Český finanční a účetní časopis 2013(2):50-60 | DOI: 10.18267/j.cfuc.339

Imperfect Capitalized Pillar of Czech Pension System

Petr Musílek
Prof. Ing. Petr Musílek, Ph.D. - profesor, Katedra bankovnictví a pojišťovnictví, Fakulta financí a účetnictví Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <musilek@vse.cz>.

The aim of this paper is not only to explain the role of retirement funds in the Czech pension system, but also to evaluate how effectively the new system has been working up to now. Owing to population ageing and the debt problems of the most developed countries, as well as maturing of existing pay-as-you-go systems, there is a widespread trend in the developed countries moving towards capitalized pension funds in the modern retirement system. Particular attention will be paid to the systematic defects in the II pillar Czech pension system, which is characterized by the insufficient demand for this new financial product. As a solution to the institutional imperfection the participation in the II pillar should be mandatory.

Keywords: Pension system; Retirement savings; Retirement funds.
JEL classification: G23

Published: June 1, 2013  Show citation

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Musílek, P. (2013). Imperfect Capitalized Pillar of Czech Pension System. Czech Financial and Accounting Journal, 2013(2), 50-60. doi: 10.18267/j.cfuc.339
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