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Second pillar - critical analysis
Šuták, Pavel ; Klazar, Stanislav (advisor) ; Trgiňa, Gejza (referee)
This deals with the pension system reform in the Czech Republic with a focus on the second pension pillar. The aim of the thesis is to evaluate the already canceled second pillar, to identify the causes of the failure and to outline in which aspects it could be learned from the experiences of other countries. The thesis describes the development of the reform, its main parameters and the attitudes of individual actors. The main cause of the fall was the low interest of citizens in participation in the second pillar, which was caused mainly by political factors, inappropriate settings and poor citizens' awareness. For future reforms, it would be advisable to take lessons from reforms implemented by other states. This paper describes the reforms in Hungary, the Netherlands and Sweden.
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Pension security of miners in the Czech Republic
Holečková, Romana ; Vysokajová, Margerita (advisor) ; Štefko, Martin (referee) ; Lang, Roman (referee) ; Ryba, Jan (referee)
This thesis deals with the analysis of the pension security of miners in the Czech Republic from its historical beginnings to the present day, with the main focus on the legislation de lege lata. The selected range of employees in mining industry is in Czech law of pension insurance in comparison with other insured persons favoured in determination of retirement age and the determination of amount of the old-age pension. These benefits are limited for the time being; however, currently the preferences are enforced to be listed in the public pension system permanently. The main focus of work is therefore an analysis of the legislation relating to the entitlement of miners to an old-age pension, taking into account the specific retirement age and the determination of the amount of this pension. The work also touches other pension benefits paid out of the Czech pension system, i.e. disabled pension and survivors' pensions. Mentioned are also some of the claims arising from compensation legislation and the selected topics of international legal issues that may have an effect on the performance of paid to the miners from the Czech pension system (particularly the top-up allowance).
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Pensions from the point of view of utility theory
Kudlík, Michal ; Cipra, Tomáš (advisor) ; Zichová, Jitka (referee)
This work deals with pensions from the perspective of utility theory. We list several basic principles, characteristics of pensions and their classification. Part of the work is also the utility theory from the ordinal point of view of utility theory as well as in terms of cardinal utility functions. Afterwards, we formulate the tasks for the selected utility functions, which we will try to optimize by using utility functions. We transfer the task of maximizing objective function to the task with extreme bound corresponding to various annuity markets which we will solve by theory of Lagrange multipliers. Final result of the work should be calculation of annuity equivalent wealth per common utility function Constant relative risk aversion (CRRA) using different relative risk aversions and showing the optimum consumption strategy for pensioners calculated based on mortality tables for Czech republic from 2012. 1
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The possible development of Czech pension system
Nýdrle, Tomáš ; Urban, Jan (advisor) ; Pokorný, Jan (referee)
The Czech pension system will change substantially in the coming decades. Demographic changes will cause its financial instability while keeping its current parameters. Financial stability of the pension system can be reached through expenditure reduction and increase in revenues of the pension system. We can expect a real decline of the average pensions paid on the level of dozens of percentages in the coming decades. The decision between pay as you go and fund pension scheme is not affected by the demographic situation. The individuals should decrease their expenditures and ensure additional revenue in retirement to secure their standard of living. The family solidary can provide certain social security in retirement. The preservation of minimal level of population reproduction is vital for both pay as you go and fund pension schemes.
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Impacts of demographic development on the system of continuous financing of pensions
Holanová, Irena ; Dobiášová, Karolína (advisor) ; Čabanová, Bohumila (referee)
Diploma thesis "Impacts of demographic development on the system of continuous financing of pensions" deals with the situation in the area of pension financing in the Czech Republic. The aim of the thesis is to identify the current issues, find their causes and try to propose possible solutions to improve the situation. In its first part, the thesis is focused on theoretical aspects and concepts of social politics as well as on economic theories on which programs of political parties are based. The methods used in the thesis are presented as well. The analytical part of the work is concerned with demographic development, legislative framework of social security, main actors of social politics and modifications proposed by political parties. The last part concludes all results of the research and presents possible solution to the problem.
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Social and virtual life of seniors
Petrenko, Roman ; Tuček, Milan (advisor) ; Kuchař, Pavel (referee)
1 Abstract This bachelor thesis deals with the problems of old age and aging, both as an individual stage in the life of every human being and from a social perspective. The issue of old age is important in the context of a modern society dependent on communication and information technologies - computers and the internet. Therefore, this thesis is devoted to seniors in regard to their internet usage and computer literacy. The introductory section presents an initial discussion of the issue of aging, the active life of seniors and the internet, one of the main expressions of modern technology, which acts as a structuring factor for the position of the individual in society, based on access to this technology and the utilization rate. The empirical section then describes the specific steps of carrying out quantitative research that the author of this thesis carried out in the spring of 2011 on a sample of 252 seniors. The text also introduces the research question, the hypothesis, the research methodology, the creation of the instrument, its testing and the process of investigation. The conclusion presents the main findings of the research by testing the input hypothesis, and gives an interpretation of the analysis made on the final survey results. The author summarizes the main findings and the goals of the...
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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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The performance of the Czech Private Pension scheme: Current Design and its position within CEE countries
Hlaváč, Jan ; Schneider, Ondřej (advisor) ; Benáček, Vladimír (referee)
This thesis focuses on the comparison of financial performance of the Czech voluntary private pension scheme with five other reformed private pension schemes in the region of Central Eastern Europe (Bulgaria, Croatia, Hungary, Poland and Slovak Republic). The current state and the recent development of the Czech private pension scheme are analyzed in the first part of the thesis. In the main part of this work we construct the dataset of periodic scheme returns covering the last decade, and estimate the schemes Sharpe ratios (SR) for four reference benchmarks. To complement the analysis we also employ the Sharpe style analysis to evaluate the impact of managerial decisions of market selection/timing on the scheme returns. The findings suggest that except for Poland none of the schemes managed to beat its long-term domestic benchmark (10-year government bonds) as the SRs estimates turn out to be negative. The highest underperformance was found in the case of Czech Republic. The results of style analysis suggest a modest positive influence of the active managerial decisions on the scheme returns with respect to the passive investment strategies.
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Legislation on distribution of retail financial products in the Czech republic
Janata, Michal ; Husták, Zdeněk (advisor) ; Michalíková, Jana (referee)
The thesis analyses legal environment of the financial services market in relation with business practice of retail financial products distribution in Czech republic. It describes current legislation and instruments of regulation of the distributional activities both on national and supra-national (european) level. Furthermore, it introduces the development of regulation in light of identified weaknesses of legislation, leading to specific recommendations and measures ensuring vast consumer protection and fixing the level-playing-field in distribution throughout various sectors of financial markets and their layovers. The conclusions are based on author´s theoretical studies of economic and legal context and private business practice.
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Age financed by the benefits from pension pillars
Hübner, Ondřej ; Radová, Jarmila (advisor) ; Brodani, Jana (referee)
In diploma thesis titled Age financed by benefits from pension pillars, is a reader first of all informed about a classification of various pension systems. In the following text is described pension system of the Czech Republic in many details, which forms two pillars in present time. According to the description of the Czech pension system, is also explained demographic situation from historical and future context. Very important is also considered explanation and description of pension systems in other countries, which is based on OECD report from 2015. In practical part is a used methodic of Melbourne Mercer Global Pension index. The evaluation of pension systems is very detailed in selected countries except Czech Republic. The index methodology is applied on Czechs pension system in last part of the diploma thesis. Final index evaluation is used for the proposal improvement of pension system.
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