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EFFICIENCY ON THE SLOVAK PRIVATE PENSION FUNDS MARKETS AND LEGISLATIVE CHANGES EFFECTS ANALYSIS

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Mitkova V., Mlynarovič V.
Ekonomický časopis (Journal of Economics)
|
2021
|
vol. 69
|
issue 6
604 – 626
EN
The paper presents applications of portfolio techniques including proposed modification of the Black-Litterman approach for pension funds’ performance evaluation on the Slovak private pension funds markets and deals with: how effective are the investment strategies of companies on the market of specific pension funds; if the investment strategies outcomes match the companies' officially declared fund strategy type in a risk-return space; and if the legislative changes on the pension market segment impact those funds strategies. Relative positions of single funds are identified by constructing efficient frontiers in various spaces. As a result, the investment strategies create clusters for conservative, balanced, and index funds, while the growth funds have higher strategies variance. It is shown that the legislative changes concerning mainly more risky funds have an important influence on the second pillar growth funds investment strategies. The results show high interactions between legislative changes and investment decisions.
2

What is happening and what will happen with private pension-fund services?

100%
Stahl J.
Kozgazdasagi Szemle (Economic Review)
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2005
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vol. 52
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issue 6
599-607
EN
The study was prompted because the time left before private pension-fund services have to begin is becoming shorter, but the legislation to regulate precisely the private pensionfund pillar of the social security system is still lacking. The author begins with the need to change existing legislation, as the framework it provides cannot be utilized in an acceptable way. The second part presents mathematical programming models that will or could help to devise feasible, acceptable legislation that defines the service to be provided by private pension funds.
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