1. bookVolumen 21 (2021): Edición 4 (December 2021)
Detalles de la revista
License
Formato
Revista
eISSN
1804-1663
Primera edición
19 Feb 2010
Calendario de la edición
4 veces al año
Idiomas
Inglés
access type Acceso abierto

Reality and expectations of old-age pension savings in the pension system of the Slovak Republic

Publicado en línea: 30 Dec 2021
Volumen & Edición: Volumen 21 (2021) - Edición 4 (December 2021)
Páginas: 411 - 436
Recibido: 08 Dec 2020
Aceptado: 24 Sep 2021
Detalles de la revista
License
Formato
Revista
eISSN
1804-1663
Primera edición
19 Feb 2010
Calendario de la edición
4 veces al año
Idiomas
Inglés
Abstract

The aim of the authors is to provide a critical statistical-analytical view of the current pension system of the Slovak Republic with special regard to old -age pension savings in its fifteen-year existence, resulting in proposals for adjustments to its operation. It includes an analysis of the sustainability of pension systems, an analysis of the age distribution of savers as well as possible investment strategies of savers and the distribution of their property savings in pension funds. We model the investment strategy of a participant in old-age pension savings. We draw attention to the evaluation of old -age pension savings in pension funds during its existence and quantify the potential loss caused by an inappropriate investment strategy of savers. The an alysis showed that the Slovak participant in old-age pension savings invests mainly in conservative pension assets, which bring low volatility in the short term, which may not be optimal in the long run. In order to achieve change, we also outline the possibilities of changing the attitudes of savers to value their savings and propose reform steps that would contribute to ensuring a balance between the financial and social sustainability of the pension system.

Keywords

JEL Classification

AMAGLOBELI, D., CHAI, H., DABLA-NORRIS, E., DYBCZAK, K., SOTO, M., and TIEMAN, A., (2019). The Future of Saving: The Role of Pension System Design in an Aging World. MF STAFF DISCUSSIONNOTE. January 2019. SDN/19/01.10.5089/9781484388990.006 Search in Google Scholar

ATTANASIO, O. P., BROWNING, M., (1995). Consumption Over The Life Cycle And Over The Business Cycle. American Economic Review, 85(5), 1118–1137. https://www.nber.org/papers/w4453. Search in Google Scholar

ATTANASIO, O. P., WEBER, G., (2010). Consumption and Saving: Models of Inter-temporal Allocation and Their Implications for Public Policy. Journal of Economic Literature, 48 (3): 693–751. DOI: 10.1257/jel.48.3.69310.1257/jel.48.3.693 Search in Google Scholar

ATTANASIO, O. P., BONFATTI, A., KITAO, S., and WEBER, G., (2016). Global Demographic Trends: Consumption, Saving and International Capital Flows. In Handbook of the Economics of Population Aging, Vol. 1., Chapter 4, 179–235, Elsevier, Amsterdam, The Netherlands, DOI:10.1016/bs.hespa.2016.09.00610.1016/bs.hespa.2016.09.006 Search in Google Scholar

BARR, N., DIAMOND, P., (2009). Reforming pensions: Principles, analytical errors and policy directions. International Social Security Review, 62(2): DOI:10.1111/j.1468-246X.2009.01327.x10.1111/j.1468-246X.2009.01327.x Search in Google Scholar

BLANCHETT, D., (2015). Exploring the Optimal Equity Allocation Parh for Retirees. In AAII Journal. 37(12): ISSN 0192-3315. Search in Google Scholar

BLEHA, B., VAŇO, B., (2007). Prognóza vývoja obyvatelstva SR do roku 2025 (aktualizácia). Bratislava: INFOSTAT – Inštitút informatiky a štatistiky. Výskumné demografické centrum. Search in Google Scholar

BODIE, Z., DETEMPLE, J., and RINDISBACHER, M., (2009). Life-cycle finance and the design of pension plans. Annual Review of Financial Economics, 1 (1): 249–28610.1146/annurev.financial.050708.144317 Search in Google Scholar

