Simatupang, and Ita Borshalina. "Investment Portfolio of Pension Funds: Regulation and Implementation." International Journal of Engineering & Technology 7, no. 4.34 (December 13, 2018): 248. http://dx.doi.org/10.14419/ijet.v7i4.34.23900.
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This study determines which pension fund investments affect the return of investment in the pension fund industry. This research is an explanatory research conducted using multiple regression with data from the monthly pension fund statistics for the March 2015 to June 2018 period. The results show that of the 19 investments that the pension fund industry can make, there are still 2 types of investments that have not yet been made and 3 types of investments exceeding the limit specified allocation. In this study, only government bonds and land investments have a positive effect on return of investment while land and building investments have a negative effect. The results of this study indicate that the regulations do not have an impact on changing the type and allocation of investment in the pension fund industry, and is still dominated by certain investments that do not have an influence on the profitability of the pension fund industry which is measured by return of investment. Therefore, further studies are needed. This study is useful for (1) the pension fund industry to be able to apply investment portfolio theory regarding the types and allocations of investments and start new types of investment that are permitted (2) for financial services authorities (financial services authority) in order to arrange regulations regarding the type and allocation of investment.
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Autenne, Alexia. "Occupational pension funds." European Journal of Social Security 19, no. 2 (June 2017): 158–71. http://dx.doi.org/10.1177/1388262717712152.
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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.
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Borychenko, K. V. "CERTAIN ASPECTS OF TRANSFER OF PENSIONS OF PERSONS DISCHARGED FROM MILITARY SERVICE." Actual problems of native jurisprudence 1, no. 1 (March 4, 2021): 65–68. http://dx.doi.org/10.15421/392114.
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The article examines some aspects of the recalculation of the pension of persons discharged from military service in connection with the increase in cash benefits for certain categories of servicemen. It is established that in connection with the increase in cash security of the relevant categories of servicemen from January 1, 2018, the right of persons discharged from military service to adequate pension provision was unlawfully restricted by applying only three components of cash benefits: salary; salary for military (special) rank; interest allowance for years of service in the relevant or similar position held by the person on the date of dismissal (on the date of business trip to work in public authorities, local governments or their bodies, enterprises, institutions, organizations, higher education institutions). It is established that the normative provision of the right to recalculation of pensions of persons discharged from military service was brought in line with international standards, the content of the principles of the rule of law and legality, the requirements of legislative technique only from March 5, 2019 – the date of entry into force of a court decision and invalid certain provisions of the resolutions of the Cabinet of Ministers of Ukraine, which limited the guarantees of the right of persons discharged from military service to recalculate pensions in connection with increasing cash benefits of relevant categories of servicemen, enshrined in the Law of Ukraine “On pensions of persons discharged from military service, and some other people”. The actual restoration of the right of persons discharged from military service to recalculate their pensions in connection with the increase of cash security of the relevant categories of servicemen, taking into account all its (cash) components occurs only in court as a result of court decisions recognizing illegal actions (inaction) of the Pension Fund of Ukraine and their obligation to recalculate the pension of a former serviceman, taking into account the relevant salaries, military (special) rank, interest allowance for years of service, monthly additional types of cash benefits (allowances, surcharges, promotions) and bonuses in the sizes established by the legislation.
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BOVENBERG, LANS, and THEO NIJMAN. "New Dutch pension contracts and lessons for other countries." Journal of Pension Economics and Finance 18, no. 3 (May 21, 2018): 331–46. http://dx.doi.org/10.1017/s1474747218000124.
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AbstractThis paper summarizes recent developments in Dutch occupational pensions of both the defined contribution and defined benefit (DB) types. A reform of DB schemes is discussed that introduces financial assets as individual entitlements. At the same time, the reformed schemes derive (dis)saving, financial risk management and insurance decisions from the explicit objective of adequate and stable lifelong retirement income. The proposed system also involves an insurance contract pooling longevity risks and possibly collective buffers that share systematic risks with future pension savers. The paper identifies the strengths and weaknesses of the Dutch contract design and draws lessons for other countries.
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BATEMAN, HAZEL, and OLIVIA S. MITCHELL. "New evidence on pension plan design and administrative expenses: the Australian experience." Journal of Pension Economics and Finance 3, no. 1 (March 2004): 63–76. http://dx.doi.org/10.1017/s1474747204001465.
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Policymakers seeking to design efficient and smoothly functioning pension systems for their aging workforces are beginning to acknowledge the key importance of administrative expenses when formulating rules for pension plan structure and fee disclosure requirements. This study explores the links between retirement plan offerings and pension expenses for a wide range of private and public sector pension plan types, using an invaluable new data set on two thousand Australian pension funds. Our analysis indicates how pension plan design can strongly influence plan expenses and consequently eventual retirement security.
