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ID number:299264
Published: 20.02.2023.
Language: English
Level: College/University
Literature: 48 units
References: Used
Time period viewed: 2011 - 2015 years
2016 - 2020 years
2021 - 2025 years
Table of contents
Nr. Chapter  Page.
  Introduction    4
1.  Theoretical background for funded pension schemes    6
1.1.  Definitions and aims of pension system    6
1.2.  Overview of different pension systems    7
1.3.  Background of the funded pension schemes in Latvia and Estonia    11
2.  Empirical part    20
2.1  Labour market situation and earnings    21
2.2  Amount of contributions the second pension level and participation conditions    23
2.3  Profit depending on the fund manager and the pension plan    26
2.4  Pension plan administrative costs    35
3.  The Herfindahl-Hirschman Index and second pillar market concentration    37
4.  Conclusion    41
  References    45
  Appendix A    50
  Apendix B    51
  Summary    52
  Non-exclusive licence to reproduce thesis and make thesis public    54

The first pension system was established over a century ago, and it has remained a fundamental and important aspect of people's lives ever since. However, according to many studies, most people think of pensions as complicated, and they are scared to make decisions when it comes to understanding and picking the right pension fund and where to invest their money (Citizens Advice Bureau, 2015). The pension system consists of parts of different schemes: compulsory (often called the first pillar) and voluntary (usually called second and third pillar). The first pension pillar provides for today's retirees, and the amount of the pension is determined by demographics. It is necessary for today's retirees to have enough money to provide for themselves. The second pension pillar consists of the state funded or accumulated pension schemes. It provides people with the opportunity to develop additional savings to the old age pension provided by the first pension pillar, which is mandatory for everybody. Latvian and Estonian pension system are often compared and considered to be very similar, however many things over time have changed - starting from different law changes to number of contributions, general opinion, and position of public about saving for the retirement and more. The topic of the bachelor thesis “Comparison of the market of second pillar pension funds in Latvia and Estonia” has been chosen based on its topicality in
both countries, as it affects every inhabitant living and working there.…

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