The Research On Australian Superannuation System

Since the publication of the World Pension Index,the successful three-pillar old-age security system in Australia has received much attention and recognition from all countries.Its second pillar which is named of Superannuation occupies the dominant position of the three pillars,characterized by wide coverage and high accumulation,and has now become the main source of employees’ retirement income.In contrast,the development of enterprise annuity in China still faces the dilemma of low coverage and small fund scale.Studying Australia Superannuation system is of great significance to the improvement of China’s enterprise annuity.Firstly,this paper takes the construction of three-pillar old-age security system as the background,analyses the reasons for the transformation of Superannuation plan in the course of its evolution from germination to maturity,and illustrates the importance of Superannuation according to its impact on the income composition of retirees and the financial investment market.Secondly,through reading and sorting out the official data of Superannuation,this paper analyses its admission qualification,payment regulations,the plan of benefit payment and other institutional elements,as well as the effectiveness of fund operation and supervision.It is found that the institutional advantages of the Australian Superannuation are mainly reflected in compulsory contributions,tax system improvement and industry collective effects.Meanwhile,the system itself also has limitations such as excessive freedom of individual investment choice,a lack of the security of investment income and a high ratio of a lump sum benefit withdrawing.Subsequently,it considers and explains the current imbalance of the old-age security system in the development of enterprise annuity in China,such as the lack of enthusiasm for individual participation in enterprise annuity,the imperfect development of financial market and the imperfect legal system.Finally,this paper puts forward some suggestions for the development of the enterprise annuity in our country on the basis of drawing lessons from the advantages of Superannuation system.On one hand,it should attach importance to the precise positioning of the system and enhance the enthusiasm of individual participation in order to accelerate the expansion of the coverage of enterprise annuity.On the other hand,it’s necessary to take supporting measures to create a good investment environment,strengthen legislation and let the industry organizations play a role of enterprise annuity as far as the long-term development of enterprise annuity.