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Li, Yang, Jeffrey A. Burr, and Edward Alan Miller. "Pension Plan Types and Financial Literacy in Later Life." Gerontologist 59, no. 2 (September 9, 2017): 260–70. http://dx.doi.org/10.1093/geront/gnx135.
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TAUSCH, FRANZISKA, JAN POTTERS, and ARNO RIEDL. "Preferences for redistribution and pensions. What can we learn from experiments?" Journal of Pension Economics and Finance 12, no. 3 (February 11, 2013): 298–325. http://dx.doi.org/10.1017/s1474747212000388.
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AbstractRedistribution is an inevitable feature of collective pension schemes and economic experiments have revealed that most people have a preference for redistribution that is not merely inspired by self-interest. However, little is known on how these preferences interact with preferences for different pension schemes. In this paper, we review the experimental evidence on preferences for redistribution and suggest some links to redistribution through pensions. For that purpose we distinguish between three types of situations. The first deals with distributional preferences behind a veil of ignorance. In the second type of situation, individuals make choices in front of the veil of ignorance and know their position. Finally, we discuss situations in which income is determined by interdependent rather than individual choices. In the closing sections of the paper, we discuss whether and how these experimental results speak to the redistribution issues of pensions. For example, do they argue for or against mandatory participation? Should we have less redistribution and more actuarial fairness? How does this depend on the type of redistribution involved?
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Kastelein, Pim B., and Ward E. Romp. "PENSION FUND RESTORATION POLICY IN GENERAL EQUILIBRIUM." Macroeconomic Dynamics 24, no. 7 (December 16, 2019): 1785–814. http://dx.doi.org/10.1017/s1365100518001049.
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When the financial positions of pension funds worsen, regulations prescribe that pension funds reduce the gap between their assets (invested contributions) and their liabilities (accumulated pension promises). This paper quantifies the business cycle effects and distributional implications of various types of restoration policies. We extend a canonical New-Keynesian model with a tractable demographic structure and, as a novelty, a flexible pension fund framework. Fund participants accumulate inflation-indexed or non-indexed benefits and funding adequacy is restored by revaluing previously accumulated pension wealth (Defined Contribution (DC)) or changing the pension fund contribution rate on labor income (Defined Benefit (DB)). Economies with DC pension funds respond similarly to adverse capital quality shocks as economies without pension funds. DB pension funds, however, distort labor supply decisions and exacerbate economic fluctuations. While DB pension funds achieve intergenerational risk-sharing, welfare analyses indicate that the negative effects of the induced distortions are sizeable.
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Gaiduk, Ivan. "Efficiency of non-state pension funds functioning in Ukraine." University Economic Bulletin, no. 39 (December 20, 2018): 136–44. http://dx.doi.org/10.31470/2306-546x-2018-39-136-144.
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The subject of the article is methodological and practical aspects of determining the efficiency of the work of non-state pension funds. The aim of the article is is to show the real state of affairs about the productive activity of non-state pension funds and analyze the effectiveness of their work. Article methodology. The article uses structural-logical, economic-statistical and economic-mathematical methods, as well as comparative analysis, a graphical method. Results of research. During the study, the dynamics of the number of NPFs, asset management companies and administrators in Ukraine, as well as the distribution of NPF participants by age group was analyzed. The index of economic efficiency of NPF activity (growth of the net value of the unit of pension contribution, profitability of investment of pension assets) is considered in accordance with the method of determining the criteria for assessing the financial condition of the NPF, developed by the National Financial Services Commission. Analytically represented: structure of the net asset value of NPF by type; the total average net asset value per participant in Ukraine and the profitability of the investment activity of the NPF. The indicator of the CAGR of the net value of assets of domestic NPFs by types for 7, 5 and 1 year is calculated. Scope of results of research. The results of the study can be used by citizens of Ukraine of different ages who are interested in providing pensions, in the practice of employees of non-state pension funds, banks and life insurance companies. Conclusions. Analyzing different groups of indicators of non-state pension fundsactivity in Ukraine, the overall low level of development of this segment of non-state pension provision was revealed. The effectiveness of the funds directly depends on the number of participants and the quality management of assets. According to statistics, in this area, the domestic non-state pension fundsstill needs to introduce serious improvements.
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Jørgensen, Peter Løchte, and Per Linnemann. "A comparison of three different pension savings products with special emphasis on the payout phase." Annals of Actuarial Science 6, no. 1 (December 6, 2011): 137–52. http://dx.doi.org/10.1017/s1748499511000352.
