The Research On The Multi-pillar Pension System Reform Model Of World Bank

Because of the three factors that is aging,financially unsustainable of the pension system and the deficiencies.of the pay-as-you-go system since 1980's,the demand for reform of the pension system has been growing.So,the debating of pension system reform develops in the world.The paper focus on the most influential reform bill——the World Bank's multi-pillar pension system reform model.Firstly,the reform of the World Bank is divided into two stages,which is namely the 'three pillars' model as represented by the first stage and-the 'five pillars' model as represented by the second-phase,and we discuss the formation and development of the multi-pillar pension system reform model in-detail. Secondly,by analyzing the realistically performance of the multi-pillar model and the evaluation of other international organizations,it concluded that 'five pillars' model of the World Bank which on the basis of absorbing reform proposals widely are more comprehensive reform model.At the same time,it point out the specific issues which need to concern in the reform period:old age protection,funds management, financial market regulators,the political and economic issues and so on.Finally,combined the urgency of china's pension system reform with the experience of international reform,advance the feasibility measures to further improve the multi-pillar pension model of our country.As follows: (1)Expanding the level of the pension system;(2)Building the old-age security system in rural areas gradually;(3)Making individual accounts to be a real account;(4)Broadening the financing channels and improving the supply of funds;(5)Adjusting the pension replacement rate;(6)Reforming the retirement system and putting an end to early retirement;(7)Clearing delineation of responsibility for old-age security;(8)Strengthening the system of pension insurance legislation and supervision,improving the efficiency of pension insurance fund.