ČAPLÁNOVÁ, A., (2018). Architektúra dôchodkového systému ovplyvňuje správanie sporiteľov. Bratislava: Rada pre rozpočtovú zodpovednosť. Dostupné na: https://www.rozpoctovarada.sk/svk/rozpocet/384/architektura-dochodkoveho-systemuovplyvnuje-spravanie-sporitelov. Search in Google Scholar

EICHHORST, W. a kol. (2011): Pension systems in the EU – contingent liabilities and assets in the public and private sector. Study. Brussels: European Parliament, Directorate General for Internal Policies. Avaiable on: https://www.europarl.europa.eu/document/activities/cont/201111/20111121ATT32055/20111121ATT32055EN.pdf. Search in Google Scholar

Európska komisia (2010). Európa 2020. Stratégia na zabezpečenie inteligentného, udr-žateľného a inkluzívneho rastu. Brusel. Search in Google Scholar

Európska komisia (2018). The 2018 Ageing Report: Economic and Budgetary Projections for the EU Member States (2016 – 2070). Luxembourg: Publications Office of the European Union, 2018. ISBN 978-92-79-77460-7. Search in Google Scholar

FODOR, J., CENKER, J., (2019). Čo nezhodnotíš dnes, na dôchodku nenájdeš. Bratislava: IFP, 2019. Search in Google Scholar

JACOBS. B., (2009). A Life-Cycle Theory of Human Capital Formation, Pension Saving, and Retirement. Avaiable on: https://personal.eur.nl/bjacobs/forwardlooks.pdf Search in Google Scholar

KABINA, T. (2014): Udržateľnosť prvého piliera dôchodkového systému na Slovensku. Bratislava: NBS, BIATEC 9/2014, ročník 22. Avaiable on: https://www.nbs.sk/_img/Documents/_PUBLIK_NBS_FSR/Biatec/Rok2014/09-2014/07_biatec_14-09_kabina.pdf. Search in Google Scholar

KARPIŠ, J., ĎURANA, R., ĎURANA, R., and JELENČIAK, M., (2006). Analýza sociálneho systému SR. Bratislava: INESS. Search in Google Scholar

KREBS, V. et al., (2007). Sociální politika. Praha: ASPI, a. s., pp.504, ISBN 978–80–357–276-1. Search in Google Scholar

LEVINE, R., (2002). Bank-based or market-based financial systems: Which is better? Journal of Financial Intermediation 11, 398–428. DOI:10.1006/jfin.2002.034110.1006/jfin.2002.0341 Search in Google Scholar

MATLÁK, J., et. al., (2004). Právo sociálneho zabezpečenia. Bratislava, 2004. ISBN 80-7160-190-X. Search in Google Scholar

MADRIAN, B. C., SHEA, D. F., (2001). The power of suggestion: Inertia in 401 (k) participation and savings behavior. The Quarterly Journal of Economics, 116(4), 1149–1187.10.1162/003355301753265543 Search in Google Scholar

MPSVaR SR (2020). Správa o sociálnej situácii obyvateľstva SR za rok 2019. Avaiable on: https://www.employment.gov.sk/files/slovensky/ministerstvo/analyticke-centrum/2020/sprava_o_soc_situacii_obyvatelstva_sr_2019.pdf. Search in Google Scholar

NBS (2020). Správa o stave a vývoji finančného trhu za rok 2019. Avaiable on: https://www.nbs.sk/_img/Documents/_Dohlad/Makropolitika/Sprava_o_stave_a_vyvoji_financneho_trhu_za_rok_2019_publikovatelna_verzia.pdf. Search in Google Scholar

NKÚ (2020): Správa o výsledku kontroly: Systém výberu a správy odvodov sociálneho poistenia a starobného dôchodkového sporenia. Avaiable on: https://www.nku.gov.sk/documents/10157/b04928e9-1dda-41a6-bcb8-cb7a3d153523. Search in Google Scholar

https://www.rozpoctovarada.sk/download2/sustainability_report_2020.pdf Search in Google Scholar

