Purpose

This study aims to examine the solvency and performance persistence of defined benefit private and public pension plans (DBPPs) in the Republic of Congo.

Design/methodology/approach

The authors use the 2 × 2 contingency table approach and the time product ratio (TPR)-based cross-product ratio (CPR) on data covering ten years from 2011 to 2020, with variable funded ratios and excess returns, to determine the solvency and performance persistence of defined benefit pension plans.

Findings

The authors document a lack of solvency and performance persistence in DBPP funds. They conclude that the solvency and performance of DBPP funds are not repetitive. The previous year's private and public defined benefit pension funds’ results do not repeat in the current year. Hence, the current solvency and performance of defined benefit pension funds are not good predictors of future funds' solvency and performance.

Originality/value

To the best of the authors’ knowledge, this study is the first to combine solvency and performance to examine the persistence of defined benefit pension plans in sub-Saharan Africa.

中文翻译：

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固定收益私人和公共养老金计划的偿付能力和绩效持续性

目的

本研究旨在考察刚果共和国固定收益私人和公共养老金计划（DBPP）的偿付能力和绩效持续性。

设计/方法论/途径

作者使用 2 × 2 列联表方法和基于时间产品比率 (TPR) 的交叉产品比率 (CPR)，对 2011 年至 2020 年十年的数据（具有可变资金比率和超额收益）来确定偿付能力和偿付能力。固定收益养老金计划的绩效持续性。

发现

作者记录了 DBPP 基金缺乏偿付能力和绩效持续性的问题。他们的结论是，DBPP 基金的偿付能力和业绩不具有重复性。去年的私人和公共固定收益养老基金的结果在本年度不会重复。因此，固定收益养老基金当前的偿付能力和业绩并不能很好地预测未来基金的偿付能力和业绩。

原创性/价值

据作者所知，这项研究首次将偿付能力和绩效结合起来，以检验撒哈拉以南非洲地区固定福利养老金计划的持续性。