养老社会保险管理成本问题研究——以英国为例

Study on Administrative Cost of Old -Age Social Insurance——A Case Analysis of U.K.

在讨论养老社会保险制度的改革方向问题时,尽管直接比较不同养老计划的管理成本十分困难,但管理成本仍然是一个重要的考虑因素。依据利率期限结构原理,通过分析个人账户的成本到期结构,可以对个人账户的管理成本进行具体计算。以英国的数据为例,将管理成本进一步分解为积累率、转换率、年金率,最终计算出英国个人账户的管理费用率为0.44,这一结果大大超出人们通常的估计水平。本文为设计一个低成本的个人账户管理制度提供了可借鉴的思路,并主张中国“统账结合”的养老社会保险制度中的个人账户应实行个人所有、适度集中的市场化经营管理模式。

Although it is very difficult to comp are the administrative costs of diff erent pension schemes,the admin-istrative costs play a prominent role in the current debate over old -age s ocial insurance reform across the globe.This paper presents a framework for e valuating administrative costs of i ndividual accounts based on the term structure of interest rates by analyzing the ma turity structure of administrative costs.Drawing on data from U.K.the p aper decomposed the charge ratio into acc umulation ratio,alteration ratio,annuity ratio and calculation indic ates that the charge ratio of individual accounts in U.K.is 0.44,which means many prev ious estimates of costs for U.K.have estimated lower charges.The study h elps people to know how to design indi vidual accounts with low costs.Our p olicy recommendations for China' s individual accounts emphasize that privately owned,moderately centr alized and market -oriented management model is the appropriate Choice.