Research on Models of Individual Accounts in Pension Insurance

摘要

Objective: To conduct a Comparative Analysis of three models of individual pension accounts from the perspective of management, efficiency, security level and other aspects. Methods: Matlab modeling is employed for empirical quantitative analysis of insurance fund operation the three different models. Results: (1) In terms of total value of pension, replacement rate and other indicators, the security level of NDC≈FDC>real accounts; (2) In terms of longitudinal connotative rate of return, NDC>FDC>real accounts; (3) compared with the Real Account, NDC has the managerial advantages: promote the escalation of social pooling level, inspire employees' enthusiasm for contributions and extension of payment periods to achieve delayed retirement, eliminate investment bottlenecks, and ease the financial pressure for current payment. Conclusion: (1) different models of individual accounts will not change the contributor's rights and interests. (2) From the perspective of security level, management, efficiency, and China's actual situation of individual accounts, the hybrid SP& IPA system based on NDC funding model is a rational choice suitable for China's pension reform.