The aim of the course is to teach students fundamentals on organizational, financial and regulatory aspects of various forms of private and public pension schemes and make them understand how they are conditioned by historical, economic, technological, demographic and socio-political conditions. Students will learn to identify the main problems and risks within a particular type of pension schemes, as well as within a pension system as a whole. They will be able to evaluate the potential effects of the reform solutions, regarding the social aim and the evaluation criteria (pension adequacy and affordability, system’s sustainability, fairness and predictability).
Pension Schemes
Literature
MANDATORY LITERATURE
Holzmann, Robert; Hinz, Richard. Old Age Income Support in the 21st Century: an International Perspective on Pension Systems and Reform. Washington: The World Bank, 2005
EU. The Pension Adequacy Report series: current and future income adequacy in old age in the EU
OECD, Pensions Outlook series, OECD Publishing
OECD (2005). Private Pensions, OECD classification and glossary
For more detailed information please see our website
Learning outcomes
Define the basic terms (concepts) and use internationally accepted terminology for public and private pension schemes
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CONTRIBUTES TO THE ACHIEVEMENT OF LEARNING OUTCOMES AT THE LEVEL OF THE STUDY PROGRAM
2.Define basic concepts and institutes and basic doctrines and principles
of individual branches of law -
COGNITIVE AREA OF KNOWLEDGE AND UNDERSTANDING
Remembering
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SKILLS
Ability to learn; information management skills; use of basic terms from a
foreign language (English) in professional communication -
LEARNING CONTENT
Teaching units:
• Introduction to pension systems (basic concepts and divisions of
pension systems according to different criteria, such as
management, participation, financing, benefits, etc.)
• Classification and main features of the different forms of pension
schemes -
TEACHING METHODS
Lectures and discussions
Identify and explain the main factors influencing the development and reform of pension schemes
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CONTRIBUTES TO THE ACHIEVEMENT OF LEARNING OUTCOMES AT THE LEVEL OF THE STUDY PROGRAM
1.Identify historical, political, economic, European, international or other
social factors relevant to the creation and application of law -
COGNITIVE AREA OF KNOWLEDGE AND UNDERSTANDING
Understanding
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SKILLS
Ability to learn; information management skills
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LEARNING CONTENT
Teaching units:
• Historical development of private and public pension
schemes
• Demographic change and non-standard forms of work:
challenges for new reforms -
TEACHING METHODS
Lectures and discussions
Compare and present the pension systems of individual countries and their parts with regard to social objectives, normative regulation, organizational structure, personal coverage, sources and methods of financing, risks, costs of the system and the level of benefits
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CONTRIBUTES TO THE ACHIEVEMENT OF LEARNING OUTCOMES AT THE LEVEL OF THE STUDY PROGRAM
14.Compare different legal systems
4.Classify and interpret the normative framework relevant in a particular
branch of law
6.Apply appropriate legal terminology in clear and reasoned oral and
written expression -
COGNITIVE AREA OF KNOWLEDGE AND UNDERSTANDING
Understanding and application
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SKILLS
Information management skills; ability to understand; use of a foreign
language (English) in professional communication -
LEARNING CONTENT
Teaching units:
• Classification and main features of the different forms of
pension schemes
• Risk exposure
• Social objectives and criteria for assessing pension system’s
performance
• EU acquis for sustainable and adequate pensions
• Factors that determine pension amount
• Investment risk management
• Lifelong portfolio modelling
• Guarantees in funded pension schemes
• Pension indexation (adjustment)
• Administrative costs of pension systems -
TEACHING METHODS
Lectures and discussion
Distinguish the factors for determination of the pension amount
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CONTRIBUTES TO THE ACHIEVEMENT OF LEARNING OUTCOMES AT THE LEVEL OF THE STUDY PROGRAM
4.Classify and interpret the normative framework relevant in a particular
branch of law
14.Compare different legal systems -
COGNITIVE AREA OF KNOWLEDGE AND UNDERSTANDING
Understanding
-
SKILLS
Ability to learn; information management skills;
-
LEARNING CONTENT
Teaching units:
• Factors that determine pension amount
• Investment risk management
• Lifelong portfolio modelling
• Guarantees in funded pension schemes
• Pension indexation (adjustment)
• Administrative costs of pension systems -
TEACHING METHODS
Lectures and discussion.
Identify the main problems in the functioning of certain pension schemes
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CONTRIBUTES TO THE ACHIEVEMENT OF LEARNING OUTCOMES AT THE LEVEL OF THE STUDY PROGRAM
9.Analyse various aspects of the legal system of the Republic of Croatia,
including a comparative perspective. -
COGNITIVE AREA OF KNOWLEDGE AND UNDERSTANDING
Analysis
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SKILLS
Ability to connect and criticize; information-driven skills
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LEARNING CONTENT
Teaching units:
• Classification and main features of the different forms of
pension schemes
• Risk exposure
• Social objectives and criteria for assessing pension system’s
performance
• Factors that determine pension amount
Investment risk management
• Features, problems and possible solutions for selected
country’s pension system -
TEACHING METHODS
Lectures and discussion
Critically evaluate the potential effects of the regulatory reforms
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CONTRIBUTES TO THE ACHIEVEMENT OF LEARNING OUTCOMES AT THE LEVEL OF THE STUDY PROGRAM
9.Analyse various aspects of the legal system of the Republic of Croatia,
including a comparative perspective.
12.Evaluate legal institutes and principles in their development dimension
and in relation to the modern legal system. -
COGNITIVE AREA OF KNOWLEDGE AND UNDERSTANDING
Evaluation
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SKILLS
Ability to critique; Ability to adapt to new situations
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LEARNING CONTENT
Teaching units:
• Classification and main features of the different forms of
pension schemes
• Social objectives and criteria for assessing pension system’s
performance
• Factors that determine pension amount
• Risk exposure
• Investment risk management and lifelong portfolio modelling
• Features, problems and possible solutions for selected
country’s pension system
• Demographic changes and non-standard forms of work:
challenges for new reforms -
TEACHING METHODS
Lectures and discussion
