This paper analyses the account of the benefits sub-system as well as its impact on the portfolio of Social Security Trust Fund (quot;FEFSSquot;). Section 2 describes state social security and the account projections of the benefits sub-system. Section 3 analyses the actuarial and financial...

Comme beaucoup d’autres pays européens, le Portugal a engagé des réformes de son systèmede retraite dans le but de fournir aux futurs retraités un revenu de remplacement suffisant tout enconciliant un juste équilibre entre les différents régimes. L’introduction de compléments...

The enhanced role of occupational and personal pension plans in providing retirement income raises issues concerning efficiency and performance.1 This paper evaluates the performance of Portuguese pension fund management companies from 1994 to 2003, using a Cobb–Douglas stochastic cost...