纽卡斯尔大学（Newcastle University）：论述中国退休金制度的基本知识及相关内容

China’s pension system
中国的退休金制度

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

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，有两种的退休金制度，就是界定福利计划（DB）和界定供款（DC）计划。
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计划定义的福利水平放在首位。它是一个固定的保费计算一些固定变量。变量通常是平均收入和个人收入在一定的过去工作期间或金额。换句话说，个人退休前的养老福利水平就会很清楚。在DB计划中，养老金的贡献率是内生的，并且种群结构与实际收入变化的基础上作出调整。
 

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计划在首位界定供款水平。个人加入养老金计划，通常有个人账户。根据贡献率，其中个人选择支付，个人账户不断积累的贡献。个人累了后会找出最后的退休金福利。在DC计划，福利水平是内源性的，贡献率是外生的。通常由政府或相关机构管理这些个人账户，然后在资本市场上融资。

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.
除以如何融资的贡献，也有两种类型的养老保险制度，这是现收现付，因为你去（现收现付）计划，并完全资助的计划。

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.
现收现付计划安排工作代支付退休一代的退休金利益的贡献。退休金供款不会保留，但马上支付所收取的金额。这意味着福利水平取决于目前的人口结构和经济环境。在理想的情况下，现收现付制度具有帕累托效率，由于人类世代是无限的。#p#分页标题#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.
完全资助的计划，意味着个人缴纳部分盈利的一些基础，这些基础投资的贡献和个人退休后还钱。换句话说，完全资助的计划，是一个特别的一种储蓄，储蓄只能疲劳后退出。

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.
现代退休金系统一般都是多级。根据国际经验，企业和员工的养老保险制度中承担更多的责任。

In these different plans and financing schemes, each system has own advantages and disadvantages.
在这些不同的计划和融资计划，每个系统都有自己的优点和缺点。

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计划允许员工轻松拥有退休和社会稳定作出贡献。然而，它需要复杂的法规，强有力的监督和优秀的财务计划。稍有不慎行动会带来大型金融企业承受的负担。 DC计划有比较清晰的贡献管理系统，并有可能使企业之间的良性竞争。然而，它需要非常谨慎的投资行为，以避免蒸发储备由于通胀或其他宏观经济原因，它也需要严格的国家法规。

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#分页标题#e#
现收现付的方案是更容易计算的好处，几乎没有浪费的贡献。萨缪尔森（1958年）建立的世代交叠模型，其结论一定外生条件下，现收现付制度具有帕累托效率。然而，现收现付计划，需要一个稳定的人口结构。全球老龄化浪潮下，一个纯粹的现收现付计划是难以生存。是足以保障资金的全面资助计划，另一方面是在当前形势下，由于它的上乘之选。然而，它也需要良好的投资行为，和严格的国家法规。

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.
与此同时，建立可持续发展的养老保险制度，不仅要看到系统本身的特点，但也一定要注意养老金政策将如何影响个人的行为。例如，不同的养老金政策是否会影响个人储蓄？在中国，由于低收入和高房价，一直难以攒够钱买房，更不用说到老年省钱。中国国家养老金的替代率是在国际上的平均水平。这是很难与其他发达国家相比，因为中国仍然是一个低收入国家，平均替代率，老人便很难有一个体面的生活。在这种情况下，讨论如何影响个人储蓄养老保险政策具有十分重要的意义。

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.
费尔德斯坦（1974）解释，养老金政策如何影响个人消费和储蓄行为。他认为，社会保障有双重影响个人储蓄，从而导致不可能有一个明确的预测是否有积极或消极的影响，对个人储蓄。他画了一辈子的消费计划图，来解释他的意见。换句话说，因为时间是美国70年来，美国的养老保险制度是基于现收现付计划，费尔德斯坦解释现收现付制度下的个人消费和储蓄行为。#p#分页标题#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.
费尔德斯坦（1974）表示，由于美国的养老政策要求作为一般员工，退休人员退休条件没有失去福利的潜在风险（较高的收入有低的好处），这样的政策导致三种结果。如果个人计划工作到退休年龄前参加国家养老金，退休金计划将显着降低他们的储蓄。如果个人计划工作后，参加国家养老金的退休年龄之前，养老金计划将促使他们提前退休，退休金计划，从而有机会，以减少他们的储蓄。如果个人计划工作后退休的年龄，他们是否加入国家的养老金或没有，那么养老金计划将增加他们的储蓄。显然，前两种情况是比较常见的，而最后一类是极端的例子。