Antrosios pakopos pensijų fondų veiklos analizė ir kontrolė Lietuvoje

Abstract

Title - “The Analysis of The Second Level of Pension Funds and Inspection in Lithuania”. Main definitions: pension, pension system, pension fund, welfare country, principles of law, acts of law, supervisory institution. In the summary there are mentioned all stages of this paper in short, which were used to reach the main paper’s goal: the introduction of the pension system in Lithuania, the analysis of principles of law and acts of law, the presentation of activity of supervisory institutions and the main ways of law regulation reaching to improve the activity of the second level of pension funds. The reform of pension system started a couple years ago in Lithuania. This reform is not a short process, but a long term influence to citizens, their income, capital market and state. Lithuania has three level pension system right now: I level – pensions are financed by current income and taxes (“Sodra”), II level – pension saving funds, III level – voluntary pension saving funds. The law analysis of the second level of pension funds was started with the principles of law, then was worked on the European Union acts of law and finally finished with the acts of law published by Seimas of Lithuania, Government and supervisory institutions. The analysis of acts of law published by supervisory institutions showed, that the same facts have been interpreting differently in Lithuania. That’s why reaching the effectiveness of pension funds, they should be improved. Lithuanian Securities Commission and Insurance Supervisory Commission of Republic of Lithuania are supervisory institutions with two main goals: to make society to trust pension funds, protecting interest of participants and to make the effective competition in pension funds’ market. Reaching their goals they do institutional, financial, membership control and consultative activity. Improving the acts of law of the second level of pension funds and reaching to allocate the risk of investment between participants and pension manager it is suggested: before signing an agreement to introduce with all pension funds managed by that company in written; to suggest a conservative pension fund when 7 more years left to go for participant till retirement; to put a fact in an agreement giving the right to pension funds managers to change the fund for participant’s during some conditions; to establish comparable index, whish could help to stimulate pension funds managers to manage participants money more effective. The control of pension funds should be concentrate in one institution in Lithuania, which could establish the principles for pension funds, that they could work more effective and better realize the interests of their participants.