| 1.The research topic and basic idea Occupational pension systems have been in foreign countries for over 100 years. Since the 1970's the traditional pension model which depends on pay-as-you-go and generation shifting financial mechanisms is becoming unworkable. With the popularity of the multi-pillar social security model, occupational pension systems play a more and more important role.The Chinese social security system is reforming to both complete the basic pension system (to reduce its replacement rate in retired income) and expand the security range and deal with the aging challenge. It's especially high time for China to construct a civil multi-pillar social security system through developing occupational pension systems.The concept of occupational pension systems is so fresh that people lack experience with it. In that case, studying mature systems from other countries is a necessary way to accelerate the Chinese occupational pension system. However, considering the differences among individual country's social security systems and facing so many complex design models, we have to extract worthwhile principles. Then we should combine these principles with concrete Chinese needs, respecting the development history and realities of Chinese supplementary pensions, to develop an operable and efficient pension system.The author analyzes the history and evolvement of international occupational pensions and their prospects toward future development. Then the author compares the model selection, operation, and regulation of pension systems in different countries. Through comparison, the author sets forth the successful exercises of advanced countries and useful experiments of developing and transitional countries. Finally, the author considers how to select Chinese occupational pension models, perfect relative laws and broaden investment channels of pension funds.2.Main contents and viewpointsThis thesis is comprised of four parts. The first part (Chapter I) introduces the historical evolvement of international occupational pensions. The second part (Chapters II III IV) makes the international comparisons. The third part (Chapter V) expounds on the lessons we've learned from these comparisons. The last chapter (chapter VI) deals with research into how to develop Chinese pension systems. In Chapter I, the author explains that the broad definition of occupational pension is a complementary pension plan that is regulated by special authorities except for basic pension or uniform national pension (not including the income-related part). Next the author narrates the historical evolvement of international occupational pensions and their six development trends.In the second chapter, occupational pensions are divided into "direct pay" model, "trust fund" model and Employee Stock Ownership Plan (ESOP). In fact, Under the "trust fund" model, pension plans can be managed by a pension council or trustee, Which usually is a fund company, a commercial bank, or an insurance company. As a result, so many operational models exist that it is difficult to identify which one is best. As an important system in modern society, pensions are not nonfigurative economic systems existing in vacuum. On the contrary, they root in certain social, economic and cultural backgrounds and through interaction these pensions evolve into various models. The third chapter focuses on the comparison of pension operation mechanisms, which include governance, finance, benefit level/way and investment management. In most countries, pension plans are erected in the form of a pension trust fund and the trustee plays a central role in pension governance. In the normative pension governance structure, we must make the trustee, investment manager and fund keeper keep independent in finance and administration and restrict and monitor each other through clientage to define individual rights and responsibilities. Because the financial markets' maturity levels are different, there are... |
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