G23 - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional InvestorsNávrat zpět

The article deals with the current development and expected changes in pension expenditure in the member countries of the EU. It is based on the reform of the pension system in Slovakia, objectives of the reform, evaluates the objectives in relation to the impact of the introduction of the second pillar funded pension system. Expenditure on pensions has a growing trend in all EU countries, as revealed from the economic analysis of the European Commission from 2012. This is based primarily on the expected demographic development of the population and the government deficit. The paper compared the gross and net replacement rate to salary from pension benefits in EU countries. There is highlighted the recognition that in most EU countries the increase of the wages declining net replacement rate, in Slovakia it is not true. The global crisis and its accompanying phenomena have a negative impact on pension systems, which necessitates their permanent reforms, ensuring a balance between financial and social sustainability of pension systems, changes in the economic, social and migration policy of states. Economic policy makers are constantly faced a decision that must take into account the requirements on the benefits and the requirements in the amount of the tax wedge, while maintaining a stable level of government debt in the next few decades. Persistent high government deficits, together with the negative impact of demographic trends will substantially worsen the sustainability of public finances. For this reason, it is necessary due to consolidation of public finances reduce the current high levels of government debt to level that even under the influence of expenditures sensitive to the aging of the population will be at sustainable levels defined by the Stability and Growth Pact.

Dôchodkový systém je v každej krajine mierne odlišný. Odlišuje sa okrem iného menšou či väčšou účasťou zo strany štátu prípadne súkromných spoločností pri organizovaní systému sociálneho poistenia a starobného dôchodkového sporenia. Podmienky, v ktorých takéto systémy v jednotlivých krajinách fungujú, sú rôzne, avšak nájde sa aj množstvo spoločného. Preto pri skúmaní takéhoto systému v nejakej krajine a nájdení jeho nedostatkov to môže viesť k aspoň čiastočnému poučeniu sa v inej krajine. Tento článok sa pokúša poukázať na vybrané problémy súčasných dôchodkových systémov, ktoré vznikajú počas fungovania nových, zreformovaných dôchodkových systémov, najmä s dôrazom na dôchodkové fondy. Vzhľadom na rozsah príspevku sú vybrané len niektoré z nich. Krajinou, v ktorej boli sledované tieto vplyvy v období posledných rokov, je Slovensko, kde sa dôchodkový systém reformoval už v roku 2004.