Research On The Construction Of China's Private Pension System

At present,China has basically established a three-pillar pension system including basic old-age insurance,enterprise supplementary old-age insurance and personal savings old-age insurance.However,due to the problems of incomplete policies,insufficient development of the insurance market,imperfect supervision system and low enthusiasm for residents to participate in the private pension system,the development of the private pension system is relatively slow.In order to further strengthen the construction of private pension system,alleviate the contradiction between the aging population and the increasing demand for pensions,increase the accumulation of pension assets,alleviate the financial pressure of the government,make up for the shortage of public pension,improve the level of pension treatment,and guarantee the quality of retirement life of the elderly.IRA,RRSP in Canada and ISA in Britain has the characteristics of a perfect system and regulations,high enthusiasm of citizen participation,stable development of the insurance market and capital market,complete types of personal savings and pension accounts.Building on the successful experience of developed countries,China's private pension system construction should follow the principles of moderation,voluntariness,fairness and unity,and responsibility sharing.Create an account platform that integrates individuals,enterprises,financial institutions and tax system,more effectively implement EET mode,set the limits of payment and collection,and give clear preferential tax policies.In the design of an accounting system payment,we need to adopt different cap limits for different levels of people and individuals with different tax returns to ensure that everyone enjoys fair preferential policies.In terms of capital market and insurance market,we should strengthen the construction of the supervision system and institutionalization,enrich investment products and improve the professional service ability of institutions.The scenario simulation of private pension plans using dynamic simulation method shows that even if the number of years of contribution reaches the theoretical maximum.The low rate of contributionwill lead to the low rate of replacement of individual pension.In groups with different income levels,the longer the number of years of contribution,the higher the replacement rate of individual pension after retirement,the lower the replacement rate of individual pension can be.It is planned to play a supplementary role in guaranteeing retirement living standards.