企业年金受托人管理体制研究

　　摘要

　　进入二十一世纪，在全世界范围内老龄化问题严重，一国财政关于养老金方面的支出变得越来越不堪重负，旧的养老保障制度亟需转型。世界银行、国际货币基金组织等机构在总结发达国家养老制度改革经验的基础上提出了 “三支柱”理论，该理论被世界各国的养老制度所采用，虽然每个国家具体制度设计有所区别，但相同的是，各国为了降低公共养老金的支出，减少财政负担，都大力发展第二支柱，使得其发展规模最为庞大。以OECD国家为例，第二支柱企业年金基金在本国GDP的占比最低为60%,且呈现曰益上升的趋势。在我国，作为第二支柱的企业年金，它是基本养老保险制度的补充。

　　它由企业和职工共同缴费，资金计入个人账户并形成基金，通过信托制度交由受托人管理，以市场化的方式运作实现基金的保值增值。对于企业来讲，它在承担养老功能的同时又是实现公司有效治理的工具，完备的养老保障可以提高职工的忠诚度，还可以用来吸引外部优秀人才。由于企业年金是以信托制管理运营，作为信托中心的受托人至关重要，鉴于此，本文以企业年金受托人为研究起点。

　　本文首先从企业年金以及信托制度的定义、特点出发，阐述基本概念并梳理我国企业年金发展的脉络，以便对企业年金相关问题有基本全面的了解。其次将企业年金受托人的两种类型进行对比分析，得出在当今的发展趋势下，更应该采用法人受托机构担任受托人的结论。在法人受托机构下，通过对比分析各种受托人管理模式，总结出“3+1”的受托人管理模式具有明显的优势。再次，以美国、日本、香港港、智利为例介绍发达国家与地区企业年金的发展情况。最后针对我国企业年金信托发展，提出以专业养老保险公司为年金受托人、推动集合计划发展的两项建议。

　　关键词：企业年金；信托；受托人

　　Abstract

　　The global economy has entered a rapid development of the fast lane since World War II,in the 21st century, although traditional developed countries slowdown in economy field, butthe emerging market countries, such as China, India, Pakistan, Russia, are still developingrapidly. Accordingly,the level of medical technology advances, birth rate falls gradually,aging makes a serious problem worldwide, a State spending on pensions has becomeincreasingly overwhelmed, the old pension system needs restructurtion. World Bank, IMF andother institutions proposed the “ three pillars” theory based on the experience of the developedcountries pension system reform, the main idea is: the public pension system is providingwide coverage, low level of basic old-age security; then through businesses and employeespay to achieve a fully funded individual accounts; Finally, savings in the form of personal orbusiness insurance improve retirement income replacement rate. “ Three-pillar ” pensionsystem theory has been used around the world,although the specific design of the system ineach country differ,but the same is that countries in order to reduce public pension spending,reduce the financial burden , both to develop the second pillar, making it the most massivescale of development. In the case of OECD countries, the second pillar of enterprise annuityfund in its GDP accounted for a minimum of 60%, and showed a rising trend. In China, as thesecond pillar of the enterprise annuity, it is a supplement to the basic endowment insurancesystem. It consists of both enterprises and employees pay,funds into personal accounts andthe formation of the fund, to the trustee by the trust system, the value to the market mode ofoperation of the fund to achieve. For enterprises, it assume endowment function is also therealization of the effective corporate governance tools,old-age security complete can improvestaff loyalty,can also be used to attract outside talent. Since 2001 China's first clear the name“enterprise annuity” since, has undergone the development of more than 10 years. In 2004,China has successively promulgated the “Trial Measures for enterprise annuity” and“enterprise annuity fund management”, has laid a solid foundation for the implementation ofthese two measures for enterprise annuity. Due to late development of enterprise annuity inChina, the early policy uncertainty and other reasons, the pension fund is relatively limited,but in recent years, the scale of enterprise annuity increases by 30% a year, gradually into therapid rise of the channel, especially in 2013 December, the relevant tax preferential policiesfor the extension of the delivery of the dust has settled, which marks ChinaTs enterpriseannuity to further clarify the tax issues, the development momentum that will form along-term positive. The enterprise annuity is to trust management, as the vital trust center, thetrustee in view of this, based on the enterprise annuity trustee for the object of study.

　　This essay starts from the definition and characteristics of enterprise annuity and the trustsystem, in order to introduce the issues of enterprise annuity related generally, I elaborates thebasic concepts and combs the development of enterprise annuity in China. Secondly, twotypes of enterprise annuity trustees were analyzed, the development trend of today, should thecorporate trustee to act as trustee conclusion. In the corporate institutions, throughcomparative analysis of various trustee mode, summed up the “3+ln trustee managementmode has an obvious advantage. Once again, to the United States, Japan, the development ofHong Kong, wisdom as an example to introduce the developed countries and areas of theenterprise annuity. Finally, according to the management of enterprise annuity in China, putforward to professional pension insurance, annuity trustee, pushing two proposals set programdevelopment.

　　KEYWORDS: Enterprise annuity trust; trustee
 

　　目录

　　摘要

　　Abstract

　　第一章导语

　　l.1问题的提出

　　l.1.1选题背景

　　1.1.2研究的目的和意义

　　1.2文献综述及评论

　　1.2.1国外文献综述及评论

　　1.2.2国内文献综述及评论

　　1.3研究方案

　　1.3.1研究方法

　　1.3.2研究内容

　　1.4企业年金信托的概述

　　1.4.1企业年金的定义

　　1.4.2企业年金的特点

　　1.4.3 信托

　　1.4.4企业年金信托在我国的发展

　　第二章 受托人类型分析

　　2.1受托人的两种类型

　　2.1.1理事会

　　2.1.2法人受托机构

　　2.2两类受托人对比分析

　　2.2.1实际受托人与名义受托人

　　2.2.2责任赔偿能力

　　2.2.3信息通畅度

　　2.2.4专业水平

　　第三章 受托入管理模式分析

　　3.1受托人管理模式分类

　　3.1.1“4+0”式

　　3.1.2“2+2”式

　　3.1.3“2+1+1”式

　　3.1.4“3+1” 式

　　3.1.5T式

　　第四章发达国家和地区企业年金受托管理模式介绍

　　4.1美国401（K）计划

　　4.1.1401（K）计划介绍

　　4.1.2401（K）计划运作过程

　　4.1.3401（K）计划的市场规模和资产配置

　　4.2日本企业年金制度

　　4.3智利私营养老金制度

　　4.3.1以职工个人账户为基础

　　4.3.2私营养老保险基金管理公司

　　4.3.3政府角色转换

　　4.4香港强积金计划

　　4.4.1完善的市场主体

　　4.4.2受益人具有较高的投资6由度

　　4.4对我国的启示

　　第五章完善我国企业年金发展的对策建议

　　5.1选择专营资产管理公司作为受托人

　　5.1.1 “捆绑化”运营

　　5.1.2试点专营企业年金的资产管理公司

　　5.2推动企业年金集合计划的发展

　　5.2.1建立适合中小企业的集合计划

　　5.2.2充分利用集合计划的规模经济优势

　　参考文献

　　致谢