紐卡斯爾大學（Newcastle University）：論述中國退休金制度的基本知識及相關內容

China’s pension system
中國的退休金制度

3.1 Basic knowledge of pension system
退休金制度基本知識

Divided by how to benefit, there are two types of pension system, which are Defined Benefit (DB) plan and Defined Contribution (DC) plan.
除以如何受益，有兩種的退休金制度，就是界定福利計劃（DB）和界定供款（DC）計劃。
DB plan is defined the benefits level at the first place. It either be a fixed premiums or calculate by some fixed variables. The variables normally are average income and working period or amount of individual earning in a certain past. In other words, individual will be very clear about the pension benefits level before retired.http://ukthesis.org/dissertation_sampleIn DB plan, the contribution rate of pensions is endogenous, and adjusted on the basis of population structure and real income changing.

DB計劃定義的福利水平放在首位。它是一個固定的保費計算一些固定變量。變量通常是平均收入和個人收入在一定的過去工作期間或金額。換句話說，個人退休前的養老福利水平就會很清楚。在DB計劃中，養老金的貢獻率是內生的，并且種群結構與實際收入變化的基礎上作出調整。
 

DC plan is defined contribution level at the first place. Individuals join in pension plan will normally have personal accounts. According to the contribution rate, which individuals choose to pay, personal accounts will keep accumulating all the contributions. Individuals will find out the final pension benefits after tired. In DC plan, the benefits level is endogenous, and contribution rate is exogenous. Those personal accounts normally managed by government or relevant agencies and then financed on the capital market.
DC計劃在首位界定供款水平。個人加入養老金計劃，通常有個人賬戶。根據貢獻率，其中個人選擇支付，個人賬戶不斷積累的貢獻。個人累了后會找出最后的退休金福利。在DC計劃，福利水平是內源性的，貢獻率是外生的。通常由政府或相關機構管理這些個人賬戶，然后在資本市場上融資。

Divided by how to financing contributions, there are also two types of pension system, which are Pay As You Go (PAYG) scheme and Fully Funded scheme.
除以如何融資的貢獻，也有兩種類型的養老保險制度，這是現收現付，因為你去（現收現付）計劃，并完全資助的計劃。

PAYG scheme is arranging the contribution of working generation to pay the pension benefits to retired generation. Pension contribution would not reserve but pay the received amount right away. It means the benefits level depends on present population structure and economic environment. Ideally, PAYG scheme has Pareto Efficiency due to human generations are unlimited.
現收現付計劃安排工作代支付退休一代的退休金利益的貢獻。退休金供款不會保留，但馬上支付所收取的金額。這意味著福利水平取決于目前的人口結構和經濟環境。在理想的情況下，現收現付制度具有帕累托效率，由于人類世代是無限的。#p#分頁標題#e#

Fully funded scheme means individuals pay part of earnings to some foundations, those foundations will invest the contributions and pay back after individual retired. In other words, fully funded scheme is an especially kind of savings, which the savings can only withdraw after tired.
完全資助的計劃，意味著個人繳納部分盈利的一些基礎，這些基礎投資的貢獻和個人退休后還錢。換句話說，完全資助的計劃，是一個特別的一種儲蓄，儲蓄只能疲勞后退出。

It is very easy to see the similar and distinguish characters of two defined plans and two financing schemes. Since DC plan requires a personal account and fully funded scheme is an especially kind of savings, thus these two systems often working together. On the other hand, DB plan and PAYG scheme are also often working together as a result of it is easier to calculate the pension benefits level.

Modern pension systems are generally multi-level. In the light of international experiences, enterprises and employees are taking more responsibility in pension system.
現代退休金系統一般都是多級。根據國際經驗，企業和員工的養老保險制度中承擔更多的責任。

In these different plans and financing schemes, each system has own advantages and disadvantages.
在這些不同的計劃和融資計劃，每個系統都有自己的優點和缺點。

DB plan allows employees easily have retirement, and contributes to social stability. However it requires complex regulations, strong supervisions and excellent financial plans. A little careless action would bring enterprises a large financial burden to bear. DC plan has relatively clear contribution management system, and is possible to bring a healthy competition among enterprises. However, it needs very cautious investment behaviours to avoid reserves evaporation owing to inflation or other macroeconomic reasons, and it also needs strict national regulations.
DB計劃允許員工輕松擁有退休和社會穩定作出貢獻。然而，它需要復雜的法規，強有力的監督和優秀的財務計劃。稍有不慎行動會帶來大型金融企業承受的負擔。 DC計劃有比較清晰的貢獻管理系統，并有可能使企業之間的良性競爭。然而，它需要非常謹慎的投資行為，以避免蒸發儲備由于通脹或其他宏觀經濟原因，它也需要嚴格的國家法規。

