Governance of Tanzanian Pension Fund Investment

• Autorzy: Wim Westerman , Zubeda Chande Mpinga

Warianty tytułu

Współrządzenie tanzańskim systemem funduszy emerytalnych

• Języki publikacji: EN

Abstrakty

EN

This study aims to examine how mainland Tanzania pension fund investments are governed and which developments can be foreseen. The literature provides ample leads for a conceptual and practical framework on pension fund investment governance. This framework is filled in along a case research design drawing upon system participant interviews. It is shown that whilst the system is gaining strength, its inherent limitations may call for change measures. The pension fund's investments work out fine and contributors receive value for money. Also, the oversight is thought to work reasonably well. Quirks include investments limitations set by the markets and the government, and also a still low coverage, the heavy weight of the government, a load of administrative costs, employer compliance, beneficiary withdrawal, insufficient education throughout and ignorance in general. The system is governed by complex but strict controls and is being professionalised. To lower administrative costs and raise investment returns, the role of the Ministries versus the Regulator may be amended, while keeping Central Bank in the loop. The paper demonstrates that the hierarchical system engenders agency conflicts that are curbed by a trust grounded common strive for optimal financial value. In specific the paper argues that the investment governance benefits from strict controls and professionalising, especially if financial markets and government limitations are lessened. (original abstract)

Celem artykułu jest przedstawienie, w jaki sposób są zarządzane tanzańskie inwestycyjne fundusze emerytalne, a także jakie są perspektywy rozwoju tych funduszy w przyszłości. Literatura dostarcza obszerny zestaw koncepcyjnych i praktycznych ujęć współrządzenia inwestycyjnymi funduszami emerytalnymi. Niniejsze ujęcie jest oparte na badaniach studiów przypadku poprzez wywiady z uczestnikami systemu. Wykazano, że o ile system się wzmacnia, o tyle jego inherentne ograniczenia mogą stanowić przesłankę do zmian. Inwestycje podejmowane w ramach funduszy emerytalnych funkcjonują poprawnie, a uczestnicy otrzymują wypłaty. Także nadzór jest uznawany za działający dobrze i rozsądnie. Odstępstwa wiążą się z ograniczeniami inwestycji nałożonymi przez rynek i rząd, a także z nadal niskim pokryciem, obciążeniem przez rząd, obciążeniem kosztami administracyjnymi, spolegliwością pracowników, wycofywaniem się beneficjentów, niedostateczną edukacją oraz ogólną ignorancją. System jest zarządzany przez kompleksowe, ale surowe kontrole i podlega profesjonalizacji. Aby obniżyć koszty administracyjne oraz podnieść zwrot z inwestycji, można zmodyfikować role ministerstw w odniesieniu do ciała nadzorującego, przy informowaniu banku centralnego. Artykuł dowodzi, że hierarchiczny system rodzi konflikty, które są ograniczane przez oparte na zaufaniu wspólne dążenia do optymalnej wartości finansowej. W szczególności, artykuł argumentuje, że współrządzenie inwestycjami odnosi korzyści ze ścisłej kontroli oraz profesjonalizacji, zwłaszcza gdy zmniejszone są finansowe ograniczenia rynku i rządu. (abstrakt oryginalny)

Słowa kluczowe

EN

Pension funds; Investment; Retirement benefits

PL

Fundusze emerytalne; Inwestycje; Świadczenia emerytalne

• Czasopismo: Central and Eastern European Journal of Management and Economics
• Rocznik: 2016
• Tom: 4
• Numer: nr 3
• Strony: 189--209

Twórcy

autor

Wim Westerman

• University of Groningen, The Netherlands

autor

Zubeda Chande Mpinga

• Institute of Finance Management, Dar es Salaam, Tanzania; University of Groningen, The Netherlands

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