The Study On Investment Management Of China's Enterprise Annuities

Pension is an essential social system as well as an economic system, which is gradually becoming the important public policy in most countries in the world to support retirement. Most countries have established a multi-support pension system later in 1970s, including state statutory pension insurance, enterprise annuities (occupational pension in western countries'terminology) and personal retirement savings. Furthermore enterprise annuities have become the critical support for people's retirement life. China started pension system reform from 1991 and issued two laws about enterprise annuities' operation and management in 2004. With these great progresses in laws and regulations, the trust mode annuities system has formally established and China's enterprise annuities market has been developed a lot in a more standard way. However, as the most important sector of enterprise annuities management, the investment management has some defects. Therefore, the thesis will deal with these defects on behalf of the trustees who play the key role in the investment management of enterprise annuities. First, the basic theories and general situation of enterprise annuities will be introduced. Second, the defects are going to be analyzed qualitatively and quantitatively. Third, the thesis will give a further discussion to explain the defects in detail with a real case. Last but not least, the solutions will be advanced accordingly in order to ensure the benefits of employees and realize the functions of enterprise annuities.