The work analyzed demographic conditions and trends characteristic of both the world community and the Russian Federation. The importance of integrating voluntary elements as a mechanism for ensuring a decent life for pensioners in multi-level pension systems of OECD countries has been determined. The methodology of the voluntary pension index is described, as well as additional restrictions on its application. The results of modeling for 20 countries were presented and the application of the index in the Russian Federation from 2013 to 2020 was assessed. The conclusion was made about the low development of voluntary pension systems in the Russian Federation.
In this dissertation we study three very important types of insurance, equity-linked life insurance with surrender guarantees, pension insurance and the insurance provided by (pension) insurance guarantee funds. In chapter 2 we study the market consistent valuation of equity linked life insurance contracts, particularly the valuation of a surrender option. In our model the policyholder can surrender exogenously and endogenously. More importantly, we model the realistic perspective that the surrender option value depends on the state of the economy. The state of the economy can represent financial market regimes, macroeconomic regimes or business cycles. The consideration of economic states is an important contribution since equity-linked life insurance contracts are long-dated and in the long run there can occur several structural changes in the economic conditions which considerably affect both the value of the underlying financial portfolio and most importantly the surrender behavior of the policyholder. Chapter 3 and chapter 4 are concerned with the (re)insurance of pension guarantee funds (PGF). These government imposed pension schemes provide (re)insurance to defined benefit (DB) plan holders in terms of paying pension benefits if the corresponding sponsoring company and the pension fund are insolvent. We study and model solution concepts for pension guarantee funds to better protect policyholders by reducing the risk exposure of their financial guarantee. We model two solution concepts. In chapter 3 we provide a formal model to compute a risk-based premium paid to the PGF under distress termination, the conventional type of termination, where a pension fund is closed due to the insolvency of the sponsoring company. We incorporate several realistic perspectives and compare our theoretical pricing formula for a sample of the largest US DB plan sponsors. In chapter 4 we study the other type of termination, involuntary termination. Under involuntary termination the PGF terminates a substantially underfunded DB plan. In that case the crucial question is when the PGF should optimally intervene. We determine an optimal timing of intervention in terms of a critical funding ratio of the insured DB pension fund. The basic idea of our model is that the PGF acts in the interest of the beneficiaries and maximizes their expected utility. In addition the PGF protects its financial guarantee by controlling two solvency requirements, the shortfall probability and the expected shortfall of the DB plan. In chapter 4 the DB plan is modeled more specifically and compared to the other main pension retirement plan, the defined contribution plan (DC plan). The analysis is conducted in an expected utility framework under different preferences by taking an essential tradeoff into account. Specifically, the policyholder faces salary risk in both retirement plans, he faces investment risk only in the DC plan and portability risk, the risk of losing benefits when changing the employer is mostly present in the DB plan. As a means of comparison we take the critical job switching intensity or more intuitively the average number of job moves after which the DC plan is preferred in expected utility terms.
Accurate evaluation of the implementation effect of basic pension insurance for urban and rural residents(BPIURR) is an important means to realize effective supervision of pension insurance. From the perspective of fairness, efficiency and sustainability, the evaluation index system of the implementation effect of BPIURR was constructed in this article. Then by using the method of analytic Hierarchy Process and global entropy method, the implementation effect of BPIURR in 31 provinces from 2015 to 2019 was comprehensively evaluated in this article. The implementation effect of each kind of provinces was compared and analyzed by clustering analysis method. The results showed that the implementation effect of BPIURR in 31 provinces showed an increasing trend on the whole, but the comprehensive scores of all provinces were generally low. There were noticeable regional differences in the implementation effect of BPIURR.
Net Premuim Reserves are in the center of life and pension insurance. Usually they are associated with the individual accounts of the insured while the collective account, being collective property of the insured and a very important part of the reserves, remains out-of-the-way and somewhat in the background. The focus here is on the nature and functions of the collective account using a pension plan as an example. This might be a basis for some conclusions about general insurance.
UK: У статті розглянуті особливості побудови системи загальнообов'язкового державного пенсійного страхування в Україні. Визначено стан та перспективи накопичувальної та недержавної систем пенсійного забезпечення. Проаналізовано джерела формування та напрями використання коштів солідарної системи загальнообов'язкового державного соціального страхування. Виявлено особливості нарахування та сплати єдиного соціального внеску як головного джерела коштів Пенсійного фонду за діючим законодавством. Розглянуто необхідність збалансування бюджету Пенсійного фонду за рахунок асигнувань із Державного бюджету України. Описано новації пенсійного законодавства запроваджені з 2018 року. Визначено напрями оптимізації солідарної системи пенсійного забезпечення в Україні. EN: The system of pensions is one of the most important elements in the field of social protection of the population in all developed democratic countries, and reflects the fulfillment of the basic functions of the state. The necessary social condition for the functioning of the pension system is the citizens' confidence in ensuring old age, in the fulfillment by the state of their responsibilities to the citizen, that after they have reached a certain retirement age, they have the right to replace their salary with a pension. However, today, as never before, the question is how to balance the Pension Fund budget with a view to ensuring adequate pension payments.
The questions of determining the role and place of the pension insurance system in the formation of the financial system of Ukraine, its influence on the development of the national economy are covered. Particular attention is paid to the study of the financial relationships of the national pension system with the main areas of the financial system of the state in the context of pension reform. The relationship of public finances with the pension insurance system is investigated, the main aspects of the impact of these two components of the financial system on each other are revealed. The new national pension legislation is analyzed, the role of the pension insurance system at the present stage of pension reform is noted. The evaluation of the formation and development of financial relations of the pension insurance system with the financial market, which is an important area of the financial system, is given. Attention is paid to the role of international financial institutions in the formation and development of national pension systems in European countries, their important legislative documents related to pension reform are analyzed. It is determined that at their initiative the main strategies, concepts, programs of development of national pension systems are being developed, taking into account the global risks posed to society. Attention is drawn to the priority of combined pension systems that combine state solidarity pension programs, as well as mandatory and voluntary savings. Ukraine also forms the type of national pension system that underpins the principles of pension insurance. It is substantiated that the financial potential of the pension insurance system will contribute to the development of the national economy of the country. Key words: system of pension insurance, financial system of Ukraine, pension reform public finances, finances of the population, finances of economic entities, international finances, financial market.
