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Title Impact of different life-cycle saving strategies and unemployment on individual savings in defined contribution pension scheme in Slovakia Author info Michal Mešťan, Ivan Králik ... [et al.] Author Mešťan Michal 1991- (30%) UMBEF04 - Katedra financií a účtovníctva
Co-authors Králik Ivan 1992- (30%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Šafár Leoš (20%)
Šebo Ján 1978- (20%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Source document E+M Ekonomie a Management. Roč. 24, č. 3 (2021), s. 128-148. - Liberec : Technická univerzita v Liberci, 2021 Keywords dôchodkové sporenie - pension savings - retirement savings nezamestnanosť - unemployment life cycles Form. Descr. články - journal articles Language English Country Czech Republic Annotation Searching for the optimal saving strategy is often tied with the life-cycle strategies where only the age of a saver is considered for setting the allocation profile between equities and bonds. Our article contributes to the debate by looking at the performance and adequacy risks arising from applying age-based saving strategies for savers in funded pension schemes. As many studies have proven the shift of the risk onto savers in defined contribution pension schemes under various saving strategies, we contribute to the debate by providing simulations of expected accumulated savings via funded pension scheme under the various life-cycle income profiles and existence of unemployment risk. Using the resampling simulation technique, we compare the fixed and age-based strategies of three different agents with various life-cycle income paths and different unemployment risk. We compare the expected amount of savings and calculate relative indicators comparing the expected monthly benefits, income replacement rate. We look closely on the impact of unemployment on the value of savings and calculate the unemployment factor explaining the value of savings lost due to the periods of unemployment. By combining life-cycle income functions of individuals with different education level and unemployment risk, we show that decisions of implementing low risk saving strategies are suboptimal and lead to a substantial decrease in replacement ratios not only for higher income cohorts but especially for the lowest ones. At the same time, we prove that employing low risk saving strategy leads to the increase of adequacy risk especially driven by the unemployment risk that is higher for lower education individuals. We conclude that age-based life-cycle saving strategies, where the remaining saving horizon is the only factor defining the allocation profile is not the optimal saving strategy and other factors should be considered as well when searching for optimal saving strategy URL Link na zdrojový dokument Public work category ADM No. of Archival Copy 50725 Catal.org. BB301 - Univerzitná knižnica Univerzity Mateja Bela v Banskej Bystrici Database xpca - PUBLIKAČNÁ ČINNOSŤ References PERIODIKÁ-Súborný záznam periodika 
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Title What is the cost of pension reform reversal in Slovakia and could the NDC scheme solve the fiscal imbalance of payg scheme? Author info Ján Šebo, Daniela Danková, Ivan Králik Author Šebo Ján 1978- (34%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Co-authors Danková Daniela 1994- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Králik Ivan 1992- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Source document Pensions today : economic, managerial, and social issues. S. 116-132. - Łódź : Lodz University of Technology Press, 2021 / Friedman Joseph ; Carpio Jose Enrique Devesa ; Garcia Jose Alvarez ; Feldman Magnus ; Flaszewska Sylwia ; PenCon - Pensions Conference 2020 pensions conference Keywords dôchodky - dôchodok - pensions schémy PAYG system reformy - reforms Headings Geogr. Slovensko Form. Descr. príspevky v zborníku - proceedings papers Language English Country Poland Annotation Slovak pay-as-you-go pension scheme has been organized as a point system where the pension benefits depend partly on the life-long income of an insured person. Since 2005, part of the paid social insurance contributions is redirected into the funded pension scheme, where the savers can choose the pension fund as a vehicle for their pension savings. The financial crisis has forced government to lower the part of social insurance contributions flowing into the funded pillar and introduce balancing mechanism, where the statutory retirement age is tied to the life expectancy of a retiring population. The automatic adjustment to the retirement age was introduced in 2012 as a part of stabilization measures for public finances and came into force in 2017. Rising retirement age on average by two months annually swiftly became a nutrient medium for a political populism that turned out into reform reversal regardless the long-term consequences on pay-as-you-go pillar balance and expected pension benefits. In 2019, Slovakia abandoned the mechanism of automatic adjustment to the retirement age based on the life expectancy of retiring population and Slovak national parliament constitutionally introduced retirement age ceiling at 64 years for men with further bonification of half-year for a raised child up to three children for women. If no correction mechanisms are implemented, this reform reversal would have significant impact on future pension expenditures as well as on the level of pensions received not only from the pay-as-you-go scheme but also from the funded pillar as pointed by CBR (2018b). Seeking for the stabilization measures, introduction of the notional defined contribution (NDC) scheme emerged as a possible solution, which is being investigated by Ministry of Finance of Slovak republic. URL Link na zdrojový dokument Link na plný text Public work category AFC No. of Archival Copy 50137 Catal.org. BB301 - Univerzitná knižnica Univerzity Mateja Bela v Banskej Bystrici Database xpca - PUBLIKAČNÁ ČINNOSŤ article
