IMPORTANCE OF FUNDED PENSION SCHEMES IN PROVISION OF PENSIONS: THE EXPERIENCE OF LATVIA AND THE OLD EU COUNTRIES
DOI:
https://doi.org/10.17770/sie2016vol4.1569Keywords:
pension fund, pension reform, funded pension schemeAbstract
During the past 20 years, pension reforms in the EU countries have lowered pension benefits. As a consequence of reforms each person’s responsibility for the result has increased. Examples of such reforms are those in Latvia (1995–2001), Germany (2001–2004) and the Netherlands (2004–2010). The essential part of future pension sufficiency is based on funded pension schemes, which are expected to prevent poverty and ensure the replacement of sufficient income in old age.
The government defines a significant role to funded pension schemes. It is important to take into consideration major structural weaknesses in relation to social security. This includes such aspects as security and payment levels, risk management of savings and payment phases, tax implications and necessity of pension plan monitoring. These are all the problems to be solved in order to draw funded schemes as an integral part of retirement security among investors.
This paper investigates the importance of funded pension schemes in securing pension in Latvia and in some old EU countries.
References
Adamsons, V. (2010). Latvijas socialas sistemas finansu attistibas iespejas krizes apstaklos. Latgales Tautsaimniecibas petijumi. Socialo zinatnu zurnals (pp. 7-15). Rezekne: RA izdevnieciba, Nr.1(2).
Borsch-Supan, A. (2007).Rational Pension Reform. The Geneva Papers on Risk and insurance. Issues and Practice(pp. 427-439). Geneva: The International Association for the Study of Insurance Economics, No. 32(4).
Bovenberg, A.L. (2007). Risk Sharing and Stand-Alone Pension Schemes. The Geneva Papers on Risk and insurance. Issues and Practice (pp.449-467). Geneva: The International Association for the Study of Insurance Economics, No. 32(4).
Duijn, M., Masterogiacoma, M., Lindeboom, M., Lundborg, P. (2013).Expected and actual replacement rates in the pension system of the Netherlands: how and why do they differ?Journal of Pension Economics and Finance. (pp. 168-189). Cambridge University Press,vol. 12, issue 02Downloaded fromhttp://journals.cambridge.org/download.php?file=%2F17968_18A9A0F005B5E71ABC7936E8EA0A1791_journals__PEF_PEF12_02_S1474747212000315a.pdf&cover=Y&code=3589c80dde945cae2cf84720c13bb8d5
Ferro, G. (2009). One Possible Life Insurance Market Response to Ageing. The Geneva Papers on Risk and insurance. Issues and Practice(pp. 119-136).Geneva: The International Association for the Study of Insurance Economics, No. 34(1).
Volskis, E. (2007).Challenging Trends in the Global Pension Systems. SCIENTIFIC PAPERS OF UNIVERSITY OF LATVIA. Economy and Management (pp. 58-65) Riga: LU, vol. 711.
DeNederlandscheBank. Toezichtgegevens pensioenfondsen.Downloaded from http://www.dnb.nl/statistiek/statistieken-dnb/financiele-instellingen/pensioenfondsen/toezichtgegevens-pensioenfondsen/index.jsp
Fachverband fur betriebliche Altersversorgung. Aba. Downloaded from http://www.aba-online.de/docs/attachments/9d5bf724-7605-46c1-84f7-5f7a00b6891f/5B-a-BaFin-Bilanzen-Pensionskassen-Aktiva-2014-Dez.-2015-SD.pdf
Finansu kapitala tirgus komisija. Privato pensiju fondu darbiba 2014. gada. Downloaded from http://www.fktk.lv/lv/statistika/pensiju-fondi/ceturksna-parskati/832-2014-06-17-privato-pensiju-fondu-darbiba-2014-gada-1-ceturksni.html
Valsts socialas apdrosinasanas agentura. Parskats par valsts fondeto pensiju shemas darbibu 2014. gada.Downloaded fromhttp://www.vsaa.lv/lv/pakalpojumi/stradajosajiem/2-pensiju-limenis/parskati-par-valsts-fondeto-pensiju-shemas-darbibu
2014 Pension Sustainability Index. International Pension Papers 1/2014. Downloaded from https://www.allianz.com/v_1396002521000/media/press/document/other/2014_PSI_ES_final.pdf
Downloads
Published
Issue
Section
How to Cite
