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 a...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.展开更多
The pension funds entering the capital market is the trend of the times, how to ensure the security of pension funds after entering the market, it is not only related to the interest of the individual but also affect ...The pension funds entering the capital market is the trend of the times, how to ensure the security of pension funds after entering the market, it is not only related to the interest of the individual but also affect the society＇s harmonious development. This article begins with the concept of pension funds into the market, the urgency and necessity of the pension funds into the market in our country and the actual situation of the pension regulators at present. According to analysis the problems existing in the pension market regulation, then putting forward countermeasures and measures, paving the way for pension funds entering the market in our country.展开更多
We present a solution based on a suitable combination of heuristics and parallel processing techniques for finding the best allocation of the financial assets of a pension fund, taking into account all the specific ru...We present a solution based on a suitable combination of heuristics and parallel processing techniques for finding the best allocation of the financial assets of a pension fund, taking into account all the specific rules of the fund. We compare the values of an objective function computed with respect to a large set (thousands) of possible scenarios for the evolution of the Net Asset Value (NAV) of the share of each asset class in which the financial capital of the fund is invested. Our approach does not depend neither on the model used for the evolution of the NAVs nor on the objective function. In particular, it does not require any linearization or similar approximations of the problem. Although we applied it to a situation in which the number of possible asset classes is limited to few units (six in the specific case), the same approach can be followed also in other cases by grouping asset classes according to their features.展开更多
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 t...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.展开更多
Strengthening the management on the risk of the Pension Fund which is an important part of the social security system in our country. In recent years, with the increasing of aging population, the stock of the huge pen...Strengthening the management on the risk of the Pension Fund which is an important part of the social security system in our country. In recent years, with the increasing of aging population, the stock of the huge pension fund is facing tremendous pressure. To keep the security of the fund investment and operations, mechanism of risk control is becoming particularly critical. Because there are many circles in the social insurance fund operations including the collection, payment, savings and investment and many other aspects. The applications of over-all thought to the system of social insurance funds operation is very necessary,on the bases of collating the causes of risks of social insurance fund, identifying the factors of affecting social insurance funds, and then offer the corresponding countermeasures.展开更多
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 insur...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.展开更多
Based on an analysis of China ＇s current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts...Based on an analysis of China ＇s current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts have been made, there are still serious institutional and capital market risks that are difficult to overcome but are key in the success of China＇s pension reform. To ensure a smooth transition in pension reform, China not only needs to build a better institutional framework and facilitate capital market development, but also raise the risk awareness of individual pensioners.展开更多
Theory and practice of full social security funds have been more concerned about the Chinese enterprise reform in particular lack of social security funds are insufficient pension fund problem has been of great concer...Theory and practice of full social security funds have been more concerned about the Chinese enterprise reform in particular lack of social security funds are insufficient pension fund problem has been of great concern. But with the aging of the population has become increasingly prominent, personal accounts empty account, insufficient co-ordination of social security funds and other funds in the account more and more pronounced. By analyzing the necessity and rationality of state-owned shares transfer, we can see that the use of state-owned shares transfer is a good way to supplement pension fund.展开更多
To analyze the efect of the state-owned capital transfer policy on the sustainability of China's urban employee basic pension insurance fund(CUEBPIF),this study develops an actuarial model for pension insurance.Th...To analyze the efect of the state-owned capital transfer policy on the sustainability of China's urban employee basic pension insurance fund(CUEBPIF),this study develops an actuarial model for pension insurance.The results reveal the following:(i)Without policy intervention,the CUEBPIF would face a deficit in 2027 and a cumulative shortfall of RMB207.44 trillion by 2050,and the proportion of fiscal subsidies for the CUEBPIF in the total fiscal expenditure would increase to 12.86 percent in 2050.(i)Based on a delayed retirement policy,the transfer of 10 percent of state-owned capital can delay the onset of the fund deficit by 6 years,and the accumulated shortfall in 2050 would fall to RMB39.42 trillion,and the proportion of fiscal subsidies would decrease by I1.77 percentage points.(ii)The state-owned capital transfer policy can improve the sustainability of the CUEBPIF and reduce the burden of enterprise social security contributions when the transfer ratio increases to 20 percent.展开更多
文摘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.
