The Actuarial Research On Chinese Basic Old-Age Pension System

Endowment insurance actuarial theory is an important component of actuarial theory. It mainly studies the contribution and the balance of endowment insurance. Under dual pressure of population aging and enterprise reform, the State Council began to reform the pension system in 1997, but this shift has also undergone implicit pension debt. The key of the shift is the size of the implicit pension debt and to try to resolve the debt. So the study of the size of implicit pension debt is an important topic. In addition, the level of protection that basic old-age insurance for the new system can achieve and the relevant provisions of the rationality is also an important issue.This paper firstly introduces actuarial knowledge and the related concepts of the endowment insurance and briefly describes the endowment insurance system reform in China. The scale of the pension funds is listed and its entry is analyzed. And then the basic endowment insurance fund-raising modes are summarized, combined with the world population prediction disadvantages of pay-as-you-go system are analyzed and the partially funded system can better adapt to the development trend of the aging population. Secondly, the impact of the average life expectancy, the average wage rate, the retirement age, the book interest rate and the years of capture expends fixed number on individual account annuities replacement rate is analyzed. According to the principle of the equality of the capture actuarial present value and future payment actuarial present value, individual account annuities balance actuarial models of'new-person'and'middle-person'are deduced. Based on our latest basic endowment related insurance policies, implicit pension debt actuarial models of'old-person','middle-person'on-the-job and retired'middle-person'are deduced with some policy recommendations. The pension fund invests analysis: First through the utility maximization, the paper constructs utility function, deduces how to solute the fund investment most ratio, and computes Chinese and other countries most superior investment ratio. Second the paper discusses the superannuation fund venture capital, establishes the most superior model, through the decreasing absolute risk abominate, the paper obtains: more funds are invested into the risk property, along with the superannuation fund total quantity increase.