DB养老金计划去风险化研究——基于buy-ins与buy-outs工具

Research on the De-risking of DB Pension Plan——Based on Buy-ins and Buy-outs

近些年,随着资本市场发展低迷、利率持续下降、长寿风险凸显及相关监管政策的实施,很多国家的DB养老金计划面临着严重的赤字问题。通过对buy-ins与buy-outs运行结构具体阐述以及其对养老金公司的账单影响的分析发现,buy-ins与buy-outs在养老金去风险化中作用效果明显。可以通过BSM定价方式,合理确定buy-ins与buy-outs的交易价格,进一步促进其在市场合理有效交易。

In recent years,DB pension plans all around world face increasingly serious deficits because of market downturns,low interest rate environments,serious old-aging,mortality improvement,new pension regulations and so on. This paper describes the structure and operation of buy-ins and buy-outs to analyze its effect on company pension bills,and buy-ins and buy-outs have significant effect on de-risking of pension. Through the BSM pricing method,the attractive price of buy-ins and buy-outs is reasonably determined,which leads to the reasonable and effective trading in the market.