Pension Institutions Research Articles

NON-STATE PENSION INSURANCE AS A SUPPLEMENT TO SOLIDAR PENSION SUPPLY

The main prerequisites for the emergence of problems of the pension system functioning in Ukraine, namely the solidarity system, are considered in the article. The budget, expenditures and deficit of the Pension Fund of Ukraine in the period 2010-2018 are analyzed. The amount of pensions was calculated taking into account the change in the dollar exchange rate and the inflation rate for the analyzed period and it was proved that the increase in the size of the pension does not lead to its actual growth. Emphasis is placed on the principle of calculation of pensions and attention is paid to the concept of a single social contribution, which has the minimum and maximum possible sum of payment. Based on the data, the author compared the size of the minimum (state) pensions in different countries of the world and in Ukraine and showed that the size of the pension is the lowest among the compared countries. An important aspect of the study was the comparison of average life expectancy. This suggests that the increase in life expectancy is causing the states of the world to raise the retirement age in order to delay the payment of state pensions. Alongside this the alternative to state pensions are private pensions. During the working period, every citizen has the right to make savings in different financial institutions as they have the right to invest. Funds that have been saved and multiplied are the main source of retirement income. Voluntary pension institutions are also envisaged in Ukraine. However, despite the legislative support and the general need to have their own retirement savings, citizens do not actively take the opportunity to create additional pensions. The reasons for this are lack of awareness of the population by the state about the essence of the pension reform, the general economic situation in the country, as well as the lack of financial literacy of the population itself, the unwillingness to take responsibility for their future and the low level of income. On the basis of these data, the need for active involvement of both public administration and citizens in the cumulative system is substantiated. Keywords: retirement age, pension fund, cumulative insurance, life insurance companies.

Supplementary pension schemes: needs, possibilities and problems with evaluation from the perspective of an individual saver

The purpose of this article is to identify the scope of information (both qualitative and quantitative) relating to pension products, necessary to evaluate their operation by individual saver and subsequently to compare this scope with the information provided to customers by financial institutions. The research relies on an analysis of available literature, documents and reports of pension institutions as well as the legal acts which govern the pension scheme and the financial market. The analysis of the situation in Poland led to the identification, in the final part of the report, of possible future changes in the information policies and of restraints, which follow from the nature of the products offered and the level of complexity of the supplementary schemes.

Legitymizacja systemu emerytalnego. Potrzeba czy konieczność?

Legitymizacja systemu emerytalnego. Potrzeba czy konieczność?

НАКОПИЧУВАЛЬНЕ ПЕНСІЙНЕ ЗАБЕЗПЕЧЕННЯ ЯК ФАКТОР РОЗВИТКУ ЕКОНОМІКИ

Важливою метою накопичувального пенсійного забезпечення є створення ефектів економічного розвитку, оскільки пенсійні виплати з усіх компонентів пенсійної системи, накопичувальних чи ненакопичувальних, фінансуються за рахунок обсягів виробництва у країні.У контексті фінансового посередництва накопичувальне пенсійне забезпечення (накопичувальна система загальнообов’язкового державного пенсійного страхування та система недержавного пенсійного забезпечення) сприяє економічному зростанню завдяки, по-перше, трансформації довгострокових заощаджень у довгострокові інвестиції, а по-друге, забезпеченню технологічних змін і структурних зрушень в економіці.В Україні накопичувальне пенсійне забезпечення не дістало належного розвитку (активи системи накопичувального пенсійного забезпечення становлять лише 0,14% від сукупних активів фінансових корпорацій), а отже, не має будь-якого істотного впливу на економіку.Потужними поштовхами для розвитку накопичувального пенсійного забезпечення в Україні здатні стати, по-перше, запровадження з початку 2019 р. накопичувальної системи пенсійного страхування, а по-друге, якісне оновлення інституційних умов недержавного пенсійного забезпечення у зв’язку з імплементацією вимог Директиви 2016/2341 від 14 грудня 2016 р. про діяльність установ трудового пенсійного забезпечення та нагляд за ними (IORPs) (переглянута) та реалізацією заходів, передбачених Комплексною програмою розвитку фінансового сектору України до 2020 року.Позитивний економічний ефект від впровадження корпоративних пенсійних програм також може бути досягнутий на рівні окремих корпорацій. Корпоративне пенсійне забезпечення як прояв корпоративної соціальної відповідальності сприяє зростанню соціального ресурсу корпорацій і одночасно виступає гнучким інструментом управління персоналом в умовах наростаючого дефіциту робочої сили та посилення на ринку праці конкуренції з боку роботодавців.