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AbstractThe purpose of this article is to illustrate how the pension benefits a pension saver will (expect to) receive will depend on the type of pension scheme chosen. We compare three widely different pension savings products: the “traditional” with-profits scheme involving bonus entitlement (average interest rate product), a market-based Unit Link scheme and, finally, a formula based smoothed investment-linked annuity scheme – TimePension in short – which is on many points a cross between the two prior-mentioned types of savings products.The three product types mentioned above have been analysed in previous literature, but those comparisons were based almost entirely on the values of pension savings accounts at the expiry of the accumulation period. This article will include the payout phase (decumulation phase) in the analysis, enabling us to analyse the size of paid-out pension benefits themselves as well as the possibilities of adjusting these benefits periodically. Compared to earlier articles, we have also improved the underlying model for the uncertainty of the underlying financial market.The article demonstrates that expected pension benefits from the three schemes are an increasing function of the allocation to shares in the underlying investment portfolios. TimePension involves the highest allocation to shares and therefore offers, on average, the highest pension benefits, followed by the Unit Link scheme. In the third and last place comes the traditional with-profits scheme, which has a relatively low allocation to shares, but which, in return, also provides relatively safe and stable pension benefits. We also show, however, that the stability of pension benefits from a TimePension scheme is completely level with the stability of benefits from the traditional scheme. Unit Link-based pension benefits, on the other hand, vary far more, and pension savers in this product segment will experience much higher annual adjustments – in a both negative and positive direction – than savers in the other product segments.
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jiang, haojun, and Iris Chi. "PENSION AND SUBJECTIVE WELL-BEING AMONG OLDER ADULTS IN URBAN CHINA: THE ROLE OF SOCIAL PARTICIPATION." Innovation in Aging 3, Supplement_1 (November 2019): S906—S907. http://dx.doi.org/10.1093/geroni/igz038.3309.
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Abstract This study highlighted the relationship and interaction mechanism among pension, social participation and subjective well-being of older adults in urban China, which provided cross-cultural evidence for theories, and had significant implications for social security policy. It examined the relationship between pension and subjective well-being (i.e., life satisfaction, depression) among older adults in urban China. It also assessed the mediating and moderating effects of social participation (i.e., three types of activity participations including labor activity participation, political activity participation, voluntary activity participation; and the variation of activity participation) in the linkage between pension and subjective well-being. The data came from the 2014 China Longitudinal Aging Social Survey (CLASS), a national, large-scale survey of a representative community aging sample (60 years and older) in urban China (N=6907). The study used hierarchical regression analysis and structural equation modeling methods. The results showed that pension could improve the subjective well-being of the older adults, specifically, pension enhances life satisfaction and reduces the depression of older adults. Both of three types of activity participation and the variation of activity participation were a significant moderator in the relationship between pension and subjective well-being. Besides, both labor activity participation and variation of activity participation were also a partial mediator in the relationship between pension and subjective well-being.
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Bae, Sang-Hyun, Bong-Joo Lee, and Joo-Ho Sung. "Comparison and Analysis by Types of Defined Benefit Pension Obligation." Korean Insurance Journal 107 (July 31, 2016): 51–74. http://dx.doi.org/10.17342/kij.2016.107.2.
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PARRY, JANE, and REBECCA F. TAYLOR. "Orientation, opportunity and autonomy: why people work after state pension age in three areas of England." Ageing and Society 27, no. 4 (June 18, 2007): 579–98. http://dx.doi.org/10.1017/s0144686x0700606x.
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ABSTRACTWith the central players in the United Kingdom policy debate on pensions schemes and funding advocating an extension to the average working life (or, more precisely, a rise in the age of ceasing work), this paper reports the findings of qualitative interviews with men and women at or approaching state pension age that examined what motivated some people to continue to work after that age. By exploring their work histories and orientations to work, the paper shows that people from different social and occupational backgrounds not only conceive work and retirement in different ways but also have contrasting opportunities to continue in occupations after retirement age. Their attitudes and the opportunities they encounter shape the decisions they make at state pension age. Distinctions are drawn between those who articulated an identity as a ‘worker’ and those who defined themselves as ‘professionals and creatives’, and within those categories, between the employed and self-employed. The paper elucidates the tensions between individuals' normative expectations of retirement, their desire for autonomy and flexibility in later life, and the financial and occupational reality of life after state pension age. We argue that understanding the different cultural meanings of work and retirement for different types of worker has implications for the design and implementation of policies to extend working life.
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Hasanah, Nur. "ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KUALITAS LAPORAN KEUANGAN DANA PENSIUN." Media Ekonomi 20, no. 2 (November 3, 2017): 107. http://dx.doi.org/10.25105/me.v20i2.784.
