Risk Assessing And Controlling On Chinese Old-age Pension Fund

The endowment insurance of our country goes through the reform for several times to perfect, from " enterprises insurance " to " social insurance ", and from" social pool totally " being to " the mixed mode". Now we still fail to well solve the balance between revenue and expenditure of the fund so far, some risk variables that can cause funds bankrupt have not be effectively controlled.The risk that the pension fund faces, refer to the possibility with bankrupt fund mainly, stemming from various kinds of variables change toward unfavorable direction in the balanced equation of the pension fund.The current operational mode of "mixed mode" accords with the actual conditions of our country basically. From personal angle, the safety coefficient is relatively higher in single mode of. But among the "mixed mode" the settlement of some parameters is unreasonable, need further research.Main risk variables of the social pool pension fund include: paying rate, supporting rate, coverage rate , substituting rate , pool level, retirement age. Paying rate cannot be raised without limition. By the look of microeconomy, too high rate of paying will only let the pool pension fund collapse completely. The higher paying rate be raised, the greater possibility of bankrupt the social pool pension faces. Coverage rate, retirement age and pool level work to social pool pension passing supporting rate. It's not sure that raising coverage rate can reduce the Bankrupt possibility of social pool fund; Generally speaking, the higher the level of the pool is, the stronger ability to resist risk the fund has; and the lower, the weaker; the bankrupt risk of the fund will generally be reduced with improvement at retirement age.Personal account pension is the defined contribution plan. The main risk variables include capital fluidity, personal remaining life, return on investment. The risk of capital fluidity can be controlled through computing reverse fund; The way to avoid risk of personal longevity lies in buy surviving annuity; We can avoid investment risk by the risk controlling system.