Service Pension Research Articles

A Model for Occupational Pensions Privately Administered for Police and Military Personnel

Abstract In the context of legislation introduced in Romania through Law 1 of 2020 regarding occupational pensions, this paper presents an evaluation of occupational pension system for police and military personnel and takes into consideration privately administered funds that would complement the current system. The paper evaluates the impact of the complementary occupational pension system, focusing on its dual role as both a fiscal instrument for internal financing within Romania and a mechanism for enhancing social and economic security for retired police and military staff. The occupational pension system can diversify funding sources, potentially easing the national public debt burden, while offering a sustainable and adequate retirement income for service members. Furthermore, the analysis extends to the occupational pension system's efficacy in fostering workforce stability, particularly post-eligibility for military state pensions. The study addresses the system's potential influence on staff motivation and retention, underpinning its role in maintaining a robust and committed service workforce. This simulation-based study leverages international models and legislative frameworks to corroborate these benefits, providing a nuanced understanding of the occupational pension system’s role in the broader context of public service pensions.

PENSION STRATEGIES OF UNWILLING JOINING PENSION PLANS: AN ISSUE OF A RATIONAL CHOICE

This article presents the analysis of Russian «silencers» participation in mandatory pension accumulation. The paper examines the peculiarities of pension strategies of the Russians in forming a funded pension with automatic enrolment through an interdisciplinary approach and methods of statistical data analysis. Based on the achievements of economic science of neoclassical, institutional and behavioral directions, the author argues that the use of such methodological prerequisites as rationality and irrationality of individuals leads to an oversimplification of the relationship between behavioral strategies and their results. The purpose of this article is to analyze the features of “silent” pension strategies through the prism of irrationality and rationality and to assess the consequences of passive participation strategy in the Russian pension process in the 2000s. The article examines the works of foreign and Russian scientists on pension programs with automatic enrolment, while the factual base is presented by materials of the Federal state statistics service and Russian Pension Fund. The article provides an overview of prior works on аutomatic enrolment to retirement plans in the United States and other foreign countries: it reveals critical remarks on the practice of automatic enrolment and reveals the problems of using automatic enrolment in the pension process. The author argues that the economic behavior of the Russian «silent» is primarily due to the specifics of institutional environment as well as the level of trust in the state and financial institutions. It has been established that irrationality and financial illiteracy are not always the primary causes of “silent accession” strategy. The conclusions and proposals of the work can be used for further research in pension strategies and the development of pension policy in Russia.

Discretionary investment managers evaluation in pension fund: Shared input dynamic network DEA approach

Investment trust corporations (ITCs) constitute one of the financial industry's subsectors, and their evaluations of fund management performance play a crucial role. With the recent increase in the number of ITCs and their assets, how the Public Service Pension Fund management board (PSPFMB) of Taiwan makes investment decisions regarding multiple companies has become a critical issue. Using the shared input dynamic network data envelopment analysis approach (SDNDEA), we empirically estimate the performance efficiency scores of the funds of 34 ITCs and analyze the performance of the manufacturing structures of their internal networks. Our results indicate that the PSPFMB should consider the effects of being entrusted with decisions on efficiency. Employing K-means clustering techniques, we investigate the operational characteristics of each group and identify the differences among them. Moreover, this research identifies significant externalities related to ownership structures, indicating that the PSPFMB should consider the effects of such structures on efficiency in the context of entrusting decisions. Thus, the PSPFMB can make optimal investment decisions based on our ITC evaluation and selection model and help pension funds achieve stable long-term investment benefits.

Older adults 's hospitalizational costs and burden study in China--analysis from CHARLS data 2018.

The aging Chinese population is driving up health care costs, with hospitalizational accounting for a large portion of total health care costs. By 2012, hospitalization costs for people over 60 years of age exceeded outpatient costs, marking a change in the allocation of medical resources. Further research is needed on the factors influencing changes in hospitalizational costs and burden. This paper examines the costs and burden of hospitalization for older adults from a micro perspective, providing new evidence to explain how social, medical, family, personal, and geographic factors affect them. Utilizing data from the 2018 China Health and Retirement Longitudinal Study (CHARLS), a linear regression model was constructed to investigate the impact of various factors on the hospitalization costs and burden among the older adult in China. To ensure the heterogeneity of the results, the sample was divided into subgroups based on different regions for comparative analysis. Additionally, collinearity among the variables was examined. The average hospitalization costs for the older adult are $1,199.24, with a burden score of 0.5. Residence, type of chronic diseases, region, family size, type of health service facility, received distance, smoke and alcoholic significantly affect the out-of-pocket expenses for older adult hospitalizations. In terms of the burden of hospitalization for the older adult, Residence, health insurance, education, type of chronic diseases, region, family size, ethnic, type of health service facility, received distance, smoke, alcoholic and pension significantly impact the hospitalization burden for the older adult. This paper provides a new perspective to explain the factors influencing hospitalizational costs and burden in China. The policy recommendations include expanding health insurance coverage and promoting commercial insurance to enhance the accessibility and financial security of healthcare services. Strengthening primary care is suggested to reduce the burden on hospitals and lower the overall cost of hospitalization. Policies aimed at addressing regional healthcare disparities are proposed, along with targeted support for vulnerable groups, including subsidies and culturally sensitive services.

