Finansiel krise i pensionsselskaber

Laila Andersen

Student thesis: Master thesis

Abstract

In the years 2008 and 2009 have largely been characterized by nervousness about the evolution of the economic situation worldwide. Developments resulted, among other things that there was an agreement on financial stability of pensions industry in Denmark, the intention was to create stability in the bond market. To ensure large unnecessary sale of bonds, as it would have affected the value of retirement savings as well as homeowners negative. This thesis intends to define when there is a financial crisis in a pension company. Overall, there is a financial crisis, when a pension fund can’t meet/comply with its future obligations. Similarly situations of crisis arise if a pension fund can not meet the legal requirements, which are available in connection with the operation. Work on this paper has given an insight into how past crises have arisen, based on fluctuations in the value of corporate investment objects as well as a portion of a central facilitation of its ability to take risks. Earlier crises have been instrumental in the implementation of calculation tools, for managing financial risk, to ensure against the same exposure by fluctuations in interest rates, fluctuations in stock prices and other factors that may affect their value. It is expected that the introduction of Solvency II will ensure better risk management, creating new synergies and to ensure pension savers a greater insight into the management of pensions. Implementation of corporate governance recommendations for the pensions industry will also ensure a better interaction between managers, social partners and members / pension customers. Developments in financial markets through 2008 had a negative impact on the Danish pension funds, including their return on investment. All pension funds have complied with their guaranteed rate, despite negative returns, which are covered by the use of drains on capital and the use of collective bonus potential. Company's reserves were weakened in 2008, although it is estimated that the companies are robust which is expressed by the risk scenario of the financial supervisory authority, in which all companies had a green light at the end of 2008. There is in this thesis put forward proposals that in the future may help to reduce the likelihood of situations of financial crisis. These include proposed development of options to ensure pension companies investment opportunities with long-term with a stable return. There are also proposals for change in the calculation of technical provisions, new taxes and increased regulation. Based on this thesis I conclude that a uniform tightening of regulation on pension industry is appropriate. The future tightening should recognize the domino effect that has previously been seen by falling stock prices. Adjustments should be made, because customers are highly dependent on their savings when their pension becomes payable.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2009
Number of pages83