Study On The Design Pattern Of Enterprise Annuity Program Of Central Enterprises

As the second pillar of the pension system, enterprise annuity has achieved rapid development in China in recent years. More and more studies on enterprise annuity are carried out in China, but most of them focus on the formation of Chinese annuity system, the situation and prospect of annuity development in China and annuity operations of commercial banks and insurers. Few studies focus on the carrier for the formation of annuity plan—annuity program design. Especially in recent years, the participants of the enterprise annuity plan are mainly central enterprises. Since central enterprises have a large number of subsidiaries, complicated systems and complex context and the annuity program design is featured by great difficulties, various problems and strong representation, this paper carries out systematical studies on the annuity program design by taking central enterprises as study object. The paper first starts with analysis on the basic theory of enterprise annuity, introduces the concept, development history and current situations of enterprise annuity and carries out comparative analysis on the enterprise annuity systems at home and abroad to enhance the understanding of the nature of enterprise annuity. Then based on the basic theoretical analysis, the paper discusses the contents and specific steps of China's enterprise annuity program design, analyzes the development of China's enterprise annuity system and practices, and highlights the great potentials for the development of enterprise annuity in China after the implementation of the new Measures for the Management of Corporate Annuity. This paper focuses on the analysis of enterprise annuity program design of central enterprises, put forward key problems to be solved for the enterprise annuity program design of central enterprises, and takes some a central enterprise for example to carry out the annuity program design so as to promote the improvement of corporate annuity system and accelerate the development of corporate annuity assets.In this paper, two kinds of enterprise annuity trustee mode-annuity corporate trustee model and corporate fiduciary entrusted the Board are compared, to propose that the Council entrusted model exists virtual manager, legal status not clear, resulting in internal control; lack of fund flow control experience, difficult to effectively assume the duties of the trustee; corporate pension liability the Council itself vague, prone to dispute and other issues harm their interests. Opposed to the Council model, annuity corporate trustee model, insures that has clear professional trustee liability as independent legal entity, timely and effectives implements the management, standardized discharges laws and regulations of the responsibilities given to the trustee, fully protects the interests of clients and beneficiaries to protect the company's long-term stable operation of pension plans.In this paper, for the same enterprise annuity plan, under the mode of "fiduciary account management integration", management information enables the integration of pension, which is helpful for improving operational efficiency, reducing coordination costs and error rate. And, different organizations act as the trustee, the investment manager and the trustor, thus guaranteeing the separation between the supervisor and the supervisee, it is helpful for the trustee to closely monitor the investment and operation of corporate annuity funds, give objective evaluation on the investment performance and risks. The trustee can strictly supervise the investment behavior of the investment manager by itself find the illegal trading practices in time and take uncompromising corrective measures to avoid internal implementation of external supervision and false supervision on investment, effectively prevent and reduce the investment risks of corporate annuity funds and protect the benefits of the beneficiaries to the largest extent.This paper still has many shortcomings, for example, it is impossible to make in-depth empirical analysis on various constraints of annuity program design of central enterprises due to the difficulties in the acquisition and statistics of relevant data; the analysis on the promotion mode of annuity programs of central enterprises is not in-depth enough, and it lacks more detailed quantitative analysis.