In Search of the Optimal Saving Strategy for Pan-European Pension Products

The introduction of pan-European pension products in 2020 is associated with an ongoing debate on prescribing predefined saving strategy that would both deliver adequate performance and limit the down-side risk at the end of the saving horizon. Dynamic life-cycle saving strategies are generally accepted as a good risk-mitigation tool that can be individually set. Many research papers confirm the ability of life-cycle strategies to deliver high risk-reward outcomes. Objective of our paper is to test the ability of one-factor life-cycle saving strategies based on the age and/or the remaining saving horizon to deliver the promised value for PEPP savers. We constructed 18 saving strategies divided into three groups – static saving strategies with fixed proportion of equities, dynamic life-cycle strategies based on the age and/or remaining saving horizon, and quasi-active strategies combining two factors – the remaining saving horizon and price movement. We employed the model based on moving-block bootstrapping technique and performed simulations for various economic conditions. We have tested the expected saving performance combined with the down-side risk during the saving horizon. Our findings do not confirm the general findings on life-cycle saving strategies. We claim that having the age as the only factor defining the proportion of equities in the pension saving portfolio would not be optimal. However, we found that two-factor saving strategies look promising in delivering both lower down-side risk and higher performance over the saving horizon

What is the cost of pension reform reversal in Slovakia and could the NDC scheme solve the fiscal imbalance of payg scheme?

In this study, by applying microsimulation pension model supported by statistical and administrative data on Slovak population, we analyze the fiscal and redistributive consequences of retirement age ceiling and impact of NDC scheme introduction on the Slovak pay-as-you-go pillar fiscal balance and expected pension benefits. However, we work with some limitations on the NDC set-up according to the preferences defined by the governmental institutions. The paper is organized as follows: The second section discusses current knowledge and existing papers dealing with pension reform, reform reversals supported by rising pension populism and existing experience with the introduction of NDC schemes. Third section presents more details on Slovak pension system and elaborates details on the research objective, data, and methodology with the presentation of no-policy change set-up as well as NDC scheme set-up. Fourth section presents the research results of the fiscal and redistribution implications of the policies examined and discusses the findings and potential challenges that need to be further elaborated if the NDC scheme should be implemented, especially the poverty risk for low-income cohorts and minimum retirement income granted to a retiring person regardless the level of paid contributions

Class I histone deacetylases (HDAC1-3) are histone lysine delactylases

Lysine L-lactylation [K(L-la)] is a newly discovered histone mark stimulated under conditions of high glycolysis, such as the Warburg effect. K(L-la) is associated with functions that are different from the widely studied histone acetylation. While K(L-la) can be introduced by the acetyltransferase p300, histone delactylases enzymes remained unknown. Here, we report the systematic evaluation of zinc- and nicotinamide adenine dinucleotide-dependent histone deacetylases (HDACs) for their ability to cleave ε-N-L-lactyllysine marks. Our screens identified HDAC1-3 and SIRT1-3 as delactylases in vitro. HDAC1-3 show robust activity toward not only K(L-la) but also K(D-la) and diverse short-chain acyl modifications. We further confirmed the de-L-lactylase activity of HDACs 1 and 3 in cells. Together, these data suggest that histone lactylation is installed and removed by regulatory enzymes as opposed to spontaneous chemical reactivity. Our results therefore represent an important step toward full characterization of this pathway's regulatory elements

Fiscal and redistributive impacts of the introduction of dynamic components in maternity benefits

Research background: Social security systems combine several subsystems aimed at addressing the risks of temporary or permanent loss of an individual's income. The subject of the research are parametric changes of alternative public policy aimed at addressing the temporary loss of income caused by the dropout from the labour market due to childcare. The effects of public policies may be fiscally neutral from the entire system, but not from the point of view of the individual. Purpose of the article: The purpose of this study is to examine the fiscal and redistributive effects of parametric changes in social insurance subsystem with an accent on maternity benefits in the conditions of the Slovak Republic by using a modified microsimulation model. Methods: Using a microsimulation model, we investigate the impacts of the alternative policy setting. Microsimulation model contains four basic modules (i) macroeconomic module, (ii) demographic module simulating future population structure from 2017 to 2080 (iii) status module modelling particular attributes (characteristics), (iv) social policy module. The model is applied to maternity benefits in two scenarios in the Slovak Republic: scenario 1 ? the current legislative setting of maternity benefit policy parameters and scenario 2 ? dynamic maternity benefit. Findings & value added: Results in the area of redistributive impacts in social insurance focused on maternity benefits show that dynamic policy parameters can positively affect work-life balance, especially for individuals with higher education. The results in the area of fiscal impacts show that the dynamic model of maternity benefits increases the efficiency of public spending and stimulates the faster return on the labour market. The results indicate the direction of possible government interventions and provide valuable information for policy makers in areas public policies that are associated with temporary labour market dropouts in the case of maternity

Body composition of Slovak midlife women with cardiovascular complications

The aim of this study was to analyse differences in body composition of women with and without cardiovascular complications. Bioelectrical parameters were measured with bioimpedance monofrequency analyser (BIA 101) and tissue electric properties were analysed by bioelectric impedance vector analysis (BIVA). The clinical sample (with CVD) consisted of 254 women ranging in age between 39 and 65 years. The sample of women without CVD consisted of 318 women in the same age range and was created from database of our previous studies. Statistical analysis adjusted for age showed significant differences in body composition characteristics of the studied samples. The results of vector analysis showed significantly different tissue electric properties of women in studied groups, what was confirmed by the Hotelling T2- test (p=0.0000). More women with CVD attained risky mean values of obesity indices of BMI and WHR than their “healthy” counterparts. Among women with CVD 80.2% had higher value of the BMI index than optimal one (>24.9 kg/m2) and 74.4% of women had higher value of the WHR index than optimal (>0.80). From the BIA parameters strong correlation coefficient was found between BMI and FM in both groups (r=0.962 for women with CVD; r=0.968 for relatively healthy women). Our data confirmed that cardiovascular disease complications are strongly linked in body composition changes. The cross-sectional nature of our study makes it difficult to draw conclusions regarding causal pathways, though variables of obesity are in line with unhealthy conditions

Mimicking the pineapple scent: Synthesis and properties of (semi)conjugated triene carbonyl derivatives

<p>The unexpected formation of previously nondescribed (semi)conjugated ethyl trienoate revealed its powerful aroma of fresh pineapple. Thus, we have designed, prepared and evaluated a set of its carbonyl analogues as mixtures of (<i>E</i>/<i>Z</i>)-isomers. Although their synthesis from natural ocimene led to target compounds in low yields, optimized preparation from geranyl acetate furnished an aldehyde as high-yielding common intermediate on multigram scale. A series of its Wittig olefinations provided corresponding (<i>E,E</i>)-configured carbonyl dienes. Final acid-catalyzed elimination of allylic acetates provided the desired “pineapple” target in moderate yield. Sensory analysis revealed that only the parent compound possesses the typical pineapple aroma. Although analogous ^tBu- and/or Bn-esters feature an additional green note, the most similar Me-ester differs by its fresh woody aroma analogously to methyl ketone.</p