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<p>This research aims to investigate the factors that influence to the quality of pension fund financial reports, a proxy with earnings management. These factors related to corporate governance. This research using 22 Pension Fund in Indonesia, which was established and approved by the Minister of Finance until 2005 and still actively running the business as the Pension Fund by the end of 2009. The research period is taken is 4 years, starting in 2006 until 2009. This research used multiple linear regression model. The independent variable in this research include variable performance of the Pension Fund, the rights of stakeholders, disclosure, and type of Pension Fund that is predicted significant influence on the quality of pension fund financial reports. The result of this research showed that only the audit quality has positive and significant influence on the quality of Pension Fund financial reports, whereas for the variable performance of the Pension Fund, the rights of stakeholders, disclosure, and type of Pension Fund showed no significant effect on the quality of the financial reports of the Pension Fund. Variable types of the Pension Fund (sharia and non-sharia), no significant influence on the quality of Pension Fund financial reports, this can be expected because up to this time there are no special regulations for sharia Pension Funds. Sharia arrangements in relation to aspects of Sharia Pension Funds activities, such as guidelines for preparing the financial reports of Sharia Pension Fund is still using regulations that apply to nonSharia Pension Fund. Simak</p><p>Keywords: Good corporate governance, good pension fund governance, Pension Fund financial reports, sharia pension fund, earnings management.</p>
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Hasanah, Nur. "ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KUALITAS LAPORAN KEUANGAN DANA PENSIUN." Media Riset Akuntansi, Auditing dan Informasi 11, no. 1 (April 12, 2011): 71. http://dx.doi.org/10.25105/mraai.v11i1.1029.
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<p class="Style18">This research aims to investigate the factors that influence to the quality of pension fund financial reports, a proxy with earnings management. These factors related to corporate governance. This research using 22 Pension Fund in Indonesia, which was established and approved by the Minister of Finance until 2005 and still actively running the business as the Pension Fund by the end of 2009. The research period is taken is 4 years, starting in 2006 until 2009. This research used multiple linear regression model.</p><p class="Style18">The independent variable in this research include variable performance of the Pension Fund, the rights of stakeholders, disclosure, and type of Pension Fund that is predicted significant influence on the quality of pension fund financial reports. The result of this research showed that only the audit quality has positive and significant influence on the quality of Pension Fundfinancial reports, whereas for the variable performance of the Pension Fund, the rights of stakeholders, disclosure, and type of Pension Fund showed no significant effect on the quality of the financial reports of the Pension Fund</p><p class="Style18">Variable types of the Pension Fund (sharia and non-sharia), no significant influence on the quality of Pension Fund financial reports, this can be expected because up to this time there are no special regulations for sharia Pension Funds. Sharia arrangements in relation to aspects of Sharia Pension Funds activities, such as guidelines for preparing the financial reports of Sharia Pension Fund is still using regulations that apply to non-Sharia Pension Fund.</p><p class="Style1">Keywords: Good corporate governance, good pension fund governance, Pension Fund financial reports, sharia pension fund, earnings management.</p>
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Hasanah, Nur. "ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KUALITAS LAPORAN KEUANGAN DANA PENSIUN." Media Riset Akuntansi, Auditing dan Informasi 12, no. 2 (August 20, 2012): 107. http://dx.doi.org/10.25105/mraai.v12i2.594.
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<span>This research aims to investigate the factors that influence to the quality of pension fund <span>financial reports, a proxy with earnings management. These factors related to corporate <span>governance. This research using 22 Pension Fund in Indonesia, which was established <span>and approved by the Minister of Finance until 2005 and still actively running the business as the Pension Fund by the end of 2009. The research period is taken is 4 years, starting in 2006 until 2009. This research used multiple linear regression model. The independent variable in this research include variable performance of the Pension Fund, the rights of stakeholders, disclosure, and type of Pension Fund that is predicted significant influence on the quality of pension fund financial reports. The result of this research showed that only the audit quality has positive and significant influence on the quality of Pension Fund financial reports, whereas for the variable performance of the Pension Fund, the rights of stakeholders, disclosure, and type of Pension Fund showed no significant effect on the quality of the financial reports of the Pension Fund. Variable types of the Pension Fund (sharia and non-sharia), no significant influence on the quality of Pension Fund financial reports, this can be expected because up to this time there are no special regulations for sharia Pension Funds. Sharia arrangements in relation to aspects of Sharia Pension Funds activities, such as guidelines for preparing<br />the financial reports of Sharia Pension Fund is still using regulations that apply to non Sharia Pension Fund. Simak<br />Keywords: Good corporate governance, good pension fund governance, Pension Fund financial reports, sharia pension fund, earnings management.<br /></span></span></span></span>
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BERSTEIN, SOLANGE, OLGA FUENTES, and FÉLIX VILLATORO. "Default investment strategies in a defined contribution pension system: a pension risk model application for the chilean case." Journal of Pension Economics and Finance 12, no. 4 (June 4, 2013): 379–414. http://dx.doi.org/10.1017/s1474747213000073.