Title Are age-based life-cycle saving strategies for funded pension schemes a good option? Par.title Sú sporivé stratégie založené na veku vhodným riešením pre kapitalizačné dôchodkové schémy? Author info Ján Šebo, Daniela Danková, Ivan Králik Author Šebo Ján 1978- (34%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Co-authors Danková Daniela 1994- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Králik Ivan 1992- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Source document Ekonomické rozhľady : vedecký časopis Ekonomickej univerzity v Bratislave : scientific journal of the University of Economics Bratislava. Roč. 50, č. 1 (2021), s. 5-22. - Bratislava : Ekonomická univerzita, 2021 Keywords výkonnosť - performance adekvátnosť - adequacy sporivé dôchodkové schémy Form. Descr. články - journal articles Language English Country Slovak Republic Annotation Searching for the optimal saving strategy is often limited to life-cycle strategies, where only the age of a saver is considered for setting the allocation profile between equities and bonds. Our article contributes to the debate by looking at the performance and adequacy risks arising from applying age-based saving strategies for savers in funded pension schemes. Using the resampling simulation technique, we compare the fixed and age-based strategies from the point of performance, maximum draw-down occurring during the saving horizon and adequacy risk arising from applied saving strategy. We conclude that age-based life-cycle saving strategies, where the remaining saving horizon is the only factor defining the allocation profile is not the optimal saving strategy and other factor should be considered as well when searching for optimal predefined saving strategy. URL Link na plný text Public work category ADF No. of Archival Copy 49621 Catal.org. BB301 - Univerzitná knižnica Univerzity Mateja Bela v Banskej Bystrici Database xpca - PUBLIKAČNÁ ČINNOSŤ References PERIODIKÁ-Súborný záznam periodika article
Title Modern pension tracking system - the case of Slovak orange envelope platform Author info Daniela Danková, Ján Šebo, Ivan Králik Author Danková Daniela 1994- (34%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Co-authors Šebo Ján 1978- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Králik Ivan 1992- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Source document EMAN 2021 - Economics & management: : how to cope with disrupted times : conference proceedings. Pp. 35-43. - Beograd : Association of Economists and Managers of the Balkans, 2021 ; EMAN 2021 - Economics & management: how to cope with disrupted times international scientific conference Corporation keywords Európska únia - European Union
Keywords dôchodkové systémy - penzijné systémy - pension systems ekonomické projekty mikrosimulácie - microsimulations vyhodnocovanie Headings Geogr. Slovensko Form. Descr. príspevky v zborníku - proceedings papers Language English Country RS Annotation European Commission has a long-term objective of tackling with the demographic issues of EU member states by creating the network of national pension tracking systems. Initiative launched in 2021 aims to present good practices in building modern pension tracking systems. The paper examines key aspects of modern, consumer-driven non-governmental platform providing users with the features of pension entitlements across all pension pillars in Slovakia. The methodology is built on the case-study where governance, research, front-end and data management issues are elaborated. The paper presents in-depth steps and robustness of microsimulation model applied for the pension tracking platform. The results could serve for other countries and modern PensionTech providers as a good practice and a guideline to create comprehensive integrated pension tracking system with minimum development and operational costs and extremely short time-to-market duration. URL Link na plný text Public work category AFC No. of Archival Copy 50635 Catal.org. BB301 - Univerzitná knižnica Univerzity Mateja Bela v Banskej Bystrici Database xpca - PUBLIKAČNÁ ČINNOSŤ article
Title Projections of pension benefits in supplementary pension saving scheme in Slovakia Author info Michal Mešťan, Ivan Králik ... [et al.] Author Mešťan Michal 1991- (40%) UMBEF04 - Katedra financií a účtovníctva
Co-authors Králik Ivan 1992- (35%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Žofaj Matej 1992- (10%) UMBEF01 - Katedra cestovného ruchu
