德国个人养老金制度:制度设计、运行困境与改革探析

The Personal Pension System in Germany:Institutional Design,Operational Dilemmas,and Reform Analysis

德国的个人养老制度建立较早,运行时间较长,该制度有效地推动了德国多层次养老保障体系的建立,缓解了公共养老金的支付压力。但在二十余年的发展中,德国个人养老金制度呈现出前期高速发展、后期发展乏力的特点,改革成效不及预期。究其缘由,与德国的经济结构特点及制度设计有密切关联。尽管德国政府为推动个人养老金制度的发展提供了高额的财政补贴,但过低的投资收益率严重影响个人养老金的社会认可度。针对德国个人养老金制度的运行困境展开重点研究,从德国个人养老金的改革历程、制度设计出发,具体分析德国个人养老金制度二十多年的运行表现,总结出德国个人养老金制度所面临的主要挑战。对如何解决个人养老金发展问题,基于德国经济特点、制度特点,也提出了一系列改革思考和建议。

The personal pension system in Germany was established earlier and operated for a long time.This system effectively promoted the establishment of a multi-level pension security system in Germany and alleviated the payment pressure of public pensions.However,in the more than 20 years of development,the personal pension system in Germany has shown characteristics of rapid development in the early stage and weak development in the later stage,with less than expected reform results.The reason for this is closely related to the economic structure and institutional design of Germany.Although the German government has provided high financial subsidies to promote the development of the personal pension system,the low investment return rate seriously affects the social recognition of the personal pension system.This article focuses on the operational difficulties of the German personal pension system.By analyzing the reform process,institutional design and operational performance of individual pension over the past 20 years,the main challenges faced by Germany’s individual pension system are summarized.At the same time,this article proposes a series of reform thoughts and suggestions on how to solve the problem based on the characteristics of Germany’s economy and system.