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AbstractIn a defined contribution pension system, one of the main risks faced by members refers to the investment of funds. In this context, we discuss which is the most suitable risk measurement for the affiliates to the pension system. Different life-cycle investment strategies are evaluated under this measure for different types of workers. We point out the importance of designing well-suited default investment options in light of the economic behavior of members, characterized by low financial knowledge, inertia and myopia in decision-making. We calibrate a pension risk model for the Chilean economy, including measures of life-cycle income, human capital risk, investment and annuitization risks. Our results suggest that affiliates can gain (loss) around 0.85 percentage points in terms of average replacement rates in return for an increase (decrease) of 1 percentage point in risk, measured as standard deviation of replacement rates. Using a stochastic dominance analysis, we find that there are no dominated strategies when subsidies from the Solidarity Pillar are excluded. When the Solidarity Pillar is considered, the most appropriate investment strategies for affiliates that receive these subsidies are concentrated on the riskier funds. However, this also means that there could be increased pressure on Government spending in order to grant additional benefits to affiliates. Our model has a wide range of practical applications that go from informing affiliates about the degree of uncertainty associated to their expected replacement rate to a guide to evaluate how different investment strategies affect the expected values of affiliates' pensions and their associated risk.
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López, Fernando, and Eduardo Walker. "Investment performance, regulation and incentives: the case of Chilean pension funds." Journal of Pension Economics and Finance 20, no. 1 (January 6, 2020): 125–50. http://dx.doi.org/10.1017/s1474747219000350.
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AbstractWe examine the investment performance of Chilean pension funds during their multi-fund period (2003–17). Using tradable asset class benchmarks, we extend Sharpe's (1992) return-based style analysis by explicitly considering regulatory restrictions and currency hedging. We find that despite the significant differences between pension fund manager returns, they are statistically similar to our style benchmarks for all fund types. Furthermore, accounting for currency hedging improves the accuracy of the replicating portfolios and the selection return estimates. Our results have policy implications for investment regulation of pension systems with similar characteristics to the Chilean one.
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Luchak, Andrew A., and Ian R. Gellatly. "What Kind of Commitment Does a Final-Earnings Pension Plan Elicit?" Autres articles 56, no. 2 (October 21, 2002): 394–417. http://dx.doi.org/10.7202/000030ar.
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Summary In a sample of 427 employees in a large, unionized public utility company, we examined the incentive effects of a final-earnings pension plan on employees’ commitment to the organization. Two types of organizational commitment, affective and continuance commitment were measured using scales described by Meyer and Allen (1997). We found evidence that higher accruals under the pension plan increased continuance commitment but reduced affective commitment. Organizational commitment was also found to vary by job satisfaction, specific training, seniority, wage premia, and the perceived effectiveness of alternative dispute resolution methods. Implications for pension theory, research, and policy are discussed.
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Zhao, Qing, Zhen Li, and Yihuan Wang. "Adequacy Analysis of the Basic Old-Age Pension System Based on Local Administrative Data in China." Sustainability 11, no. 24 (December 16, 2019): 7196. http://dx.doi.org/10.3390/su11247196.
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There is no consensus on the judgment of the adequacy status of the old-age pension benefit in China at present. Therefore, clarification of various types of indicators and benchmarks of pension adequacy is urgently needed. According to the theoretical development of pension adequacy, this paper offers a comprehensive analysis of the benefit level of basic pension from the perspectives of poverty alleviation, income substitution, and financial sustainability. The calculation results based on local administrative data show that the current pension benefit in urban China is unbalanced: on the one hand, the average pension level of self and flexible employees cannot keep track of the local average consumption level or even the relative poverty standard in particular years and the individual replacement rates for a few nonstandard employees are less than the minimum standard of 40% set by the International Labor Organization, which means the pension benefit performs poorly in terms of consumption smoothing. On the other hand, the lifelong pension rights are much higher than the lifelong contribution obligations for new retirees. Under the trend of population ageing, the extremely high benefit–cost ratio means that the current retired generation is eroding the welfare of the current working generations, and the long-term financial sustainability of the pension system is facing challenges. In the future, in order to improve the benefit level of the basic old-age pension system in a sustainable way, we need to increase the average and individual replacement rates and reduce the benefit–cost ratio by consolidating contribution bases and delaying the number of contribution years.
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Papik, Mario. "Composition of equity and mixed pension funds in Slovakia." Oeconomia Copernicana 8, no. 1 (March 31, 2017): 51. http://dx.doi.org/10.24136/oc.v8i1.4.
