Participation, Financement et Investissement dans le Plan de Retraite

Pension Plan Participation, Funding and Investment

• Auteur / Autrice : Joshua Shagaya Yahaya
• Direction : Radu Burlacu
• Type : Thèse de doctorat
• Discipline(s) : Sciences de gestion
• Date : Soutenance le 15/12/2023
• Etablissement(s) : Université Grenoble Alpes
• Ecole(s) doctorale(s) : École doctorale sciences de gestion (Grenoble ; 1997-....)
• Partenaire(s) de recherche : Laboratoire : Centre d'études et de recherches appliquées à la gestion (Grenoble, Isère, France ; 1985-....)
• Jury : Président / Présidente : Sonia Jimenez-Garces
• Jury : Examinateurs / Examinatrices : Ismail Adedeji Adeleke
• Jury : Rapporteur / Rapporteuse : Sofiane Aboura, Erwan Le Saout

Mots clés

Mots clés contrôlés

Fonds d'épargne-retraite

Mots clés libres

Investissements liés au mode de vie

Incertitude

Mesures de performance

Comportement planifié

Comptes d'épargne retraite

Financement

Lifestyle investments

Uncertainty

Performance measures

Planned behaviour

Retirement savings accounts

Funding

Résumé

Dans les chapitres de la Partie I, nous introduisons la structure, le contexte, la justification et les objectifs de la thèse. Nous établissons une base théorique pour guider la recherche, la plaçant dans un contexte académique pour un impact significatif.La Partie II présente trois chapitres empiriques qui se penchent sur la participation aux régimes de retraite, le financement de l'épargne-retraite et l'analyse des investissements des fonds de pension. Notre attention se porte principalement sur le Régime de Pension à Cotisations Définies (RCD), avec les chapitres trois et quatre se concentrant sur le fonds de pension nigérian. Le chapitre cinq examine la performance des investissements et l'incertitude du principal fonds de pension à cotisations définies au monde.Dans le troisième chapitre, intitulé ''Micro Pension Plan for Informal Sector Workers in the Nigerian Informal Economy,'' nous explorons le faible taux d'inscription des travailleurs du secteur informel nigérian au Plan de Micro-Pension (PMP). L'étude révèle une relation négative entre l'attitude, la norme subjective et l'intention de participer au PMP. Les travailleurs informels ont une attitude négative envers l'épargne et les investissements. Cependant, l'éducation financière a un impact positif sur leur intention de participer.Dans le quatrième chapitre, ''The Impact of Contribution Remittances on Retirement Savings in Contributory Pension Schemes,'' nous analysons l'impact des remises partielles ou non-remises de cotisations sur l'épargne-retraite. Les résultats montrent une réduction significative des revenus de retraite en cas de non-remise en temps opportun.Le cinquième chapitre, ''Thrift Savings Plan: Funds Performance and Uncertainty,'' examine l'impact de l'incertitude politique et du risque d'inflation sur les rendements des fonds d'épargne-thrift (TSF). Les TSF démontrent une performance louable par rapport à leurs benchmarks.Cette thèse offre des perspectives importantes pour les décideurs, les chercheurs et les acteurs de l'industrie des pensions, ainsi que pour la sécurité financière des ménages à la retraite.

In the chapters of Part I, we introduce the thesis's structure, context, rationale, and objectives. We establish a theoretical foundation to guide the research, placing it in an academic context for significant impact.Part II features three empirical chapters that delve into pension plan participation, retirement savings funding, and pension fund investment analysis. Our focus is primarily on the Defined Contribution (DC) Pension Scheme, with chapters three and four concentrating on the Nigerian pension fund. Chapter five examines the investment performance and uncertainty of the world's leading DC pension fund.To begin with, the first contribution, contained in the third chapter, titled ''Micro Pension Plan for Informal Sector Workers in the Nigerian Informal Economy,'' delves into the low rate of enrollment and participation levels of Nigerian informal sector workers in the Micro Pension Plan (MPP), which presents an opportunity for long-term savings geared towards post-retirement financial stability. The study found a negative relationship between attitude, subjective norm, and intention to enrol in and participate in the MPP.Households in the informal sector have a negative attitude toward savings and investments, leading to a lack of interest in the MPP. Moreover, the study found that household workers in the informal sector who do not perceive social pressure or norms to enrol in the MPP have lower intentions to participate.However, the study found an affirmative relationship between the consumer financial education of informal workers and their intention to enrol and participate in the MPP.In the fourth chapter, titled ''The Impact of Contribution Remittances on Retirement Savings in Contributory Pension Schemes'', we delve into the critical question: What happens to the retirement savings account (RSA) balance of a contributory pension scheme (CPS) when contributions are remitted partially or non-remitted during various accumulation phases? Our analysis focuses on understanding the differences in contribution remittances and their impact on the accumulated RSA balance within a CPS model. We introduce a counterfactual scenario that incorporates partial and non-remittances of contributions through adjustments in contribution rate parameters. Our findings show that non-remittance of pension contributions and partial remittances of pension contributions provide less retirement income in the RSA than the statutory contributory rate. These findings highlight a significant reduction in retirement income when pension contributions are not remitted on time, underscoring the critical importance of timely remittances in securing retirees' financial futures.In the fifth chapter, titled ''Thrift Savings Plan: Funds Performance and Uncertainty,'' we analyse the influence of policy uncertainty and inflation risk on the returns of thrift saving funds (TSF). Additionally, we compare these returns to their respective benchmarks to ascertain the fund's performance. Furthermore, we examine the significance of performance measures in evaluating the investment returns of TSF. The findings of this study demonstrate that both policy uncertainty and inflation risk have an impact on the investment returns of TSF. Also, compared to her benchmarks, TSF, as a passive fund, demonstrates commendable performance by closely replicating them. The choice of performance measures does not alter TSF's rankings. Overall, our study underscores the fact that the impact of uncertainty measures on TSF returns varies depending on the prevailing regime, thereby challenging the notion of a uniform impact.This thesis provides significant insight for policymakers, researchers, and stakeholders in the pension industry. It also offers perspectives for those working to achieve financial security for households in retirement.