This study examines the sustainability of China's pension funds in a context of negative population growth,analyzing how demographic shifts,economic fluctuations,and institutional flaws impact fund operations.The ...This study examines the sustainability of China's pension funds in a context of negative population growth,analyzing how demographic shifts,economic fluctuations,and institutional flaws impact fund operations.The research reveals that declining working-age populations and accelerating aging are causing imbalances in fund revenues and expenditures.Slower economic growth and inflation further erode contribution capacity and investment returns,while the drawbacks of the Pay-as-you-go system and provincial-level pooling models exacerbate regional risks.Pension funds face multiple challenges including revenue-expenditure imbalances,investment volatility,systemic design flaws,and population mobility-induced risks.The study proposes comprehensive optimization strategies encompassing population structure improvement,diversified funding channels,expenditure control,enhanced investment management,and institutional reforms.These measures aim to provide theoretical and practical references for addressing the sustainability challenges of pension funds under negative population growth.展开更多
This study assesses the portfolio concentration of socially responsible investment(SRI)pension funds,which may be subject to a potentially limited asset universe and have a higher concentration and lower performance t...This study assesses the portfolio concentration of socially responsible investment(SRI)pension funds,which may be subject to a potentially limited asset universe and have a higher concentration and lower performance than conventional funds.Nonetheless,in contrast to previous studies on SRI funds,this study considers the informationadvantage theory,positing that skilled managers should increase their concentration in assets in which they possess valuable information,departing from optimization models to achieve outperformance.This study first compares actual fund concentration with concentration obtained from several traditional and modern portfolio optimization techniques(minimum variance,global minimum variance,optimal portfolio,naïve diversification,risk parity,and reward-to-risk timing)to understand whether SRI pension funds concentrate portfolios and deviate from optimization model solutions.Unlike previous studies,the actual fund assets are considered in the optimization models to take into account the real investment profiles of SRI funds.The results indicate that SRI pension funds are less concentrated than conventional funds,and SRI and conventional pension funds largely diversify their portfolios,presenting lower concentration than portfolios formed with the optimization models.Furthermore,concentration strategies positively influence performance in SRI and conventional funds,revealing the use of information advantage.However,SRI and conventional fund managers present poor skills(picking,timing,and trading)to exploit information advantages due to overconfidence issues,which affect performance with concentration strategies.This situation may be modified if SRI funds follow modern optimization models and conventional funds follow traditional optimization models,improving managers’performance and skills.展开更多
Pension fund must consider some significant issues when making renewable energy project investment decisions.It is necessary to determine the most important factors and prioritize the indicators.Accordingly,the purpos...Pension fund must consider some significant issues when making renewable energy project investment decisions.It is necessary to determine the most important factors and prioritize the indicators.Accordingly,the purpose of this study is to conduct a priority analysis of the determinants of investment in renewable energy projects by pension funds.This study constructs a novel fuzzy decision-making model.First,five indicators for this process are weighted using an entropy methodology based on sine trigonometric Pythagorean fuzzy sets.The CRITIC methodology is also considered to make a comparative evaluation.Second,five different clean energy investment alternatives for pension funds are ranked using the RATGOS methodology.Similarly,this ranking analysis is also made by considering TOPSIS technique to check the reliability of the results.The main contribution of this study is the creation of a new and comprehensive fuzzy decision-making model to identify the most important factors in renewable energy project investments for pension funds.The proposed model uses the RATGOS technique to rank clean energy investment alternatives for pension funds.By considering the geometrical mean in the RATGOS calculation process,criticisms related to existing ranking techniques can be overcome.The use of sine trigonometric Pythagorean fuzzy numbers provides significant benefits to the quality of the proposed decision-making model.The defuzzification process can be implemented appropriately using these sets.Therefore,this study’s findings pave the way for investors to make investment decisions under these circumstances.It is concluded that the most important criterion is risk minimization.Effective regulations are another critical issue.Furthermore,the ranking results indicate that the most suitable renewable energy alternative is green bonds.The comparative results with STPFY-TOPSIS show that the proposed model generates coherent and reliable findings.展开更多