Karkošiaková Nikola 1990- (10%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Kabašinskas Audrius (5%)
Source document Central European Journal of Operations Research. Vol. 29, no. 2 (2021), pp. 687-712. - Heidelberg : Springer Nature Switzerland AG, 2021 Keywords DC pension schemes IORP II Directive Pension Benefit Statement retirements Form. Descr. články - journal articles Language English Country Germany Annotation New Institutions for Occupational Retirement Provision Directive, effective since 2019, lays down new information requirements for all pension providers across the EU. The directive requires providers to supply their members and savers with a Pension Benefit Statement on a regular basis. The Pension Benefit Statement should inter alia contain the projections of future pension benefits that can reasonably be expected at the moment of retirement. However, the directive does not provide any further technical specification on the methods and processes of pension benefit projections. Our motivation is to contribute to this issue and present possible approaches on pension benefit projections. The complexity of pension benefit projections requires consideration of not only expected returns on various asset categories, but also the correlation between other variables such as expected life-cycle income or decisions on the default saving strategy. Our results provide indications on the possible solutions and compare the projected pension benefits using three simulation methods with back-tested results using real supplementary pension funds operating in Slovakia. URL Link na plný text Public work category ADM No. of Archival Copy 50055 Catal.org. BB301 - Univerzitná knižnica Univerzity Mateja Bela v Banskej Bystrici Database xpca - PUBLIKAČNÁ ČINNOSŤ References PERIODIKÁ-Súborný záznam periodika article
Title In search of the optimal saving strategy for pan-European pension products Author info Ján Šebo, Daniela Danková, Ivan Králik Author Šebo Ján 1978- (34%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Co-authors Danková Daniela 1994- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Králik Ivan 1992- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Source document Financial Assets and Investing. Vol. 11, no. 2 (2020), pp. 54-72. - Brno : Masarykova univerzita v Brně, 2020 Keywords celoeurópske osobné dôchodkové produkty - Pan-European personal pension products performance Form. Descr. články - journal articles Language English Country Czech Republic Annotation The introduction of pan-European pension products in 2020 is associated with an ongoing debate on prescribing predefined saving strategy that would both deliver adequate performance and limit the down-side risk at the end of the saving horizon. Dynamic life-cycle saving strategies are generally accepted as a good riskmitigation tool that can be individually set. Many research papers confirm the ability of life-cycle strategies to deliver high risk-reward outcomes. Objective of our paper is to test the ability of one-factor life-cycle saving strategies based on the age and/or the remaining saving horizon to deliver the promised value for PEPP savers. We constructed 18 saving strategies divided into three groups – static saving strategies with fixed proportion of equities, dynamic life-cycle strategies based on the age and/or remaining saving horizon, and quasi-active strategies combining two factors – the remaining saving horizon and price movement. We employed the model based on moving-block bootstrapping technique and performed simulations for various economic conditions. We have tested the expected saving performance combined with the down-side risk during the saving horizon. Our findings do not confirm the general findings on life-cycle saving strategies. We claim that having the age as the only factor defining the proportion of equities in the pension saving portfolio would not be optimal. However, we found that two-factor saving strategies look promising in delivering both lower down-side risk and higher performance over the saving horizon. URL Link na plný text Link na zdrojový dokument Public work category ADE No. of Archival Copy 49120 Catal.org. BB301 - Univerzitná knižnica Univerzity Mateja Bela v Banskej Bystrici Database xpca - PUBLIKAČNÁ ČINNOSŤ article
Title Dôchodkový systém SR v generačných podúčtoch Par.title Generational subaccounts of Slovak pension system Author info Daniela Danková, Ivan Králik, Ján Šebo Author Danková Daniela 1994- (34%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Co-authors Králik Ivan 1992- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Šebo Ján 1978- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Source document Scientific papers of the University of Pardubice : Faculty of Economics and Administration, series D. Vol. 28, no. 2 (2020), pp. [1-12]. - Pardubice : Univerzita Pardubice, 2020 Keywords dôchodkové systémy - penzijné systémy - pension systems financie - finance Headings Geogr. Slovensko Language Slovak Country Czech Republic Annotation © 2020 University of Pardubice. All rights reserved. Implementation of the capping the retirement age in Slovakia will have negative impacts on the sustainability of the Slovak PAYG scheme. This has led us to the analyze whether the current generations will pass the financial