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Research background: Since January 2013, pension fund management companies have had to establish at least two pension funds, one guaranteed bond fund, and at least one unguaranteed equity fund. This division has brought many changes in portfolios of pension funds in Slovakia. Currently, six pension funds management companies manage six bonds, six equity, five indexed and three mixed funds.
Purpose of the article: The aim of this article is to monitor the composition of assets during 2009 and 2014 and describe relation between equity and mixed pension funds’ profit and components of assets they own. The results of this research contribute to a better understanding of the importance of certain types of financial assets owned by equity and mixed funds and their impact on pension funds’ profit. Last, but not least, this article helps to improve the legislative management of pension funds and their impact on macroeconomic situation in Slovakia, because pension funds are still concentrating higher and higher amount of financial assets from government bonds to companies’ stocks.
Methods: This relation will be described by linear mixed-effects model with random effects of years and pension funds management companies. Random effects also help to identify the impact of changes during the period studied, and in case that profit is significantly different across the pension funds management companies
Findings and Value added: The underlying model data will be chosen from annual balance sheets, income statements and notes of Slovakia-based equity and mixed funds during the period studied.
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Козменкова, Svetlana Kozmenkova, Грушин, and Ilya Grushin. "Accounting operations of non-state pension provision." Vestnik of Kazan State Agrarian University 8, no. 3 (October 24, 2013): 27–33. http://dx.doi.org/10.12737/1320.
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The article considers the accounting of pension reserves in one of the core activities on state pension provision. In view of the upcoming reform of the pension, the question of safety of funds of depositors of non-state pension fund is becoming increasingly important. Pension reserves will be a guarantee of a sound, reliable and accounting will increase the transparency of operations with data and tools will enhance the credibility of non-state pension fund from potential participants. It should be noted that in the pension law the concept of “income” and “net financial result” is not disclosed to the extent that would definitely say that the result of the financial activities of non-state pension fund can be both profit and loss. Moreover, the interpretation of the concepts of “profit” and “loss” are absent in the pension legislation, and regulations on accounting, they also , in our opinion, is not disclosed to the fullest. Thus, we believe that the concept of “income” from the point of view of the special pension legislation, we believe that can be interpreted not only in the narrow sense, as the economic benefits , but also more broadly - as the financial results of non-state pension fund. The article assesses the use of the account 96 “Provisions for future expenses”. This recommendation is due to the lack of adapted chart of accounts for the non-state pension fund and is flawed and does not meet modern requirements of the law. The solution to this problem would be the formation of the adapted model chart of accounts in the preparation of which would be taken into account specifics of the non-state pension fund, as well as the opinions of experts in the field or making additions to the Ministry of Finance №110n. In our opinion the accounting for pension reserves must allocate a separate synthetic account with sub-accounts for these types of reserves.
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Denys, Marjolein, David Pratt, and Yves Stevens. "A comparative analysis of the information duties in Belgian and American occupational pensions." European Journal of Social Security 22, no. 1 (March 2020): 39–63. http://dx.doi.org/10.1177/1388262720912850.
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Both the United States of America and Belgium attach great importance to communication duties in occupational pensions. Several legal sources in both countries provide the right to be informed to participants. The legislation in both countries seeks to ensure accurate, correct, transparent and understandable communication. Despite this resemblance, there are some differences in communication. The countries can learn from one another. Based on a theoretical framework developed in and for the European Union, the communication rights and duties in the USA and Belgium are analysed. This analysis leads to a better understanding of the different legal responsibilities, transparency rules, simplification efforts and technical correctness of the types of occupational pension information analyzed.
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Li, Y., J. A. Burr, and E. A. Miller. "THE ASSOCIATION BETWEEN PENSION PLAN TYPES AND FINANCIAL LITERACY AMONG OLDER ADULTS." Innovation in Aging 1, suppl_1 (June 30, 2017): 1168. http://dx.doi.org/10.1093/geroni/igx004.4258.
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Sedelnikova, Marina G., and Alexandra A. Puzyreva. "Judicial protection of pension rights: problems of theory and practice." Law Enforcement Review 2, no. 1 (April 12, 2018): 164–79. http://dx.doi.org/10.24147/2542-1514.2018.2(1).164-179.
