"Gyvenimo ciklo" fondų sistemos simuliacinio modelio sukūrimas ir pritaikymas Lietuvos pensijų kaupimo sistemoje

LTReikšminiai žodžiai: "Gyvenimo Ciklo" fondas; Fondas; Fondų sistema; Gyvenimo ciklas; Investicijos; Pensijų kaupimo sistema; Privatūs pensijų fondai; "Life Cycle" fund; Fund; Fund system; Investment; Life cycle; Lithuania; Pension accumulation system; Private pension funds.

ENConsidering negative consequences of financial crisis, when values of 2nd pillar pension funds' assets significantly decreased", it was proposed mandatory transformation of existing fully funded 2nd pillar pension (P2P) system from "Life Style" investment funds to "Life Cycle" investment funds' system. "Life Cycle" funds' system consists of investment funds, which assets allocation is diversified according investment risk level of financial asset classes and fund's investment strategy based on permanent reduce of investment risk level closer to the beginning of participant's retirement age. Such transformation would resolve the main current problem - the participants of P2P funds will not need to switch to lower investment risk pension fund closer to retirement age. Main advantages of "Life Cycle" funds' system are: firstly, professional investor is responsible for managing investment risk during accumulation period. In addition, the investment risk is spread over the entire accumulation period; it might ensure higher investment returns when P2P fund participant is younger and automatically reduces impact of investment risk closer to retirement age. Prior transformation to "Life Cycle" funds' system the following potential threats must be solved; high management costs, "Glide path" in long term period. Moreover, investment performance measurement and benchmarking system must be created. [From the publication]