How do individuals adjust their savings and consumption behaviors in response to the combined effects of increased life expectancy and declining pension replacement rates?This study constructs a life-cycle model,using...How do individuals adjust their savings and consumption behaviors in response to the combined effects of increased life expectancy and declining pension replacement rates?This study constructs a life-cycle model,using changes in conditional survival probabilities as a proxy for shifts in individual life expectancy,to examine consumption behavior under the dual backdrop of prolonged longevity and a gradual decline in pension replacement rates.The results suggest that changes in life expectancy and pension replacement rates together explain 8.9%to 10.2%of the observed decline in consumption in recent years,with both variables playing equally significant explanatory roles.Furthermore,we find that,to fully offset the negative impact of increased life expectancy on consumption,the pension replacement rate must reach at least 82%.These findings offer theoretical and policy implications for improving the quality of life in later years among enterprise employees in the context of population aging.展开更多
Against the backdrop of uneven pressure on the three-pillar pension system and a mismatch between pension funds and the demographic structure,a large number of employees in new forms of employment remain outside the p...Against the backdrop of uneven pressure on the three-pillar pension system and a mismatch between pension funds and the demographic structure,a large number of employees in new forms of employment remain outside the pension security system,facing relatively high pension risks.Due to their high job mobility,weak long-term planning ability,and large income fluctuations,on the basis of maintaining the balance of the three-pillar pension system,individual pension schemes may become a breakthrough point for improving the pension situation of employees in new forms of employment.In line with the national goal of building a multi-level and multi-pillar old-age insurance system,to study the supplementary role of the third-pillar individual pension policy for employees in new forms of employment,this article constructs an evaluation system using the analytic hierarchy process and designs a questionnaire.After conducting a questionnaire survey in six cities in Shandong Province,the collected data are analyzed.It is found that the short-term effect of the current policy is that residents'awareness of pension issues is gradually improving,and the participation rate is increasing,but the behavior is short-term,and residents generally tend to avoid pension risks.Therefore,regarding the deepening of the individual pension system,the article puts forward three suggestions:(1)Conduct comprehensive publicity through multiple channels and with emphasis on key points;(2)Enhance the system's attractiveness according to the characteristics of the target population;(3)Improve the public's awareness of pension planning and financial literacy;(4)Strengthen the connection and transformation among different pillars of the pension system.展开更多
This paper takes Mr.Wang's family,a middle-and high-income household in a first-tier city,as a case study to explore the path of personal pension planning.It conducts a comparative analysis of the actuarial logic ...This paper takes Mr.Wang's family,a middle-and high-income household in a first-tier city,as a case study to explore the path of personal pension planning.It conducts a comparative analysis of the actuarial logic between the U.S.IRA system and China's third-pillar personal pension system.The findings indicate that China's personal pension system,characterized by inclusiveness and certainty,is suitable for taxpayers with a marginal tax rate higher than 3%.For Mr.Wang's family,the optimal strategy is to make the maximum annual contribution to the personal pension account,positioning such contributions as basic assets.Although these assets alone may not fully cover the family's entire pension needs,they can serve as a solid"safety cushion"for elderly care security.By combining this with other asset allocations,a multi-tiered pension security system can be established to achieve long-term financial security in retirement.展开更多
The purpose of this paper is to study the influencing factors of flexible employment personnel's participation in urban-rural residents'pension insurance.After reading a large number of literature and research...The purpose of this paper is to study the influencing factors of flexible employment personnel's participation in urban-rural residents'pension insurance.After reading a large number of literature and research results on flexible employment personnel and analyzing and interpreting the urban-rural residents'pension insurance policy of Zhuhai,we take the flexible employment personnel of Zhuhai City as the object of the study,combined with questionnaire survey method,and analyze the difficulties of the flexible employment personnel's participation in the insurance by analyzing the collected data,and find out that Zhuhai's flexibly employed people have cognitive bias towards urban and rural residents'pension insurance,the government's business personnel have a vague understanding of the insurance,and some of the flexibly employed people think that the subsidy is low,etc.The government of Zhuhai City has provided the suggestions of expanding the scope of the publicity of the urban and rural residents'pension insurance,increasing publicity efforts,and providing regular training for the counterpart service personnel in order to increase the rate of the flexibly employed people's participation in the insurance,and improve the inherent bad impression of the insurance by the flexibly employed people.personnel's inherent bad impression of insurance,and further improve China's insurance system.展开更多