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The subject. The article is devoted to analysis of pension disputes resolution in courts.The purpose of the article is to reveal trends of pension disputes resolution and identify the ways of increasing the efficiency of judicial protection of citizens’ pension rights.The methodology. Both general scientific methods (analysis, synthesis, description) and special scientific methods (formal-legal methods method of legal interpretation) were used.Results, scope of application. Pension legislation still does not contain a legal definition of the term “pension dispute” despite currently the prevalence of this category of cases; the legal science still has not developed a uniform approach to definition of the essence of the pension dispute.Special attention is paid to the issues of definition of the facts in proof, that is complicated because of instability of the pension legislation and a large amount of normative array. Special rules relating to the admissibility of evidence are divided from legally significant circumstances. The attention is focused on the most problematic points that arise in the process of proving: the procedure for confirmation of experience, employment in certain types of work quotas.Recommendations aimed at improving the effectiveness of judicial protection of the pension rights of citizens are formulated on the basis on the analysis of the identified problems that arise during consideration of pension disputes by law enforcement authorities. Recommendations include the need to improve the quality of normative legal acts, systematization of the pension legislation, increasing demands for training of judges, the creation of conditions conducive to the judges’ specialization. The necessity of increase activities of the Supreme Court in the process of issuing clarifications on issues arising in the application of the pension legislation is also considered.Conclusions. The existence of a number of features of the substantive and procedural legal order in pension legislation is proved. Such features include the retrospective of the pension legislation, the resolution of pension disputes in both administrative and judicial procedures, the inability to use the mediation procedures and settlement agreement, the specifics of the subject of the relevant dispute, a large number of exemptions from payment of state fees, and special requirements for the content of the operative part of the judgment.
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Ofori, Edmond. "Financial planning for retirement of self-employed workers in the Ghanaian economy." International Journal of Social Economics 48, no. 6 (March 15, 2021): 811–25. http://dx.doi.org/10.1108/ijse-04-2020-0189.
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PurposeThe purpose of this study was to ascertain the types of financial plan Ghanaian self-employed workers have towards their retirement, and the main forces that motivate these workers to financially plan for their pension.Design/methodology/approachThe study focused on self-employed workers aged from 15 to 60 years. Questionnaires were administered in gathering data for the study. The researcher used probit model in analysing the driving forces behind self-employed workers' financial planning for retirement.FindingsThe study revealed that bank/credit union/savings and loans savings, building of apartments for renting, investment in SSNIT pension, investment in treasury bills/fixed deposits, investment in ownership of business and private insurance pension are the types of financial plan that exist for self-employed workers towards their retirement. The study found that age, marital status, level of education, household size, number of children, renting a house, life style of the future retiree, income, risk level of job and types of retirement plan are the driving forces behind the retirement plans of self-employed workers.Practical implicationsUsing the identified types of financial plan and driving forces in this study, governments in the developing countries can develop and implement self-employed pension schemes, educate and encourage more self-employed workers to plan for their retirement.Originality/valueAnalysing the driving forces behind retirement plans of self-employed people in developing economies.
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Atanasov, Vladimir, Thomas Hall, Vladimir Ivanov, and Katherine Litvak. "The Impact of Public Pension Funds and Other Limited Partners on the Governance of Venture Capital Funds." Quarterly Journal of Finance 09, no. 01 (March 2019): 1940003. http://dx.doi.org/10.1142/s2010139219400032.
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We examine whether the reinvestment choices of public pension funds (PPFs) affect the governance of venture capital funds. We start with a hand-collected dataset of litigation against venture capitalists (VCs) that provides significant shocks to the reputation of VCs. We combine that information with detailed data on limited partner investments in VCs provided by LP Source and test whether PPFs respond differently to the litigation shocks compared to other types of limited partners. Our triple-difference framework reveals that VCs who were defendants in lawsuits suffer a significant subsequent decline in investment by university endowments and several other types of institutional investors, but experience an increase in the investment share of PPFs. Pension funds are about three times more likely to re-invest in post-lawsuit funds offered by litigated VCs. The additional pension fund investments thus partially compensate for the shortfall in post-lawsuit fundraising caused by the exodus of other investors. Our results indicate that the investment choices of PPF managers reduce the effectiveness of reputational penalties imposed by other limited partners in venture capital funds.
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Monahan, Amy B. "Public Pension Plan Reform: The Legal Framework." Education Finance and Policy 5, no. 4 (October 2010): 617–46. http://dx.doi.org/10.1162/edfp_a_00014.
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There is significant interest in reforming retirement plans for public school employees, particularly in light of current market conditions. This article presents an overview of the various types of state regulation of public pension plans that affect possibilities for reform. Nearly all of the various approaches to public pension plan protection taken by the states have significant flaws. These flaws include a lack of clarity regarding what plan changes the relevant legal standard will allow, combined with either too much or too little protection for plan participants. This article argues that states would be well served to adopt a contractual approach to public pension benefits but to limit that contractual protection to accrued benefits. This approach is clear, protects legitimate participant interests, and preserves an employer's ability to respond to changing economic conditions.
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COLEMAN, ANTHONY D. F., NEIL ESHO, and MICHELLE WONG. "The impact of agency costs on the investment performance of Australian pension funds." Journal of Pension Economics and Finance 5, no. 3 (August 23, 2006): 299–324. http://dx.doi.org/10.1017/s1474747205002350.
