英国“第二支柱”职业养老金改革及其效果分析--以《2008年养老金法案》为例

20世纪70年代以来,随着人口老龄化的加剧和财政压力的加重,英国由国家养老金、职业养老金和个人养老金组成的三支柱养老保险体系的改革呈现出私有化的特点,尤其鼓励大力发展职业养老金和个人养老金计划。《2008年养老金法案》中关于英国职业养老金计划的改革具有划时代的意义,其中“国家职业储蓄信托”提升了职业养老金计划的整体投资绩效;“自动加入”机制作为职业养老金计划由自愿性转向强制性的标志,极大地提高了职业养老金计划的参与率和覆盖面、增加了职业养老金计划的储蓄额。可以说,《2008年养老金法案》对英国职业养老金计划的发展起到了非常大的推动作用。     

英国“第二支柱”职业养老金改革及其效果分析——以《2008年养老金法案》为例

20世纪70年代以来,随着人口老龄化的加剧和财政压力的加重,英国由国家养老金、职业养老金和个人养老金组成的三支柱养老保险体系的改革呈现出私有化的特点,尤其鼓励大力发展职业养老金和个人养老金计划。《2008年养老金法案》中关于英国职业养老金计划的改革具有划时代的意义,其中"国家职业储蓄信托"提升了职业养老金计划的整体投资绩效;"自动加入"机制作为职业养老金计划由自愿性转向强制性的标志,极大地提高了职业养老金计划的参与率和覆盖面、增加了职业养老金计划的储蓄额。可以说,《2008年养老金法案》对英国职业养老金计划的发展起到了非常大的推动作用。     

意大利公共养老金制度发展和改革研究

经历了私有属性的养老金制度的前期发展以后,意大利建立了主导性的以职业分割的卑斯麦式的公共养老金体系。待遇和缴费层面上的权利义务不对等,经济人口发展的不利因素以及国内国际的政治金融多重压力促使意大利开始改革公共养老金体系,恢复公共财政的可持续发展。意大利的公共养老金改革不仅建立了待遇和缴费的对应关系,也扩大了养老金的福利融资渠道并鼓励了私有属性的公共体系外养老金制度的发展。另外,发展阶段针对非雇佣关系或自雇业者的公共养老金体系的非政府的管理方式在改革中得到了保留。发展与改革阶段的一系列举措深刻的影响和塑造了意大利公共养老金制度的现有功能和形态,对于正处在发展改革过程中各国的公共养老金制度建设也是重要的启示。     

市场化改革促进可持续发展:近期英国养老金改革及对我国的启示

2013年和2014年英国连续颁布养老金改革措施,本次改革强化了个人养老责任,注重发挥市场的作用,有助于改善英国养老金体系财务可持续性。英国养老金改革对我国有启示意义。近几十年来,人口老龄化的冲击和日益沉重的财政负担给英国养老金体系带来了巨大压力和挑战。因此,英国政府分别于2004年和2008年颁布两部养老金改革法案,主张大力发展职业年金和个人养老金计划,减轻公共养老金负担。在此基础上,英国于2013年颁布了《2013年养老金改革法案》,2014年3月发布《2014年财政预算报告》,涉及多项养老金改革的内容,旨在提升养老金体系运转的可持续性。     

英国养老金金融化改革的经验和启示

文章梳理了英国养老金制度改革历程,归纳了三个支柱改革的金融化导向及表现,分析了金融化改革对第二、三支柱养老金覆盖率、缴费率、投资收益和基金积累的影响,以及生命周期化投资、养老金债券等金融创新在应对低利率风险、金融危机冲击风险中的作用.基于英国养老金金融化改革经验,结合我国企业年金和个人养老金发展的实际,总结了引入"自动加入"制度、发展集合年金计划、完善税收优惠、推行审慎监管、鼓励养老金生命周期投资创新以及改革基础养老金制度为职业年金和个人养老金金融化改革创造条件等结论和启示.     