This article is motivated by the predicament that hit pensioners in Zimbabwe following the introduction of the multi-currency system. Zimbabwe experienced economic woes which rendered the Zimbabwean dollar worthless a...This article is motivated by the predicament that hit pensioners in Zimbabwe following the introduction of the multi-currency system. Zimbabwe experienced economic woes which rendered the Zimbabwean dollar worthless and consequently necessitating a switch to stable currencies. The pension assets and liabilities were invested in the local currency before the currency reform, and the result of the multi-currency system was a mismatch of the assets and liabilities of the pension funds financial position which led to paltry pension benefits. The nature of pension funds places a great responsibility on the stakeholders who are involved in running these schemes and therefore ensuring that reasonable expectation by beneficiaries is met. The article focuses on the core aspects surrounding the structure and managing of pension funds in Zimbabwe. The researcher investigated the roles of important stakeholders in the Zimbabwean pension industry, namely, government, trustees, investment managers, and actuaries. The article further delves into the ethical issues and challenges faced by those managing Zimbabwean pension funds. The researcher conducted a total of 30 personal interviews to collect primary data from professionals in the Zimbabwean pension industry which were split as follows： 10 trustees, 10 investment managers, and 10 actuarial consultants. Secondary data were also used in this study and it comprised of journals, newspaper articles, investment reports, and textbooks. The researcher recommends that pension funds develop sound corporate governance mechanisms that will encourage the best ethical practices among all of their stakeholders. The findings provide evidence for a need to empower pension fund trustees through training and introduction of a pension protection scheme. In addition, the current regulatory system needs to be reviewed to capture the changing economic environment upon which pensions funds operate.展开更多
The development of a multi-pillar pension insurance system is an effective solution for an aging society.Commercial pension insurance,as the third pillar of pension insurance,is an integral part of this system in Chin...The development of a multi-pillar pension insurance system is an effective solution for an aging society.Commercial pension insurance,as the third pillar of pension insurance,is an integral part of this system in China and can play a critical and complementary role in rural areas where support for the elderly is a more pressing concern and a second pillar of pension insurance remains absent.To this end,we first elaborate on the theoretical logic that commercial pension insurance can develop into one of the pillars of rural pension insurance.We then empirically test rural residents’willingness to participate in a commercial pension insurance plan(CPIP)in a probit model with household research data from rural areas in major labor-exporting provinces,such as Sichuan and Henan so as to explore whether commercial pension insurance has the potential to become one of the pillars of rural pension insurance.Our research findings can be synthesized in three points.First,rural residents out of agricultural production for five consecutive years are more willing to participate in a CPIP than other rural residents,indicating that progress in industrialization and urbanization can significantly boost such willingness.Second,the younger rural residents are more inclined to participate in a CPIP than the older generation.Third,income increases can significantly boost rural residents’willingness to participate in a CPIP.Thus,with progress in industrialization and urbanization and an increase in rural disposable income,commercial pension insurance has a promising potential in rural areas and can hopefully develop into one of the pillars of rural pension insurance.展开更多
This work focuses on the optimization of investment contributions of pension asset with a view to improving contributors’ participation in achieving better return on investment (RoI) of their funds. We viewed some ne...This work focuses on the optimization of investment contributions of pension asset with a view to improving contributors’ participation in achieving better return on investment (RoI) of their funds. We viewed some new regulations on Nigeria’s Contributory Pension Scheme” (CPS) from amended legislation of 2014, some of which are yet to be implemented when their regulations are approved. A mathematical model involving 5 variables, 5 inequality constraints covering regulatory limitations and limitation on scarce resource known as Asset Under Management (AUM), suggested and mathematically shown to be possible through “maximization of return irrespective of risk” while obeying all regulatory controls as our constraints optimized. Optimized portfolio using MatLab shows that the portfolio representing AES 2013 portfolio with a deficit growth of 15.75 m representing 3.27% less than the portfolio’s full growth potential within defined assumptions would have been averted if contributors actually set their targets and investment managers optimize from forecasts of future prices using trend analysis.展开更多
