老有何依?我国个人养老金账户全面实施  

An Analysis of China's Personal Pension Accounts

作　　者：温彬[1] 原宏敏 杨刚 WEN Bin;YUAN Hongmin;YANG Gang(China Minsheng Bank;Postdoctoral Workstation,China Minsheng Bank and Banking;Institute of Finance,Chinese Academy of Social Sciences;Chief Economist and Director of Research Institute,China Minsheng Bank)

机构地区：[1]中国民生银行 [2]中国民生银行博士后工作站 [3]中国社会科学院金融研究所 [4]中国民生银行研究院金融市场研究中心

出　　处：《金融市场研究》2025年第3期73-80,共8页Financial Market Research

摘　　要：长期以来,我国养老金体系以第一支柱为主,以第二支柱为辅,而第三支柱发展相对滞后。随着我国人口老龄化程度日益加深,当前以现收现付制为主的养老金收支模式面临较大困境,推动个人养老金制度发展的必要性和紧迫性愈加凸显。2024年12月12日,人力资源社会保障部等五部门联合发布《关于全面实施个人养老金制度的通知》,标志着我国个人养老金制度在全国范围内正式实施。从参与情况来看,我国个人养老金开户数增长迅速,但实际缴存和投资参与度有待提升;从投资场景来看,个人养老金目前可投资于五类金融资产或产品,涵盖不同期限和风险等级特征,产品货架较试点阶段已明显扩充。本文建议通过设计多元化的税收优惠政策、引入默认投资机制、加强代销机构与资管机构协同、注重投资者教育四方面进一步促进开户向缴存和投资方向转化。China's pension system has long depended on the first pillar–the mandatory basic pension plan funded by contributions from current workers-and supplemented by the second pillar–enterprise annuities.But development of the third pillar–individual retirement accounts–has lagged far behind.With the aging of China's population,the current pension income and expenditure model based on a pay-as-you-go system is facing greater difficulties,and the urgent need for promoting the personal pension system is becoming more apparent.On December 12,2024 the Ministry of Human Resources and Social Welfare and five other departments jointly issued the Notice on the Comprehensive Implementation of the Personal Pension System,marking the official implementation of China's personal pension system on a nationwide scale.While the number of personal pension accounts in China has grown rapidly,the actual contributions and total investment have remain limited.There are some bright spots,however.Personal pensions can now be invested in five types of financial assets or products,covering different maturities and risk level characteristics.Moreover,the product shelf has been significantly expanded in comparison with the pilot stage.This paper makes several recommendations to speed future development:It calls for promoting the conversion of accounts to contribution and investment by designing diversified tax incentives,introducing a default investment mechanism,strengthening the synergy between the pension agency and asset management institutions,and placing greater emphasis on investor education.

关 键 词：个人养老金账户 养老金融 人口老龄化 

分 类 号：F83[经济管理—金融学]