PUBLIC SECTOR DEFINED CONTRIBUTION PENSION SCHEME AND CONSUMPTION SMOOTHENING IN NIGERIA

Pension schemes are to ensure adequate consumption after retirement by ensuring adequate savings during work life. However, the pension crises being witnessed the world over are pointers that the industry has been underperforming. This research was therefore initiated to ascertain the capability of the Nigerian Public Service Pension Scheme to ensure consumption smoothening of the average employee. A Mixed methodology was employed using an online questionnaire while the NPV was used to confirm the sustainability of the pension scheme on consumption smoothening. It was found that the pension schme cannot guarantee adequate consumption among retirees. It was also found that the scheme did not provide for adequate financial education as the workers lacked the skills to decide on the investment of their pension savings. It was also found that the scheme lacks transparency on the part of pension operators. It was concluded that the scheme is not sustainable. Besides wage increases, urgent reforms of the scheme were recommended towards moving away from the PFA-run scheme to an MDA-run scheme in line with their peculiarities especially the introduction of a Progressive Contribution System.

Strategic Supply Chain Management Practices and Performance of Public Service Pension Schemes in Kenya: A Case Study of Public Service Superannuation Fund

Strategic Supply Chain Management Practices and Performance of Public Service Pension Schemes in Kenya: A Case Study of Public Service Superannuation Fund

공적연금 수급과 자기효능감 및 삶의 만족도와의 상관관계 연구

Objective : Such research confirms the effect of public pension benefits on self-competence and life satisfaction of the elderly lt aims to enhance the importance of public pensions and provide implications for the government’s pension reform.
 Methods : After surveying the elderly aged 65 or older living in urban and rural areas, hypothesis testing was conducted through reliability analysis, descriptive statistics analysis,.group difference analysis, correlation analysis, and frequency analysis according to demographic characteristics. Results : There were significant differences in self-efficacy and life satisfaction depending on whether or not to receive public pensions, the type and amount of public pensions, and urban and rural areas. Elderly people receiving public pensions had higher self-efficacy and life satisfaction than those who did not receive them, and pensions with high benefits such as military tuition and faculty pensions had higher self-efficacy and life satisfaction than those who did not. In addition, residents in urban areas showed high self-efficacy and life satisfaction according to their residence in urban and rural areas. Conclusion : Korea is expected to enter an ultra-aged society in 2025, but the elderly poverty rate is the
 highest among OECD countries. In this reality, public pensions are one of the most effective means of maintaining the lives of the elderly. The government needs to establish policies to maintain the public pension at an appropriate level at a time when the finances of the national pension, civil service pension, private school pension, and military pension are inevitably depleted, and each individual should secure his or her retirement life by joining the public pension and further devise private pension and other income security measures.

The Right Regarding the Cumulation of the Service Pension with Other Incomes of a Salary Nature Paid from Public Funds - Constitutionality Approach

The present analysis considers the aspects of the constitutionality of the regulation regarding the cumulation of the service pension with other incomes of a salary nature. The Constitutional Court was notified by Decision no. 5 of June 29, 2023 of the United Sections of the High Court of Cassation and Justice with the objection of unconstitutionality of the provisions of the Law regarding some measures for the continuation of the activity by the persons who meet the retirement conditions, as well as for the modification and completion of some normative acts, in its entirety. The objection of unconstitutionality was formulated under art. 146 lit. a) the first sentence of the Constitution and of art. 15 para. (1) from Law no. 47/1992 regarding the organization and functioning of the Constitutional Court.

Sustainability of the Public Servant’s Pension Scheme in Sri Lanka

Despite the global trend towards defined-contribution pension schemes, many public service pensions continue to follow defined-benefit structures, imposing a significant fiscal burden. This paper analyses the main public sector pension scheme in Sri Lanka in a context where the population is ageing rapidly and the government faces strong fiscal constraints. The study aims to forecast the costs of the Public Servants’ pension scheme and quantitatively evaluate policy options for improving fiscal sustainability. The study extends the model of Rannan-Eliya et al. (1998) using detailed data on the number and age structure of pensioners as well as information on public sector wages, inflation, and GDP growth. The model’s output is validated using observed pension costs from 2016-2022, and projections and policy simulations are carried out for 2023-2027. The study finds that expenditure on the scheme is estimated to increase by 6% annually and 10% over the next five years in real terms. Reducing the generosity of pension payments, raising the retirement age, suspending gratuity payments temporarily, and reducing the replacement rate for new retirees result in significant reductions to the annual pension bill, although the latter two options are unlikely to be politically feasible.

