The Impact Of Commercial Pension Insurance On The Construction Of Third Pillar Pension

In recent years,the issue of elderly care has gradually become a hot topic of discussion and research in both society and academia.With the continuous aging of the Chinese population,China has entered an aging society,which poses severe challenges to the sustainability of basic pension insurance.Meanwhile,the development of enterprise annuity and occupational annuity has been hampered by too many external factors,and most eligible employees in China are concentrated in small and mediumsized enterprises,which generally face problems such as difficulty in financing,development,short lifecycle,and heavy social security burden.This results in only a small proportion of people who can benefit from the second pillar.In today’s world of fast information dissemination,people have access to increasingly diverse information about elderly care,and according to relevant surveys,the general public is concerned about how to make up for the deficiencies of basic pension insurance and how to maintain a similar level of income after retirement to maintain a high standard of living.With the successive promulgation of a series of policies on the personal pension system in China in 2022,it signifies the official establishment of the third pillar of the personal pension system.From the policy perspective,the third pillar pension system includes bank savings,pension financial management,pension funds,and commercial pension insurance.The government hopes to expand personal pension products and attract more individuals to participate in the purchase through product diversity.This article focuses on the role that commercial pension insurance can play in the construction of the third pillar.Starting from the current pension system in China,the article analyzes the current situation and problems,thereby highlighting the need for the participation of the third pillar in the pension system.Secondly,through the analysis of the theoretical basis,institutional basis,and foreign experience of commercial pension insurance participating in the construction of the third pillar,the article provides a basis for its participation in the construction.Finally,the article analyzes the impact of commercial pension insurance on the construction of the third pillar,including expanding the scale of pension savings,improving pension financial literacy,improving the pension replacement rate,and coping with longevity risk.