Functional Improvement of Non-State Pension Funds as Mechanism of Investment in Russian Economy

The article is dedicated to the search of investments in the domestic financial market that is a relevant problem for the Russian economy. The authors believe that pension funds attracted by non-state pension institutions are an essential resource for the Russian economy; practices of foreign pension institutions need to be examined and implemented to tap this resource more efficiently. The proposed measures specified in the article following the study of foreign pension funds’ functioning include: changes in the criteria for balancing portfolios of Russian pension funds’ securities; development of new instruments for pension funds’ investment; enhancing activities of non-state pension funds’ shares market; activation of pension funds' investments in shares of innovative enterprises, etc. Practical proposals on the improvement of Russian non-state pension funds’ activities have been made.

The status quo of service quality evaluation of pension institutions in China and research progress

With the accelerating process of population aging in China, social pension system has been rapidly developed, but its service quality remains poor. How to provide quality and efficient elderly care services has become a major livelihood issue of general public. The existing evaluation standards for service quality in the elderly care institutions vary greatly in terms of literature review and practice, and they have only single perspective and lack systematic review. Based on the three-dimensional theory of "structure-process-result" quality evaluation, this paper systematically compares and evaluates the evaluation index system and evaluation management mechanism of service quality of pension institutions in typical countries and regions, and provides an evidence-based basis for establishing an evaluation management system, which is in line with China's national conditions and covers evaluation principles, subject and object, regulation, rewards and punishments, and classifications.

The Evolutionary Game Analysis and Research of the Government and the Aged Care Institutions in the Marketization of the off-site Pension

The aging society in China is a serious phenomenon. How to establish an effective and professional pension system/industry is an important method to solve the burden of heavy pensions in the aging society. The rise of new models of old-age support in different places has aroused widespread concern. The purpose of this paper is to explore the solution to the phenomenon of inhibiting the development of off-site pension market after the game of interests between the government and the pension institutions under this model will cause serious loss of users, shortage of funds, and social dishonesty. Using evolutionary game mathematics model to explore the impact of government regulations on the marketization of pension institutions, and to introduce the influencing factors of strategic choices of government and pension institutions and the degree of influence on the marketization of off-site pension development. At last propose innovations in terms of systems, mechanisms, and models, which promote the healthy development of off-site pensions

Can a Dutch IORP Offer a PEPP?

The PEPP is an EU pension product which is governed by EU law. It can serve as an addition to existing schemes and products. There is no EU law definition of pillars. In this working paper authors argue that a Dutch DC IORP (a Premium Pension Institution) can offer a PEPP in conformity with Dutch and EU law. No amendments to national law seem necessary and the system of mandatory participation in the Netherlands is not breached. This finding might be helpful in the ongoing discussion on the PEPP regulation for DC IORPs in other Member States (inter alia the SEPCAV in Luxembourg).

The Making and Breaking of Trust in Pension Providers: An Empirical Study of Pension Participants

Trust in pension institutions is pivotal in making pension decisions, like saving or enrolling in pension programs. But which traits of pension institutions matter in making or breaking trust in providers like pension funds, banks or insurance companies? This paper presents an empirical analysis of the underlying forces of trust in private pension providers in the Netherlands. Based on a large-scale survey among pension participants, we show that the perceived integrity, competence, stability and benevolence of pension providers matter in assessing their trustworthiness. First, pension funds are more trusted than banks or insurance companies, a difference that is primarily related to weights attached to perceived levels of integrity and stability. Second, higher educated participants have a significantly higher propensity to trust pension providers than lower educated. Third, transparency as perceived by participants plays virtually no role in establishing trust.

