养老保险体系研究（六）：海外养老保险体系改革：历史实践与经验启示

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The sustainability of China's pension insurance system faces significant challenges as the country accelerates into a deeply aging society. The report analyzes reform experiences from countries like the UK, Germany, Canada, and Chile to provide references for China's pension system reform [2][3]. Summary by Sections 1. UK: Bottom-Line Pension as the Optimal Solution to Eliminate Elderly Poverty - The UK has long aimed to eliminate elderly poverty through its pension insurance system, which has undergone significant reforms over time [9]. - The UK's modern pension system has evolved through various phases, including the establishment of a welfare state, expansion during adjustment periods, and integration into a unified system [1.1][1.2][1.3]. 2. Germany and Canada: Ensuring the Sustainability of Pension Systems - Germany introduced a sustainability factor in its pension reform to effectively reduce expenditure pressure on the pension system [2.1]. - Canada innovatively raised contribution rates based on age while corresponding adjustments to benefit levels, alleviating pension income pressure without exacerbating intergenerational conflicts [2.2]. 3. Chile: Is a Fully Accumulated System the Direction for Reform? - Chile's fully accumulated social security system faces challenges, particularly in terms of coverage and the loss of social security functions, leading to low replacement rates and increased wealth disparity [3.1][3.2]. 4. Policy Recommendations - The report suggests that China can learn from the UK's automatic enrollment mechanism to establish a mandatory second pillar supplementary pension insurance, clarifying the basic pension's bottom-line role [4]. - It also recommends that China consider introducing effective sustainability factors in benefit adjustments and potentially raising contribution rates in line with Canada's experience to ease intergenerational transfer tensions [3][4].