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THE EFFECT OF THE SYSTEM TRANSFORMATION ON THE LEVEL OF RETIREMENT PENSIONS IN POLAND (Wplyw zmiany systemowej na wysokosc swiadczen emerytalnych w Polsce)

100%
Wieckowska B., Bijak J.
Problemy Polityki Społecznej. Studia i Dyskusje
|
2009
|
vol. 12
183-201
EN
The authors start with the presentation of two retirement systems: before and after the reform. They show how pensions are calculated in both systems. The article examines changes in the replacement ratio resulting from the 1999 reform of the Polish pension system. Retirement benefits are estimated for eight hypothetical individuals, men and women, with different levels of earnings. As retirement benefits are the function of, among others, the future life expectancy, the paper illustrates the differences in estimates resulting from the application of two different life table perspectives: period and cohort. The deficit of the state-controlled pay-as-you-go component (the 'first pillar') of the pension system is estimated under the assumption that the calculation of benefits involves the current period life tables of the Central Statistical Office (GUS).
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.
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