Pension fund trusts in the UK

下面为大家整理一篇优秀的assignment代写范文- Pension fund trusts in the UK，供大家参考学习，这篇论文讨论了英国的养老保险基金信托。信托是起源于英国衡平法的一项独特的财产管理制度，养老保险基金信托是信托法延伸出来的。根据信托法原理，养老保险基金信托当事人为委托人、受益人、养老保险基金信托管理人或信托公司。委托人、受益人指养老保险基金缴费人。养老保险基金信托管理人作为受托人管理全国养老保险基金，处于整个运营框架的核心地位，是连接委托人与信托公司的关键链条。

At present, the approaching aging of the population poses a huge challenge to the endowment insurance. At present, there are many unreasonable problems in the operation and management of China's pension fund. Many foreign countries endowment insurance fund to a trust company operations management has multiple advantages, so the introduction of endowment insurance fund trust system in our country is both necessary and feasible, draw lessons from foreign successful practices and experience, establishment of endowment insurance fund trust system of our country should be operating mode and regulation mode.

China has entered a comprehensive aging society stage, in this severe situation, the pension problem has become an urgent need for the Chinese government to solve the major problems. In developed countries, it has become the mainstream to use trust system to operate pension fund. Therefore, it is necessary for us to make a detailed investigation and comparison of the foreign pension fund trust system, so that we can interpret it more clearly and profoundly, and identify its advantages and disadvantages, so as to get some inspirations from it and play a helpful role in the reform and development of China's current imperfect pension fund trust system.

After long-term development and improvement, China's pension fund system has basically formed a pension fund system with three pillars as the main body, namely individual account fund, enterprise annuity fund and national pension fund. Due to the different composition and nature of pension fund, China's regulations on its investment and operation mode are also different. China's "trial measures for the management of enterprise annuity fund" stipulates that the investment scope of enterprise annuity fund includes investment insurance products, convertible bonds of stock and securities investment funds, financial bonds and corporate bonds with credit rating above investment grade.

According to the data released by the ministry of human resources and social security, in 2012, China's pension fund had a total income of 1969.3 billion yuan, a total expenditure of 1550.2 billion yuan, and a cumulative balance of 2366.7 billion yuan, reaching the highest level in history. The issue of pensions has become a major issue that needs to be addressed, grilling governments and hundreds of millions of families. However, at present our country allows of endowment insurance fund investment is difficult to realize the value, relying on the existing investment operations in the future is difficult to solve payment "bottleneck", the author thinks that adopts the model of trust management of endowment insurance fund is fits a pattern of China's national conditions, practical and feasible, and the national social security fund in 2011 for the first time in the form of trust products "testing the waters" nanjing housing projects successfully, also verify the feasibility of this pattern.

Trust is a unique property management system originated from British equity law, and pension fund trust is one of the new fruits of trust law, "the most fruitful fruit tree in English law orchard". According to the principle of trust law, the parties to the pension fund trust are: the trustor, the beneficiary, the pension fund trust manager and the trust company. Trustor, beneficiary beneficiary points to endowment insurance fund contributory person. As the trustee, the trust manager of pension fund manages the national pension fund, which is at the core of the whole operation framework and the key link between the trustee and the trust company.

Shanghai social security fund in 2006 shocked the nation, endowment insurance fund system problem be put forefront, exposed the confusion of endowment insurance fund management and opaque, and reflects China's endowment insurance fund collection, process, operation and regulation of safety, endowment insurance fund embezzled or used for any other purposes of the case is not rare. On the contrary, if pension fund trust is adopted, once the trust contract comes into effect, the trust property will be independent of the other inherent property of the principal and the inherent property of the trustee. That is based on the characteristics of the trust property ownership and operation separate, trustee, the endowment insurance fund managers have to endowment insurance fund to a trust company operating, investment management and management separation, between public power and the endowment insurance fund to establish a "firewall", effectively circumvent the public power authority since the problems in the abuse of proprietary.

China's pension fund investment is subject to laws and regulations for a long time. According to the current laws and regulations, the operation of pension fund is mainly based on deposit in Banks and purchase of national debt, and the fund operation efficiency is low. On the contrary, if the pension fund trust is adopted and the fund is entrusted to the trust company for operation, the trust company gathers all kinds of investment and financial management experts, who have rich experience in investment and financial management and can choose investment channels and investment methods professionally. Trust companies using advanced information tools, rapid access to information, to capture the effective information in time and analysis, timely according to the market changes, government industrial policy, bank interest rates and other investment opportunity and adopt diversified portfolio investment way, maximum spread risk in order to realize the benefit maximization, ensuring the value of the funds.