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This paper evaluates the overall investment performance of Australian pension funds by examining the determinants of risk-adjusted performance, and the relationship between risk, returns, and expenses. Using quarterly return data for 225 pension funds comprising 68% of total prudentially regulated pension fund assets, we find significant differences exist across fund types. On both a net return and risk-adjusted performance basis, not-for-profit funds significantly outperformed for-profit funds over the seven years to June 2002. We suggest that the performance difference is consistent with the hypothesis that agency costs in for-profit funds (due to non-representative trustee board structures and potential board member conflicts of interest) are greater than agency costs in not-for-profit funds (with representative trustee boards).
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AL-MASHHADANI, Muhammad Yasin. "ECONOMIC PRINCIPLES IN THE INTRODUCTION TO IBN KHALDUN." RIMAK International Journal of Humanities and Social Sciences 03, no. 04 (May 1, 2021): 49–58. http://dx.doi.org/10.47832/2717-8293.4-3.5.
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Ibn Khaldun mentioned in his introduction the truth of livelihood and earning and what is the value of human works, I know that man lacks his nature to his strength and supplies in all stages since his inception to his adulthood, and what he got from this hand refrained from the other except mosquitoes, so that he would spend what God has done from them, in collecting his needs and necessities by paying for them. Then I know that the gain is by seeking acquisition and the intention to earn a living. The objects and types of pension depend on what the investigators meant by the people of literature and wisdom, they said: "The pension is an emirate, trade, agriculture and industry." The emirate is based on the method of earning and earning stipends on the royal levies and their people to obtain a pension, and the trade depends on the transfer of goods from one country to another in order to obtain profit, which is the difference between the value of buying and selling. With regard to farming, it is the profession of hard work, fatigue and misery to obtain a natural pension, as approved by Ibn Khaldun. With regard to industry, she is the one with the knowledge and knowledge to collect a natural pension. With regard to the types of human services to earn a pension, they depend on their method and their provision to the people on social conditions, because the service in the other doors of the emirate and the king who is his way, from the soldier, the policeman and the writer, and who take care of their livelihood from the house of money of the king, sultan or state, and the owners of money and the jah, take care of his servants out of their own money to carry out the work they need. With regard to people with weak minds, they are looking for treasures buried underground to obtain a pension, and in this sense they do not want to make effort and tired to earn
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MUNNELL, ALICIA H., JEAN-PIERRE AUBRY, and LAURA QUINBY. "Public pension funding in practice." Journal of Pension Economics and Finance 10, no. 2 (April 2011): 247–68. http://dx.doi.org/10.1017/s1474747211000126.
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AbstractPublic pension funding has recently become a front-burner policy issue in the wake of the financial crisis and given the pending retirement of large numbers of baby boomers. This paper examines the current funding of state and local pensions using a sample of 126 plans, estimating an aggregate funded ratio in 2009 of 78% using GASB accounting methods. Projections for 2010–2013 suggest that some continued deterioration is likely. Funded status can vary significantly among plans, and so the paper explores the influence of four types of factors: funding discipline, plan governance, plan characteristics, and the fiscal situation of the state. Judging the long-term health of plans requires more than just a snapshot of assets and liabilities, and so the paper examines how well plans are meeting their Annual Required Contributions and what factors influence whether they make them. The paper also addresses the controversy over what discount rate to use for valuing liabilities, concluding that using a riskless rate of return could help improve funding discipline but would need to be implemented in a manageable way. Finally, the paper assesses whether plans face a near-term liquidity crisis and finds that most have assets on hand to cover benefits over the next 15–20 years. The bottom line is that, like private investors, public plans have been hit hard by the financial crisis and their full recovery is dependent on the rebound of the economy and the stock market.
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CLARK, ROBERT L., and SYLVESTER J. SCHIEBER. "Adopting cash balance pension plans: implications and issues." Journal of Pension Economics and Finance 3, no. 3 (November 2004): 271–95. http://dx.doi.org/10.1017/s1474747204001738.
Full textAbstract:
Over the past 15 to 20 years, many companies have converted their traditional defined benefit plans to cash balance or pension equity plans. In a cash balance plan, the worker's ‘account’ is based on an annual contribution rate for each year of employment, plus accumulating interest on annual contributions. A pension equity plan defines the benefit as a percentage of final average earnings for each year of service under the plan. Both types of plans specify the benefit as a lump sum payable at termination. In contrast, traditional defined benefit plans specify benefits in terms of an annuity payable at retirement. From the employees' perspective, cash balance and pension equity plans look somewhat like defined contribution plans. However, they are funded, administered, and regulated as defined benefit plans.