One of the most prominent and long-lasting intersections between human resource management (HRM), legal systems, and corporate finance areas include pension systems and social security arrangements. In the past, when pensions were viewed, their main purpose was regarded as a labour tool of employee welfare and social security, which is entrenched in the overall goals of labour regulation and state-sponsored social security. In the first part of the twentieth century, they were considered as secondary to the corporate financial decision-making process - long-term commitments which were not visible in the financial statements of firms and were marginal in the analysis by investors (Arcanjo, 2019).