丹麦ATP养老金的运行效果研究

Study on Operation Effect of Danish ATP Pension

丹麦ATP养老金作为第二支柱的缴费型养老保险制度,其主要目标是防止老年贫困。虽然该制度属于DB型现收现付制养老金,但自建立以来一直运行平稳。在保障性方面,基本实现了对人口的全覆盖,且待遇呈现上升趋势;在财务持续方面,虽然人口老龄化使得制度缴费和待遇之间的缺口逐步加大,但并未出现财务危机,制度收入和结余呈现稳定上升的态势。丹麦ATP养老金制度之所以较好地运行主要有三个方面的原因:首先,在公共养老金的定位上,ATP养老金选择低水平和广覆盖,目标是防止老年贫困,而非收入替代;其次,良好的投资管理模式是ATP养老金持续运行的关键,特别是对冲管理模式和分散化投资模式是制度收入稳定增长的有力保障;第三,发达的私人养老金是ATP养老金稳定运行的有效保障。

The contributory ATP pension is the second pillar in Danish pension system.Its main goal is to prevent poverty in old age.Although ATP is the DB-type and pay-as-you-go pension,the system has been running smoothly since its establishment.In terms of security,ATP has achieved full coverage of the population and the benefit has shown an upward trend.In terms of financial sustainability,although the aging of the population has gradually widened the gap between contributions and pension benefits,there has not been a financial crisis,and the system income and balance have shown a steady upward trend.There are three reasons why the Danish ATP has achieved good performance.Firstly,in the positioning of ATP pension,it belongs to low level pension,whose goal is preventing old age poverty instead of income replacement;Secondly,the good investment and management model is the key to the continuous operation of ATP pension.In particular,the hedging management and the decentralized investment model are crucial for the steady growth of income.Thirdly,Highly developed private pension is the powerful guarantees for ATP.