International Comparison Of Hybrid Pension And Its Enlightenment To Our Country

With the intensification of global aging, the topic of elder protection has become no stranger to us, especially the pattern of "old before getting rich" in our country to make us aware clearly of old endowment crisis is step by step approach.Our country’s pension system is made up with three pillars,the first pillar is basic pension insurance, the second pillar enterprise annuity, the third pillar is personal savings as a voluntary.Among them, the system of basic pension insurance has been becoming more and more mature, but the status of the second pillar of the enterprise annuity is still not optimistic after two decades of development.By international experience, the enterprise annuity system plays an important role in the three-pillar pension model, so to develop enterprise annuity system would help alleviate our pension crisis.However, considering our national conditions and differences in the social security system, while summing up the experiences abroad we should excavate the regularity of development, and with full respect for our national conditions and development of enterprise annuity status, to explore a meaningful enterprise annuity system.Based on the above background and reasons, the author attempts to explore the generation of DB, DC and hybrid pension model, and compare the characteristics of these types of models, summarized and prospects of the development direction of enterprise annuity model, that is based hybrid scheme enterprise annuity system.On this basis, by analyzing the development of hybrid pension of international countries and compares the advantages and disadvantages of various enterprise annuity plans, summarized the advantages of hybrid pension.Also cited two more typical hybrid pension plans, analyze its operating mechanism, let us more clearly recognize the characteristics of hybrid mode.Through this series of analysis, combined with our national’s conditions and put forward diversified development based on hybrid model.Thesis mainly composed of five chapters.In the first chapter, the background and significance of topics has discussed, mainly elaborated on our national’s conditions of aging and the status of the social security system, proposed that we should focus on the development of enterprise annuity and put out the advantage of hybrid model in the development.Meanwhile, summarized the current achievement of hybrid model of enterprise annuity status.In the second chapter,the author exhaustively analysis the characteristics and the causes of current DB, DC and hybrid enterprise annuity model, especially in risk-sharing, portability, transparency and retirement income.The risk of DB model enterprise annuity system is mainly bome by the employer, while the DC model enterprise annuity system mainly by the employees bear the risk, these two models do not have the risk-sharing features; moreover the portability and transparency of DB model are poor.It is because of these shortcomings in DB, DC mode, only to make people continue to explore new enterprise annuity model, hybrid model to the resulting.Hybrid annuity model not only has better risk-sharing mechanism.but also the portability and transparency are more in line with the needs of people, both have the features of DB, DC modes.In the third chapter,describes the current status and development of the international hybrid pension.And compares the DB,DC and hybrid models of last 10 years in the United States. While the decline of DB,DC,the hybrid model has put a faster pace.It also describes the current status of hybrid pension of the United States, Britain, Canada and Japan.and compared various hybrid enterprise annuity, list the risk-sharing mechanism of various modes.And summarizes the trend of development of enterprise annuity system.It is that the hybrid model with good risk-sharing mechanism will be more popular, this model will lead the development of enterprise annuity system.In the fourth chapter.lists two typical hybrid pension plan, that is cash balance plans and the target benefit plan.Analysis the mechanisms operation of these two enterprise pension plans, the mainly involved in the payment, investment, retirement income, etc.In addition, analysised the role and influence of these two plans, particularly of payment method, accumulation, the body of bear the various risks, then summarizes the trends of these two models.Moreover selected the simple cases to analysis to help the reader understand.China’s In the fifth chapter.discussed the current operating mode and conditions of our enterprise Annuity and put forward diversified development of enterprise annuity models, and focus on developing hybrid models; based on the diversify development, analysis the response to risk of various modes. highlighting the advantage of risk-sharing of hybrid type model, another this paper proposed the development of the hybrid model-based enterprise annuity system will help to enhance our ability to respond to the risk; Also in the development of a diversified enterprise annuity should also establish a wide range of tax and regulatory system, because the taxation and regulatory coordination can promote the development of enterprise annuity; Finally, in the development of the enterprise annuity should focus on the development of key technologies, such as the interest rate selected, and restrictions on payment, improve our refinement of management level.The innovation of this thesis:First, this article is a new topic and has a forward-looking,and then from the model of enterprise annuity to start; and elaborated the causes,development and characteristics of DB, DC and hybrid models, and have a comprehensive analysis,then put forward the advantages of development of hybrid enterprise annuity.At present, studies about the hybrid model is also relatively scarce.Second, combined the situation of our country, put forward the diversified development model based on hybrid enterprise annuity, and this policy consistent with the characteristics of the diverse development of our country.Third, the paper selected to enhance the response capacity of risk of enterprise annuity system, analyzes the response capacity of risk of various models, proposed to develop a hybrid enterprise annuity system will help to enhance our ability to respond to the risk of annuity, this view is also relative new.Fourth,while developing the diversification of enterprise annuity system, we should proposed to establish a wide range of tax and regulatory measures, so as to promote the development of enterprise annuity, this view has strong practical.Fifth, while developing the diversification also should focus on the development of key technologies to enhance management level of refinement of enterprise annuity system, in practice, this view has some significance.