SAMUELSON, W. – ZECKHAUSER, R. J. (1988): Status quo bias in decision making. Journal of Risk and Uncertainty, 1, pp. 7-5910.1007/BF00055564 Search in Google Scholar

ÓDOR, Ľ., ANTALICOVÁ, J., KRAJČÍR, Z., and NOVYSEDLÁK, V., (2004). Vplyv dôchodkového sporenia na verejné financie a občanov. Bratislava: Inštitút finančnej politiky. Avaiable on: https://www.mfsr.sk/sk/financie/institut-financnej-politiky/publikacie-ifp/ekonomicke-analyzy/2-vplyv-dochodkoveho-sporenia-verejne-financie-obcanov-november-2004.html. Search in Google Scholar

ÓDOR, Ľ., POVALA, P., (2019). Sporiteľ na prvom mieste. Ako zreformovať druhý dôchodkový pilier na Slovensku?. Avaiable on: https://www.odor.sk/download2/druhypilier_seminar.pdf. Search in Google Scholar

OECD (2016). OECD Pensions Outlook 2016. OECD Publishing, Paris.10.1787/pens_outlook-2016-en Search in Google Scholar

PEROTTI, E., SCHWIENBACHER, A., (2009). The political origin of pension funding. Journal of Financial Intermediatio 18, 384–404. https://doi.org/10.1016/j.jfi.2008.11.00110.1016/j.jfi.2008.11.001 Search in Google Scholar

PORUBSKÝ, M., NOVYSEDLÁK, V., (2018). Dôchodkový vek: mýty a fakty. Bratislava: Rada pre rozpočtovú zodpovednosť. Komentár KRRZ 2018/02. Dostupné na: https://www.rozpoctovarada.sk/vo_download/2018_02_krrz_komentar_strop_na_doch_vek_64.pdf. Search in Google Scholar

RIZMAN, T., (2017). Kto (ne)vstupuje do druhého piliera. Bratislava: IFP, Komentár 2017/06. Search in Google Scholar

RRZ (2020). Správa o dlhodobej udržateľnosti veřejných financií za rok 2019 (apríl 2020). Bratislava: Rada pre rozpočtovú zodpovednosť. Avaiable on: https://www.rozpoctovarada.sk/download2/sustainability_report_2020.pdf Search in Google Scholar

SAMUELSON, P., (1958). An Exact Consuption-loan Model of Interest with or Without the Social Contrivanceof Money. Journal of Political Economy, 66(6): 467–48210.1086/258100 Search in Google Scholar

SAMWICK, A., (2000). Is pension reform conducive to higher saving? Review of Economics and Statistics, 82(2): 264-272. DOI:10.1162/00346530055877710.1162/003465300558777 Search in Google Scholar

ŠEBO, J., (2016). Slovensko čakajú dve krízové vlny dôchodkov. Avaiable on:: https://www.asdss.sk/4169. Search in Google Scholar

THALER, R.H., BENARTZI, S., (2004). Save More Tomorrow™: Using Behavioral Economics to Increase Employee Saving. Journal of Political Economy, 112(51): 164–187. Search in Google Scholar

VIDOVÁ, J., (2006). Prierez dôchodkovými systémami vo vybraných krajinách. Ekonomické spektrum, 1(3): 14–19. ISSN 1336-9105. Search in Google Scholar

VOSTATEK, J. (2020): Český duchodový (ne)systém vyžaduje zásadní reformu. Fórum sociální politiky, roč. 14. (č. 1/2020), 2-10. ISSN 1803-7488. Avaiable on: https://www.vupsv.cz/download/forum-socialni-politiky-1-2020/?wpdmdl=7754&refresh=606dda928186f1617812114. Search in Google Scholar

Zákon č. 595/2003 Z. z. o dani z príjmov v znení neskorších predpisov. Search in Google Scholar

Zákon č. 43/2004 Z. z. o starobnom dôchodkovom sporení v znení neskorších predpisov. Search in Google Scholar

www.employment.gov.sk Search in Google Scholar

www.statdat.statistics.sk Search in Google Scholar

Artículos recomendados de Trend MD

Planifique su conferencia remota con Sciendo