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The comparison of alternatives of funded pension schemes
Šufliarska, Radka ; Musílek, Petr (advisor) ; Veselý, Marek (referee)
This thesis deals with the comparison of funded pension schemes in United Kingdom and in Slovakia. The aim of the thesis is the classification of pension systems and consequently the characteristic of pension system's structure in United Kingdom and in Slovakia. The thesis also has for the other goal to carry out the comparison of funded pension schemes of both countries in terms of the most significant factors which influence finances invested in pension funds. The Thesis consists of four sections. The first chapter is devoted to the characteristics of construction of basic pension system types, the way of their funding, types of pension plans and structure of three tier pension system. The second and the third chapter is focused on pension systems of United Kingdom and Slovakia, demographic changes in both countries, previous and present forms of the system, changes and intended reforms. The fourth chapter comprises of the comparison of the investment portfolio structure, rate of return, costs and charges of pension funds.
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Pension schemes
Růžková, Lucie ; Ducháčková, Eva (advisor) ; Daňhel, Jaroslav (referee)
This thesis deals with problematics of pension schemes.First part contains characteristics of pensions schemes, influence of demographic faktors on this product and short overview about development in Czech Republic. I expose reasons why is need to reform pension system. In the final part, there is described the proposed pension reform.
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Analysis of the pension systems with focus on the funded pillar
Baumruk, Luděk ; Jílek, Josef (advisor) ; Mládek, Josef (referee)
The diploma thesis deals with the privatization of the pay-as-you-go pension systems, and it aims to theoretically and empirically disconfirm the widely spread imaginary benefits of the transfer to the fully funded social security system. These so-called social security myths are inherently connected with the transformation of the implicit pension debt to the explicit debt which, as confirmed by the designed multiple regression model, has a negative influence on rating and therefore on financing expenses of certain states. The thesis also focuses on legislative modifications of pension funds in the Czech Republic which fundamentally add to almost zero real annual yield. After subtraction of deferred expenses and revaluation reserve held in equity of particular pension funds, the average real annual yield in recent fifteen years is actually negative.
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Penzijní připojištění a penzijní fondy v ČR
HUSKOVÁ, Michaela
The bachelor thesis titled "Supplementary pension scheme and pension funds in the Czech Republic" deals with the development of the supplementary pension scheme in the Czech Republic (including the forthcoming changes), classification of pension funds, analysis of their investment orientation and comparison of selected indicators. The theoretical part characterises the development of the supplementary pension scheme, basic terminology related to the superannuation scheme and management of pension funds. The practical part give an overview of pension funds and analyses their investment orientation. It compares the volume of property in the funds and other indicators, which serve for evaluation of the best pension fund. Best ranked pension funds are: Pension fund Česká spořitelna, Allianz pension fund, AXA pension fund and Pension fund Česká pojišťovna.
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Pension Additional Insurance in the Czech Republic and in France
KADLECOVÁ, Ria
This thesis focuses on the pension funds in the Czech Republic and in France. The main goal is to analyze and compare the differences on these two financial markets. The first theoretical part focuses on the pension additional insurance in the Czech Republic and in France, the system of the pension funds in both countries and the view of the pension funds in the Czech Republic. The second part analyses the pension funds in the Czech Republic and in France. These pension funds are evaluated on the basis of economic criteria including their investments, their net profit and rate of profit. The pension funds in the Czech Republic are analysed by the using of calculations such as the return on average assets and return on average equity. At the end of this thesis the comparison of the pension funds in the Czech Republic and in France is placed. This chapter consists of the reform of the pension system in the Czech Republic as well as the evaluation of the pension systems in the Czech Republic and in France.
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Czech Pension Funds´ Performance Analysis
Menčík, Tomáš ; Musílek, Petr (advisor) ; Paholok, Igor (referee)
This thesis aims to investigate pension funds'investment behavior in times of a capital markets crisis; to discuss actions taken and changes of an investment policy; and to point out legislative issues. Another topic is a discussion over the contribution of each investment tool to the portfolio performance, and a prediction of the investment policy of pension funds. An important part of this thesis is the analysis of the detailed portfolio of PF Stabilita. The outcome of this paper is not to predict a future developement of capital markets, although a broad prediction for each investment tool is made, but to investigate a reaction of pension funds to the 2008 capital markets turmoils.
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Reforma penzijního systému: v zájmu všech nebo jen některých?
Ságl, Jan ; Kollár, Miroslav (advisor) ; Bartoň, Petr (referee)
The topic of this bachelor's work is the problem of pension reform based on mandatory funded pension system. Right on the beginning is the reader introduced to the options how to realize these reforms. The stress is put on examination of the reform's variety, which is based on mandatory funded pillar. There are presented advantages, which are proposed by majority of financial institutions including World Bank. On the other hand we can see certain economic and political risks mainly in the form of rent seeking. In the second part of this work is as a starting point of the analysis chosen the study of J.E. Stiglitz and P.R. Orszag. This study points out myths about social security systems. The aim of this work is to answer the question, whether the implementation of mandatory funded pillar has a real benefit for all economic subjects or only for some of them. The aim is also to provide some recommendations for incoming pension reform in Czech Republic.
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Pension system reform in CR
Kučera, Mario ; Ježek, Tomáš (advisor) ; Munzi, Tomáš (referee)
The object of my diploma is focused in the pension system of The Czech Republic and the perspective of it in the future. At present there is still no problem in the financial balance of the pay-as-you-go pillar but due to the ageing of population the Czech dominant pillar will certain face to serious problems in case of no modifications. This conclusion arises from the first part of the analysis which also consists of the possible parameter modifications that could keep the system in balanced in long term. The next part is the analysis of the savings in the pension funds as the main alternative to the PAYGs. Each approach has its advantages and disadvantages which are main objects of both analyses in this diploma. Beside of the ability to keep the system stabled in financial terms I examine also the equivalence of contributions to the level of pensions that is important for the motivation of people to be responsible for their financial security in their old-age. The last part deals with the experiences of the pension systems in Chile, Slovak Republic and Sweden from where we could gain the real results of the reformed systems in different way in each country. From the results of these analyses I also give some possible recommendations for the elementary modifications in Czech system in the final part.
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