Core Viewpoint - The article discusses the development of pension risk management in Europe and the United States, aiming to provide insights for the development of the second and third pillars of pension insurance in China [2]. Group 1: Pension Risk Transfer (PRT) Overview - PRT is a financial arrangement where companies transfer the payment responsibilities of defined benefit (DB) pension plans to insurance companies, aiming to reduce risks such as longevity risk, investment risk, and interest rate risk [4][5]. - The emergence of the PRT market in Europe and the U.S. is driven by multiple factors, including aging populations, accounting standards requiring market value measurement of pension liabilities, and the complexity of pension asset-liability management [5][6]. Group 2: Historical Development Stages - Initial Stage (Pre-1980s): Pension plans evolved from informal commitments to structured DB plans, with companies facing increasing financial pressure due to aging populations and investment volatility [8]. - Emergence Stage (1980-2000): The introduction of regulatory frameworks like ERISA in the U.S. and the establishment of PBGC laid the groundwork for PRT transactions, with early examples like General Motors' group annuity transaction [9][10]. - Growth Stage (2000-2015): The PRT market saw accelerated development due to advancements in actuarial technology and regulatory support, with significant transactions such as General Motors transferring $25 billion in pension liabilities [14][15]. - Boom Stage (2015-2025): The U.S. and U.K. markets experienced explosive growth in PRT transactions, with notable deals like AT&T's $31 billion transaction in 2022, pushing annual PRT transaction volumes to new highs [16][17]. Group 3: PRT Mechanisms - Buy-in: Companies purchase annuity contracts from insurers to cover pension liabilities while retaining legal responsibility on their balance sheets [22]. - Buy-out: Companies transfer pension liabilities to insurers, removing these liabilities from their balance sheets entirely [22]. - Longevity Swap: A financial agreement that transfers longevity risk from pension plans to insurers, which can further transfer this risk to reinsurers [22][23]. Group 4: Role of Insurance Companies - Insurance companies play a crucial role in the PRT process by taking on pension liabilities and managing longevity risk through various financial instruments, thus transforming their role from asset managers to long-term liability bearers [26][28]. - The development of a multi-layered risk transfer structure involving insurers and reinsurers enhances the capacity for managing longevity risk and supports the evolution of pension systems [28]. Group 5: Challenges in China - China's pension system primarily relies on defined contribution (DC) plans, lacking the historical context of DB plans that facilitate risk transfer, leading to a deficiency in systematic longevity risk management capabilities [30][31]. - The absence of a robust regulatory framework specifically addressing pension liabilities and longevity risk hampers the development of a comprehensive risk management system in China's insurance industry [30]. Group 6: Recommendations for Development - To establish a pension risk transfer mechanism in China, it is suggested to leverage the third pillar of the pension system, focusing on transforming individual accounts into lifetime annuity products [36][38]. - The creation of a national pension reinsurance platform is recommended to facilitate risk sharing and enhance the capacity of insurance companies to provide long-term guarantees [38].

Group 1 - The core viewpoint emphasizes the importance of wealth management to capture growth during retirement, which is often overlooked despite the focus on passive income and financial security [1] - A recent survey by Schroders Investment highlights key retirement concerns among Hong Kong residents, including unexpected medical expenses (76%), inflation reducing asset value (73%), and outliving retirement savings (67%) [1] - The concept of "longevity risk" is identified as a significant issue, with the average retirement potentially lasting up to 22 years, necessitating better financial preparation [1] Group 2 - Schroders Investment advocates for maintaining investments to capture potential capital growth rather than allowing wealth to stagnate in bank deposits, which is crucial for combating longevity risk and managing rising living expenses [2] - Diversifying investments across various asset classes (such as stocks, bonds, and alternative investments) and regions is recommended to mitigate risks while capturing potential growth [2] - Key factors for managing retirement wealth include continuous capital appreciation, generating fixed income sources for daily expenses, selecting moderately volatile investments for peace of mind, and ensuring liquidity for unexpected medical or emergency needs [2]

不过，商业年金保险具有长期（终身）领取特点虽然可以较好地化解老人退休后的资金危机，却也让保 司面临 "长寿风险"——人口实际寿命超过预期寿命所带来的财务风险。与此同时，相较于健康险、寿 险等其他人身保险产品，年金保险在我国市场份额始终较小。 面对"未富先老"的老龄化挑战，如何激活备老与养老人群对长寿风险保障型产品的需求？ 年金保险实际需求小于市场预期 截至目前，我国已完成了由基本养老保险、企业和职工年金、个人养老金和其他个人商业保险构成的三 支柱养老保险体系架构搭建，但"三支柱"发展并不平衡。 目前二三支柱养老金的待遇领取环节，主要是以现金形式进行一次性或分期领取，缺乏相应的保险产品 进行对接。 自我国个人养老金制度实施以来，养老金融产品迭出。其中养老保险，尤其是年金保险，对于老人退休 至终身的资金规划发挥重要作用。 "商业年金保险在应对老龄化中的作用是其他养老金融产品不可替代的。这类产品的特点在于参保人前 期通过'强制储蓄'，获得投资收益，后期通过（保司的）定期给付，获得退休后十年、二十年乃至终身 的财富补偿，有助于真正解决长寿时代下'人活着，钱没了'的问题。"原银保监会副主席、全国社保基 金原副理事长陈文 ...

4月19日，2025长寿风险春季论坛暨商保年金发展研讨会在对外经济贸易大学举行。多位业界人士发声。 孙洁：加快建立长寿风险管理机制 全国政协委员、对外经济贸易大学保险学院副院长孙洁教授表示，长寿风险指的是人的实际寿命超过平均余寿 之后，对养老金支付带来的财务风险或财务上的压力。长寿风险是我国和全球在人口老龄化背景下要共同面对 的风险，对养老金体系、资本市场和宏观经济都会有重要影响。加快建立长寿风险管理机制，可以有效分散长 寿风险，推动我国养老金体系建设走好中国特色金融发展之路。 2024年10月，金融监管总局印发《关于大力发展商业保险年金有关事项的通知》，引导人身险公司发展商业 保险年金（简称" 商保年 金 "）。《通知》明确，商保年金即商业保险公司开发的具有养老风险管理、长期资 金稳健积累等功能的产品，包括符合条件的年金保险、两全保险、商业养老金等。 孙洁认为，通过保险机构和金融市场创新来管理好长寿风险，比如长寿风险的再保险、证券化等，是推动商业 养老年金或养老保险高质量发展的重要部分。她认为，在管理长寿风险过程中，应加强养老金融三支柱的基础 设施建设，例如制定标准化的生存率或死亡率改善指数、长寿指数等，为 ...