Research On The Construction And Improvement Of Multilevel Pension Insurance System Assisted By Housing Provident Fund

China’s pension problem is becoming increasingly prominent,but the multi-level pension insurance system is not rich enough in levels,and the development of each level is both insufficient and unbalanced.For this reason,the Party and the State have repeatedly proposed accelerating the construction of a multi-level pension insurance system to provide perfect and effective protection for the retirement life of the elderly.At the same time,the balance of housing provident fund is increasing,the withdrawal ratio of retirees continues to grow,and the pension attributes of provident fund gradually come to the fore.Therefore,the purpose of this paper is to examine how to integrate provident funds into the multi-level pension insurance system and provide assistance for its development and improvement.This paper starts from the development history of the pension insurance system and provident fund and their relationship.By sorting out the development direction,relationship changes and current situation of the two systems in China,it finds that the multi-level pension insurance system has problems such as lack of linkage between levels,low coverage of supplementary pension insurance,declining replacement rate of basic pension insurance and high financial pressure,and insufficient participation of provident fund in pension.By discussing the necessity of housing provident fund to help the multi-level pension insurance system,and based on the linkage design of Singapore’s housing security system and pension security system,we propose ways for housing provident fund to participate in the multi-level pension insurance system,i.e.,supplementing the gap of individuals who have not paid full years of basic pension insurance,and converting housing provident fund into individual pension annuity according to age change,and argue the feasibility of implementation.Since the latter covers a larger group and is more targeted to solve existing problems,an actuarial assessment of the conversion to individual pension annuity accounts is conducted to qualitatively analyze the extent to which the conversion of provident funds protects the lives of the elderly.The results of the study show that the converted annuity has an important supplementary role in the pension replacement rate of retirees,increases the population covered by supplementary pension insurance,reduces the pressure on basic pension insurance,and improves the efficiency of provident fund participation in pensions.In addition,in order to make provident funds more reasonably and effectively contribute to the construction and improvement of multi-level pension insurance,this paper proposes to improve the investment and operation after conversion,provide multiple forms of financial and tax incentives,and establish a cross-sectoral linkage mechanism in order to link all levels of pension insurance and create a more diversified,more efficient,more durable and multi-effective and meaningful pension insurance system.