文摘The pension funds entering the capital market is the trend of the times, how to ensure the security of pension funds after entering the market, it is not only related to the interest of the individual but also affect the society＇s harmonious development. This article begins with the concept of pension funds into the market, the urgency and necessity of the pension funds into the market in our country and the actual situation of the pension regulators at present. According to analysis the problems existing in the pension market regulation, then putting forward countermeasures and measures, paving the way for pension funds entering the market in our country.
文摘We present a solution based on a suitable combination of heuristics and parallel processing techniques for finding the best allocation of the financial assets of a pension fund, taking into account all the specific rules of the fund. We compare the values of an objective function computed with respect to a large set (thousands) of possible scenarios for the evolution of the Net Asset Value (NAV) of the share of each asset class in which the financial capital of the fund is invested. Our approach does not depend neither on the model used for the evolution of the NAVs nor on the objective function. In particular, it does not require any linearization or similar approximations of the problem. Although we applied it to a situation in which the number of possible asset classes is limited to few units (six in the specific case), the same approach can be followed also in other cases by grouping asset classes according to their features.
基金sponsored by the National Social Sciences Foundation Program,An Evaluation of the Impact of China’s Family Planning Policy Adjustment on the Sustainability of the Social Security Fund and A Study of the Relevant Countermeasures(Grant No.15XRK005,chaired by:Zeng Yi)
文摘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.
文摘Strengthening the management on the risk of the Pension Fund which is an important part of the social security system in our country. In recent years, with the increasing of aging population, the stock of the huge pension fund is facing tremendous pressure. To keep the security of the fund investment and operations, mechanism of risk control is becoming particularly critical. Because there are many circles in the social insurance fund operations including the collection, payment, savings and investment and many other aspects. The applications of over-all thought to the system of social insurance funds operation is very necessary,on the bases of collating the causes of risks of social insurance fund, identifying the factors of affecting social insurance funds, and then offer the corresponding countermeasures.
文摘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.
文摘Based on an analysis of China ＇s current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts have been made, there are still serious institutional and capital market risks that are difficult to overcome but are key in the success of China＇s pension reform. To ensure a smooth transition in pension reform, China not only needs to build a better institutional framework and facilitate capital market development, but also raise the risk awareness of individual pensioners.
文摘Theory and practice of full social security funds have been more concerned about the Chinese enterprise reform in particular lack of social security funds are insufficient pension fund problem has been of great concern. But with the aging of the population has become increasingly prominent, personal accounts empty account, insufficient co-ordination of social security funds and other funds in the account more and more pronounced. By analyzing the necessity and rationality of state-owned shares transfer, we can see that the use of state-owned shares transfer is a good way to supplement pension fund.
基金supported financially by the National Social ScienceFund of China(No.21CZZ028).
文摘To analyze the efect of the state-owned capital transfer policy on the sustainability of China's urban employee basic pension insurance fund(CUEBPIF),this study develops an actuarial model for pension insurance.The results reveal the following:(i)Without policy intervention,the CUEBPIF would face a deficit in 2027 and a cumulative shortfall of RMB207.44 trillion by 2050,and the proportion of fiscal subsidies for the CUEBPIF in the total fiscal expenditure would increase to 12.86 percent in 2050.(i)Based on a delayed retirement policy,the transfer of 10 percent of state-owned capital can delay the onset of the fund deficit by 6 years,and the accumulated shortfall in 2050 would fall to RMB39.42 trillion,and the proportion of fiscal subsidies would decrease by I1.77 percentage points.(ii)The state-owned capital transfer policy can improve the sustainability of the CUEBPIF and reduce the burden of enterprise social security contributions when the transfer ratio increases to 20 percent.