Global Governance Implications for Responsible Investing in Canada: An Analysis of Public Service Pension Plans Investment Policies

Global Governance Implications for Responsible Investing in Canada: An Analysis of Public Service Pension Plans Investment Policies

Policy Forum: Pensions, Retirement Incentives, and the Role of Inflation

This article describes the role of wage and price inflation for the retirement plans and well-being of registered pension plan members. The federal Public Service Pension Plan is used as an example to illustrate how wage and price inflation can be accounted for in pension design. Alternative scenarios illustrate the importance of pension plan provisions for the standard of living afforded retirees as well as incentives to delay retirement and continue working at older ages.

How has ESG investing impacted investment portfolios? A case study of the Malaysian civil service pension fund

Environment, social, and governance (ESG) criteria have become important in investment and risk management in recent years. ESG-mandated investment has also been trending among investors. In Malaysia, the ESG-related index known as the FTSE4Good Bursa Malaysia (F4GBM) index was first launched in December 2014. This index prompted fund managers to use the benchmark as a measure of performance. However, there has been a lack of research on ESG-related pension funds. Hence, this study examines the impact of ESG investing on the investment portfolio of the Malaysian civil service pension fund. This pension fund is managed by the Retirement Fund Incorporated (Kumpulan Wang Persaraan Perbadanan; KWAP). Using quarterly data from 2017Q3 to 2022Q3, our results show, first, that KWAP has had a higher proportion of ESG-rated securities than of non-ESG-rated securities over the last five years. Secondly, ESG-rated stocks provide higher returns than non-rated stocks in KWAP's portfolio. Thirdly, ESG-rated securities have lower risk levels than non-ESG-rated securities. This study also found that ESG-rated securities provide a higher return per unit of risk relative to non-ESG-rated stocks. As a policy implication, ESG-rated investment has impacted the pension fund by providing higher returns and lower risk. This study contributes to the awareness of the benefits of ESG investing among state-funded pension schemes.

Determinants of Pension Fund’s Required Return: A Scenario-based simulation of Civil Service Pension Fund

Determinants of Pension Fund’s Required Return: A Scenario-based simulation of Civil Service Pension Fund

Comparison of the World’s Best Pension Systems: The Lesson for Indonesia

Iceland and the Netherlands presently have the best pension systems in the world, according to the Mercer CFA Institute Global Pension Index 2021. In the meantime, Indonesia ranked 35th. This study compares and analyzes Iceland’s and the Netherlands’ current pension systems as the finest in the world, as well as the future threats to their pension systems, and applies the lessons learned from both nations to Indonesia, which intends to alter its public pension system. According to a comparative analysis of Iceland, the Netherlands, and Indonesia, the overall pension systems of Iceland and the Netherlands are advantageous for ensuring adequacy and sustainability of the pension system. However, Iceland and the Netherlands may suffer adequacy and sustainability issues in the long run. As a result, they should continue to evaluate their own countries’ present structures, notably in demographics. Concerning the Indonesia pension system, Indonesia policymakers should consider enforcing the social security system, since these systems have enabled Iceland and the Netherlands to have lower poverty rates. Furthermore, the Indonesian government should strengthen the existing PAYG and DB pension systems, raise the minimum pension eligibility age, contribute to the system regularly, and apply the cost-of-living adjustments to improve the adequacy and sustainability of the civil service pension system. Simultaneously, civil servants should contribute more to ensure the long-term viability of this pension system. The Indonesian government should implement such adjustments, as they would enhance budgetary sustainability in the long run.

“We called ourselves the Irish Ladies’ distress committee”: Irish republican women in Britain, 1916–1923

ABSTRACT Irish Republican women in Britain formed a vital network which provided their counterparts in Ireland with weapons, intelligence, and shelter for when they travelled across the Irish Sea. Far from being auxiliary, these women were an essential part of republican operations and blurred the boundaries between the “male” IRA and the “female” Cumann na mBan. Yet strikingly, few historians have examined this network of female republican activism, despite the availability of digitised sources such as the Military Service Pension Collection. This article seeks to remedy this oversight by using this collection to examine the role of republican women in Britain, highlighting the overlapping nature of men and women’s activities, while also drawing attention to the unique circumstances of acting in a clandestine organisation within the country of the enemy.