burden onto next generations. Method of generational accounts allows us to estimate imbalance between various generations. We modified generational accounts into the generational pension subaccounts to analyse the imbalance between generations within the Slovak PAYG scheme. We also added education as a new parameter into generational pension subaccounts. Using this approach, we can estimate how much each age-educational cohort pays into PAYG scheme and how much each age-educational cohort could receive in the form of pensions from PAYG scheme. Applying microsimulation model using stochastic moving block bootstrapping techniques and generational pension subaccounts, we estimate redistributional impacts of capping age at 64 years. We have shown, that capping the retirement age at 64 will leads to an increase in paid benefits from PAYG scheme, which will have negative impacts to the future generations. URL Link na zdrojový dokument Public work category ADM No. of Archival Copy 17895 Catal.org. BB301 - Univerzitná knižnica Univerzity Mateja Bela v Banskej Bystrici Database xpca - PUBLIKAČNÁ ČINNOSŤ References PERIODIKÁ-Súborný záznam periodika 
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Title Pan-European personal pension product Subtitle some technical considerations on costs, projections and pension benefit statement Author info Ján Šebo, Daniela Danková, Ivan Králik; rec. Stefan Voicu, Aleksandra Maczynska, Guillaume Prache Author Šebo Ján 1978- (34%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Co-authors Danková Daniela 1994- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Králik Ivan 1992- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Another authors Voicu Ștefan (Recenzent)
Mączyńska Aleksandra (Recenzent)
Prache Guillaume (Recenzent)
Issue data Brusel : Better Finance , 2020. - 69 p. Issue 1. vyd. Keywords dôchodkové systémy - penzijné systémy - pension systems financie - finance Form. Descr. výskumné správy - research reports Language English Country Belgium Public work category AGI No. of Archival Copy 18588 Catal.org. BB301 - Univerzitná knižnica Univerzity Mateja Bela v Banskej Bystrici Database xpca - PUBLIKAČNÁ ČINNOSŤ unrecognised
Title Projecting a life-cycle income - a simulation model for the Slovak pension benefit statement Par.title Prognozowanie dochodu w cyklu życia - model symulacyjny dla słowackich świadczeń emerytalnych Author info Ján Šebo, Daniela Danková, Ivan Králik Author Šebo Ján 1978- (34%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Co-authors Danková Daniela 1994- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Králik Ivan 1992- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Source document Olsztyn Economic Journal. Roč. 15, č. 4 (2020), s. 271-285. - Olsztyn Olsztyn : Wydawnictwo Uniwersytetu Warmińsko-Mazurskiego w Olsztynie : Wydawnictwo Uniwersytetu Warmińsko-Mazurskiego w Olsztynie, 2020 Keywords dôchodky - dôchodok - pensions mikrosimulácie - microsimulations príjmy - income trh práce - labour market - labor market Headings Geogr. Slovensko Form. Descr. články - journal articles Language English Country Poland Annotation The introduction of a regulation requiring pension asset managers to provide savers with an estimation of pension benefits opened a wide range of scientific questions on the projection methods and estimation of input parameters. One of them is the estimation of life-cycle income for calculating expected contributions and the estimation of the benefit ratio at the moment of retirement. We present an estimation of life-cycle income functions for various age and educational cohorts influenced by temporary labor market shocks. By employing the resampling simulation method for incorporating macroeconomic shocks, we have shown that using longitudinal data on the income process from a large closed economy could bring valid results for a country with a small open economy as well where the longitudinal data on income processes of individuals are unavailable. Our findings could serve a practical use when pension or other social benefits tied to individual income should be modelled. URL Link na zdrojový dokument Public work category ADE No. of Archival Copy 50194 Catal.org. BB301 - Univerzitná knižnica Univerzity Mateja Bela v Banskej Bystrici Database xpca - PUBLIKAČNÁ ČINNOSŤ article
Title Integrovaný výkaz dôchodkových dávok Author info Daniela Danková, Ivan Králik, Ján Šebo Author Danková Daniela 1994- (34%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Co-authors Králik Ivan 1992- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Šebo Ján 1978- (33%) UMBEF15 - Katedra verejnej ekonomiky a regionálneho rozvoja
Source document Ekonomika - Management - Inovace : vědecko-odborný časopis Moravské vysoké školy Olomouc. Roč. 12, č. 1 (2020), s. 22-35. - Olomouc : Moravská vysoká škola Olomouc, 2020 Keywords verejný sektor - public sector dôchodkové systémy - penzijné systémy - pension systems technológie - technologies Form. Descr. články - journal articles Language Slovak Country Czech Republic URL http://emijournal.cz/?page_id=13&lang=cs Public work category ADE No. of Archival Copy 18277 Catal.org. BB301 - Univerzitná knižnica Univerzity Mateja Bela v Banskej Bystrici Database xpca - PUBLIKAČNÁ ČINNOSŤ unrecognised