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Risk Assessment of Selected Methods of Retirement Saving
Vojáčková, Šárka ; Toman,, Petr (referee) ; Ptáček, Roman (advisor)
The Master Thesis „Risk Assessment of Selected Methods of Retirement Saving“ deals with retirement savings risk assessment in three selected alternatives. The theoretical part focuses on the collection and processing of data: II. pillar, Unit Linked Insurance and separate investments. Companies representing all the different alternatives are selected and described. In the second part of the Master thesis are calculated models of alternatives. The risk analysis for all considering saving options is carried out by Ripran Method.
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Pension reform in the Czech Republic and its risks
Spurný, Jiří ; Krahulec, Jan (referee) ; Škapa, Stanislav (advisor)
The diploma thesis deals with the pension reform and the pension system in the Czech Republic. The paper explains fundamental terms in the field and explains their function. The main aim of the thesis is a definition and risk analysis of individual parts of the pension system. The secondary aim is guidance how to use each of the parts of the system.
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Proposal of Pension Accounts Quarterly Results Design and API Adjustment
Kudela, Dominik ; Koch, Miloš (referee) ; Neuwirth, Bernard (advisor)
The dissertation analyzes the current information system according to customer requirements and solution design proposal for the generation of pension reports. The new adminsite webpage proposal is based on the results of the analysis. The new webpage will automatically or manully generate querterly and daily reports about changes on clients accounts of the XYZ insurance company. The second part is about API Extension, which shows extended pesion and potfolio information for the client.
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Pension Systems in a World with Stagnant Population and Market Inefficiencies: A Comparison
Štěpánek, Martin ; Baxa, Jaromír (advisor) ; Švarcová, Natálie (referee)
Financial unsustainability of pension systems in developed economies looms large on the horizon due to increasing life expectancy and continuous drop in fertility. In spite of a broad discussion, there has been but a little consensus on appropriate remedy. Besides, the theoretical arguments supporting funded pension systems often build upon the unrealistic assumption of stable financial markets and fair transformation of saved funds into retirement benefits. This work provides an insight into performance of various pension systems in real- world conditions using large-scale simulations of an overlapping generations model based on existing pension schemes in the Czech Republic, Sweden, and Chile. Specifically, my model assumes adverse demographics, individual un- certainty, volatile financial markets' returns, and administrative costs to affect social security systems and estimates magnitude of the effects. According to the results, each pension system seems to be partially advantageous - in pro- motion of economic growth, level of retirement benefits, or protection against market risks - but no scheme is dominant or dominated overall. JEL Classification E27, C68, H55 Keywords pension, OLG, simulation Author's e-mail Stepanek.Martin@hotmail.com Supervisor's e-mail Jaromir.Baxa@centrum.cz
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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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Zaostává úroveň starobních důchodů v České republice za vývojem v zemích eurozóny?
Václavková, Petra
Alterations of pension system dynamics are nowadays in a focal point of political discussion. The aging population demographics in the EU countries forces local governments to adjust their social security systems to avoid tax overburdening of the economically productive population. On the flip side, governments need to ensure sufficiently high retirement payments for pensioners are in place to cover life expenses and assure a certain standard quality of life. This thesis examines the characteristics of pension systems in select EU countries, namely Austria, Germany, and Slovakia, together with a contrast and comparison of these systems to the one currently in use in the Czech Republic. Specifically, this thesis elaborates on comparing the demographic and economic factors in the aforementioned countries as well as the influence of these factors on the level of the retirement income (factors include, e.g., average monthly wages, average monthly pension, average housing and utilities costs, etc.). The subsequent comparative analysis is an amalgamation of select study materials and statistical calculations based on the results of the questionnaire survey conducted as part of this thesis work.
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Stárnutí populace a udržitelnost důchodového systému České republiky a Polska
Rýdl, Jan
Main goal of the thesis is to elaborate on how does the population ageing affect sustainability of the pension systems in Czech Republic and Poland. Terminology from the field of pension systems is introduced, as well as the population ageing phenomenon and its impact on pension system. Further the development of pension systems in observed countries since year 1990 until the present day is described and the impact of executed reforms on revenues and expenses of pension system is depicted. After analysis of the data, a question of how fitting and sustainable the pension system is, is resolved. Empirical section concludes that the pension systems in Czech Republic and Poland are correctly set according to to-day’s circumstances, but not sustainable in the future, because reforms that would react accordingly to the population ageing phenomenon have still not been executed.
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Supplementary pension savings in Czech Republic
KOMÁRKOVÁ, Šárka
The bachelor thesis "Supplementary Pension Savings in the Czech Republic" deals with the additional pension savings and the pension system in the context of its reform. It consists of the characterization of the pension system history, the illustration of the pension reform as well as the individual pillars of the pension system. The thesis further analyses the influence of the demographic development on the pension system and comments on the financial system of the pension scheme (both funded and continuous). On the top of that, the thesis provides a thorough characteristic of the additional pension savings (the participant, the establishment and the termination of an additional pension savings, a pension company, the communication with a customer, the pension recommendation, etc.). Hence, the questionnaire was created. It is represented by 11 closed questions aimed to the pension scheme for the retirement period as well as to the various options for pension savings. Tanks to the questionnaire it was possible to establish the hypotheses and the model example. The latter compares the additional pension savings system with other products (namely the savings account and the term deposits) and also it addresses the comparison of the preestablished additional pensionsavings funds. Subsequently, the results of the individual-products and hypotheses comparison were gathered and were elaborated on at the very end of the thesis.
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Solidarity and equivalence in the pension system
KELLEROVÁ, Michaela
The basic compulsory pension insurance in the Czech Republic is based on a solidarity principle, it is benefit-based and financed continuously, it is universal and secures all the economically active people. Due to a present demographic development, the pension system in the Czech Republic is, as well as in most of European countries, financially unsustainable in the long term with a present parameters setting. The pensions from the first pillar will not be sufficient for future pensioners due to the population ageing. Therefore there is a trend of strengthening the principle of equivalence through the development of the second and third pillars of the pension insurance in European pension systems in the framework of the pension reforms systems. The bachelor thesis is divided into a theoretical and practical part. The theoretical part defines the place of the pension system in the social security and its principles of solidarity and equivalence. The practical part is based on the quantitative research. A method of interviewing through a questionnaire was used for data collecting. The survey tool was focused on the respondents´ opinions on the present system in CR. The aim of the thesis is to provide the point of view of the citizens of the pension security and answer the questions whether the financial security of people about to retire should be fully provided by the state and whether they find the present pension system fair. To complete the aim, two hypotheses were set and these were verified by the survey. It was concluded that people do not think it should be only the state to take care of them but they try to take care of themselves by their own means. They do not consider the pension system fair and they criticise its too wide solidarity. The outputs of this bachelor thesis might serve as a topic for a further survey as well as a sociological research for investigating the citizens´ opinions on the pension reform support.
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