Research On The Supervision Of Occupational Annuity Operation In China

As an important part of the reform of the pension insurance system of government institutions,occupational annuity has always been highly anticipated,directly related to the vital interests of the vast numbers of government agencies and their employees,and related to the overall situation of reform,development and stability.The multi-pillar pension insurance model of "basic pension insurance +supplementary pension insurance(occupational annuity)+personal savings pension insurance"is formed by establishing the occupational annuity of government institutions.It is conducive to alleviating the government's pension responsibility in public officials,and is conducive to the stabilization of income and diversification of sources of retirees in government institutions.At the same time,because China's enterprise annuity is only applicable to enterprises and their employees in principle,the establishment of occupational annuities can also help to achieve effective conversion of pensions between government institutions and enterprises,enhance the liquidity of vested income rights of pensions,and promote public officials.The orderly and rational flow of labor and enterprise labor promotes the optimal allocation of labor resources.China's government and public institutions began to implement the occupational annuity system since October 1,2014.Subsequently,the state issued a series of occupational annuity supporting policy documents to ensure the smooth implementation of the occupational annuity.Based on the pension annuity of the occupational annuity,in addition to the system to provide a gradual increase in the maintenance of the occupational annuity stock,it is necessary to adopt appropriate operational means to achieve the incremental goal.Experience has proved that the market-oriented operation mode is the necessary choice for realizing the value-added and value-added of occupational annuities.By selecting qualified trustees and using their professional and diversified investment operations for occupational annuities,the profitability can be significantly improved.However,the capital market income and risk coexist,and the market-oriented operation mode brings benefits to the occupational annuity assets while bringing benefits.Therefore,it is necessary to strengthen the operation supervision of the occupational annuity and build a perfect occupational annuity supervision system.However,China's occupational annuity system has not been established for a long time.At present,the operation supervision of occupational annuity is still in its infancy,and there are still many problems to be solved.First of all,the existing laws,regulations and normative documents do not make special provisions on the operation and supervision of occupational annuities.The documents on the occupational annuity system that have been issued are basically issued in the form of"methods"and"notices".The annuity has not yet risen to the legal level,and the legal basis for operational supervision is insufficient.Secondly,the independent account manager was abolished and the"agent"management role was introduced.The central and provincial social security agencies will face many challenges and bring new difficulties to the work of the regulatory agencies.Thirdly,the lack of specialized occupational annuity supervision institutions,the division of responsibilities and authority of various regulatory authorities needs to be further clarified,and the collaborative supervision mechanism needs to be improved.Finally,the principal and the beneficiary,as the natural subjects of the occupational annuity operation supervision,are unable to undertake the corresponding supervisory responsibilities,and the mutual supervision responsibility of the fund management institutions has not been fully implemented.The internal supervision mechanism of the occupational annuity still needs to be further strengthened.In addition,the information disclosure system is not mature.The information disclosure focuses on reporting and filing to the regulatory authorities,ignoring the information disclosure of the principal,the beneficiary and the public.There is no specific provision for the disclosure of the legal liability of the obligor's information disclosure and the corresponding punishment measures.Therefore,in order to improve China's occupational annuity operation supervision system,it is necessary to learn from the mature experience of developing occupational annuity system in other countries and regions,and on this basis,combined with the actual situation of China,propose improvement methods.Based on the particularity of government institutions and occupational annuities,the supervision of the occupational annuity by the regulatory body should be between the basic pension insurance and the enterprise annuity,in short,it is more lenient than the basic pension insurance,and stricter than the supervision of corporate annuities.In such a general direction,we will promote our profession by improving the professional annuity legal system,clarifying the duties and responsibilities of professional annuity agents,improving the government's supervision and management system,strengthening the internal supervision of occupational annuity operations,and strengthening the information disclosure and reporting system.Specifically,it includes:accelerate legislative work,raise the level of legislation,clarify the content,status,and role of occupational annuity operations supervision,and further clarify the legal responsibilities of the various supervisory bodies' duties and responsibilities and violations;clarify the duties and boundaries of the agent and the trustee,and clarify the agent's account management duties;set up a special occupational annuity supervision institution,improve the coordination supervision mechanism;establish an occupational annuity management committee and operational hearing system to change the status quo of the occupational annuity client and beneficiary's lack of supervision;introduce the custodian and investment manager's reliance obligations,restrict the trustee to concurrently serve as the investment manager,to achieve mutual supervision between the occupational annuity fund management institutions;refine the content of occupational annuity information disclosure,and establish a diversified information disclosure platform to ensure the right to know the annuity information of the principal,the beneficiary and the public.