Pension institutions manage the business of public pension insurance and have, among other things, the task of controlling the fund. By controlling, we mean actively influencing the expected premiums and benefits through an annual adjustment of appropriate adjustment variables. This Master’s thesis describes and evaluates these adjustment processes in terms of the pension institution’s goals, such as ensuring long-term solvency, adequate return of premiums and low volatility of the annual adjustments. We begin with a general introduction to the actuarial principles of public pension systems. To provide a broad basis for application, we design a generalized funding process whose parameter space can be specialized to individual funding principles, such as the pay-as-you-go, funded and hybrid systems. In addition, we model the adjustment process using an optimization problem with an objective function and constraints for the optimal adjustment of the adjustment variables. The models allow a qualitative and quantitative analysis of public pension systems. For a selection of specific adjustment processes, we derive formulae for the optimal adjustment of the annual pension dynamics. In addition, we carry out numerical simulations in the three phases of development: Growth, stationarity and decline. In this way, we obtain a quality ranking of individual adjustment processes and investigate measures to influence the adjustment behavior. For example, the inclusion of the present value of future profits in the balance sheet assets can positively influence the adjustment behavior. The proposed adjustment processes are convincing due to their high modularity and adaptability to the individual public pension funds and point the way to a transparent and automatic control of the pension fund cash flows.     «

Pension institutions manage the business of public pension insurance and have, among other things, the task of controlling the fund. By controlling, we mean actively influencing the expected premiums and benefits through an annual adjustment of appropriate adjustment variables. This Master’s thesis describes and evaluates these adjustment processes in terms of the pension institution’s goals, such as ensuring long-term solvency, adequate return of premiums and low volatility of the annual ad...     »