私人养老金的市场驱动机制与资本市场互动发展——以爱尔兰经验为例

The Interaction Between Market-driven Mechanism of Private Pension and Capital Market: A Case Study of Ireland

私人养老金具有长期积累的特征,能否通过市场化投资实现积累型基金的保值增值,将对多支柱养老金制度目标的实现产生重要影响。文章以多支柱养老保障体系结构较为健全的爱尔兰经验为例,分析其第二、三支柱养老金制度改革的制度基础和激励政策,从基金治理、投资运营和监管体系等方面分析改革绩效,重点探讨第二、三支柱养老金与资本市场的良性互动关系。结合中国年金制度与资本市场的发展现实,得出了完善企业年金治理结构,实现第二、三支柱养老金制度的有效衔接,实行多元化投资策略和完善监管体系等重要启示。

Private pension is characterized by long-term accumulation, and whether it can maintain and increase the value of accumulated fund through market-oriented investment will have an important impact on the goal of multi-pillar pension system. The paper analyzes the institutional basis and incentive policies of the second and third pillar pension system reform in Ireland, which has a relatively sound multi-pillar pension system structure. Then the paper analyzes the reform performance from the aspects of the fund governance, investment operation and supervision system, focusing on the interaction between the second and third pension pillars and the capital market. Finally, considering the reality of enterprises’ annuity system and capital market in China, some important inspirations are concluded, such as improving the fund governance, integrating the second and third pillar pension system effectively, implementing a diversified investment strategy and improving the fund regulatory system.