On The Legal Issues Of Information Disclosure Of Pension Insurance Fund

With the development of old-age security system, the scale of pension fund is large, and the influence to economics, politics, and sociology also grows with each passing day. However, the phenomenon of embezzlement, fraud, illegal investment of pension fund emerges in an endless stream, the satisfaction of the public, and the participation in the old-age insurance are also showing a downward trend, experts and internet users’view of the old-age security system reform plan is also controversial, this reflects the operation and management of pension fund in our country is not highly transparent, and the information disclosure system is not perfect, etc.. This paper based on the basic concept, the basic content and the necessity of Information disclosure of pension insurance fund, and this paper attempts to explore the method to improve our country’s legal system of the pension insurance fund information disclosure, through the research on the current situation of the legal system of disclosure of information, and the comparison of foreign system.This paper is divided into five parts:The first part analyses the overview of information disclosure of pension insurance fund. This part firstly gives a definition of layers of progressive concepts of pension insurance fund, the information of pension insurance fund, information disclosure of pension insurance fund, secondly analyzes the necessity of the information disclosure of the pension insurance fund, and finally gives a brief description of what the information disclosure legal system should include is the principles, obligations, legal scope, legal form, legal liability etc.The second part analyses the current situation of our country’s legal system of pension fund information disclosure. This part analyses the current situation of our country’s legal system of the basic pension insurance fund, the national social security fund, and the supplementary pension fund information disclosure with the legislation, the scope of disclosure, document format of disclosure, the way of disclosure, the basic aspects of time of disclosure, legal responsibility. This paper restores the overall appearance of our country’s legal system of the pension insurance fund information disclosure, through the extraction and induction of the relevant provisions from the complexities of various rules and regulations.The third part analyses the problems of the legal system of pension fund information disclosure in china. Through the study on the current situation, it found that there are deviations of legislative idea of our country’s legal system of the pension insurance fund information disclosure, and the legislative level is low, and it lacks of special legislation and local implementation legislation; in the respect of the obligations subject of disclosure, it does not specify the mainly and supplementary disclosure obligor of various types of pension funds; in the respect of disclosure scope, the basic pension insurance lacks of disclosure of system information, budget and final accounts information, investment information, the national social security fund lacks of disclosure of financing information and investment information, supplementary pension fund and the national social security fund lacks of the investment manager and the custodian election information disclosure, all kinds of pension fund financial information lacks the necessary explanation, the disclosure of the external audit report lacks clear requirements; in the respect of the disclosure form, the requirement of disclosure time is not clear, disclosure way and content are not corresponding, and provisions lack legal responsibility.The fourth part analyses the review of legal system of Britain and American pension fund information disclosure. This part studies and draws lessons from the legislation in Britain and the United States with the duty of disclosure, disclosure form, disclosure scope, legal liability. We get the following three points of inspiration:Pay attention to the information disclosure to the participants and beneficiaries of pension insurance, the financial statements are the focus of the information disclosure of the pension insurance fund, attach importance to the information disclosure of pension insurance fund audit information and actuarial.The fifth part analyses the suggestions to perfect the legal system of pension fund information disclosure in China. This part aims at the problems in China’s legislation, combines with the enlightenment of British and American legal system, proposes that China’s legislation should be improved in the following aspects:improving the legislation level, strengthening the special legislation and local implementation legislation; specifying the information disclosure obligor and obligation; improving the disclosure of basic pension insurance system information, financial information, investment information in accordance with the supervision requirements, improving the disclosure of national social security fund investment information, financing information, improving the national social security fund and the supplementary pension fund investment manager and the custodian election information disclosure; strengthening audit and actuarial information disclosure; strengthening procedures and form of disclosure; clearly defining legal responsibility of disclosure obligor.