The Potential of Commercial Pension Insurance to Develop into One of the Pillars of Rural Pension Insurance:A Study from the Demand Perspective

The development of a multi-pillar pension insurance system is an effective solution for an aging society.Commercial pension insurance,as the third pillar of pension insurance,is an integral part of this system in China and can play a critical and complementary role in rural areas where support for the elderly is a more pressing concern and a second pillar of pension insurance remains absent.To this end,we first elaborate on the theoretical logic that commercial pension insurance can develop into one of the pillars of rural pension insurance.We then empirically test rural residents’willingness to participate in a commercial pension insurance plan(CPIP)in a probit model with household research data from rural areas in major labor-exporting provinces,such as Sichuan and Henan so as to explore whether commercial pension insurance has the potential to become one of the pillars of rural pension insurance.Our research findings can be synthesized in three points.First,rural residents out of agricultural production for five consecutive years are more willing to participate in a CPIP than other rural residents,indicating that progress in industrialization and urbanization can significantly boost such willingness.Second,the younger rural residents are more inclined to participate in a CPIP than the older generation.Third,income increases can significantly boost rural residents’willingness to participate in a CPIP.Thus,with progress in industrialization and urbanization and an increase in rural disposable income,commercial pension insurance has a promising potential in rural areas and can hopefully develop into one of the pillars of rural pension insurance.

Innovative Development Path of the Pension Model Under the Background of the Aging Society: Taking Chongqing as an Example

The aging society has dawned on China,and the pension industry is now considered to be a sunrise industry.In 2020,the number of people over the age of 65 in Chongqing had reached more than 5.47 million.At present,the mainstream home-based care,children support,and institutional care cannot fully meet the needs of the elderly for food,housing,medical care,nursing,and entertainment.The value curve model from“Blue Ocean Strategy”is used to look for innovative,differentiated competitive strategies.Through community-sharing pension institutions,it is believed that a new model that provides lower prices and more professional medical care services for the elderly,enriches the spiritual world of the elderly with rich entertainment activities,and connects social services through an elderly studio to meet the needs of the elderly for self-realization can be introduced.

Design of Intelligent Pension Online Monitoring System Under the Environment of Internet of Things

With the improvement of the degree of aging,the traditional pension model can no longer meet the growing needs of the elderly.Therefore,it is necessary to use the intelligent means of information technology to improve the level of pension services.This paper will integrate multi-sensor fusion technology,NB-IoT communication technology and cloud platform technology to develop and design a smart pension online monitoring system to realize real-time collection of human health and motion status information and realize monitoring platform management.In this system,STM32 microcontroller will be used as the main control module,and MAX30102,ADXL345 and DS18B20 sensors will be used to collect the heart rate,blood oxygen,displacement and body temperature of the human body in real time.On the one hand,the communication part is completed by the BC20 Internet of Things module.The data transmission between the terminal detection device and the cloud platform,on the other hand,the HC-42 Bluetooth module is used to complete the data communication with the mobile phone.The test results show that the system can collect and process data accurately in real time and maintain good communication with the cloud platform and mobile phone.The designed system has strong pertinence,easy operation,high reliability and broad development prospects.

Research on Accounting Issues of the Pension Insurance Fund for Urban Employees

Pension insurance is a vital component of China's social security system,ensuring the welfare of the general publie.This study centers on the revenue and expenses of City S's urban employee basic pension insurance fund.It introduces and analyzes the fund's accounting status from four key perspectives:fund raising.expenditure,financial statement system,and accounting information disclosure.The research identifes existing problems in City S's accounting system and conducts in-depth research on these issues.Furthermore,an empirical analysis is conducted on the management of the pension insurance fund.Through this empirical study,the paper aims to offer insights and recommendations for promoting stable and healthy development measures for City S'8 urban employee basic pension insurance fund.

Managing Pension Funds in Zimbabwe： Ethical Issues and Challenges

This article is motivated by the predicament that hit pensioners in Zimbabwe following the introduction of the multi-currency system. Zimbabwe experienced economic woes which rendered the Zimbabwean dollar worthless and consequently necessitating a switch to stable currencies. The pension assets and liabilities were invested in the local currency before the currency reform, and the result of the multi-currency system was a mismatch of the assets and liabilities of the pension funds financial position which led to paltry pension benefits. The nature of pension funds places a great responsibility on the stakeholders who are involved in running these schemes and therefore ensuring that reasonable expectation by beneficiaries is met. The article focuses on the core aspects surrounding the structure and managing of pension funds in Zimbabwe. The researcher investigated the roles of important stakeholders in the Zimbabwean pension industry, namely, government, trustees, investment managers, and actuaries. The article further delves into the ethical issues and challenges faced by those managing Zimbabwean pension funds. The researcher conducted a total of 30 personal interviews to collect primary data from professionals in the Zimbabwean pension industry which were split as follows： 10 trustees, 10 investment managers, and 10 actuarial consultants. Secondary data were also used in this study and it comprised of journals, newspaper articles, investment reports, and textbooks. The researcher recommends that pension funds develop sound corporate governance mechanisms that will encourage the best ethical practices among all of their stakeholders. The findings provide evidence for a need to empower pension fund trustees through training and introduction of a pension protection scheme. In addition, the current regulatory system needs to be reviewed to capture the changing economic environment upon which pensions funds operate.