In this paper, we construct a general model for a pension fund when there are time delays in the valuation process. Actually, we use the standard structure of the basic reserve equation in order to rebuild a more soph...In this paper, we construct a general model for a pension fund when there are time delays in the valuation process. Actually, we use the standard structure of the basic reserve equation in order to rebuild a more sophisticated approach based on the theory of H<sub>∞</sub> control. Our model evaluates the incomplete information from the delayed fund valuations—due to the oscillatory pattern for benefit claims and investment experience of the past years—within the context of uncertainty additionally to the randomness which certainly exists. So, we construct estimations for the optimal proposed contribution rates based on a feedback mechanism which is a robust stabilization controller, using typical linear matrix inequalities. Finally, a numerical application is fully investigated to obtain further insight into the problem.展开更多
With the aging process, people been looked after properly in the old age has already become an important index to the national happiness index. Nowadays, government has a increasingly clear roadmap in promoting the de...With the aging process, people been looked after properly in the old age has already become an important index to the national happiness index. Nowadays, government has a increasingly clear roadmap in promoting the development of pension system. Pension system unification refers to the same pension system for workers in public institutions and enterprises. It is a relative concept to the dual pension system. It has positive effect on social equity. But it also has many problems. In this article, author explained the relation between pension system unification and social equity on the basic of analyzing viewpoints of several scholars. And make comments by extending it and analyzing it.展开更多
The aging society has dawned on China,and the pension industry is now considered to be a sunrise industry.In 2020,the number of people over the age of 65 in Chongqing had reached more than 5.47 million.At present,the ...The aging society has dawned on China,and the pension industry is now considered to be a sunrise industry.In 2020,the number of people over the age of 65 in Chongqing had reached more than 5.47 million.At present,the mainstream home-based care,children support,and institutional care cannot fully meet the needs of the elderly for food,housing,medical care,nursing,and entertainment.The value curve model from“Blue Ocean Strategy”is used to look for innovative,differentiated competitive strategies.Through community-sharing pension institutions,it is believed that a new model that provides lower prices and more professional medical care services for the elderly,enriches the spiritual world of the elderly with rich entertainment activities,and connects social services through an elderly studio to meet the needs of the elderly for self-realization can be introduced.展开更多
In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows ...In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows a constant elasticity of variance model. The stochastic salary follows a stochastic differential equation, whose instantaneous volatility changes with the risky asset price all the time. The HJB equation associated with the optimal investment problem is established, and the explicit solution of the corresponding optimization problem for the CARA utility function is obtained by applying power transform and variable change technique. Finally, we present a numerical analysis.展开更多
In the research on the smart community pension service,it is found that the problems encountered in the promotion of the smart pension can not be solved in the short term because of the lack of information and the acc...In the research on the smart community pension service,it is found that the problems encountered in the promotion of the smart pension can not be solved in the short term because of the lack of information and the acceptance of the intelligent products by the elderly. This paper puts forward the research ideas based on the cognitive characteristics and demand prediction of the specific population. Focusing on the research on the pension needs of people born in the 1960 s or 1970 s,it provides support for the solution of smart pension services in the peak period of aging population in the future.展开更多
By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium...By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium, returning level of retirement pay and premium rate are established. Comparatively speaking, these models solve the problem of the determination of the premium rate more scientifically and offer an effective analyzing means to the improvement of the Chinese Pension Insurance System.展开更多
Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems....Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems. Therefore, in order to guarantee the smooth implementation of new rural social pension insurance work in Heilongjiang Province, this paper combined with the reality to provide several suggestions for improving the new rural social pension insurance system in Heilongjiang Province.展开更多
