个人养老金发展的风险研判与对策分析

Risk Assessment and Countermeasure Analysis of the Development of Individual Pension Schemes

作为养老保险的第三支柱,个人养老金制度对于健全多层次、多支柱养老保险体系,提升养老金水平,促进再分配具有十分重要的现实意义。目前我国个人养老金面临社会参与积极性不足、制度普惠性有待加强、投资产品不足且风险结构单一、监管任务更多更复杂的风险和挑战。调研发现,很多国家十分注重各支柱保险的均衡发展,通过完善税惠制度、发放补贴等扩大个人养老金覆盖面,增加基金规模并进行市场化投资。未来我国应明确个人养老金的制度定位,做好制度衔接,建立与共同富裕目标相适应的税收优惠制度,从产品设计和投资管理入手扩大覆盖面,并做好配套性的制度安排。

As the third pillar of the pension insurance system,the individual pension scheme holds significant practical importance in enhancing the multi-level and multi-pillar pension insurance system,raising the pension level,and promoting income redistribution.Currently,China's individual pension schemes face risks and challenges such as insufficient social participation enthusiasm,the need to strengthen the inclusiveness of the system,inadequate investment products with a monotonous risk structure,and more complex and demanding regulatory tasks.Research reveals that many countries attach great importance to the balanced development of various pension pillars,expanding the coverage of individual pension schemes and increasing fund sizes through improved tax incentives and subsidies,as well as market-oriented investments.In the future,China should clarify the institutional positioning of individual pension schemes,ensure proper institutional coordination,establish a tax incentive system compatible with the goal of common prosperity,expand coverage from product design and investment management perspectives,and make complementary institutional arrangements.