A Study On Pension Investment Management System Of The Independent Investment Of Personal Extract In Taiwan

With the trend of population aging,Many countries and regions have begun to face pension spending pressure.In this case,they not only introducing individual accounts into the pension management system,but also to promote the personal accounts of funds into the capital market for investment.The introduction of personal accounts system,compared to the previous PAYG system,has very important significance.The individual account generally adopts DC model,it clearly records payment,investment income,management costs,and investment losses.When insured employees retire,they will be paid according to the balance of their personal account.With the development of personal accounts in global scale,giving the insured employees the right to make personal autonomy investment choices becomes the development trend.The United States,Chile,Singapore,Australia,Hong Kong,China and other countries and regions have launched distinctive pension independent investment choices.Taking both the insured individual's risk appetite and risk tolerance into account,it makes the insured individuals have the right to choose whatever kind of independent investment or even whatever specific investment targets they want,to maximize retirement income security.In our country,social-personal model management of the old age insurance system is adopted,the insured have their own personal accounts;pension as supplementary pension plan uses a DC-type plan,the insured also have their own personal accounts.With the arrival of aging,the pressure of pension value maintenance and appreciation is growing.The administration of pension enters the capital market to launch pension investment operations,setting a maximum investment ratio of 30%.However,under the current mode,it is still highly centralized investment management.It is funds by the official,this situation creates three issues of pension investment management system: the first is the opaque investment management,according to 2016 audit results,pension funds have a huge flow of unknown circumstances.The second is that the investment return is fairly low.With the investment targets based on fixed income securities,its revenue is mainly composed of fixed income,facing a huge risk of inflation.Third,it's unable to meet the investment risk,appetite and life cycle planning needs of all insured.Fourth,although it has established the personal account of the insured,but due to the high investment management model,consciousness of property rights of the insured is not clear,to a certain extent,suffering from the consequence of uncertainty of property rights.With the model of pension personal accounts independently choosing investment style and object rising in many countries and regions,pension individual independent investment option becomes the trend of pension investment management system.The model takes risks and benefits into account,giving full consideration on the risk appetite and life cycle planning of different groups of people,the more highly concentrated pension investment management system has more advantages.In the process that Taiwan promoted the reform and development of the " Labor Pension Fund ",Taiwan designs Independent Investment of Personal Extract on the basis of individual autonomy investment choice.To a certain extent,it takes the risk control and return assurance into account and is a kind of innovation,with referential significance and market-based system design,etc.This article is based on Chinese national conditions,combing the characteristics of the current system of individual autonomy investment options on pension rights in countries and regions,and compares advantages and disadvantages.Further,it introduces Independent Investment of Personal Extract in Taiwan and analyze similarities and differences between the pension system and individual pension independent investment choice,focusing on basic and necessary conditions for the implementation of the system,risk and experience.At last the article makes lessons learned from Taiwan according to the actual situation of China's mainlandAccording to the research process and the actual content of the research,the paper is divided into six chapters.The first chapter is an introduction,mainly from the research background,purpose and significance,research methods and scope of the departure,and innovation point.It elaborates the origin of personal pension investment options and choice and analyzes the significance in theory and practice,and cited research methods and objects.The second chapter introduces the basic situation of individual pensions independent investment choice,mainly from the meaning of the individual right to choose independent investment,characteristics,development status around the world in several countries and regions,and the advantages and disadvantages,and the research results of domestic scholars summarized and comb.The third chapter individual pension independent investment choice since the mention made of innovative managed system.It introduces the system design and optional features,and analyzes the pros and cons of the system from different angles.The fourth chapter analyzes the market basis of the establishment,implement and development of the Independent Investment of Personal Extract based on individual pension innovative independent investment choice in Chinese Taiwan,from the financial point of view.The fifth chapter introduces analyzes economic and social effects that were caused by Independent Investment of Personal Extract from an economic and social point of view.Meantime it analyzes various risks in these effects accompaniedThe sixth chapter bases on the basic situation of China's Taiwan and mainland China,drawing from the experience of Independent Investment of Personal Extract,learning from each other,and discarding the dross and select the essential.At last,analyzing lessons learned and the necessary conditions to implement a similar system,in order to promote further reform of pension investment management system and development.