This paper mainly studies the optimal investment problem of defined contribution(DC)pension under the self-protection and minimum security.First,we apply Ito?theorem to obtain the differential equation of the real sto...This paper mainly studies the optimal investment problem of defined contribution(DC)pension under the self-protection and minimum security.First,we apply Ito?theorem to obtain the differential equation of the real stock price after discounting inflation.Then,under the constraint of external guarantee of DC pension terminal wealth,self-protection is introduced to study the maximization of the expected utility of terminal wealth at retirement time and any time before retirement.The explicit solution of the optimal investment strategy of DC pension at retirement time and any time before retirement should be derived by martingale method.Finally,the influence of selfprotection on the optimal investment strategy of DC pension is numerically analyzed.展开更多
文摘This study examines the sustainability of China's pension funds in a context of negative population growth,analyzing how demographic shifts,economic fluctuations,and institutional flaws impact fund operations.The research reveals that declining working-age populations and accelerating aging are causing imbalances in fund revenues and expenditures.Slower economic growth and inflation further erode contribution capacity and investment returns,while the drawbacks of the Pay-as-you-go system and provincial-level pooling models exacerbate regional risks.Pension funds face multiple challenges including revenue-expenditure imbalances,investment volatility,systemic design flaws,and population mobility-induced risks.The study proposes comprehensive optimization strategies encompassing population structure improvement,diversified funding channels,expenditure control,enhanced investment management,and institutional reforms.These measures aim to provide theoretical and practical references for addressing the sustainability challenges of pension funds under negative population growth.
基金supported by Government of Aragon[Grant S38_20R]Ibercaja and University of Zaragoza[Grants JIUZ-2021-SOC-03 and JIUZ2022-CSJ-24]Ministerio de Ciencia e Innovación and FEDER[PID2022-136818NB-100].
文摘This study assesses the portfolio concentration of socially responsible investment(SRI)pension funds,which may be subject to a potentially limited asset universe and have a higher concentration and lower performance than conventional funds.Nonetheless,in contrast to previous studies on SRI funds,this study considers the informationadvantage theory,positing that skilled managers should increase their concentration in assets in which they possess valuable information,departing from optimization models to achieve outperformance.This study first compares actual fund concentration with concentration obtained from several traditional and modern portfolio optimization techniques(minimum variance,global minimum variance,optimal portfolio,naïve diversification,risk parity,and reward-to-risk timing)to understand whether SRI pension funds concentrate portfolios and deviate from optimization model solutions.Unlike previous studies,the actual fund assets are considered in the optimization models to take into account the real investment profiles of SRI funds.The results indicate that SRI pension funds are less concentrated than conventional funds,and SRI and conventional pension funds largely diversify their portfolios,presenting lower concentration than portfolios formed with the optimization models.Furthermore,concentration strategies positively influence performance in SRI and conventional funds,revealing the use of information advantage.However,SRI and conventional fund managers present poor skills(picking,timing,and trading)to exploit information advantages due to overconfidence issues,which affect performance with concentration strategies.This situation may be modified if SRI funds follow modern optimization models and conventional funds follow traditional optimization models,improving managers’performance and skills.
文摘Pension fund must consider some significant issues when making renewable energy project investment decisions.It is necessary to determine the most important factors and prioritize the indicators.Accordingly,the purpose of this study is to conduct a priority analysis of the determinants of investment in renewable energy projects by pension funds.This study constructs a novel fuzzy decision-making model.First,five indicators for this process are weighted using an entropy methodology based on sine trigonometric Pythagorean fuzzy sets.The CRITIC methodology is also considered to make a comparative evaluation.Second,five different clean energy investment alternatives for pension funds are ranked using the RATGOS methodology.Similarly,this ranking analysis is also made by considering TOPSIS technique to check the reliability of the results.The main contribution of this study is the creation of a new and comprehensive fuzzy decision-making model to identify the most important factors in renewable energy project investments for pension funds.The proposed model uses the RATGOS technique to rank clean energy investment alternatives for pension funds.By considering the geometrical mean in the RATGOS calculation process,criticisms related to existing ranking techniques can be overcome.The use of sine trigonometric Pythagorean fuzzy numbers provides significant benefits to the quality of the proposed decision-making model.The defuzzification process can be implemented appropriately using these sets.Therefore,this study’s findings pave the way for investors to make investment decisions under these circumstances.It is concluded that the most important criterion is risk minimization.Effective regulations are another critical issue.Furthermore,the ranking results indicate that the most suitable renewable energy alternative is green bonds.The comparative results with STPFY-TOPSIS show that the proposed model generates coherent and reliable findings.
