| Abstract [eng] |
The aim of this master's thesis research is to evaluate the performance of Lithuanian second pillar pension funds in 2011 - 2020, and to find the most efficient pension fund after the last pension reform (2019 - 2020). The tasks of the research are to analyze the influence of social policy in public life in the context of pension accumulation, to analyze the attitude of different Lithuanian and foreign authors to pension accumulation, to present a methodology for evaluating pension fund performance indicators, to evaluate Lithuanian second pillar pension fund performance indicators and to select the most effective pension the management company and the target group pension fund. The research is carried out on the basis of the analysis of scientific literature, graphical presentation of historical statistical data and their comparative analysis, evaluation of expert efficiency indicators, evaluation of performance efficiency indicators using multi-criteria TOPSIS and SAW calculation methods. Analyzing the second pillar of pensions, it was noticed that the total number of participants in Lithuania exceeded 92 percent over the last ten years, the share of assets managed by second-tier pension funds in Lithuania's GDP has increased 2.5 times to 9.2 percent. After performing the multi-criteria evaluation method of TOPSIS and SAW, the most efficient pension management company (Luminor Investicijų Valdymas UAB) and thus other less efficient companies were found. It also explains the reasons why pension funds worked like this: which financial indicators were the most relevant and most influential for pension funds. The proposals provide advice to pension fund supervisors (the Bank of Lithuania) on the risks arising from the increasing concentration of ETF managers in pension fund portfolios, as well as the idea of introducing a new impartial and rational valuation methodology to find the most efficient pension in fund reports. |
