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Risk comparison of the pay-as-you-go pension system and the private funds
Kolafa, Ondřej ; Teplý, Petr (advisor) ; Hurt, Jan (referee)
of the bachelor's thesis Title: Risk comparison of the pay-as-you-go pension system and the private funds Author: Ondřej Kolafa Department: Department of Probability and Mathematical Statistics Supervisor: PhDr. Petr Teplý Ph.D., Finance and Capital Markets, Institue of Economic Studies, Faculty of Social Sciences, Charles University in Prague Abstract: The thesis deals with risks of the pay-as-you-go pension system and the private funds, that are meant for savings for pensions. The aim of the thesis is to compare these two totally different systems and evaluate their risks. Private funds topic points out a development of funds that are similar to the funds mentioned in the pension reform concepts that were planned or done in the Czech and Slovak Republic. The risk analysis of the pay-as-you-go pension system studies population development in the Czech Republic and its effect on pensions. Finally, achieved outcomes are used to compare the pure pay-as-you-go pension system with the pay-as-you-go pension system combined with private funds; these comparasions are based on different scenarios of the economic development. Keywords: risk, pensions, pension funds, pay-as-you-go
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Pension reform in the Czech Republic
Havelková, Zdeňka ; Pletichová, Dobroslava (advisor) ; Zdena, Zdena (referee)
Diploma thesis is deals with the issue of pension reform in the Czech Republic. Pension system in the Czech Republic in the past few years undergone a series of major changes. The main objective of all reforms steps is the stabilization and long-term sustainability of the entire system related to the changing demographic structure of the population.
As the main denominators of reform made adjustments can be mentioned: determining the retirement age, the length of compulsory insurance policy for the redistribution of money in the system and citizens' motivation for saving their own resources.
The work focuses on the analysis undertaken reforms and current situation in the field of pensions. It also deals with specific evaluation opportunities own means of providing for old age. Based on the findings it made recommendations for Czech citizens as financially ensure old age.
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Pension reform in the Czech Republic
Štekerová, Nikol ; Pletichová, Dobroslava (advisor) ; Jaroslav, Jaroslav (referee)
Czech Republic faces up to and will even face up to an unfavourable demographic progress from now on. A current situation would become completely intolerable without any transformations. Author reviews every single pillar including a closed down second pillar. In the analytical part there is a suggestion to improve a pension scheme right in several parts. Those most outstanding parts are the motives for a political and economic situation improvement because any reforms success exactly depends on economy performance, a political situation, a demographic risk elimination including elements of birth support and migration and general pension restructure. Several appropriate pension restructure conceptions are suggested. For instance: taking a corporate pension under Swedish pattern which would exclude a question of pre-pension as well. Additionally, a private pension scheme should offer the citizens of the Czech Republic more choices so that everyone could choose the provision for retirement age possibility that is the most appropriate and convenient for them.
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Comparison of Selected Financial Products Contributing to Old Age Ensurance
Sýkorová, Renáta ; Oppl, Michal (referee) ; Rejnuš, Oldřich (advisor)
This bachelor thesis deals with one of the biggest social problems of present days, with the retirement system. Regarding the fact that the retirement system in the Czech Republic is unsatisfactory, it is necessary to prepare for the retirement individually without relying on the support of the state. I aim my bachelor thesis at selected products of the financial market that can help ensure contented old age. The analysis takes into consideration the age, the amount of savings and, last but not least, the tax rates to which people belong. The theoretical part deals with the most important definitions and describes the functioning of particular products. The practical part analyses examples of clients saving their money at different times, in different combinations of investment sum, and various examples of tax groups. This part deals with comparison of different products and tries to find the ideal combination for saving for the old age.
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Comparative analysis of II. and III. pillar of pension system of the Czech Republic and Switzerland
Heresová, Kateřina ; Loužek, Marek (advisor) ; Brabec, Petr (referee)
The aim of this thesis is to compare and evaluate pension system of the Czech Republic and Switzerland and the pension funds operating at the level of II. and III. pillar. In many aspects Switzerland is claimed to have the right and healthy pension system. This thesis tries to answer if it is true and in what way could be Switzerland inspiring for the Czech Republic. At first, the study focuses on present pension systems in both countries, characterizes them and after it describes their economic environment. Using method of quantitative analysis the paper compares pension funds in the Czech Republic and Switzerland according chosen factors. As the conclusion the paper is devoted to final comparison of pension systems of both countries and evaluates them.
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The occupational pensions and their role in providing people of old age
Borisova, Olga ; Radová, Jarmila (advisor) ; Bártová, Hana (referee)
This bachelor work focuses on such a product as occupational pensions in its former form and current version called additional pension savings. The first part is dedicated to the reasons of the pension reform in CR which occurred in parametric as well as in paradigmatic transformations of the whole pension system, which is described in the end of the part. Due to the goal of the work the progress of occupational pensions is being studied throughout recent years to evaluate and compare the pension funds from the aspect of their efficiency. An important attempt is the juridical comparison and evaluation of differences of those two variations. As well the work outlines the other alternatives of financial provisions in comparison with the third pillar.
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Determinants of entry of inhabitants of the Czech Republic to the second pillar of pension reform
Jetmar, Jan ; Vostrovská, Zdenka (advisor) ; Krebs, Vojtěch (referee)
This thesis summarizes, compares and analyses determinants with the major influence on the decision-making process of a potential participant of the second pillar of pension reform in the Czech Republic. This was achieved by using the method of interviews with financial institution employees which arranged the savings in the second pillar. Based on theoretical knowledge there were six aspects that have been identified with a potential to take part in the decision-making process of participant -- political risks, awareness, experience with foreign countries, voluntariness, yields on capital markets and financial situation, reluctance of entry and alternative investment. By using this method the political risks has been detected as the most important determinant linked with negative campaign of opposition and distrust in political establishment. The experience with foreign countries has shown as insignificant factor. The value added by this study consists in application this method on the topic of second pillar entrance.
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Fondové pilíře důchodových systémů zemí V4 a jejich produkty
Šteffková, Klára
The thesis is focused on the functioning of pension systems in Visegrad countries, especially on the importance of the particular funded pillars within these systems. The whole pension system is analysed for each country, including the general comparison with focusing on the funded pillars and their products. The comparison is based on selected criteria. This thorough comparison then helps to form the suggestions for funded pillars in Czech Republic, which could lead up to improvement of the current situation regarding the social security in our country.
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Změny důchodového systému po roce 2013 a jeho dopady na spotřebitele
Halvová, Daniela
The thesis deals with the major reform of the Czech pension system in 2013 which introduces a new pension pillar, the Capitalization pillar. This reform has introduced a new possibility for consumers to save up for their retirement. Along with the first Pay-As-You-Go pension pillar and voluntary pension savings pillar it constitutes a new three pillar pension system in the Czech Republic. The second part of this thesis focuses on calculations which should answer the question: "For whom is the opt-out from the PAYG pillar to the Capitalization pillar profitable?"
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