我国企业补充养老保险的模式选择——基于国外对DC计划的反思

The Model of Complementary Corporate Pension Program——Based on a Reflection on the Foreign DC Plan

在我国 DC 型企业补充养老保险计划开始建立之时,国际社会正进行着一场对 DC 计划的反思浪潮。DC计划运营效率低下、存在偿付能力风险、降低养老保障覆盖率、加剧养老金收入分配差距等诸多问题开始暴露。多头委托的运作模式、养老金风险责任的转移、养老保障的刚性需求是导致 DC 计划产生问题的原因。国际社会普遍认为,DB、DC 两种养老计划,各有利弊,互为补充。鼓励两种模式共同发展、分别对两种计划进行改进、综合使用两种计划是国际上解决养老金问题的三条途径。我国应全面考虑养老金治理结构、偿付能力风险、成本效率、计划流动性、资本市场发展、养老收入分配,以及"历史债务"等因素,建立以 DB 计划为主、DC 计划为辅,鼓励综合创新的企业补充养老保险制度。

While the DC-type of complementary corporate pension insurance is in the making in China, the international market has started to reflect on their DC plans. Many of the problems of the DC plan such as low operational efficiency, existence of solvency risk, a tendency to lower the coverage ratio of pension programs, pension income distribution disparity, and so on are emerging in many countries, These problems arise from the issues of multiple trust relationship, transfer of pension risk liability and the unyielding demands for pension provision related to the DC plan. The international community has the consensus that there are pros and cons on both the DC and DB plans and these two models can be complementary to each other. Therefore, there have come out a third route encouraging coexistence of these two models, improving on each of them, and combining both models into one, China should fully consider factors such as its pension governance structure, sol- vency risks, cost efficiency, portability of the plan, development of the capital market, pension income distribution and ＂legacy burdens＂ and establish a complementary corporate pension system that mainly uses the DB model with appropriate supplementation of the DC model.