TY - THES ID - 146388849 TI - The influence of Solvency II regulations on Belgian's second and third pillar pension funds. Are there better ways to invest ? Can the economy be stimulated through other investment solutions ? AU - Anghel, Cosmin-Marian AU - Broché, Patrick AU - Boniver, Fabien AU - Francis, Yves PY - 2020 PB - Liège Université de Liège (ULiège) DB - UniCat KW - Solvency II KW - Pension KW - Retirement KW - Insurance companies KW - Long-term investment KW - Alternative investment KW - Fees impact KW - Government incentives KW - Tax reliefs KW - Infrastructure investments KW - Economic growth KW - Performance comparison KW - Risk comparison KW - branch 21 KW - branch 23 KW - guaranteed returns KW - long-term savings products KW - pension funds KW - real returns KW - real performance KW - management fees of pension products KW - ETF KW - ETF portfolio KW - Sciences économiques & de gestion > Finance UR - https://www.unicat.be/uniCat?func=search&query=sysid:146388849 AB - The purpose of this dissertation is to show to what extent the Solvency II regulation has impacted the insurers in Belgium by looking at their costs and net worth, but also at the impact Solvency II had on the real performance of insurers portfolios and their ability to remain attractive for the insured. The study is designed to reflect how affected the returns of insurers are by management fees in comparison with a market portfolio of similarly risky characteristics, composed of ETFs. Some major finds are that the insurers performance are way below those of the market and that the government tax incentives are too small in order to make a significant difference. Also, Belgium stands out as the country in western Europe in which returns of funds are the most affected by fees. As solutions, measures should be taken by the regulators in order to make the impact of fees more easily comprehensible by pension products subscribers. Also, an answer which would benefit both the insured, the insurers and the economy as a whole is presented; through the use of infrastructure investments. ER -