In this article, we determine a charge on balance that is equivalent to a certain fixed charge on flow for a particular utility-maximizer affiliate participating in a defined-contribution pension fund under the system of individual accounts. We also prove, under market completeness, that the...

In this article, we determine a charge on balance that is equivalent to a certain fixed charge on flow for a particular utility–maximizer affiliate participating in a defined-contribution pension fund under the system of individual accounts. We also prove, under market completeness, that the...

The adoption of pension funds in the social security policy constitutes an important transformation in the social life; in fact, workers have a pension based on an investment fund and not a pre-determined amount. Investment funds have different degrees of risk, varying their asset composition. In...

The number of participants in the private pension funds, as well as the volume of their contribution, differs significant in each development region. It goes without saying that the territorial distribution of the indicators related to pension funds are influenced, on the one hand, by the offer...

The paper seeks to explain the huge cross country variation in private pension funding,shaped by historical choice made when universal pension systems were created after theGreat Depression. According to Perotti and von Thadden (2006), large inflationaryshocks due to war damage devastated middle...

We build a moral hazard model to study incentives of financial intermediaries (shortly, bankers) facing a leverage-insurance trade-off in their investment choice. We demonstrate that the choice is affected by two recent transformations of the financial ecosystem bankers inhabit: (i) the rise of...

The aim of this article is to evaluate the effectiveness of voluntary pension savings plans in Poland, based on the principles of operation and rates of return of voluntary pension funds (pol. Dobrowolne Fundusze Emerytalne, DFE). The selection of those funds from a whole range of solutions...

This article calls attention to the Department of Labor's imposition of the “prudent investor rule” on financial advisers to retirement savers. The article also canvasses the customary role of an investment policy statement in promoting compliance with the prudent investor rule by...

The oligopolistic structure of the open pension funds in Poland implies homogeneity of their behaviors on the market. In particular, it influences low competitive pressure between the funds. This Article draws attention to poor competitiveness of the funds, both in the area of price competition,...

The purpose of the article is to present a proposal for supplementing the existing pillar of voluntary pension insurance so that it becomes an important contribution to increasing future retirement benefits. The article presents recommendations by OECD experts on how to construct a voluntary...