20.500.12556/DKUM-49801 Pension funds, the requirement of providing the minimum guaranteed return and excessive legislative restrictions of pension fund investments To reduce the exposure of the pension fund's members to financial risks, legislation in Slovenia and some other countries promises a so-called minimum guaranteed return and at the same time hinders the portfolio diversification process of pension funds. We intend to demonstrate in this article, on a case study basis and using a combination of empirical data from two Slovenian pension funds and a hypothetical one, that by precisely matching the investments' characteristics to the characteristics of the pension fund's liabilities, some important financial risks can be mitigated, while others can even be hedged entirely. We also intend to demonstrate that with the implementation of a proper policy of risk measurement and management, complemented with stress testing practices, excessive legislative restrictions for investments are no longer necessary. Some restrictions can even hinder portfolio diversification and the risk management process. pokojninski skladi donos tveganje primerjave matematična ekonomija statistične metode Slovenija true false false Angleški jezik Neznan jezik Delo ni kategorizirano 2015-07-10 12:31:40 2015-07-10 12:31:40 2022-05-28 03:07:18 2021-05-09 03:19:11 2012 0 0 str. 7-22 no. 2 Vol. 7 2012 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336.763.268 11322652 1840-118X URN:SI:UM:DK:JDOKW8ZX http://www.efsa.unsa.ba/ef/docs/SEE%20Journal/SEE_VOL7_NO2.pdf 1 https://dk.um.si/Dokument.php?lang=slv&id=74360 Ekonomsko-poslovna fakulteta 0 0 0