孙守纪谈资产型养老金体系中的国家责任与个人风险

Core Insights - The forum discussed the responsibilities of the state and individual risks in the asset-based pension system, focusing on three stages: participation, investment, and withdrawal [2][4] Participation Stage - The main risk during the participation stage is low coverage rates, which can be improved by increasing the concentration of trusteeship and enhancing participation levels [2][4] Investment Stage - The investment stage faces issues related to the mismatch of long-term funds being invested in short-term assets. The government is responsible for improving governance structures, establishing a scientific investment management framework, and setting clear long-term investment goals. Regular publication of actuarial reports is essential for achieving these objectives [2][4] Withdrawal Stage - The core risk in the withdrawal stage is longevity risk, with a low proportion of annuity uptake in China. The government should encourage the purchase of annuity products on the demand side and develop a variety of tools and infrastructure on the supply side to enrich product offerings [2][4]