公共养老金精算平衡:来自加拿大养老金改革的案例研究

Public Pension Reform in Canada:A Case Study

审视1995年以来近三十年加拿大公共养老金体系的运行过程,加拿大公共养老金制度成功的核心因素,一是快速提高基金积累有利于保持公共养老金体系的代际公平,不将高额的债务压力留给后代;二是快速积累形成的资金池通过良好的资产配置和运作,提高投资收益率,能够弥补公共养老金收支现金流缺口,极大改善公共养老金的财务可持续性。快速补足公共养老金规模同时通过委托独立机构运营提高资产收益率,能够明显改善公共养老金的精算平衡,中国的长期经济增长已积累起规模可观的国有资产,加快划转国有资产进入公共养老基金运作值得期待。

Canada's public pension system has made significant achievements in the nearly three decades since major reforms were drafted in 1995.The main contributors to the success of Canada's public pension system were a rapid increase in the accumulation of funds that helped maintain intergenerational fairness in the public pension system and avoided the transfer of pressure from high debt levels to future generations.Under the reforms,a rapid accumulation of funds was achieved through good asset allocation and operation.This improved investment returns and significantly helped fll the cash flow gap between public pension income and expenditures,and in turn greatly improved the financial sustainability of the public pension system.By supplementing the scale of public pension funds and increasing the return on assets through the commissioning of independent institutions,the actuarial balance of public pension funds was significantly improved.As a socialist country,China's long-term economic growth has accumulated a considerable amount of state-owned assets.By transferring some of these assets to independently operated public pension funds,the sustainability of China's pension system could be significantly improved.