Factors Affecting the Development of Voluntary Pension Schemes in CEE Countries: A Panel Data Analysis

Marcinkiewicz, Edyta

doi:10.1515/ceej-2017-0015

Cited by 7 publications

(4 citation statements)

References 19 publications

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“…Numerous authors examine the problem of adopting and sustaining fiscal incentives of saving in retirement products. Particularly the condition, the effect, the impact analysis and future development is focus of (Dieleman, 2020), (Butler, 2021), (Carbonnier et al, 2014) (Hinz, 2009), (Stevens, 2019), (Kuper et al, 2016), (Marcinkiewicz, 2017), (Rutecka-Góra et al, 2018) and others.…”

Section: Methodsmentioning

confidence: 99%

Development of the taxation of retirement products in Bulgaria

Dimitrov

2021

VUZF

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Retirement products are long-term savings products. It is widespread government to encourage the saving via tax incentives. Bulgaria follows favourable taxation of saving in voluntary pension funds. The paper is searching answer whether the applied tax policy of personal retirement products in Bulgaria is efficient. The research is focused on three main areas: the nature of the tax incentives in the country; the development of the taxation of pensions across European Union and the areas for improvements of the tax policy taking into account the characteristics of the Bulgarian socio-economic environment. The efficiency of the tax advantages often is under doubt in the literature. These studies omit the fact that without tax reliefs the coverage and the efficiency of saving in personal pension plans will be low. One of the conclusions of the current research is that the tax incentives for personal retirement products have to be a part of the design of the plans and these reliefs need to be adapted to the changing economic environment. The paper reaches the conclusion that evolution of the taxation of pensions in the country is needed. The positive changes will increase the trust in the personal retirement products and will improve the adequacy and sustainability of the overall pension system in Bulgaria. This evolution can be done through set of measures that will encourage people to save and will be factor for improving the results from the saving in personal pension plans.

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Section: Methodsmentioning

confidence: 99%

Development of the taxation of retirement products in Bulgaria

Dimitrov

2021

VUZF

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“…Different factors are affecting the development of saving in retirement plans. The financial incentives can make the saving in voluntary pension plans more attractive in terms of "higher net rates of return (resulting from favourable taxation)" regardless the low interest rates (Marcinkiewicz, 2017). The effects of taxbased saving incentives on contribution behavior from the introduction of the Riester scheme in Germany show that the government has control over the contribution behavior and that people react to the changes of the amount of the tax advantage (Kuper & Schmidt, 2016).…”

Section: Methodsmentioning

confidence: 99%

Role of tax incentives for increase in personal pensions saving

Dimitrov

2021

VUZF

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Personal pensions increase their role in the retirement savings in the European Union. The design of the personal pensions is of great importance for the success of the saving. In the European Union there is no common legislation on the taxation of pensions. In recent years, the personal responsibility of savers for making decisions to save for retirement has increased. The limited ability of public pension systems to guarantee an adequate and sustainable income after working age necessitates the search for opportunities to fill this "pension gap". That is why the market for long-term savings products is central to achieving adequate income replacement and maintaining the standard of living of the elderly. This is one of the reasons for the greater role of the tax treatment of the savings products. The paper is analyzing the role of tax incentives for the increase of the saving in personal pension products. The study is searching answer which are the most important steps for efficient tax policy of retirement savings products. The new product on the European Union market, the pan-European personal pension product, sheds extra light on the topic of the importance and the efficiency of the tax treatment of saving in personal pension products. The research finds out that favourable tax treatment for saving in personal pension products is a must but it has to be major part of the overall social welfare and tax policy of the member states.

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“…Within this context, the fact that the insufficiency of domestic savings might cause the necessity for external financing and is unsustainable as is has led the OECD countries to make arrangements in their pension systems (Marcinkiewicz, 2018). Additional reforms will be required in public pension systems in numerous emerging markets and developed economies because of promoting higher levels of individual savings for retirement and alleviating long-run fiscal vulnerabilities.…”

Section: The Effect Of the Individual Pension System On Savingsmentioning

confidence: 99%

The Effect of Individual Pension System on Savings in Turkey: a Quantile Regression Analysis

BULUT

2022

econstat

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Several problems experienced in social security caused the public sector to introduce some reforms in this area and to put these new regulations into effect. The studies conducted to strengthen the system have increased the importance of individual retirement. Through the effects of the retirement conditions and financial incentives applied, the individual pension system in Turkey is increasingly gaining importance. The Individual Pension System (IPS) plays an important role in eliminating the social security-related problems with the contribution of individuals to their retirement savings and transferring resources to the financial markets by directing these individual savings to investment. In this respect, it is not possible to ignore the economic impacts of the IPS in terms of its functions both for savings and investment. This study aims to examine the relationship between savings and individual pension total assets for quarterly data between 2014 Q1 and 2019 Q4, through Bootstrap Quantile Regression due to the low number of data. As a result of the analysis, it was determined that the variable IPS has a statistically significant decreasing effect of 4.4% on savings.

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Factors Affecting the Development of Voluntary Pension Schemes in CEE Countries: A Panel Data Analysis

Cited by 7 publications

References 19 publications

Development of the taxation of retirement products in Bulgaria

Development of the taxation of retirement products in Bulgaria

Role of tax incentives for increase in personal pensions saving

The Effect of Individual Pension System on Savings in Turkey: a Quantile Regression Analysis

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