Optimization of Pension Asset Portfolio in Nigeria with Contributors’ Specified Return Rate

This work focuses on the optimization of investment contributions of pension asset with a view to improving contributors’ participation in achieving better return on investment (RoI) of their funds. We viewed some new regulations on Nigeria’s Contributory Pension Scheme” (CPS) from amended legislation of 2014, some of which are yet to be implemented when their regulations are approved. A mathematical model involving 5 variables, 5 inequality constraints covering regulatory limitations and limitation on scarce resource known as Asset Under Management (AUM), suggested and mathematically shown to be possible through “maximization of return irrespective of risk” while obeying all regulatory controls as our constraints optimized. Optimized portfolio using MatLab shows that the portfolio representing AES 2013 portfolio with a deficit growth of 15.75 m representing 3.27% less than the portfolio’s full growth potential within defined assumptions would have been averted if contributors actually set their targets and investment managers optimize from forecasts of future prices using trend analysis.

Optimal Management of the Pension Contribution Rate Using the H∞-Control Theory

In this paper, we construct a general model for a pension fund when there are time delays in the valuation process. Actually, we use the standard structure of the basic reserve equation in order to rebuild a more sophisticated approach based on the theory of H∞ control. Our model evaluates the incomplete information from the delayed fund valuations—due to the oscillatory pattern for benefit claims and investment experience of the past years—within the context of uncertainty additionally to the randomness which certainly exists. So, we construct estimations for the optimal proposed contribution rates based on a feedback mechanism which is a robust stabilization controller, using typical linear matrix inequalities. Finally, a numerical application is fully investigated to obtain further insight into the problem.

Social Equity： View from Pension System Unification

With the aging process, people been looked after properly in the old age has already become an important index to the national happiness index. Nowadays, government has a increasingly clear roadmap in promoting the development of pension system. Pension system unification refers to the same pension system for workers in public institutions and enterprises. It is a relative concept to the dual pension system. It has positive effect on social equity. But it also has many problems. In this article, author explained the relation between pension system unification and social equity on the basic of analyzing viewpoints of several scholars. And make comments by extending it and analyzing it.

Optimal investment for the defined-contribution pension with stochastic salary under a CEV model

In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows a constant elasticity of variance model. The stochastic salary follows a stochastic differential equation, whose instantaneous volatility changes with the risky asset price all the time. The HJB equation associated with the optimal investment problem is established, and the explicit solution of the corresponding optimization problem for the CARA utility function is obtained by applying power transform and variable change technique. Finally, we present a numerical analysis.

Analysis and Research on Information Design of the Smart Community Pension Service

In the research on the smart community pension service,it is found that the problems encountered in the promotion of the smart pension can not be solved in the short term because of the lack of information and the acceptance of the intelligent products by the elderly. This paper puts forward the research ideas based on the cognitive characteristics and demand prediction of the specific population. Focusing on the research on the pension needs of people born in the 1960 s or 1970 s,it provides support for the solution of smart pension services in the peak period of aging population in the future.

Study on Reasonable Premium Rate of Pension Insurance in China

By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium, returning level of retirement pay and premium rate are established. Comparatively speaking, these models solve the problem of the determination of the premium rate more scientifically and offer an effective analyzing means to the improvement of the Chinese Pension Insurance System.

Study on Improving Development Strategies of New Rural Social Pension Insurance System in Heilongjiang Province

Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems. Therefore, in order to guarantee the smooth implementation of new rural social pension insurance work in Heilongjiang Province, this paper combined with the reality to provide several suggestions for improving the new rural social pension insurance system in Heilongjiang Province.

Sensitivity of Personal Account Accumulated Value of New Rural Social Pension Insurance to Variation of Uncertainties

The personal account of new rural social pension insurance raises funds in the form of individual premium-paying,collectively pooled subsidy and government subsidy.The personal account accumulated value has a decisive influence on the payment level of personal account pension.The personal account accumulated value has a direct or indirect relationship with the income level of farmers,premium-paying level,the insured period,investment return rate of funds and other factors.Analysing the impact of infinitesimal variation of these factors on accumulated value of personal account pension,is of great significance to improving and consolidating personal account,and achieving sustainable development of new rural social pension insurance.

Planning and Layout Strategies of Urban Institution Pension Service Facilities under the Background of Aging Society: A Case Study of the Main Urban District of Xuzhou City

China has entered an aging society, and the contradiction between the social pension needs rapidly growing in the dty and the lagged pension business is increasingly outstanding. By analyzing the amount, development level, type, sttucture, and space distribution of the institutional pension facilityin main urban district of Xuzhou Qty, this paper has summed up the main problems. Combining the estimation on the number of the elders and pension bed, coordination and planning of institutionalpension facility in the research zone are conducted from three aspects： distribution guidance, ptindple of locating and differentiation configufation, to promote tiie construction of pension agenqr and impel the development of pension business in Xuzhou Qty.

