Population Structure,Longevity Risk Sharing And Retired Age

Longevity risk sharing is one of the basic functions of social endowment insurance.In the social endowment insurance,the short-life insurant and the long-life insurant share the longevity risk through the transfer of the insurance fund,and the artificially set pension age determines the proportion of the short-life insurant and the long-life insurant,thus affecting the longevity risk sharing function of social endowment insurance.This paper attempts to make a quantitative study on the relationship between the pension age and the longevity risk sharing function of social endowment insurance under the pay-as-you-go system.On the basis of Li Yufei's(2018)"Intra-generation Longevity Risk Sharing Model",this article relaxes the assumption that the insured are the same age group,and constructs an "inter-generational longevity risk sharing model" based on pay-as-you-go system.The difference between the total long-life benefit recipients and their total contributions in an actuarial cycle" is used as an indicator to measure the inter-generational longevity risk sharing function,that is,the "inter-generational longevity risk sharing difference".Different pension ages correspond to different inter-generational longevity risk sharing differences.Taking the maximum inter-generational longevity risk sharing value as the denominator and the inter-generational longevity risk sharing difference of specific pension age as the numerator,this paper constructs the "inter-generational longevity risk sharing coefficient",which can reflect the influence of different pension ages on the inter-generational longevity risk sharing function of social endowment insurance.This paper presents the actuarial formula of the "inter-generational longevity risk sharing coefficient" under the principle of balanced net insurance premium,combines with the national life table made based on the data of Chinese population census and mortality assumptions in the future,quantitatively depicts the relationship between the pension age and inter-generational longevity risk sharing coefficient under different population structure.