Periodic or Generational Actuarial Tables: Which One to Choose?

The increase in life expectancy over the past several decades has been impressive and represents a key challenge for institutions that provide life insurance products. Indeed, when a new actuarial table is released with updated survival and death rates, such institutions need to update the amount of mathematical reserve that they need to set aside to guarantee the future payments of their annuities. As mortality forecasting techniques are currently well developed, it is relatively easy to forecast mortality over several decades and to directly use these forecast rates in the determination of the mathematical reserve needed to guarantee annuity payments. Future mortality evolution is then directly incorporated into the liabilities valuation of an institution, and it is thus commonly believed that such liabilities should not require much updating when a new actuarial table is released. In this paper, we demonstrate that contrary to this common belief, institutions that use generational tables (namely, tables including future mortality evolution) will most likely need to make more important adjustments (positive or negative) to their liabilities than will institutions using periodic (static) tables whenever a new table is released. By using three very different models to project mortality, we demonstrate that our findings are inherent in the required long horizons of the forecasts needed in the generational approach, with the uncertainty surrounding the forecast values increasing with the horizon. Therefore, generational tables may introduce more instability in a pension institution’s accounts than periodic tables.

Private pension funds: passivity at active fund prices

ABSTRACT From 2005 to 2015, the total assets managed by open private pension funds increased more than six times in Brazil, where the Free Benefit Generating Plan (PGBL) and the Free Benefit Generating Life (VGBL) represent 90% of these assets. However, private pension institutions are characterized by the collection of high management fees, thus keeping for themselves much of the benefits offered by the government as incentive for investment in this modality. High management fees are justified only when there is active management of these funds, theoretically generating higher performance: this study indicates that this is not the case in this market segment. Similar problems have been faced in other countries, such as the United Kingdom, Denmark, and Sweden, which filed investigation concerning funds that charge high management fees for active management, while they actually provide management that may be regarded as passive. This demonstrates the scale and relevance of this issue, which has been surveyed and addressed by this study. To do this, dynamic style analysis was performed, through rolling regressions, followed by Kalman filter analysis in funds from the top-five private pension institutions in Brazil. Analyzing the exposure evolution of these funds to various asset classes and the R2 generated, passivity traces were found, mainly in composite variable income funds. Such funds are precisely those that should be more actively managed, as they charge the highest management fees. This article also demonstrates it is possible to build a passive portfolio, having a very similar style and returns without statistically significant differences, but at a lower management fee (and aligned with passive funds).

Effects of interdisciplinary team intervention on cognitive function and activity of daily living of Alzheimer's disease patients

Objective To explore effects of multidisciplinary team intervention in Alzheimer's disease patients and provide the basis for nursing of Alzheimer's patients. Methods A total of 125 patients with Alzheimer's disease in Hangzhou pension institutions from March to October 2015 were randomly divided into the control group and the observation group. There were 62 cases in the control group and 63 cases in the observation group. The control group was provided with the conventional model of nursing in the nursing home, and the observation group was cared by the multidisciplinary team. Mini mental state examination (MMSE) and activities of daily living assessment scale (ADL) were used to assess and observe the incidence of behavioral and psychological symptoms before and after the intervention. The observation lasted for six months with one evaluation every three months. Results Before the intervention, there were no statistical differences in scores of MMSE and ADL between two groups (P=0.865, 0.183) . After six months' intervention, scores of MMSE and ADL were significantly improved in both groups (P<0.05) ; the differences between two groups as well as between two time points were statistically significant (Fgroup=7.128, 4.213, P=0.009, 0.045; Ftime=9.519, 9.913, P=0.001, 0.001; Finteraction=16.76, 271.047, P<0.001) ; the interval value increased over time. The number of cases with behavioral and psychological symptoms in the observation group was significantly less than that in the control group (P<0.05) . Conclusions Multidisciplinary team nursing model can effectively improve cognitive function and activity of daily living of Alzheimer's disease patients. Key words: Alzheimer's disease; Cognition; Activities of daily living; Multidisciplinary team care