Net Pension Liability Impact on School Districts after Incorporation of Governmental Accounting Standards Boards (GASB) Statement Number 68

This paper analyzes twenty school districts in the state of Pennsylvania and applies ratio analysis to understand the potential effect of GASB number 68 on the financial statements of these entities.The financial statements were picked on a random basis from the Electronic Municipal Market Access[1]database.EMMA is a research and data retrieval system of the Municipal Securities Rulemaking Board(MSRB).The MSRB provides resources to trade municipal bonds and access to the financial statements of entities selling these securities.The paper was developed as a result of the requirement by GASB to“recognize their long-term obligation for pension benefits as a liability for the first time,and to more comprehensively and comparably measure the annual costs of pension benefits”[2].The public schools in Pennsylvania incorporated GASB number 68 for the fiscal year ended June 30,2015 and restated the financial statements for the fiscal year ended June 30,2014.The effects of these restatements created a situation where most of these districts now show a negative fund balance caused by an increase of liabilities of over one hundred percent.Many of the decision makers are uncertain of the long-term changes that this recognition will have on the operations of the school district.Bond ratings have suffered because of the volatility and uncertainty causing negative effects on the balance sheet,increased current recognition of pension expenses,and a possible interest rate increase.All of these effects are illustrated in this paper.This is at a time where many people are questioning the performance of many of the school districts.

The factors that affect the participation of social organizations in pension service are analyzed

At present, the aging situation of China＇s population is becoming more and more serious. By the end of 2016, there were 231 million people over the age of 60 in China, accounting for 16.7% of the total population. About 150 million people aged 65 and over make up 10.8 percent of the total population. China is expected to enter the peak period of population aging by 2035. Therefore, the government as a single pension service main body management pattern already can not adapt to our country entered the aging society, mobilize and fostering social organizations to participate in the pension services is to build perfect endowment service system, satisfy people pension service demand model of a kind of indispensable. In view of the development of social organizations has just started in our country, there exist many problems and difficulties, so this article USES the ISM method, for social organizations to participate in research and analyze influence factors of pension services, and then find out the social organization in the process of participation in pension service problems, put forward effective solutions.

Distinguish between Defined-benefit and Defined-contribution Pension Schemes

According to the data from IFSL(International Financial Services, London), Pension funds increased rapidly in recent year. Pension funds always have different ways to build up. One form always from the institutional investment and the funds will build up during the working life by the worker's company and then workers use the funds as the retirement income during workers retired. Alternatively some employees invest in a fund of their choosing and the money can be used to buy an annuity to obtain the pension funds. For this form, one of the important forms of stock market investments of pension funds is shares and bonds.

Analysis of the Difference of the Basic Pension by Regions

Nowadays, the disparity of the basic pension in local regions of China can be described as follows: the low level of the unification of the basic pension systems, the large disparity of the level of the basic pension, and unfairness of the enterprises’ payment for the basic pension in different local regions in China. These have already brought many negative influences, which have greatly held back the development of the society and national economy. We should build the basic pension system in all local regions of China as a whole, which can cover all people and decrease the disparity in different local regions in China.

Optimization of Actuarial Model for Individual Account of Rural Social Pension Insurance

This paper firstly analyzes different payment methods of individual account and the pension replacement rate under the pension payment method.Results show that it will be more scientific and reasonable for the individual account of new rural social pension insurance to adopt the actuarial model of payment according to proportion of income and periodic prestation at variable amount.The Guiding Opinions on New Rural Social Pension Insurance sets forth individual account should be paid at fixed amount,and the insured voluntarily selects payment level as per criteria set by the State.The monthly calculation and distribution amount of pension is the total amount of individual account divided by139.Therefore,it should start from continuation of policies and make adjustment of payment level in accordance with growth of per capita net income of rural residents.When condition permits,it is expected to realize transition to payment as per income proportion and periodic prestation at variable amount.

Tackling China’s Pension Fund Payment Crisis:Will the “Two-Child Policy” Be the Answer?——An example with the basic pension insurance program for urban employees

Based on the reality that 29 Chinese provinces have already implemented the policy allowing a couple to raise a second child if either parent is an only child, this paper provides an empirical study on the effect of this policy on the financial status of the social pooling fund of basic pension insurance for urban employees. Our study suggests the followings. First, under the previous unchanged family planning policy, current deficits and cumulative deficits will occur in the social pooling fund in the year 2047 and 2063 respectively. Second, if lO% to 50% of qualified couples choose to raise a second child, the financial status of the social pooling fund will improve; relative to the previous unchanged family planning policy, the contribution ratio can decrease from 20% to the range between 18.06% and 19.57% without causing any changes to the original financial status of income and expenditure. Third, if the percentage of couples choosing to raise a second child rises to 60% to 100%, the contribution ratio can even decrease to the range between 16.55% and 17. 7% without causing any changes to the financial status as under the previous unchanged family planning policy. The above conclusions have all passed the sensitivity test. Therefore, the ＂two-child policy＂ for qualified couples is favorable to alleviating the payment pressures of pension insurance but the policy effectiveness is subject to fertility desire and the intensity of government implementation.