文摘How do individuals adjust their savings and consumption behaviors in response to the combined effects of increased life expectancy and declining pension replacement rates?This study constructs a life-cycle model,using changes in conditional survival probabilities as a proxy for shifts in individual life expectancy,to examine consumption behavior under the dual backdrop of prolonged longevity and a gradual decline in pension replacement rates.The results suggest that changes in life expectancy and pension replacement rates together explain 8.9%to 10.2%of the observed decline in consumption in recent years,with both variables playing equally significant explanatory roles.Furthermore,we find that,to fully offset the negative impact of increased life expectancy on consumption,the pension replacement rate must reach at least 82%.These findings offer theoretical and policy implications for improving the quality of life in later years among enterprise employees in the context of population aging.
基金funded by the National College Students'Innovation and Entrepreneurship Training Program(No.202410456025)supported by the China Center of the Serbian Academy of Sciences and Arts and the Hong Kong Institute of Humanities and Natural Sciences and Technology.
文摘Against the backdrop of uneven pressure on the three-pillar pension system and a mismatch between pension funds and the demographic structure,a large number of employees in new forms of employment remain outside the pension security system,facing relatively high pension risks.Due to their high job mobility,weak long-term planning ability,and large income fluctuations,on the basis of maintaining the balance of the three-pillar pension system,individual pension schemes may become a breakthrough point for improving the pension situation of employees in new forms of employment.In line with the national goal of building a multi-level and multi-pillar old-age insurance system,to study the supplementary role of the third-pillar individual pension policy for employees in new forms of employment,this article constructs an evaluation system using the analytic hierarchy process and designs a questionnaire.After conducting a questionnaire survey in six cities in Shandong Province,the collected data are analyzed.It is found that the short-term effect of the current policy is that residents'awareness of pension issues is gradually improving,and the participation rate is increasing,but the behavior is short-term,and residents generally tend to avoid pension risks.Therefore,regarding the deepening of the individual pension system,the article puts forward three suggestions:(1)Conduct comprehensive publicity through multiple channels and with emphasis on key points;(2)Enhance the system's attractiveness according to the characteristics of the target population;(3)Improve the public's awareness of pension planning and financial literacy;(4)Strengthen the connection and transformation among different pillars of the pension system.
文摘This paper takes Mr.Wang's family,a middle-and high-income household in a first-tier city,as a case study to explore the path of personal pension planning.It conducts a comparative analysis of the actuarial logic between the U.S.IRA system and China's third-pillar personal pension system.The findings indicate that China's personal pension system,characterized by inclusiveness and certainty,is suitable for taxpayers with a marginal tax rate higher than 3%.For Mr.Wang's family,the optimal strategy is to make the maximum annual contribution to the personal pension account,positioning such contributions as basic assets.Although these assets alone may not fully cover the family's entire pension needs,they can serve as a solid"safety cushion"for elderly care security.By combining this with other asset allocations,a multi-tiered pension security system can be established to achieve long-term financial security in retirement.
文摘The purpose of this paper is to study the influencing factors of flexible employment personnel's participation in urban-rural residents'pension insurance.After reading a large number of literature and research results on flexible employment personnel and analyzing and interpreting the urban-rural residents'pension insurance policy of Zhuhai,we take the flexible employment personnel of Zhuhai City as the object of the study,combined with questionnaire survey method,and analyze the difficulties of the flexible employment personnel's participation in the insurance by analyzing the collected data,and find out that Zhuhai's flexibly employed people have cognitive bias towards urban and rural residents'pension insurance,the government's business personnel have a vague understanding of the insurance,and some of the flexibly employed people think that the subsidy is low,etc.The government of Zhuhai City has provided the suggestions of expanding the scope of the publicity of the urban and rural residents'pension insurance,increasing publicity efforts,and providing regular training for the counterpart service personnel in order to increase the rate of the flexibly employed people's participation in the insurance,and improve the inherent bad impression of the insurance by the flexibly employed people.personnel's inherent bad impression of insurance,and further improve China's insurance system.