Study on the social support and depression of the elderly in nursing institutions

Objective To discuss the status quo of social support and depression of the elderly in nursing institutions, and to explore the correlation between social support and depression. Methods A total of 164 old people at a nursing home in Tianjin were investigated by Social Rate Scale, Geriatric Depression Scale, and General Information Questionnaire. Results The score of depression of the elderly in nursing institutions was (17.00±7.00), the total score of social support was(28.42±7.26). The score of the three dimensions were respectively: the objective support (6.00±3.00)points, the subjective support(16.82±3.70)points, and the utilization degree of support(8.00±5.00) points. The score of social support of the elderly pension institutions was significantly lower than that of the domestic norm's (34.56±3.73) points.Score of depression was negatively correlated with the total score of Social Support Rate Scale(P<0.05). Conclusion Depression was a common psychological problem for the elderly in nursing institutions.Staff in the nursing institution should pay attention to the psychological health of the elderly, and improve the social support for the elderly and reduce the incidence of depression of the elderly. Key words: The elderly; Social support; Depression; Nursing institution

Research on the elderly's demand for health-nursing services in communities of Chengdu

Objective To understand the elderly's current demand for health-nursing services, in order to provide a reference for the training of personnels in geriatric nursing. Methods A total of 98 elderly people over 60 years old from a certain pension institution and 2 communities in Chengdu were sampled in cluster and they were investigated by the self-made questionnaire.Their health status as well as the demand for health-nursing service were analyzed. Results In the 98 retrieved valid questionnaires, 42.8% elderly people were suffering from one kind of chronic disease and 26.5% were suffering from two kinds or above.High blood pressure, diabetes, heart disease, bone and joint diseases, chronic obstructive pulmonary disease were the top five among chronic diseases.Among the demand for health-nursing services, guidance for self-health monitoring and guidance, chronic diseases and nursing for the common diseases, health education for common chronic diseases, and demand for recreational activities ranked the highest. Conclusions For the geriatric nursing education, the consideration of the elderly's demand for health-nursing services in communities should be combined with the relevant national policies to train personnels of geriatric nursing in specific. Key words: The elderly; Health-nursing service program; Demand

The Relationship Between the Quantity of Children and the Quality of Life for the Elderly

The aging population brings unprecedented attention to the care for the elderly in rural and urban China. Based on the data from the 2012 North China Electric Power University Social Survey Center, this paper adapts 4 indicators to measure the quality of life for the elderly: health status, living environment, economic situation and happiness. The results show that: (1) the quantity of children is significantly negatively related to the health status and happiness of the elderly; (2) the quantity of children is not significantly related to the living environment and the economic situation of the elderly. In order to make the elderly enjoy a higher quality of life, the government should integrate social resources, promote the reform of the social pension institutions and improve the social security system.

Determinanty uznania administracyjnego ZUS przy wydawaniu zgody na opłacenie składki po terminie

The paper is devoted to the presentation of the institution of granting a permission to pay social security contribution after the deadline. The paper discusses the determinants for the application of this institution with reference to the present judicial trends and it indicates actual situations justifying the acceptance of the request. It also attempts at establishing the limits and determinants which should be taken into consideration by the pension institution while examining the request. Furthermore, the author deals with the need to systematise the institution itself as well as with the necessity to standardize the jurisdiction.

Cognition investigation and analysis of hand hygiene of nursing staff in pension institutions

Objective: We investigate and analyze the cognition of hand hygiene of nursing staff in nursing institutions. This method provides reference for improving the hand hygiene condition of nursing staff in nursing homes, and we put forward the feasible solution to this situation. Methods: 100 nurses from five nursing institutions in Changchun were investigated using a self-designed questionnaire, and the results were analyzed. Results: due to the most old-age care institutions personnel are less educated, rapid flow of talents, and the health care training from endowment organization are low frequency or not organized, so most of nursing staff think hand hygiene has nothing to do with the health of the elderly. They grasp the knowledge of some common hand washing, and hand washing before and after the elderly care is not ideal. The effects of hand washing have a number of factors, the main factor is that the pension institutions hand washing facilities incomplete, and in fact the nursing staff work very busy. Discussion: from the government to pension institutions should strengthen and pay more attention to the training of pension agency front-line care staff hand hygiene knowledge, increase the training of professional nursing practitioners, focus on bringing in Colleges and universities social science or medical science related, similar professional personnel and institutional strengthening management of washing hands, according to the actual conditions to improve the hand washing facilities, adhere to wash their hands properly, so as to avoid occurrence of handling of disease spread.

