"Gyvenimo ciklo" fondų investavimo strategijos pritaikymo privačių pensijų fondų sistemoje galimybių vertinimas

LTReikšminiai žodžiai: Gyvenimo ciklo fondų sistema; Investicijų valdymas; Privatūs antros pakopos pensijų fondai; 2nd pillar private pension funds; Fully funded second pillar private pension funds; Investment management; Life Cycle funds system; Life Cycle funds' system.

ENGlobal financial crisis has highlighted weaknesses in the financial systems. Considering the negative consequences of the financial crisis which affected Lithuanian financial market, when assets of 2nd pillar pension funds significantly decreased, it was proposed mandatory transformation of existing fully funded 2nd pillar pension system from "Life Style" investment funds to "Life Cycle" investment funds’ system. The empirical analysis enabled to identify the main parameters of "Life Cycle" funds’ system. Moreover the main possible values of the parameters are identified in the article. Comparison of proposed "Life Cycle" funds model with existing "Life Style" funds model allowed to identify the pros and cons of the models. "Life Style" funds’ investment strategy is based on the investment risk tolerance idea. The active behavior of pension funds participant is expected in such system. Depending on the age, participant of 2nd pillar pension system would switch pension fund choosing more conservative investment strategy towards the beginning of retirement age. However the data in Lithuania shows, that big number of 2nd pillar pension system participants’ chose pension fund (and investment strategy at the same time), which is not correspond to investment risk profile. Moreover pension fund switch performed neither on the appropriate time, nor to the lower investment risk fund closer to retirement age, or pension fund is not changed at all during the accumulation period.As results of recent global financial crisis showed, it can significantly reduce the participant’s accumulated capital. "Life Cycle" funds’ system consists of investment funds, which assets allocation is diversified according investment risk level of financial asset classes (e.g. shares, bonds) and funds’ investment strategy based on permanent reduce of investment risk level, closer to the beginning of participant’s retirement age. Transformation of 2nd pillar pension system from "Life Style" funds basis to "Life Cycle" funds’ system would resolve the main current problem – the participants will not need to switch to lower investment risk pension fund closer to retirement age. It will be done by pension accumulation company permanently during the accumulation period. After comparative analysis of the "Life Cycle" and "Life Style" funds’ systems, some advantages of "Life Cycle" funds’ system was identified. Firstly, professional investor – pension accumulation company – is responsible for balancing the investment risk during the accumulation period. In addition the investment risk is spread over the entire accumulation period: it might ensure higher investment returns when pension fund participant is younger and automatically reduces impact of investment risk to accumulated capital near the retirement age. Therefore accumulated capital is protected from potential losses before retirement age. [...]. [From the publication]