美德日个人养老金制度及其对中国的启示

The Personal Pension System in the United States, Germany and Japan and Its Implications for China

中国人口数量居世界第二位,目前老龄化程度不断加深,人口红利逐渐消失,人口老龄化挑战日益显现。为了弥补现有养老保障体系第一、二支柱的不足,我国2022年正式推出第三支柱个人养老金制度。相较更早进入人口老龄化的发达国家(地区)而言,我国的个人养老金制度建立较晚,一方面在税收优惠政策的具体化、个体参与个人养老金的选择灵活性、个人养老金市场化方面仍需完善;另一方面有丰富的国际经验可供参考。美国、德国和日本作为个人养老金制度发展较为成熟且最具代表性的三个国家,其经验能为我国完善个人养老金制度提供良好借鉴。美国的IRA模式是当前世界上资金体量最大、计划数量最多的个人养老金制度,以独具特色的不同IRA产品、税收优惠、双轨制的个人养老金账户和较为完整的二、三支柱的互转政策为典型特点;德国里斯特养老金改革后,个人养老金模式成为欧洲国家个人养老金模式的典型代表,其最大的优势为改革经验丰富,从对第一支柱的极度偏重到第二支柱加大力度带来的经济问题,最后到改革为大力发展第三支柱里斯特个人养老金的选择历程对我国极具借鉴意义,其以税收优惠、里斯特模式和吕鲁普模式并重为特点;日本是亚洲国家中个人养老金制度确立较早、人口数量较大、进入人口老龄化进程较快的国家,且与中国的文化背景较为接近,其典型特点为通过对参与人限制来提升对参与人的投资教育,鼓励二、三支柱的相互转化,信息公开和提供良好的投资环境等都值得中国借鉴。我国养老体系公共利益属性较强,市场化和商业化属性较弱,我国第三支柱个人养老金在制度设计上也应当与其他国家(地区)有所差异。个人养老金对于未来扩充养老资金支持、应对人口老龄化和就业多元性都具有战略性价值,对个人养老金的制度设计和完善显得尤为重要,但是目前我国的个人养老金配套制度仍然有很大的改进空间。个人养老金发展在完善税收、制度衔接、参与人激励等方面还存在不足。可通过完善税收优惠配套措施、改善个人养老金投资环境、完善信息公开风险提示、加强养老体系内部衔接等方式改进我国现有个人养老金制度。

The Chinese population has gradually entered a period of deep aging,the demographic dividend has gradually disappeared,and the challenge of population aging has become increasingly apparent. The Chinese pension system is struggling to adapt to these changes. To address the shortcomings of the first and second pillars of the existing pension system,the third pillar,the personal pension system,was officially introduced in 2022. Compared to developed countries that have entered the aging population phase earlier, China established its personal pension system relatively late. Therefore,there is still room for improvement in terms of specific tax incentives,flexibility in personal choices for participating in personal pension,and marketization of the personal pension system. On the other hand,there is a wealth of international experi⁃ ence to draw from. The United States,Germany,and Japan,as the three most typical countries with mature personal pension systems,offer valuable lessons for China. The IRA model in the United States is currently the world′s largest personal pension system in terms of funds and the number of plans. It is characterized by its unique range of IRA products,tax incentives,dual-track personal pension accounts,and policies that allow for the transfer between the second and third pillars. Germen Riester pension reform made its personal pension model a typical representative among European countries. Germany extensive reform experience,transitioning from an extreme emphasis on the first pillar to significant development of the third pillar,Riester personal pension,offers valuable insights for China. Japan,being an Asian country with an early-established personal pension system,a large population,rapid aging process,and similar cultural background,provides lessons in enhancing investor education through participant restrictions,encouraging the conversion between the second and third pillars,and ensuring transparency and a good investment envi⁃ ronment. Chinese pension system has strong public welfare attributes,with weaker market and commercial attributes. Therefore,the third pillar of personal pension in China should be designed differently from other countries. Personal pension holds strategic value for expanding future pension funds,addressing population aging,and supporting diverse employment. Thus,it is crucial to focus on investment incentives for partici⁃ pants in the personal pension system. Currently,there is significant room for improvement in the supporting system for personal pension in China,particularly in terms of tax incentives,system integration,and par⁃ ticipant motivation. To this end,the article proposes policy recommendations for improving the personal pension system in China,including enhancing tax incentive measures,improving the investment environ⁃ ment for personal pension,enhancing information disclosure and risk warnings,and strengthening the integration within the pension system.