Revista Tinerilor Economiºti (The Young Economists Journal)

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Finances - Accounting labor mobility otherwise becoming difficult the protection of private pension fund members. The importance for the systems based on individual accounts is the time for collecting the contributions, which may leads to losses in the form of interests, and the transfer speed, which can erode the value of pensions under the effect of inflation. There are reasons that plead for rhythm and regularity of transfers, so that individual accounts to be operative credited. A defined benefit system does not prove viable in countries with high life expectancy, increases the implicit debt and the degree of dependence. In fact, highlights the futility of large contributions (and therefore of declaration of income) and does not generate property rights. The occupational pension schemes with defined benefits guaranteed a minimum rate of return to beneficiaries, they anticipated being able to know the size of pensions and for their support the employers adjust their own contributions. The motivational factors are losing their influence on performance of employers, because it is expected a fixed amount of pension. There is the possibility of fluctuation of the employees’ contribution (especially on the upside), this being the exclusive benefit of persons on the verge of retirement. 5. CONCLUSIONS Principled, the defined-benefit pension schemes can offer pensions whose amount is set percentage from certain average wage or according to income during the active, and the pension schemes based on defined contributions, take into account the accumulated paid contributions, the current interest and the estimated life expectancy upon retirement. The administration of pension funds with defined contributions implies lower costs, compared to pension funds with defined benefits which are involving highly complex actuarial calculations in the absence or existence of a small number of specialized staff in this regard. Although present in both pension schemes (defined contributions/defined benefits), the risk is significantly lower in the defined contribution plan, by the present of the state as guarantor of the system (for a minimum pension) and by the existence of an automatic mechanism for adjusting the size of pensions based on life expectancy. The risk implies the knowledge of possible alternatives and their probability of occurrence, without knowing the likelihood of events. The differences concerns also the investment diversity, so, if in the first case are considering all forms of non-financial instruments, in the second the investment area is restricted to government bonds. The investments exclusively in bonds made by pension funds based on defined contributions generate additional costs of managing acquisitions and transfers of bonds; they risk the inefficiency, and the compensation law requires “the annihilation” of the advantage obtained with higher rates of profit, rates of economic growth through additional future payment. We also mention the supplement of the administrative costs which are involved by the necessity to attract a large number of customers. The differences between the two schemes are removed when; the defined contributions schemes provide an annuity at retirement. Also, the contributory negative reasons are eliminated by the transfer of contributions in investments made for retirement. But, while the parameters like life expectancy or the rate of profit are 47
Revista Tinerilor Economişti (The Young Economists Journal) subjects of political decisions, such schemes are not schemes of defined contributions, as they were designed. The possibility of confusion between different types of pension system is highlighted by Hollzman and Palacios: “if we analyze the system of defined benefits, based on earnings during the entire life (such as Germany and France), and we compare it with a flow system based on defined contributions (such as Lithuania, Poland, Sweden), the two types of benefits are not different at all” 24 . Besides these two basic options, it is possible also a form of mixed system, that combines elements of the funded system, and of the redistributive one, resulting a wide range of hybrid systems and options. However, any final decision related to the exact final shape that would be to have a pension scheme is as much driven by political and institutional factors as by the economic reasoning. REFERENCES 1. Barr, N. Notional Definined Contribution Pensions, 2003 http://www.allamreform.hu/letoltheto/nyugdij/kulfoldi/N_Barr_A_vi rtualis_tokeszamlarendszer_4_fejezet_%28angolul%29.(2010 – 12 - 27) 2. Berheci, M. Valorificarea raportărilor financiare: Bucureşti, CECCAR Publishing, 2010 3. CECCAR Ghid pentru intelegerea si aplicarea IAS 19 „Beneficiile angajatilor”: Bucureşti , CECCAR Publishing, 2004 4. CECCAR Ghid pentru intelegerea si aplicarea IAS 26 „Contabilizarea si raportarea planurilor de pensii”: Bucureşti, CECCAR Publishing, 2004 5. Feleagă, N. Sisteme contabile comparate, vol. III: Bucureşti, Economica Publishing, 2000 6. IFAC Manual de Standarde Internationale de Contabilitate pentru Sectorul 7. Preda, M. Doboş, C. Grigoraş, V. Public: Bucuresti, CECCAR Publishing, 2009 Sistemul de asigurări de pensii în România în perioada de tranziţie: probleme majore şi soluţii, Institutul european din România, Editura bilingvă,: Bucureşti, 2004 8. *** Ce este sistemul de pensii cu contribuţii noţional definite?, Piaţa pensiilor Review, May 2002 24 M. Preda et. al., Sistemul de asigurări de pensii în România în perioada de tranziţie: probleme majore şi soluţii, Institutul european din România, Bucureşti, Editura bilingvă, 2004, p. 50. 48
Page 1 and 2: Revista Tinerilor Economiºti Journ
Page 3 and 4: REVISTA TINERILOR ECONOMIŞTI ISSN
Page 5 and 6: What is happened when the rules are
Page 7 and 8: THE IMPORTANCE OF COMMUNICATION IN
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ISSN 1583-9982
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