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为顺利推进养老金制度改革、减小职工面对的投资风险、平衡职工间的收益差异,多数国家建立起了以收益率担保为主的DC型企业年金担保机制。我国的企业年金计划也引入了风险准备金制度,但这一绝对收益率担保政策尚存在担保评估周期模糊、担保收益率较低、担保方式和资金来源单一的问题。特别地,在年金基金面临投资亏损、企业(计划发起人)或年金计划破产等担保需求下,当前我国迫切需要进一步完善收益率担保机制并构建破产担保机制。
In order to smoothly promote the reform of the pension system, reduce the investment risks faced by employees and balance the income differences among employees, most countries have established a guarantee system of annuity-type enterprise annuity with a yield-based guarantee. The enterprise annuity plan in our country also introduces the risk reserve system. However, this guarantee policy of absolute yield still has some problems such as ambiguous guarantee appraisal cycle, low guarantee rate of return, single mode of guarantee and source of funds. In particular, under the demand of security such as investment loss, enterprise (plan sponsor) or bankruptcy of annuity plan, the current urgent need for our country to further improve the yield guarantee mechanism and build a bankruptcy guarantee mechanism.