基于资金净值的个人账户养老金动态调整研究

Dynamic Adjustment Mechanism of Individual Retirement Account Pensions Based on the Net Asset Value

为了建立一个既能自动实现平衡,又能充分发挥养老功能的个人账户养老金调整机制,本文根据精算平衡原理,基于个人账户的资金净值构建养老金的动态调整模型。研究表明,本模型能够自动修正预测偏差,自动实现精算平衡,且具內生性;不仅可以在总量上保持平衡,最大程度发挥养老功能,而且每年的支付能力也是充足的;具有稳健性和可操作性,对调整因子等价转换后,调整养老全时就不要对参数进行预测了。

It is very important how to design an adjustment mechanism of pension which can keep fund balance and give appropriate security to retirees. We construct a dynamic model of adjusting pensions of Individual Retirement Account （IRA） based on the Net Asset Value （NAV） of IRA. The pension amounts match the actual net asset value under our model which can correct deviation automatically. IRA can keep actuarial balance and has enough sol- vency anytime. Our model becomes more operable and steady after equivalent transformation, because we don＇t need forecast any variable and only need current actual investment return when the IRA pensions are adjusted.