Abstract: With the improvement of science, technology and economy, the level of modern social medical security and people's material living standards have been greatly improved. The improvement of life quality makes the average life expectancy continue to increase, which leads to an increasingly serious problem with aging population. It intensifies the pressure on the payment of basic pension and affects the sustainability of pension payment in China. How to prevent the increasing aging population crisis, solve the basic pension payment pressure and sustainable problems, and build a pension system suitable for China, has come to attract widespread attention from society. In 1994, the World Bank proposed a “three-pillar” pension system. The first pillar is the basic pension system, the second one is the occupational annuity system, and the third one is the personal pension plan. China's third pillar personal pension plan has just started; the development of tax-deferred commercial pension insurance and life insurance is backward; the product is single; and the plan is lack of reasonable promotion, incentive and supervision measures. Therefore, it is urgent to explore a third pillar personal pension plan suitable for China.
Based on the existing literature research perspective, we systematically expound the personal pension plan. Firstly, the existing literature mostly conducts theoretical or empirical analysis of the third pillar from a single perspective, but lacks the combination of China's national conditions and consideration of the whole. We fill the gap in the review literature on the personal pension plan and enrich the research on the third pillar. Secondly, we use the research method of combining model and review innovatively. From macro to micro, it elaborates and summarizes the development of personal pension plan at home and abroad, the top-level system design and the feasible promotion method from top to bottom, introduces the asset allocation of personal pension through the form of model and literature. Thirdly, we put forward policy suggestions including the construction of the underlying system of the third pillar, the construction of laws and regulations, and incentive measures. We provide further research direction for the academia. We make suggestions for promoting the development of the personal pension plan, perfecting the multi-pillar pension insurance system in China. According to the literature research of domestic and foreign scholars on the third pillar individual pension plan at present, we find that: (1)The development status of the personal pension plan has been deeply discussed, but there are still some problems in the development of individual pension plans in various countries. (2)The system design and promotion of personal pension schemes are analyzed. In the process of implementation, we need to make joint efforts in an all-round way and give certain preferential tax policies to improve the overall social welfare level. (3)There is a relatively comprehensive study of the asset allocation of personal pensions. The current research perspective can be divided into life cycle perspective, empirical analysis perspective, tax and payment rate perspective, life insurance optimal control perspective and risk management perspective.
We put forward the following three policy development suggestions for the reference of the government and relevant agencies: (1)Improve the construction of personal pension system to develop the multi-pillar endowment insurance system. The responsibilities of all levels and departments should be allocated reasonably, and the integrated allocation of resources between urban and rural areas should be implemented to ensure the fairness and sustainable development of the personal pension plans. (2)Improve the relevant laws and regulations of personal pension to improve the quality of supervision. Government should distinguish investment criteria between commercial endowment insurance and other financial products clearly, and formulate risk management measures. (3)Improve the incentive measures for personal pension to meet the people's diversified pension needs. The government and relevant financial institutions should strengthen publicity and education, enhance people's understanding of multi-pillar pension insurance in various regions, and launch a variety of pension products according to local conditions.
We propose three further research directions for scholars and relevant research departments: (1)Research on personal pension family investment decisions from the perspective of heterogeneity. In the future, pension investment decisions can be studied based on life cycle model and dynamic stochastic general equilibrium model for different populations, regions and backgrounds. (2)Research on personal pension portfolio based on machine learning method. Quantitative strategies including machine learning, deep learning and big data technology can not only meet the requirement for the construction of portfolio, but also acutely grasp the market switching signal, effectively reduce subjective choice and improve the performance of personal pension portfolio. (3)Research on personal pension risk management based on significant risk events. China is facing the impact of extreme risk events such as COVID-19, which has slowed down social and economic development. Therefore, the research on the risk management of individual pension also needs to pay attention to the impact of significant risk events.

Key words: personal pension plan, household asset allocation, commercial pension insurance

摘要： 我国基本养老金缺口日益凸显,急需发展适合我国国情的第三支柱个人养老金计划。本文首先梳理了国内外个人养老金计划的发展状况,随后介绍了学者对我国第三支柱的制度探讨和推广的可行性探讨,最后结合模型,从生命周期、计量分析、税收优惠、寿险和风险管理视角,阐述国内外个人养老金资产配置的研究现状。从文献回顾上看,已对国内外发展现状、制度设计、推广和个人养老金资产配置有了较为全面的研究,但仍存在不足。本文建议政府应尽快建立健全制度体系、完善相关法律法规并合理设计激励措施,以更好的促进我国个人养老金计划的发展。学界可结合人口异质性、机器学习和重大风险事件对个人养老金计划进行更加深入的探讨,以丰富个人养老金计划的文献研究。

关键词: 个人养老金计划, 家庭资产配置, 商业养老保险