Vpliv obrestnih mer na donosnost pokojninskih skladov v Sloveniji

• Main Author: Maher, Matej
• Other Authors: Strašek, Sebastjan
• Format: Bachelor Thesis
• Language: Slovenian
• Published: [M. Maher] 2016
• Subjects: ZPIZ-2; pokojninski sistem; pokojnine; obrestne mere; pokojninski skladi; pension system; pensions; interest rates; pension funds; info:eu-repo/classification/udc/368.914; Morali; sami
• Online Access: https://dk.um.si/IzpisGradiva.php?id=58795; https://dk.um.si/Dokument.php?id=96131&dn=; http://www.cobiss.si/scripts/cobiss?command=DISPLAY&base=cobib&rid=12458780&fmt=11

Pokojninski sistemi razvitih držav so v času krize, ki ji na določenih področjihše ni videti konca, zelo na udaru. Zaradi vse slabšega razmerja med zaposlenimi in upokojenci je vzdržnost dokladnega sistema pokojnin pod velikim pritiskom. V takšnih razmerah morajo zaposleni čim prej sami ali preko delodajalcev začeti varčevati za svoje pokojnine in si tako zagotoviti finančno varnost po upokojitvi. Slovenski pokojninski skladi že ponujajo naložbeno politiko življenjskega cikla člana, vendar bomo morali za analizo donosnosti takšnega načina varčevanja počakati še kar nekaj časa. Med tem pa že imamo podatke naložbenih politik z zajamčenim donosom, ki so pri nas na voljo že več kot 15 let. Na donos pokojninskih skladov, ki vlagajo v pretežni meri v manj tvegane naložbe, pa vplivajo predvsem razmere na trgu obrestnih mer in kreditno tveganje izdajalcev naložbenih produktov. Trenutno se v Evropski monetarni uniji obrestne mere bližajo ničli, nekatere pa so že prestopile na negativno stran. Takšno stanje pa na dolgi rok ne prinaša visokih donosov s strani sorazmerno varnih naložb, zato se morajo upravljavci pokojninskih družb ozirati k bolj tveganim naložbam. Pension systems of developed countries in times of crisis, which its end in some segments is still not in sight, are going through a huge test. Due to the deteriorating rates between employees and retirees is sustainability of PAYG pension systems under considerable pressure. In such situation should employees as soon as possible alone or with help of their employers start saving for their pensions and thus provide financial security after retirement. Slovenian pension funds already offer investment policy of members lifecycle, but we will need to wait for some time to make the analysis of the profitability of such an investment policy. In the meantime, we already have details of the investment policies with guaranteed returns that are already available for more than 15 years. The return of pension funds, which invest primarily in lower-risk investments, is up to the conditions of current interest rates and credit risk of issuers of investment products. Currently in the European Monetary Union interest rates are approaching zero, and some have already crossed to the negative side. Such a situation in the long run does not bring high returns on relatively safe investments, therefore should the managers of pension funds to look for more risky investments.