文摘This article is motivated by the predicament that hit pensioners in Zimbabwe following the introduction of the multi-currency system. Zimbabwe experienced economic woes which rendered the Zimbabwean dollar worthless and consequently necessitating a switch to stable currencies. The pension assets and liabilities were invested in the local currency before the currency reform, and the result of the multi-currency system was a mismatch of the assets and liabilities of the pension funds financial position which led to paltry pension benefits. The nature of pension funds places a great responsibility on the stakeholders who are involved in running these schemes and therefore ensuring that reasonable expectation by beneficiaries is met. The article focuses on the core aspects surrounding the structure and managing of pension funds in Zimbabwe. The researcher investigated the roles of important stakeholders in the Zimbabwean pension industry, namely, government, trustees, investment managers, and actuaries. The article further delves into the ethical issues and challenges faced by those managing Zimbabwean pension funds. The researcher conducted a total of 30 personal interviews to collect primary data from professionals in the Zimbabwean pension industry which were split as follows： 10 trustees, 10 investment managers, and 10 actuarial consultants. Secondary data were also used in this study and it comprised of journals, newspaper articles, investment reports, and textbooks. The researcher recommends that pension funds develop sound corporate governance mechanisms that will encourage the best ethical practices among all of their stakeholders. The findings provide evidence for a need to empower pension fund trustees through training and introduction of a pension protection scheme. In addition, the current regulatory system needs to be reviewed to capture the changing economic environment upon which pensions funds operate.
基金part of“Research in the Return of Migrant Workers to Major Labor Exporting Provinces and Corresponding Allocation of Old Age Support Resources in Rural Areas”(16BSH132)a program funded by the National Social Science Fund of China(NSSFC)“Research in the Path to,and Measures for,High-Quality Rural Development Driven by Entrepreneurial Agglomeration from the Perspective of Triple Coupling”(22FH54)。
文摘The development of a multi-pillar pension insurance system is an effective solution for an aging society.Commercial pension insurance,as the third pillar of pension insurance,is an integral part of this system in China and can play a critical and complementary role in rural areas where support for the elderly is a more pressing concern and a second pillar of pension insurance remains absent.To this end,we first elaborate on the theoretical logic that commercial pension insurance can develop into one of the pillars of rural pension insurance.We then empirically test rural residents’willingness to participate in a commercial pension insurance plan(CPIP)in a probit model with household research data from rural areas in major labor-exporting provinces,such as Sichuan and Henan so as to explore whether commercial pension insurance has the potential to become one of the pillars of rural pension insurance.Our research findings can be synthesized in three points.First,rural residents out of agricultural production for five consecutive years are more willing to participate in a CPIP than other rural residents,indicating that progress in industrialization and urbanization can significantly boost such willingness.Second,the younger rural residents are more inclined to participate in a CPIP than the older generation.Third,income increases can significantly boost rural residents’willingness to participate in a CPIP.Thus,with progress in industrialization and urbanization and an increase in rural disposable income,commercial pension insurance has a promising potential in rural areas and can hopefully develop into one of the pillars of rural pension insurance.
文摘This work focuses on the optimization of investment contributions of pension asset with a view to improving contributors’ participation in achieving better return on investment (RoI) of their funds. We viewed some new regulations on Nigeria’s Contributory Pension Scheme” (CPS) from amended legislation of 2014, some of which are yet to be implemented when their regulations are approved. A mathematical model involving 5 variables, 5 inequality constraints covering regulatory limitations and limitation on scarce resource known as Asset Under Management (AUM), suggested and mathematically shown to be possible through “maximization of return irrespective of risk” while obeying all regulatory controls as our constraints optimized. Optimized portfolio using MatLab shows that the portfolio representing AES 2013 portfolio with a deficit growth of 15.75 m representing 3.27% less than the portfolio’s full growth potential within defined assumptions would have been averted if contributors actually set their targets and investment managers optimize from forecasts of future prices using trend analysis.