PAYG scheme is easier to calculate the benefits level, and hardly had a waste of contribution. Samuelson (1958) established an overlapping generation model, which concluded PAYG system has Pareto efficiency under certain exogenous conditions. However PAYG scheme requires a stable population structure. Under the global aging wave, a pure PAYG scheme is difficult to survive. Fully funded scheme on the other hand is superior choice under the current situation due to it is sufficient to protect the funds. However it also requires excellent investment behaviour, and strict state regulations.#p#分頁標題#e#
現收現付的方案是更容易計算的好處，幾乎沒有浪費的貢獻。薩繆爾森（1958年）建立的世代交疊模型，其結論一定外生條件下，現收現付制度具有帕累托效率。然而，現收現付計劃，需要一個穩定的人口結構。全球老齡化浪潮下，一個純粹的現收現付計劃是難以生存。是足以保障資金的全面資助計劃，另一方面是在當前形勢下，由于它的上乘之選。然而，它也需要良好的投資行為，和嚴格的國家法規。

At the same time, establishing a sustainable pension system is not only to see the characteristics of the system itself, but also have to pay attention on how will the pension policies affects individuals’ behaviour. For example, whether different pension policies influence personal savings? In China, because of low-income and high housing prices, it has been difficult to save enough money to buy a house, let alone save money to old age. China’s replacement rate of state pensions is on an average level among international. It is difficult to compare with other developed countries, and because China still remains a low-income country, with the average replacement rate, elderly would be difficult to have a decent life. In this case, discussing how pension policy influence personal savings has great significance.
與此同時，建立可持續發展的養老保險制度，不僅要看到系統本身的特點，但也一定要注意養老金政策將如何影響個人的行為。例如，不同的養老金政策是否會影響個人儲蓄？在中國，由于低收入和高房價，一直難以攢夠錢買房，更不用說到老年省錢。中國國家養老金的替代率是在國際上的平均水平。這是很難與其他發達國家相比，因為中國仍然是一個低收入國家，平均替代率，老人便很難有一個體面的生活。在這種情況下，討論如何影響個人儲蓄養老保險政策具有十分重要的意義。

Feldstein (1974) explained how pension policies influence personal consumption and savings behaviour. He believed that the social security has a dual impact on personal savings, which lead to impossible to have a clear predict of whether it has positive or negative influence on personal savings. He drew a lifetime consumption plan figure to explain his opinion. Because the time was American 70 years, and American pension system was based on PAYG scheme, in other words, Feldstein explained personal consumption and saving behaviour under PAYG system.
費爾德斯坦（1974）解釋，養老金政策如何影響個人消費和儲蓄行為。他認為，社會保障有雙重影響個人儲蓄，從而導致不可能有一個明確的預測是否有積極或消極的影響，對個人儲蓄。他畫了一輩子的消費計劃圖，來解釋他的意見。換句話說，因為時間是美國70年來，美國的養老保險制度是基于現收現付計劃，費爾德斯坦解釋現收現付制度下的個人消費和儲蓄行為。#p#分頁標題#e#

Feldstein (1974) indicated since the American pension policy asked pensioners retired as general employees to be a condition of did not have potential risk of losing benefits (higher income has lower benefits), thus such policy lead to three results. If individuals plan to work until retirement age before join state pensions, then pension plan will obviously reduce their savings. If individuals plan to work after retirement age before join state pensions, then pension plan will induce them retired earlier, thereby pension plan has chance to reduce their savings. If individuals plan to work after retirement age whether they join state pensions or not, then pension plan will increase their savings. Obviously, the first two situations are more common, and last type is extreme example. We will use same approach of lifetime consumption plan to discuss what is the case in China after the next section.
費爾德斯坦（1974）表示，由于美國的養老政策要求作為一般員工，退休人員退休條件沒有失去福利的潛在風險（較高的收入有低的好處），這樣的政策導致三種結果。如果個人計劃工作到退休年齡前參加國家養老金，退休金計劃將顯著降低他們的儲蓄。如果個人計劃工作后，參加國家養老金的退休年齡之前，養老金計劃將促使他們提前退休，退休金計劃，從而有機會，以減少他們的儲蓄。如果個人計劃工作后退休的年齡，他們是否加入國家的養老金或沒有，那么養老金計劃將增加他們的儲蓄。顯然，前兩種情況是比較常見的，而最后一類是極端的例子。