A Research On The Replacement Rate Of Enterprise Annuity Based On The Lee-Carter Model

In 2018,the population aged 60 and above has reached 249.49 million people in China,it accounts for 17.9% of the total population.In order to realize the social security goal “Providing for the elderly”,our country need to develop a multi-level pension system.According to the calculation of this paper,the replacement rate of basic endowment insurance for urban workers in 2018 is 45.92%.If only the pension provided by the basic endowment insurance,the living standard of retired workers will be significantly reduced.When actual life expectancy is higher than that of workers,they risk triggering longevity risk and falling into “olding age poverty”.In order to estimate the residual life of population and calculate the replacement rate,this paper introduces the lee-carter model and uses the life table technology to calculate the expected residual life of population.Assuming that the employee joins the enterprise annuity plan at the age of 25 in 2020,when the employee is a male(female)insured employee,the expected remaining life of the employee at the age of 25 is 54.65(58.80)years.Based on life cycle theory and actuarial theory,establishing the model of enterprise annuity replacement rate,finally obtaining male worker in the enterprise annuity replacement rate is 11.64%,the female worker of the enterprise annuity replacement rate is 7.79%.Therefore,this paper analyzes the effect of delaying retirement on improving the replacement rate of enterprise annuity by combining with the widely discussed policy of delaying retirement age.In view of the unified investment mode of enterprise annuity in China,however,this mode can't deal with the difference of investors,and it can't carry out diversified investment.Therefore,this paper discusses the introduction of the life cycle fund under the enterprise annuity...