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1

IMPACT OF SOME RISK FACTORS ON THE AMOUNT OF PENSION FROM THE THIRD PILLAR PENSION

100%
Špirková J., Spišiaková M.
Ekonomický časopis (Journal of Economics)
|
2014
|
vol. 62
|
issue 1
71 – 82
EN
This paper brings an analysis of the impact of banning the use of gender in insurance, with special focus on supplementary pension saving called also third pillar pension, according to the requirements of the European Court of Justice. By means of actuarial formulas of monthly paid annuities and also mortality tables, it models and analyses the amounts of pension annuities in the designed products of the third pillar pension.
2

QUANTIFICATION OF LONGEVITY RISK FOR PENSION INSURANCE IN V4 COUNTRIES

88%
Gogola J.
Ekonomický časopis (Journal of Economics)
|
2017
|
vol. 65
|
issue 8
751 – 762
EN
Longevity risk, the risk that people will live longer than expected, weighs heavily on those who run pension schemes and on insurers that provide annuities. Hence the prediction of future mortality rates is an issue of fundamental importance for the insurance and pensions industry. Our analysis focuses on mortality at higher ages (65 – 95), given our interest in pension-related applications where the risk associated with longer-term cash flow is primarily linked to uncertainty in future rates of mortality. We use data on deaths and exposures for the Visegrad Group (V4) – the Czech Republic, Poland, Hungary and Slovakia from the Human Mortality Database (HMD). We have shown that if the today rate of increase will continue, it will at age 65 concluded (after calculation) to increase the present value of pension liabilities in defined-benefit schemes about 5% if we use cohort life table instead of period life table.
3

SUBOPTIMALITY OF IMMEDIATE ANNUITIZATION IN PRIVATE PENSION SCHEMES

88%
Šebo J., Šebová Ľ.
Ekonomický časopis (Journal of Economics)
|
2016
|
vol. 64
|
issue 2
169 – 190
EN
Immediate annuitization as a strategy for a welfare maximization for a pay-out phase in private pension schemes has been widely criticized. We examine the self-annuitization strategies under two different consumption rates using programmed withdrawal compared to the immediate annuitization for a retired individual subject to uncertain portfolio returns and longevity risk. The aim is to examine the utility of both approaches under the existence of longevity risk on one side and bequest on the other. The results could serve as a basis for further discussion on improving the legislature on pay-out phase in Slovak private DC pension pillar.
4

DETAILED VIEW OF A PAY-OUT PRODUCT OF THE OLD-AGE PENSION SAVING SCHEME IN SLOVAKIA

75%
Špirková J., Szűcs G., Kollár I.
Ekonomický časopis (Journal of Economics)
|
2019
|
vol. 67
|
issue 7
761 – 777
EN
This paper discusses a selected product of the pay-out phase of the old-age pension saving scheme in Slovakia which is stated by Act 43/2004 Coll. on the Old-Age Pension Saving Scheme, in Article 46. It models and analyses the amount of pension annuities in the designed product according to mortality rates, euro area yield curves, specific composition of the insurance strain, expenses and other requirements of the authorities of the European Union and Act 39/2015 Coll. Additionally, the paper provides answers to current questions about the pay-out phase of pension savings. It points to all aspects relating to the determination of the amount of future pensions.
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