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.

Research on Experiences and Lessons of UK's Financialization Orientation of Pension Reform

On the basis of systematic review on the three pillars pensions reform in recent years in UK,some financialization orientation and performance of the reform measures were summed up.Then,effects of financialization reform on the second and third pillars pensions in UK were analyzed by comparing the change of key indicators,such as coverage,contribution rate,investment return and fund accumulation.Some financial innovations,such as lifecycle strategies investment,Pensioner Bond with which coping low interest rate risk and financial crisis shocks were also been studied.Finally,Suggestions on the development of China's occupational pension and private pensions were put forward,including introducing automatic-enrolment plan,perfecting the tax incentives,fostering collection pension plans,promoting life cycle investment innovation and reforming state pension.