2012年英国强制性第二支柱养老金改革及其对中国的启示

英国养老金制度体系的问题是公共养老金保障不足,职业养老金覆盖范围有限。英国自2012年10开始实施“自动注册”的强制性第二支柱计划,该计划涉及面广,分阶段实施,在实施过程中具有一定的弹性,由雇主和雇员共同缴费,国家给予一定的财政补贴,通过养老金监督局和信托制度（NEST）,增加指导,辅助实施。文章分析了此项改革的来龙去脉,并认为此项改革是英国养老金一揽子改革的重要组成部分,既是对过去30余年公共养老保险私有化改革引起的问题的修补,也是完善养老金体制的重要突破。英国此项改革的一些做法值得中国借鉴。     

中英养老金个人账户体系建设比较

在21世纪第一个10年将成历史之际,英国和中国两国政府相继发布了涉及养老金个人账户公共服务体系建设的相关政策和法律,以完善养老金个人账户制度。比较相关政策的异同,能带给我们一些借鉴和启示。     

养老金融的模式创新

<正>为增强养老金制度可持续性，很多国家开启养老金私有化改革，不断演变发展出公有和私有并存的多层次养老金制度，以平衡养老金制度的效率和再分配问题2020年第七次人口普查数据显示，中国60岁以上人口达2.64亿，占比达18.7%；预计“十四五”时期老龄人口将突破3亿，我国社会将从轻度老龄化进入中度老龄化阶段。2021年11月24日，《中共中央国务院关于加强新时代老龄工作的意见》发布，旨在加强新时代养老工作，     

英国人看银行家

所谓当局者迷，旁观者清，有时候对某件事情或某个行业的认识，局外人反而看得更清楚。本刊特约记者刘新明在英国走访职业银行家的同时，有意识地接触了一些非金融了一些非金融界人士，其中包括公司业主职业经理人、自由职业者，个人投资者，当地政府官员和靠养老金或退休金生活的老人等，希望通过非业内人士的亲身经历和体验来进一步了解和认识英国银行家这个职业以及银行业的服务     

机关事业单位养老保险改革降低了“中人”的养老待遇吗?——基于10年过渡期后“中人”养老金替代率的测算

本文通过构建精算模型模拟测算机关事业单位养老保险改革后“中人”的养老金替代率,探究改革对“中人”退休待遇的影响。研究结果发现：与改革前相比,10年过渡期后机关事业单位男性“中人”的替代率较于女性更有弹性,且男、女性养老金替代率差距拉大;10年过渡期后男性“中人”的养老金替代率初期略低于改革前,后期高于改革前,女性“中人”的养老金替代率总是低于改革前;职业年金的投资收益率在很大程度上影响着职业年金的替代率;实际缴费工资基数与养老金总替代率呈负相关。建议落实延迟退休年龄政策;各省份应合理制定“视同缴费指数表”;加强职业年金的投资运营并注意防范风险;尽快化解转制成本,应对财政压力挑战。     

Credible Pensions*

One of the main problems in pension policy is to develop an institutional framework that guarantees that public and private pensions promises are kept. This paper discusses how the governance of public and private pensions is key to making such promises credible. It argues that credibility concerns undermine the case for earnings‐related pensions run by the state and private defined benefit plans.     

Pensions and poverty traps: Is saving worthwhile for women?

Present policy means that a private pension, unless it is substantial, may fail to bring financial gain in retirement due to means testing: the pensions poverty trap. This paper examines women's acquisition of private (occupational and personal) pensions and their risk of facing this trap. Because of the loosening link between marriage and motherhood, previous patterns of pension advantage according to marital status are shifting. The employment and pension impact of motherhood varies with socio-economic status but the pension prospects of the majority of women are poor. It is concluded that women's need for financial advice to avoid the pensions poverty trap is greater than men's. An improved basic pension, indexed to national income, would reduce the risk of mis-selling and restore confidence that saving for a pension is worthwhile.     

