| The increasing proportion of the elderly population and elderly dependency ratio has put forward higher requirements for China to build and improve a multi-pillar pension protection system.Commercial pension insurance makes important contributions to promote social redistribution,drive capital accumulation and pension gap through risk management,financial support,socialized services and other professional means.Tax-deferred commercial pension insurance aims to give tax-deferred tax benefits to motivate residents to take out commercial pension insurance,which can improve the welfare level of the whole society by easing the financial pressure of the government,promoting the balanced development of the insurance industry,and increasing the pension wealth of residents.Therefore,this paper empirically examines the effect of introducing tax-deferred commercial pension insurance on the welfare level of the insured from the perspective of individuals through the establishment of an insurance actuarial model,and the relevant findings can help predict the future market demand for commercial pension insurance and improve the multi-level pension insurance system in China.The findings can help predict the future market demand for commercial pension insurance,and also have policy implications for improving China’s multi-level pension insurance system.Based on the current pilot policy of tax-deferred commercial pension insurance in China,this paper analyzes the mechanism of the effect of tax-deferred commercial pension insurance on the welfare level of the participants,divides the effect path of tax-deferred commercial pension insurance on the welfare level of the participants into two mechanisms: increasing the pension replacement rate of the participants and reducing the personal income tax of the participants,and then establishes the actuarial model of the pension replacement rate of the participants and the actuarial model of the personal tax reduction respectively.an actuarial model of personal tax deductions is developed to simulate the effects of tax-deferred business on participants’ welfare levels under different gender,income levels and ages of participants.The results how that the tax-deferred commercial pension insurance improves the participants’ welfare level by increasing the participants’ retirement pension replacement rate and reducing the participants’ personal income tax,and its improvement effect has individual differences;the insurance has the most significant effect on improving the welfare level of men,middle and high income levels,and early insured people;after strengthening the tax benefits of the insurance,the pension replacement rate of women and early insured people is improved more significantly.The effect of enhancing the tax benefits of this insurance is more significant for women and early insured people in terms of pension replacement rate,and more significant for men,lowincome level and early insured people in terms of personal tax relief;the effect of increasing the investment return of insurance products is more significant for men and early insured people in terms of pension replacement rate,and more significant for men and high-income people in terms of personal tax relief.This paper proposes that: insurance companies should make dynamic adjustments to the operating rules and design regulations of tax-deferred commercial pension insurance products according to the individual characteristics of participants,and at the same time reasonably allocate pension funds to improve the investment returns of insurance products;the government should improve the rules of the commercial pension insurance system,formulate publicity and promotion plans according to local conditions,and appropriately relax the supervision of pension fund investment channels.The relevant revelation has certain reference value for further promoting the welfare level of the elderly retired population and accelerating the development of China’s commercial pension insurance protection system. |