Are Retirees More Satisfied? Anticipation and Adaptation Effects: A Causal Panel Analysis of German Statutory Insured and Civil Service Pensioners

Are Retirees More Satisfied? Anticipation and Adaptation Effects: A Causal Panel Analysis of German Statutory Insured and Civil Service Pensioners

The Effect of Merging Pension Funds on Provision of Retirement Benefits in Tanzania: A Survey of Retirees in Dar es Salaam Region

Prior to merging pension schemes in the year 2018, there were a total of five recognized pension schemes in Tanzania. This paper investigated the impact of merging pension funds on the provision of retirement benefits in Tanzania. Specifically this paper intends to examine the impact of merging membership contributions on the provision of retirement benefits in Tanzania. A survey research design was deployed. Total of 100 retirees of Public Service Social Security Fund (PSSSF) retired from 2018 onwards in Dar es Salaam Region were involved. Non-probability sampling technique was deployed and the required sample was selected using purposive and convenience sampling methods. The obtained data was analysed quantitatively using descriptive statistics and Pearson’s correlation analysis. Overall results of this study showed that merging membership contributions, has positive and significant impact on the provision of retirement benefits (r= 0.311 respectively at 0.05 significant level). The study concludes that, the decision to merge four public pension fund; Local Authority Pension Fund (LAPF), Parastatal Pension Fund (PPF), Government Employees Provident Fund (GEPF) and Public Service Pension Fund (PSPF) to form Public Service Social Security Fund (PSSSF) has significant impact on the provision of retirement benefits to retirees in Tanzania. In order to ensure that merging the pension funds improves provision of the retirement benefits, the Government through PSSSF management should take measures such as increase sense of care of the pension contributions to employees of the PSSSF and by strengthening internal control systems.

Problems and prospects of personality formation and development in the context of social well-being

The goal of the article is to empirically establish the problems and determine the prospects of formation and development of personality in the context of social well-being. The empirical study surveyed 120 students and students, 118 adults, and 112 seniors. The age of the respondents ranged from 14 to 70 years old. Psychodiagnosis was carried out through cooperation with educational institutions, social protection institutions and with the help of social networks. Respondents were from: Khmelnitsky, Rivne, Zhytomyr, Kyiv, Cherkasy, Vinnitsa, Ternopil, Poltava, Kherson, Odessa regions. Respondents were pupils, students, teachers, medics, trade and service workers, ICT specialists, and pensioners. The main problems of personality formation and development in the context of social well-being are: disregard of altruistic, cognitive, existential life meanings by the younger generation; prevalence of hedonistic beginning over high-spiritual; increased attention to obtaining status and power; consideration of self-realization and status outside the cognitive sphere; low adaptability in society, poorly expressed acceptance of others and self-acceptance, low level of emotional comfort.

Some Reflections Regarding the Public Pension and The Number of Pensioners in Romania, in The Period 2010-2021

The current importance of public pensions is given by the fact that this is the main form of support for inactive or unemployed people.Through this article we aim to review, in a brief way, the evolution and particularities of public pension.In particular, we want to analyze the evolution of the number of retirees in the public system, of the average pension but also of the service pensions during the years 2010-2021, in order to identify some directions for improving the public pension system.

Pensions and Timing of Retirement: The Case of the Public Service Pension Scheme in Uganda

Unsustainable defined-benefit public pension scheme, rising life expectancy, and high level of unemployment endanger the socioeconomic and political stability of Uganda’s economy. This research approaches the problem from labor supply point of view by: (i) analyzing the effect of the public service pension scheme on timing of retirement; (ii) investigating the required early retirement incentives that would increase employment in the public service; and (iii) determining the predictors of postretirement employment in the public service in Uganda. Using a cross sectional secondary dataset of the retired public servants from the Uganda’s Pension Department of the Ministry of Public Service (2016), this study finds the model fitting the observed aggregate retirement behavior very well. Results reveal: first, that the retirement conditions in the public service’s pension scheme in terms of the: mandatory retirement age (MRA), early retirement age (ERA), minimum tenure (MT), and pension benefits; significantly influence timing of retirement. This implies that the public service pension scheme in Uganda can be used as a fiscal tool for addressing labor supply challenges in the country.Second, about 20 percent increment in the monthly pension benefits, and 10-year increment in ERA jointly with a 5-year increment in MRA raises the likelihood of new jobs pace by up to 12.2 percent and 30 percent respectively, through early retirement.This implies that these early retirement incentives can be used to achieve intra-generational equity where some previously employed public servants retire early and survive on pension benefits as few unemployed people join public service to earn a wage.Third, among other predictors, postretirement employment in the public service is explained by:entry age, tenure, and salary. These factors can be used by the government to achieve a sustainable pension scheme through oldage employment (increased labor supply) which reduces the years taken to claim pension benefits.