Exploring the future for pensions pillarisation

The pensions pillarisation agenda envisages a reduction in the role of social insurance while simultaneously advocating the parallel expansion of fully funded private sector, occupational and personal retirement contingencies. Widespread perception of looming state failure in the field of pensions delivery highlights the inherent limitations of current pension delivery arrangements. However, moves to de-emphasise the provision afforded by, predominantly, monopillar state-mandated pension systems by expanding private privision represent short-term palliative responses to deep rooted structural and demographic problems. Multipillar systems appear no more capable of guaranteeing system funding in the face of demographic ageing and structural unemployment than existing monopillar systems. Moreover, a diminished role for social insurance will leave the low paid and unemployed significantly more vulnerable in old age. Consequently, this paper argues for a pension reform agenda which, in terms of levels of income substitution, will secure an adequate social insurance element into the future.     

公务员养老金制度并轨改革的设计思路与精算评估

我国公务员与企业职工的退休待遇存在巨大差距,养老保险制度的公平性备受质疑,由制度差异带来的阻碍人才流动等弊端日益凸显,已成为近年来社会关注的焦点问题,本文在分析公务员的职业特点及其养老保障特殊性的基础上,借鉴国际经验,并基于融入全国统一的养老金体系和保护公务员既得权益的考虑,给出了公务员养老金改革应采取“基本养老金＋职业年金”的设计思路和具体方案,测算分析了改革方案对个人和财政支出的影响以及在实施上的可行性。     

The Displacement Effect of Public Pensions on the Accumulation of Financial Assets*

The generosity of public pensions may depress private savings and provide incentives to retire early. While there is plenty of evidence supporting the latter effect, there remains considerable controversy over whether public pensions crowd out private savings. This paper uses international micro‐data sets collected over recent years to investigate whether public pensions displace private savings. The identification strategy relies not only on cross‐country differences in generosity but also on differences in the progressivity or non‐linearity of pension formulas across countries. We estimate that an extra dollar of pension wealth depresses accumulated financial assets around the time of retirement by 22 cents. An extra 10,000 dollars in public pension wealth reduces the average retirement age by roughly one month, which implies an elasticity of years of retirement with respect to pension wealth of 0.15.     

New development: The UK coalition government and the future of public sector pensions

This article presents a critical analysis of the contemporary attack on public sector occupational pensions in the UK. It traces the implications of the attack for future pensions policy on this issue.     

The effect of fiscal stress and balanced budget requirements on the funding and measurement of state pension obligations

We examine the extent to which fiscal stress and state balanced budget restrictions affect the funding of state public employee retirement systems. Our results indicate a negative relation between pension funding levels and measures of both: (a) state fiscal stress and (b) the existence of balanced budget requirements. Our finding that fiscally stressed states meet balanced budget requirements through reduced funding of pensions raises public policy concerns over the fiscal integrity of employee pension funds in the public sector and the effectiveness of balanced budget requirements. Additionally, we find evidence that choice of pension discount rate is associated with states’ fiscal condition and the requirement to balance the budget. Our findings are consistent with the proposition that fiscally stressed states that are required to balance their budgets both underfund their pensions and select discount rates which obscure the underfunding.     

Public and Private Pension Spending: Principles,Practice and the Need for Reform

This paper surveys the issue of public spending on pensions. Drawing on evidence from systems around the world, but particularly in Britain, we outline the arguments for different types of public and private provision of pension income and consider how far they go towards meeting the objectives of pension provision. We discuss past trends in spending and look at future projections.     

我国城镇养老保险去身份化演进

本文以参保人身份为主线,梳理了我国城镇养老保险去身份化演进历程,研究发现城镇职工养老保险去身份化实现了不同所有制身份覆盖范围一体化、保障水平趋同化以及社会统筹一体化,职工和干部养老保险因去身份化进程滞后导致养老保险出现社会化与单位化、部分积累制与现收现付、保障水平以及养老金调整机制等方面的分割。