Pension fund trust relies on the management and operation of trust companies. As the main body of the financial market, the market competition of trust companies puts forward higher requirements for their operation, which is more conducive to the improvement of operation efficiency and the control of operation cost. In addition, the management cost of trust operation is linked to the actual rate of return, that is, if the actual rate of return to maturity is lower than the expected value, there is no need to pay the management cost; If the actual yield to maturity is higher than the expected value, a certain proportion of management expenses will be extracted, which is more conducive to saving management costs. In terms of risks, investment behaviors of trust companies are always under the dynamic supervision of pension fund managers, and risk control departments of trust companies also conduct strict self-examination, which to a large extent avoid investment risks.

Developed countries around the world, a trust to manage and run the endowment insurance fund has become the mainstream, so we need to move the view to abroad, from the trust now home to the UK to carry out successful endowment insurance fund trust in Chile, the endowment insurance fund trust experience as they can attack the jade mountain.

Britain has established a relatively complete pension fund trust supervision system, which takes the pension supervision bureau as the main supervision body and is responsible for the supervision and management of pension trust nationwide. The pensions authority is the core of the pensions trust regulation and the biggest feature of the UK pension trust regulation. The pensions authority has a wide range of supervisory functions, including appointment and removal of trustees; Civil penalties for "improper conduct"; Support operational planning, release practice principles, etc. With the development of the society, the pension supervision bureau has been given new powers. The expansion of its functions and powers relieves the pressure of the traditional supervision of pension trust by the judicial organ, and the problems that need to be solved in the court will be solved in a more efficient and convenient way. It has effectively supervised the good operation of the pension trust with the authority granted by law. In addition, there are other departments in the UK, such as the pension planning office, the occupational annuity advisory authority and the financial services authority, which supervise the pension trust in the links related to their functions and powers and establish a comprehensive and multi-system supervision system.

The privatization of pension funds will have a profound impact on the liquidity of capital markets and the degree of competition. Meanwhile, AFP has become an important player in Chile's capital markets as an institutional investor. Chile "endowment insurance law" regulation, serve as the administrative orgnaization of endowment insurance fund, AFP operation should be supervised by the government department such as general supervisor of Chile pension management company. The directorate general of the pension management company is a government agency under the ministry of social labor and social security. The directorate general is directly appointed by the prime minister of the government of Chile and is fully responsible for the management of all domestic AFP companies. Government departments formulate relevant laws and regulations to regulate and guide their business, and do not interfere in the operation, management and business activities of AFP companies. With the continuous development of Chile's capital market, the prosperity of the stock market and the continuous development of the capital market, AFP gradually expanded its investment scope to the company's securities. Even later, the investment focus of the pension fund was extended to the privatization of public facilities.

Endowment insurance fund trust with the advantages of its flexible, efficient, safe, the developed countries such as in the United States, Chile, plays an irreplaceable role in our country, however, endowment insurance fund trust try scheme struggling in practice, thus breaking the policy of the endowment insurance fund trust bottleneck, discusses the choice of system, to provide legal support, and build a perfect implementation path is very necessary.

According to article 24 of the trust law, a legal person and a natural person with full civil capacity are qualified trustees. As the investment of pension fund needs highly targeted specialized institutions and training specialized teams to make diversified investment, so as to ensure its stable return and the efficiency of capital use. The author believes that at the current stage, China should establish trust and investment companies specializing in pension management, so as to manage and use funds more clearly and pertinently.

When designing the trust tax system, we should fully consider the particularity of pension fund trust, and promote the development of pension fund trust through certain tax reduction and exemption policies. For example, the 401 (k) provision in the internal revenue code of the United States provides tax incentives such as contribution exemption, investment income exemption and tax collection, and has achieved obvious effects. Therefore, China should improve the related tax policy supporting measures to encourage the development of pension fund trust.

According to the international common practice, the supervision department and access department of pension insurance trust should be the same department. In Chile, for example, the directorate-general of the pension company does both. At present, there are two modes of supervision on pension trust in the world. The first mode is the single supervision mode represented by Chile. The second is the professional supervision model represented by the United States and the United States, which is characterized by specialized and targeted strict supervision of pension fund trust and subdivision of supervision departments, generally involving more than three administrative units. The author thinks that at the present stage, the specialized supervision mode should be the better choice for our country. This kind of professional supervision mode is conducive to integrating the advantages and professional knowledge of various supervision departments, improving the supervision intensity, ensuring the standardized operation of pension trust companies, and achieving stable maintenance and increase in value.

Based on the British experience, the social supervision of pension fund should include the supervision of labor union, public opinion, policyholders and fixed institutions. In China, the supervision of labor union, public opinion and policyholder is relatively small. Therefore, China should give play to and pay attention to the supervision role of audit, labor union and public opinion in the operation of endowment insurance fund and improve the transparency of fund operation. The supervision and management system of the fund shall be established, and the pension fund review and supervision committee shall be established, which shall be composed of audit, supervision, trade union and relevant experts, and shall report the investment operation and appreciation of the fund from time to time. Make the use of pension trusts more transparent and credible.

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