文摘In this paper, we construct a general model for a pension fund when there are time delays in the valuation process. Actually, we use the standard structure of the basic reserve equation in order to rebuild a more sophisticated approach based on the theory of H<sub>∞</sub> control. Our model evaluates the incomplete information from the delayed fund valuations—due to the oscillatory pattern for benefit claims and investment experience of the past years—within the context of uncertainty additionally to the randomness which certainly exists. So, we construct estimations for the optimal proposed contribution rates based on a feedback mechanism which is a robust stabilization controller, using typical linear matrix inequalities. Finally, a numerical application is fully investigated to obtain further insight into the problem.
文摘With the aging process, people been looked after properly in the old age has already become an important index to the national happiness index. Nowadays, government has a increasingly clear roadmap in promoting the development of pension system. Pension system unification refers to the same pension system for workers in public institutions and enterprises. It is a relative concept to the dual pension system. It has positive effect on social equity. But it also has many problems. In this article, author explained the relation between pension system unification and social equity on the basic of analyzing viewpoints of several scholars. And make comments by extending it and analyzing it.
文摘The aging society has dawned on China,and the pension industry is now considered to be a sunrise industry.In 2020,the number of people over the age of 65 in Chongqing had reached more than 5.47 million.At present,the mainstream home-based care,children support,and institutional care cannot fully meet the needs of the elderly for food,housing,medical care,nursing,and entertainment.The value curve model from“Blue Ocean Strategy”is used to look for innovative,differentiated competitive strategies.Through community-sharing pension institutions,it is believed that a new model that provides lower prices and more professional medical care services for the elderly,enriches the spiritual world of the elderly with rich entertainment activities,and connects social services through an elderly studio to meet the needs of the elderly for self-realization can be introduced.
基金Supported by the National Natural Science Foundation of Tianjin (07JCYBJC05200)the Young Scholar Program of Tianjin University of Finance and Economics (TJYQ201201)
文摘In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows a constant elasticity of variance model. The stochastic salary follows a stochastic differential equation, whose instantaneous volatility changes with the risky asset price all the time. The HJB equation associated with the optimal investment problem is established, and the explicit solution of the corresponding optimization problem for the CARA utility function is obtained by applying power transform and variable change technique. Finally, we present a numerical analysis.
基金This paper is the research result of the social science planning project of Chongqing(subject number:2018QNYS70)and the educational planning project of Chongqing(subject number:2017-GX-273).
文摘In the research on the smart community pension service,it is found that the problems encountered in the promotion of the smart pension can not be solved in the short term because of the lack of information and the acceptance of the intelligent products by the elderly. This paper puts forward the research ideas based on the cognitive characteristics and demand prediction of the specific population. Focusing on the research on the pension needs of people born in the 1960 s or 1970 s,it provides support for the solution of smart pension services in the peak period of aging population in the future.
文摘By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium, returning level of retirement pay and premium rate are established. Comparatively speaking, these models solve the problem of the determination of the premium rate more scientifically and offer an effective analyzing means to the improvement of the Chinese Pension Insurance System.
基金Supported by the Philosophy Social Science Fund Project of Heilongjiang Province (10D061)
文摘Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems. Therefore, in order to guarantee the smooth implementation of new rural social pension insurance work in Heilongjiang Province, this paper combined with the reality to provide several suggestions for improving the new rural social pension insurance system in Heilongjiang Province.
基金Supported by the National Social Science Foundation of China(20BTJ048)Anhui University Humanities and Social Science Research Major Project(SK2021ZD0043)。
文摘This paper mainly studies the optimal investment problem of defined contribution(DC)pension under the self-protection and minimum security.First,we apply Ito?theorem to obtain the differential equation of the real stock price after discounting inflation.Then,under the constraint of external guarantee of DC pension terminal wealth,self-protection is introduced to study the maximization of the expected utility of terminal wealth at retirement time and any time before retirement.The explicit solution of the optimal investment strategy of DC pension at retirement time and any time before retirement should be derived by martingale method.Finally,the influence of selfprotection on the optimal investment strategy of DC pension is numerically analyzed.