Emocje a oszczędności emerytalne osób młodych - wyniki badań eksperymentalnych

Purpose – Purpose of research presented in the article was to analyze what emotions are induced when young adults assess effects of their long-term private non-pension investment compared to value change of obligatory pension savings. Methodology – Experimental study in 2x2 scheme was provided. 104 young adults aged 19-23 that were asked do make decisions on their long-term private investments (control group) or long-term obligatory pension plan (experimental group). Scenarios were moderated by result (profit or loss) achieved during the previous 4-year investment period in both cases. Assets were invested privately in stocks and bank deposits or saved to 2-Tier obligatory pension system: public pension institution (ZUS) and open pension fund (OFE). Findings – Results evidenced that more negative emotions were induced when decisions in public pension system were considered than in case of self-managed investment. Young adults followed trends, gambler’s illusion and no matter what investment result was average general assessment of the public pension institution (ZUS) remained very low. Originality/Value - Results allow for a better understanding of observed phenomenon of young adults’ passiveness in saving for retirement and saving in general that may be caused not only by limited income but behavioral mechanisms as well.

Ghost Culture, Face Culture and Illusion of Demand—A Cultural Perspective of Pension Real Estate

The aging of the population and the continuous development of the real estate industry have brought about the rise of pension real estate. Nowadays, the academic and real estate enterprises have passion for pension real estate and do a lot of discussions. However, in fact, the study of China’s pension real estate theory is still in its infancy, the practice has been stalled. From the traditional culture point of view, Chinese ghost culture and face culture affect the effective demand of the pension real estate. For the elderly, the elderly live together; the death of an elderly person will cause fear, then affecting physical and mental health. For sons and daughters, few of them will send their parents to pension institutions because of concept of saving face whether the sons and daughters are rich or not. This cultural conflict is the cause of China’s pension real estate in trouble. Therefore, for the development of pension real estate, we must take into account the unique cultural background of China, and take the localization of the road.

MODERN TRENDS OF PRIVATE PENSION INSTITUTIONS DEVELOPMENT IN THE EUROPEAN UNION

Introduction. Current demographic trends and social and economic models initiate the challenges regarding the possibility of adequate pension provision of the population in many European countries. International organizations forecasts confirm the need to diversify the sources of pension benefits to the population by accelerating the development of private pension institutions. At the same time effective regulation environment of pension assets management should be provided. It must be done because of their important social value and interrelationship with financial markets, in particular in the aspect of their stable functioning. Purpose. The article aims to identify the key elements of the financial institutions functioning regarding pension assets managing in the European market. They can be determinants of the intensification of regulation modernization of private pension sector in terms of social and financial stability. Method (methodology). Structural and dynamics and correlation analysis of the private pension institutions activities in the European financial market have been considered in this research. Results. The features of EU private pension systems modern trends have been determined. They indicate an increase in financial fragility (in some countries) through the predominance of structures with a defined benefit among occupational pension programs. They also show a growth of share of more risky investments in the instruments of collective investment institutions in the structure of pension investment portfolios, high concentration of cross-border pension assets, sensitivity to cross-border contagion, taking into consideration the low values of home bias and the strategies homogeneity. Low levels of private pension programs coverage of the population, as well as a minor role in the economy (the ratio of pension assets to GDP) in many EU countries demonstrate the feasibility of stimulation the financial industry development. The key characteristics determine the necessity of development of prudential regulations (reduction of pension systems fragility), and stimulation regulations (standards implementation for the development of pan-European personal pension products, which will be standardized by main characteristics).